DFX Intelligence
The names on this page are hidden. Create a free account to reveal 5 records a month, or get Private Credit Intelligence at $249 a month for every name. Every figure, date and source on this page is public either way.
B••••••••• P•••••• C••••• F•••
Business development companymanaged by B••••••••• P•••••• C••••• S••••••••• L••Non-traded· NEW YORK, NY
A non-traded business development company, managed by B••••••••• P•••••• C••••• S••••••••• L••, holding $87B across 964 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $87B
- Borrowers
- 964
- Mark on cost
- 96.6¢
As of · the latest schedule of investments read for this BDC
What matters now
- $2.41Bon non-accrual, 17 borrowers
17 borrowers on non-accrual, $2.41B principal; the largest is M•••••••• I•• ($1.17B).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen M•••••••• I•• → - $49.4Mnewly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $49.4M principal: C•• G•••••• I•• ($49.4M).
Q2 2026 · The newest credit problems in the book.
- 141 below 80¢$5.68B principal
141 positions across 80 borrowers marked below 80¢ on cost, $5.68B principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 124 → 140loans paying in kind
Loans paying in kind rose from 124 to 140 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
- 1034 → 964borrowers
Lost a net 70 borrowers in the quarter to Jun 30, 2026, to 964.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1803498 · file 814-01358ShowHide
Fair value
$87B
as of Jun 30, 2026
Principal held
$85B
debt pieces, the filer's figure
Cost
$90B
97c on cost, debt pieces
Unfunded
$20B
commitments not yet drawn
Positions
2,411
964 borrowers
First lien
not established
92% debt by fair value
Quarters on the tape
17
since Dec 31, 2021
Facilities held
1,247
88 sponsors financed
Portfolio through time
Fair value by quarter end$87B as of Jun 30, 2026
Dec 31, 2021$36B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $87B | 964 | 97c | 140 | 434 bp |
| Mar 31, 2026 | $91B | 1,034 | 98c | 124 | 435 bp |
| Dec 31, 2025 | $94B | 1,060 | 99c | 137 | 440 bp |
| Sep 30, 2025 | $86B | 1,014 | 99c | 113 | 446 bp |
All 17 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $82B | 983 | 99c | 108 | 455 bp |
| Mar 31, 2025 | $80B | 948 | 99c | 100 | 464 bp |
| Dec 31, 2024 | $152B | 921 | 99c | 194 | 476 bp |
| Sep 30, 2024 | $68B | 832 | 99c | 69 | 488 bp |
| Jun 30, 2024 | $63B | 786 | 99c | 50 | 490 bp |
| Mar 31, 2024 | $61B | 711 | 99c | 43 | 500 bp |
| Dec 31, 2023 | $65B | 700 | 99c | 41 | 489 bp |
| Sep 30, 2023 | $56B | 639 | 99c | 35 | 504 bp |
| Jun 30, 2023 | $55B | 627 | 98c | 19 | 501 bp |
| Mar 31, 2023 | $56B | 571 | 98c | 23 | 500 bp |
| Dec 31, 2022 | $70B | 897 | 98c | 21 | 474 bp |
| Sep 30, 2022 | $50B | 606 | 98c | 4 | 509 bp |
| Dec 31, 2021 | $36B | 470 | 100c | 0 | 502 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
Full timeline · 20 eventsShow fewer
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- D••••••• I•• delayed draw term loan2 BDCs hold it · matures Sep 9, 2030$1.6B 100c
