DFX Intelligence
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F••••••• B•• C•••••• C•••
A business development company traded as FRBP, managed by F••••••• B•• C•••••• A•••••• L••, holding $4.8B across 290 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
- $4.8B
- Borrowers
- 290
- Mark on cost
- 96.9¢
- First lien
- 59%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $189Mon non-accrual, 9 borrowers
9 borrowers on non-accrual, $189M principal; the largest is A••••••• I••••••••• L•• ($86.1M).
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 A••••••• I••••••••• L•• → - $89.7Mnewly on non-accrual
3 borrowers newly placed on non-accrual in Q2 2026, $89.7M principal: A••••••• I••••••••• L•• ($86.1M), L••••••••• I•• ($2.96M), N•••••• L•• ($626K).
Q2 2026 · The newest credit problems in the book.
- 33 below 80¢$236M principal
33 positions across 28 borrowers marked below 80¢ on cost, $236M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 278 → 290borrowers
Added a net 12 borrowers in the quarter to Jun 30, 2026, to 290.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1825248 · file 814-01360ShowHide
Fair value
$4.8B
as of Jun 30, 2026
Principal held
$4.5B
debt pieces, the filer's figure
Cost
$5.1B
97c on cost, debt pieces
Unfunded
$678M
commitments not yet drawn
Positions
706
290 borrowers
First lien
59%
93% debt by fair value
Quarters on the tape
17
since Dec 31, 2020
Facilities held
321
47 sponsors financed
Portfolio through time
Fair value by quarter end$5.5B as of Jun 30, 2026
Dec 31, 2021$628M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $5.5B | 290 | 97c | 50 | 487 bp |
| Mar 31, 2026 | $5.4B | 278 | 97c | 48 | 492 bp |
| Dec 31, 2025 | $6.5B | 283 | 97c | 57 | 496 bp |
| Sep 30, 2025 | $5.8B | 320 | 97c | 55 | 497 bp |
All 17 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $5.8B | 315 | 98c | 54 | 509 bp |
| Mar 31, 2025 | $5.5B | 311 | 97c | 43 | 508 bp |
| Dec 31, 2024 | $13B | 354 | 98c | 82 | 513 bp |
| Sep 30, 2024 | $5.7B | 356 | 99c | 41 | 517 bp |
| Jun 30, 2024 | $5.3B | 347 | 98c | 36 | 535 bp |
| Mar 31, 2024 | $5.2B | 326 | 99c | 31 | 545 bp |
| Dec 31, 2023 | $1.8B | 261 | 97c | 10 | 539 bp |
| Sep 30, 2023 | $826M | 73 | 99c | 8 | 594 bp |
| Jun 30, 2023 | $862M | 76 | 99c | 8 | 595 bp |
| Mar 31, 2023 | $788M | 76 | 99c | 3 | 593 bp |
| Dec 31, 2022 | $1.3B | 78 | 99c | 8 | 598 bp |
| Dec 31, 2021 | $628M | 63 | 100c | 1 | 577 bp |
| Dec 31, 2020 | Not disclosed | 2 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 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
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- P••• R••• E•••••••• F••••••• L•• unsecured or subordinated subordinated debt1 BDC hold it · matures Dec 31, 2028$93.6M 200c
- A••••••• I••••••••• L•• first lien delayed draw term loan1 BDC hold it · matures Dec 22, 2030$86.1M 84c
- Z••••••• I•• first lien term loan16 BDCs hold it · matures Nov 22, 2028$80.4M 99c
- M•••• first lien term loan2 BDCs hold it · matures Jul 29, 2026$76.2M 90c
- W•• H••••••• I•• C••• first lien term loan1 BDC hold it · matures Jul 16, 2028$75.3M 100c
- S•••• C•••••• F••••••• L•• unsecured or subordinated subordinated debt1 BDC hold it · matures Apr 25, 2028$72.5M 200c
- I••••• B••••• I•• first lien term loan4 BDCs hold it · matures May 23, 2028 · possible sponsor K•••• • C••••••• L•••$70.3M 100c
- K•••••••• P•• B••••• I•• first lien term loan1 BDC hold it · matures Dec 10, 2029 · K•••• • C••••••• L•••$67.5M 100c
- C••••••••• T••••••••• I••••••••• L•• first lien term loan1 BDC hold it · matures May 5, 2027$60.5M 100c
- A••••• P•••••• I•• first lien term loan1 BDC hold it · matures Oct 29, 2030$59.0M 100c
- K••••• A•••••••• L•• unsecured or subordinated subordinated debt1 BDC hold it · matures Aug 31, 2031$59.0M 201c
- L••• D•••• I••••••••• I• L•• first lien term loan3 BDCs hold it · matures Mar 31, 2031$56.7M 101c
Schedule of investments at Mar 31, 2024
647 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| I••••••••• E••••••••• S•••••••• | equity equity | Not disclosed | $0 | ||
| I•• H•••••• C••••• S••••••••• | unstated lien unstated | $0 | $0 0c | S+525 bp | May 2, 2028 |
| U••••• B••••••••• L•• H••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| U•••• H•••••• L•• F••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| G•••••••• C••••••••• I••• B••••••• Services | unstated lien unstated | $0 | $0 0c | S+525 bp | May 18, 2027 |
