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A business development company

Business development companyListed: FRBP· NEW YORK, NY

A business development company traded as FRBP, holding $4.8B across 290 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$4.8B
Borrowers
290
Mark on cost
96.9¢
First lien
59%
Schedule of investments (706)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $189M
    on non-accrual, 9 borrowers

    9 borrowers on non-accrual, $189M principal; the largest is Aventine Intermediate LLC ($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 Aventine Intermediate LLC →
  2. $89.7M
    newly on non-accrual

    3 borrowers newly placed on non-accrual in Q2 2026, $89.7M principal: Aventine Intermediate LLC ($86.1M), LaserShip, Inc ($2.96M), Norvax, LLC ($626K).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open Aventine Intermediate LLC →
  3. 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
  4. 278 → 290
    borrowers

    Added a net 12 borrowers in the quarter to Jun 30, 2026, to 290.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
Every headline figure, and the identifiersCIK 1825248 · file 814-01360Show
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
17 sponsors financed
Portfolio through time
Fair value by quarter end$4.8B as of Jun 30, 2026
Dec 31, 2021$517M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$4.8B29097c50487 bp
Mar 31, 2026$4.6B27897c48492 bp
Dec 31, 2025$5.7B28397c57496 bp
Sep 30, 2025$5.0B32097c55497 bp
All 17 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$5.0B31598c54509 bp
Mar 31, 2025$4.8B31197c43507 bp
Dec 31, 2024$12B35498c82513 bp
Sep 30, 2024$4.9B35699c41517 bp
Jun 30, 2024$4.6B34798c36535 bp
Mar 31, 2024$4.4B32699c31545 bp
Dec 31, 2023$1.7B26197c10539 bp
Sep 30, 2023$759M7399c8594 bp
Jun 30, 2023$796M7699c8595 bp
Mar 31, 2023$788M7699c3593 bp
Dec 31, 2022$1.2B7899c8595 bp
Dec 31, 2021$517M63100c1577 bp
Dec 31, 2020Not disclosed2n/a0n/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

+15 additional dated changes on this BDC

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Every position change, including routine ones
Largest facilities held, with co-lenders

+318 additional facilities held

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Schedule of investments at Jun 30, 2024
679 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
First Eagle Greenway Fund II, LLCequity equityNot disclosed$192,000
ADCS Clinics Intermediate Holdings, LLC
Healthcare
revolver first lien$205,000$192,000
96c
S+625 bpMay 7, 2026
IQN Holding Corp, Software/Servicesunstated lien unstated$177,000$177,000
102c
S+525 bpMay 2, 2028
Skillsoft Corp
Technology
unstated lien unstatedNot disclosed$172,000
92c
National Mentor Holdings, Inc.
Healthcare
unstated lien unstated$150,000$141,000
95c
S+375 bpMar 2, 2028

679 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.

Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2021 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001825248-26-000024reported
Capital chain

This record sits on 107 traced paths of capital across the graphs.

Allocator to credit manager to facility to borrowerPE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

DFX traced 107 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

3,036 field-level changes across filed schedules, latest first

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 kind
Manages (1)