- I•• G•••• H•••••••• I•• revolver2 BDCs hold it · matures Dec 3, 2029$1.6B 101c
- I••••••• H•••••••• I•• delayed draw term loan2 BDCs hold it · matures Nov 24, 2033$1.3B 94c
- G••••••••• I•• other3 BDCs hold it · matures Dec 16, 2030$1.2B 97c
- M•••••••• I•• other3 BDCs hold it · matures Oct 29, 2028$1.2B 51c
- M•••••••• B••••••••• I•• delayed draw term loan2 BDCs hold it · matures May 18, 2029$1.2B 102c
- Z••••••• I•• revolver3 BDCs hold it · matures Nov 22, 2028$1.1B 99c
- M••••••• F•••••••• delayed draw term loan2 BDCs hold it · matures Sep 28, 2029$1.1B 114c
- L••• G••••• I•• delayed draw term loan1 BDC hold it · matures May 10, 2030$963M 101c
- C•••••• L••••••• G••••• I•• revolver2 BDCs hold it · matures Jul 20, 2028 · possible sponsor V•••••• C•••••• F••• M••••••••• L•••••$958M 93c
- T•••••••• B•••• L•••••• delayed draw term loan2 BDCs hold it · matures Jul 1, 2031$948M 99c
- S•••• B•••• L•• other3 BDCs hold it · matures Oct 17, 2031$929M 100c
Schedule of investments at Jun 30, 2026
2,411 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| P•••••• R••• U••••••• P••••• C•••• | unstated lien unstated | $101M | $100M 100c | S+525 bp | Mar 12, 2029 |
| P••••••• R••••••••• P• H•••••••• L•• | delayed draw term loan lien unstated | $101M | $100M 99c | S+475 bp | Sep 11, 2028 |
| B•••• V•••••••• J• L• | equity equity | Not disclosed | $99.7M 85c | ||
| O•••• C••• a•• C••• E••••••••• • E•••••• J• L• | unstated lien unstated | Not disclosed | $99.6M 100c | ||
| H••••••••• I•••••••• A•••••• I••• | delayed draw term loan lien unstated | $98.1M | $98.1M 100c | S+450 bp | Jun 11, 2031 |
| H•••• T•• L•• | delayed draw term loan lien unstated | $98.8M | $97.9M 100c | S+500 bp | Aug 5, 2030 |
| F••••••••• M••••• L•• | unstated lien unstated | $100M | $97.7M 98c | S+550 bp | Nov 17, 2029 |
| G• R••••• I••••••••• L•• | revolver lien unstated | $108M | $96.9M 91c | S+600 bp | Oct 30, 2028 |
| Z•••• B••••• L••• | delayed draw term loan lien unstated | $73.6M | $96.6M 104c | S+465 bp | Aug 13, 2031 |
| I•••••• 3••• L•• | unstated lien unstated | $95.8M | $95.7M 100c | S+475 bp | Oct 2, 2028 |
| G••• A••••••• P•••••••• L•• | unstated lien unstated | $98.7M | $95.6M 98c | S+475 bp | Jul 1, 2032 |
| B••••••••• I••• | unstated lien unstated | $96.2M | $95.5M 100c | S+450 bp | Dec 3, 2032 |
| P•• O••••••• D••••• A•••••••• L•• | unstated lien unstated | $94.6M | $94.6M 101c | S+450 bp | Nov 18, 2031 |
| C••••••• A••••••••• H•••••••• I••• | delayed draw term loan lien unstated | $94.5M | $94.5M 100c | S+450 bp | Nov 13, 2029 |
| E••••• A••••• H•••••• I••• • R•••••• E••••• | unstated lien unstated | Not disclosed | $94.3M 137c | ||
| C••• H•••••••• L•• | revolver lien unstated | $92.9M | $92.9M 100c | S+425 bp | Nov 2, 2029 |
| R•••• H•••••• L•• | unstated lien unstated | $95.7M | $92.6M 97c | S+575 bp | Oct 25, 2027 |
| M••• C•••••• I•• L•• | unstated lien unstated | $92.6M | $92.6M 100c | S+425 bp | Sep 3, 2030 |
| L• L•••• H•••••••• I••• | delayed draw term loan lien unstated | $106M | $92.4M 87c | S+750 bp | Aug 9, 2027 |