| S••••••• B•••• C•••• B••••••• Services | unstated lien unstated | $0 | $0 0c | S+575 bp | Dec 8, 2027 |
| K••••• I•••••• O••• D••••••••• A••••••• C•••••• T••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| U••••• B••••••••• L•• H••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| G••••• B•••••••• L•• F••••••••• | revolver first lien | $0 | $0 0c | S+525 bp | Sep 29, 2028 |
| I••••••••• E••••••••• S•••••••• | equity equity | Not disclosed | $0 | ||
| L••••••• H••••• H•••••••• I••• | term loan first lien | Not disclosed | $0 | ||
| M••• M••••• S••••••• L•• T••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| S•••• B•••••• I••• H••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| O•• G• H•••••••• L•• B••••••• Services | unstated lien unstated | Not disclosed | $0 | ||
| N•••••• F•••••••• F••• C••• L••• 2••••••• S••• C••••••••• S••••••••• Structured finance (CLO) | unstated lien unstated | Not disclosed | $0 | ||
| W•••• L••• M••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| W•••• L•• | equity equity | Not disclosed | $0 | ||
| L••••••• H••••• H•••••••• I••• H••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| K••••• U• O•••• L•• T••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| R••••••••• O••• L••• S••••••••• | revolver first lien | $0 | $0 0c | S+650 bp | May 12, 2027 |
| V•••••• C•• B••••• L•• B••••••• Services | unstated lien unstated | $0 | $0 0c | S+575 bp | Jun 1, 2029 |
| S••••• S•• B•••• H•••••••• I••• H••••••••• | revolver first lien | $0 | $0 0c | S+600 bp | Nov 18, 2027 |
| T•••••• A•• C••••••••• H••••••• C•••• B••••••• Services | unstated lien unstated | $0 | $0 0c | S+575 bp | Jun 29, 2027 |
| L••••••• H••••• H•••••••• I••• | term loan first lien | Not disclosed | $0 | ||
| V•••••• C•• B••••• L•• B••••••• Services | unstated lien unstated | $0 | $0 0c | S+575 bp | Jun 1, 2029 |
| O•• G• H•••••••• L•• | equity equity | Not disclosed | $0 | ||
| C••••••• I••• | term loan first lien | Not disclosed | $0 | ||
| T•• D•••••• N••••••• L••• C••••••• | unstated lien unstated | Not disclosed | $0 | ||
| K••••• I•••••• O••• D••••••••• A••••••• C•••••• | equity equity | Not disclosed | $0 | ||
| P••• R••• E•••••••• F••••••• L•• | subordinated debt unsecured or subordinated | Not disclosed | $0 | ||
| M••• H•••••• L•• | equity equity | Not disclosed | $0 | ||
| T•• D•••••• N••••••• L••• C••••••• | unstated lien unstated | Not disclosed | $0 | ||
| T•• D•••••• N••••••• L•• | equity equity | Not disclosed | $0 | ||
| D••••• C•• | equity equity | Not disclosed | $0 | ||
| M••• M••••• S••••••• L•• T••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| U•••• H•••••• L•• F••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| U••••• B••••••••• L•• H••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| W••••••• P••••••••• S•••••••• I••• B••••••• Services | revolver first lien | $0 | $0 0c | S+600 bp | May 26, 2026 |
| I•• H•••••• C••••• S••••••••• | unstated lien unstated | $0 | $0 0c | S+525 bp | May 2, 2029 |
| I••••••••• E••••••••• S••••••••• I••• I••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| O•• G• H•••••••• L•• B••••••• Services | unstated lien unstated | Not disclosed | $0 | ||
| P••• R••• E•••••••• F••••••• L•• F••••••••• | subordinated debt unsecured or subordinated | $0 | $0 0c | S+775 bp | Dec 31, 2028 |
| U•••• H•••••• L•• F••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| L••••••• H••••• H••••••• | equity equity | Not disclosed | $0 | ||
| O•• G• H•••••••• L•• | term loan first lien | Not disclosed | $0 | ||
| S•••• H•••••• C••••• T•••••• | unstated lien unstated | Not disclosed | $0 | ||
| C••••• T••••••••• G••••• L•• I••••••••• | unstated lien unstated | Not disclosed | $0 | ||
| P••••••• G••••• S•••••••• I•••• T•••••• | unstated lien unstated | $5.0M | $0 | S+550 bp | Jun 8, 2023 |
| N•••••• F•••••••• F••• C••• L••• 2••••••• S••• D••••••••• I••••••••• V••••••• Structured finance (CLO) | unstated lien unstated | $31.6M | $0 | 0.00% | Jan 20, 2027 |
| C•••••••• B••••• P•••••••• L••• S••••••••• | unstated lien unstated | $0 | -$10,000 | S+550 bp | Feb 24, 2028 |
| S••••• G•••• H•••••••• L•• H••••••••• | revolver first lien | $0 | -$13,000 433c | S+550 bp | Jun 16, 2027 |
| G••• I••••••••• H•••••••• L••• T•••••• | revolver first lien | $0 | -$16,000 | S+375 bp | Apr 30, 2026 |
