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A business development company
A non-traded business development company, holding $87B across 964 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
- Fair value
- $87B
- Borrowers
- 964
- Mark on cost
- 96.6¢
What matters now
- $2.41Bon non-accrual, 17 borrowers
17 borrowers on non-accrual, $2.41B principal; the largest is Medallia, Inc ($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 Medallia, Inc → - $49.4Mnewly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $49.4M principal: CDK Global, Inc ($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
| 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 |
- 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
+15 additional dated changes on this BDC
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
- Dropbox, Inc delayed draw term loan2 BDCs hold it · matures Sep 9, 2030$1.6B 100c
- IRI Group Holdings, Inc revolver2 BDCs hold it · matures Dec 3, 2029$1.6B 101c
- Inovalon Holdings, Inc delayed draw term loan2 BDCs hold it · matures Nov 24, 2033$1.3B 94c
+1,244 additional facilities held
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| Essential Services Holding Corp. | unstated lien unstated | $69.9M | $66.1M 95c | S+575 bp PIK 2.88% | Jun 17, 2031 |
| EMB Purchaser, Inc. | unstated lien unstated | $68.8M | $65.8M 97c | S+450 bp | Mar 12, 2032 |
| DM Intermediate Parent, LLC | unstated lien unstated | $65.7M | $65.7M 101c | S+500 bp | Sep 30, 2030 |
| TRP Infrastructure Services, LLC | delayed draw term loan lien unstated | $65.9M | $65.4M 100c | S+550 bp | Jul 9, 2028 |
| Doit International, Ltd. | unstated lien unstated | $65.9M | $65.4M 101c | S+450 bp | Nov 26, 2029 |
2,411 positions on this schedule
Every borrower on the schedule with its instrument, principal, fair value, rate and maturity, as filed.
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
- 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
This record sits on 296 traced paths of capital across the graphs.
DFX traced 296 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Position history
- 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
- Mar 13, 2026 to presentfactBDC schedule of investments
Not yet on record: first lien.