| E••••••• F••••• L••• | delayed draw term loan lien unstated | $70.1M | $92.1M 106c | S+550 bp PIK 2.50% | Apr 29, 2031 |
| T•• F•••••••• P•••••••• I••• | revolver lien unstated | $133M | $91.7M 88c | S+575 bp | Mar 16, 2028 |
| D•••••••• H•••••• C•••• | revolver lien unstated | $92.3M | $91.6M 100c | S+450 bp | Apr 17, 2032 |
| O••••• G••••• R••••••••• I••• | revolver lien unstated | $91.4M | $91.4M 100c | S+600 bp | Aug 17, 2027 |
| C••••••• B••••• I••• | unstated lien unstated | $105M | $91.4M 87c | S+550 bp | Jul 14, 2027 |
| B•••••• H••••••• L•• | revolver lien unstated | $90.7M | $90.7M 101c | S+425 bp | Sep 12, 2029 |
| D••••• T••••• L•• | unstated lien unstated | $91.7M | $90.5M 100c | S+475 bp | Aug 26, 2032 |
| H•••• T•• L•• | delayed draw term loan lien unstated | $91.1M | $90.1M 100c | S+500 bp | Aug 5, 2030 |
| Z••••• A••••••••• L•• | unstated lien unstated | $90.5M | $90.0M 100c | S+450 bp | Jan 13, 2033 |
| T•• N•••• H••••••• C•• L•• | unstated lien unstated | $91.0M | $89.4M 99c | S+475 bp | Dec 22, 2031 |
| S•••••••• H••••••• C••••••••• | unstated lien unstated | $89.4M | $87.8M 99c | S+550 bp | May 14, 2031 |
| I•••••• P•••••• I••• | revolver lien unstated | $87.8M | $87.8M 101c | S+450 bp | Jan 25, 2030 |
| B••••••••• T••••••••• I••• | unstated lien unstated | $89.2M | $87.8M 99c | S+500 bp PIK 2.50% | Mar 11, 2032 |
| C•••••••• B••••• I••• | revolver lien unstated | $87.6M | $87.6M 100c | S+460 bp | Aug 31, 2029 |
| O•••• P•••••••• L•• | delayed draw term loan lien unstated | $87.5M | $87.5M 100c | S+500 bp | May 31, 2032 |
| K•••• I••••••••• H•••••••• I••• | unstated lien unstated | $88.4M | $87.0M 99c | S+425 bp | Aug 29, 2032 |
| M••••••• C•••• | delayed draw term loan lien unstated | $88.8M | $86.7M 99c | S+475 bp | Aug 6, 2030 |
| O••••• P••••••••• I••• | unstated lien unstated | $88.1M | $86.6M 99c | S+460 bp | May 19, 2032 |
| G• C•• W••• M••••••••• C•••• | delayed draw term loan lien unstated | $87.7M | $85.5M 98c | S+575 bp | Jun 30, 2028 |
| S••••••• P•••••• I••• | delayed draw term loan lien unstated | $83.9M | $83.9M 100c | S+550 bp | Mar 11, 2027 |
| M••••••• F••••••••• S•• r••• | delayed draw term loan lien unstated | $561M | $83.6M 114c | S+600 bp | Sep 28, 2029 |
| B••••• U• B••••• L•• | revolver lien unstated | $74.8M | $82.9M 106c | S+525 bp | Sep 30, 2030 |
| C••••• E••••••••• L•• | revolver lien unstated | $85.1M | $82.8M 98c | S+450 bp | May 5, 2032 |
| M••••••• L•••••• | equity equity | Not disclosed | $82.6M 110c | ||
| F•••••••• R••• S•••••• L•• | unstated lien unstated | $83.6M | $81.9M 99c | S+475 bp PIK 2.00% | Mar 4, 2032 |
| P•• T• H•••••••• I••• | revolver lien unstated | $87.2M | $81.5M 94c | S+600 bp PIK 2.50% | Feb 3, 2031 |
| A•••• A• F•••• P••• L••• | unstated lien unstated | $119M | $81.4M 97c | S+475 bp | May 27, 2033 |
| C••••••••• M••••• L•• | revolver lien unstated | $82.8M | $81.1M 99c | S+450 bp | Feb 25, 2033 |
| H••• S••••• B••••• I••• | unstated lien unstated | $81.0M | $81.0M 101c | S+425 bp | Apr 14, 2028 |
| P•••••• L•••••• H•••••••• I••• | revolver lien unstated | $131M | $80.6M 63c | S+525 bp | Jul 20, 2029 |