| U• O••• S•••••• M••••••••• H•••••• L•• H••••••••• | revolver first lien | $0 | -$17,000 283c | S+600 bp | Nov 18, 2027 |
| I• I••••••••• H•••••••• L•• B••••••• Services | revolver first lien | $0 | -$18,000 225c | S+600 bp | Sep 22, 2027 |
| N•••••• L•• B••••••• Services | unstated lien unstated | $0 | -$25,000 | S+650 bp | Jun 30, 2025 |
| I•• O••••••••• L•• B••••••• Services | unstated lien unstated | $0 | -$32,000 | S+525 bp | Nov 22, 2027 |
| I•••• T••••• H•••••••• I••• I••••••••• | unstated lien unstated | $0 | -$34,000 | S+675 bp | Apr 5, 2028 |
| A•••••• I••••••••• H•••••••• I•••• S••••••••• | unstated lien unstated | $0 | -$54,000 100c | S+650 bp | Mar 19, 2031 |
| U• S••• I••••••••• L•• C•••••••• | revolver first lien | $0 | -$58,000 580c | S+550 bp | Jul 20, 2026 |
| P••••• C••• C••••••• L•• H••••••••• | unstated lien unstated | $0 | -$76,000 760c | S+600 bp | Nov 15, 2030 |
| P••••• C••• C••••••• L•• H••••••••• | unstated lien unstated | $0 | -$76,000 380c | S+600 bp | Nov 15, 2029 |
| F•••••• B••••• L•• U•••••••• | delayed draw term loan first lien | $0 | -$104,000 612c | S+600 bp | Oct 11, 2028 |
| A••••••• I•••• S••••••••• | revolver first lien | $0 | -$112,000 303c | S+725 bp | Oct 19, 2028 |
| Z••••••• I•••• S••••••••• | unstated lien unstated | $0 | -$113,000 332c | S+625 bp | Nov 22, 2028 |
| D•••••• B•••••••• L•• F••• & B••••••• | delayed draw term loan first lien | $0 | -$120,000 750c | S+625 bp | Dec 12, 2029 |
| A••••• P•••••• I••• I••••••••• | unstated lien unstated | $0 | -$127,000 438c | S+575 bp | Oct 29, 2027 |
| Z••••••• I•••• S••••••••• | unstated lien unstated | $0 | -$275,000 671c | S+625 bp | Nov 22, 2028 |
| A•••••• I••••••••• H•••••••• I•••• S••••••••• | unstated lien unstated | $0 | -$337,000 199c | S+650 bp | Mar 19, 2031 |
| O••••• T••••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| I••••••••• E••••••••• S••••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| R•••• I•• C•••• | revolver first lien | Not disclosed | Not disclosed | ||
| I•• O••••••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| S••••••• B•••• C•••• | revolver first lien | Not disclosed | Not disclosed | ||
| P••••••• G••••• S•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| M•••• | revolver first lien | Not disclosed | Not disclosed | ||
| P••• R••• E•••••••• F••••••• L•• | equity equity | Not disclosed | Not disclosed | ||
| A•••••• I••••••••• H•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| S••••• S•• B•••• H•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| C•••••••• B••••• P•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| P••••• C••• C••••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| I••••• B••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| T••••• L•••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| H•••••• C••• B••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| V•••••• E••••••• S•••••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| Q••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| W••••••• P••••••••• S•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| G•••••••• C••••••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| I• I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| I•• H•••••• C•••• | revolver first lien | Not disclosed | Not disclosed | ||
| F•••••• B••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| E••••••• G••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| A••••• H•••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| M•••• P•• P•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| W•• H••••••• I•• C•••• | revolver first lien | Not disclosed | Not disclosed | ||
| D•••••• B•••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| D••••••• H•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| C••••• P•••• E•••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| W••• C•••• D••••• S•••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| Z••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| S••••• G•••• H•••••••• L•• | revolver first lien | Not disclosed | Not disclosed |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2021 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Former names
- F••••••• B•• C•••••• L.L.C.reported
- Latest schedule
- 0001825248-26-000024reported