| K••••• B••••• I••• | unstated lien unstated | $81.4M | $80.3M 100c | S+425 bp | Jan 2, 2032 |
| J• P•••••• I••• | revolver lien unstated | $80.0M | $80.0M 100c | S+475 bp | Apr 24, 2031 |
| A••••••••• I••• | revolver lien unstated | $80.7M | $79.9M 100c | S+450 bp | Jul 14, 2031 |
| W•••••••• I••• | revolver lien unstated | $81.4M | $79.5M 99c | S+575 bp | Aug 14, 2029 |
| H••••• U• B••••• L••• | unstated lien unstated | $65.3M | $79.5M 90c | S+750 bp | Aug 19, 2029 |
| P••• A•••••• H••••••• L•• | unstated lien unstated | $79.1M | $79.1M 101c | S+525 bp PIK 2.88% | Aug 27, 2032 |
| H••••••• S••••••• S••••••••• L•• | unstated lien unstated | $80.1M | $78.5M 99c | S+525 bp | Jun 16, 2031 |
| H•••••• C•• B••••• L•• | unstated lien unstated | $79.8M | $78.4M 99c | S+475 bp | Mar 29, 2032 |
| A••••••••• B•••• I•• | revolver lien unstated | $79.8M | $78.1M 98c | S+450 bp | Dec 3, 2032 |
| T•••• B••••• S•• | delayed draw term loan lien unstated | $69.2M | $77.9M 105c | S+525 bp | Oct 17, 2031 |
| A••• G•••• T•••••••• L•• | unstated lien unstated | $81.8M | $77.7M 95c | S+350 bp | Feb 27, 2032 |
| T•••••• A•• C••••••••• H••••••• C•••• | unstated lien unstated | $77.7M | $77.4M 101c | S+425 bp | Jun 29, 2029 |
| K•••••• I••• | revolver lien unstated | $125M | $76.4M 62c | S+500 bp | Mar 20, 2033 |
| H•••••• C•• B••••• L•• | unstated lien unstated | $78.0M | $76.3M 99c | S+475 bp | Mar 29, 2032 |
| Q•• P•••••• I••• | unstated lien unstated | $76.9M | $75.9M 99c | S+450 bp | Jun 3, 2032 |
| H••• S••••• B••••• I••• | unstated lien unstated | $75.9M | $75.9M 101c | S+425 bp | Apr 14, 2028 |
| A••••• W••••••• I••••••••• S•••• | delayed draw term loan lien unstated | $67.8M | $75.8M 98c | S+525 bp | Jan 15, 2033 |
| T•••••••• B•••• S•••• | unstated lien unstated | $66.0M | $75.4M 109c | S+500 bp | Dec 30, 2029 |
| L•••• I••• | unstated lien unstated | $75.1M | $75.1M 100c | S+500 bp | Feb 28, 2028 |
| A••••••• P••••••• M••••••••• I••• | revolver lien unstated | $81.2M | $74.3M 92c | S+550 bp | Feb 25, 2028 |
| F••••••••• R••• P••••••• C•••• | unstated lien unstated | $74.1M | $74.1M 101c | S+475 bp | Oct 29, 2030 |
| B•••• J••••••• L••• | delayed draw term loan lien unstated | $91.2M | $73.0M 81c | S+675 bp PIK 6.75% | Aug 27, 2029 |
| P•••••• P•••••••• L•• | revolver lien unstated | $73.4M | $72.8M 100c | S+550 bp | Nov 12, 2027 |
| M•••••• Y••••••••• B••••• I••• | delayed draw term loan lien unstated | $85.4M | $72.6M 86c | S+700 bp PIK 3.25% | Jun 23, 2028 |
| A••••• B••••• L•• | revolver lien unstated | $72.9M | $72.5M 100c | S+525 bp | Sep 30, 2028 |
| S••••••• S••••• S•••••••• P••••••••• L•• | unstated lien unstated | $63.3M | $72.3M 108c | S+450 bp | Jul 1, 2031 |
| C•• V• I••••••••• 1• S•• r••• | delayed draw term loan lien unstated | $66.1M | $72.0M 112c | S+645 bp | Feb 23, 2028 |
| B••• E••••• H•••••••• I••• | unstated lien unstated | $72.5M | $72.0M 100c | S+525 bp | Dec 31, 2031 |
| A•••••• I••• | unstated lien unstated | $72.2M | $71.5M 99c | S+475 bp | Jan 30, 2031 |
| E•• B••••• I••• | unstated lien unstated | $71.3M | $71.2M 100c | S+450 bp | Jun 14, 2032 |
| C••••• I••••••••• I•• L•• | unstated lien unstated | $71.1M | $71.0M 101c | S+450 bp | May 12, 2031 |
| T•••• A••••••••• N•• Z••••••• L••• | unstated lien unstated | $129M | $71.0M 89c | S+400 bp | Apr 17, 2031 |
| C••••• C•••••• H•••••••• I••• | unstated lien unstated | $71.2M | $70.5M 100c | S+609 bp | Mar 1, 2028 |
| P•••••• S••••••• S•• r••• | unstated lien unstated | $53.1M | $70.4M 101c | S+275 bp | Oct 2, 2028 |
| K••••• A••••••••• L•• | delayed draw term loan lien unstated | $70.5M | $70.4M 100c | S+450 bp | Nov 7, 2032 |
| T•• I••••••••• S•••••••• L•• | delayed draw term loan lien unstated | $70.4M | $69.8M 100c | S+550 bp | Jul 9, 2028 |
| N••••••••• I••• | unstated lien unstated | $70.7M | $69.8M 100c | S+475 bp | May 21, 2033 |
| Z••••••• I••• | revolver lien unstated | $71.0M | $69.6M 98c | S+500 bp | Nov 22, 2028 |
| B•••••• N••••••• U••• I••• | unstated lien unstated | $69.5M | $69.5M 101c | S+550 bp | Aug 8, 2028 |
| S••••••••• I••• | unstated lien unstated | $69.2M | $68.3M 100c | S+475 bp | Dec 18, 2029 |
| C••••••• I••••••••• C•••• | delayed draw term loan lien unstated | $69.6M | $67.9M 98c | S+475 bp | Jul 22, 2031 |
| M• H•••••• L•• | delayed draw term loan lien unstated | $67.9M | $67.8M 100c | S+425 bp | Oct 24, 2032 |
| C• T••••••••• I••••••••• H•••••••• I••• | unstated lien unstated | $68.5M | $67.8M 100c | S+475 bp | Sep 2, 2031 |
| B••••• H•••••••• I••• | delayed draw term loan lien unstated | $68.9M | $67.5M 99c | S+475 bp | Apr 30, 2030 |
| C•••••• B••••• L•••••• | delayed draw term loan lien unstated | $60.0M | $67.5M 85c | S+600 bp | Feb 24, 2029 |
| S••••• B••••••• H•••••••• L• | unstated lien unstated | $68.1M | $67.4M 99c | S+475 bp | Dec 19, 2032 |
| A••• G•••• T•••••••• L•• | unstated lien unstated | $70.9M | $67.4M 95c | S+350 bp | Feb 27, 2032 |
| A••••• I•••• I••••••••• 2• L•• | delayed draw term loan lien unstated | $67.3M | $67.0M 100c | S+450 bp | Dec 16, 2027 |
| C••••• U• 1• I••• | revolver lien unstated | $68.8M | $66.7M 97c | S+500 bp | May 25, 2029 |
| G•• P••••••• H•••••• C•••••• I•• L•• | revolver lien unstated | $66.5M | $66.5M 101c | S+500 bp | Mar 3, 2031 |
| T•• A••••••••• L•• | unstated lien unstated | $66.1M | $66.1M 101c | S+475 bp | Oct 31, 2031 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- unknownreported
- On the SEC BDC report
- 2021 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001803498-26-000048reported
Capital chain
B••••••••• P•••••• C••••• F••• sits on 542 traced paths of capital across the graphs.
Allocator to credit manager to facility to borrower
Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Position history
10,750 field-level changes across filed schedules, latest first
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.
›Connections
every published relationship on the graph
Show 1 connection across 1 kindShow fewer
Manages (1)
- Mar 13, 2026 to presentfactBDC schedule of investments
Not yet on record: first lien.