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 Dec 31, 2025
723 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A•••• B••••••• S••• L•• | term loan first lien | $0 | $0 0c | S+500 bp | Jun 10, 2031 |
| W••• P•••••••• I••• I••• | unstated lien unstated | Not disclosed | $0 | ||
| O•• G• H•••••••• L•• | unstated lien unstated | Not disclosed | $0 | PIK 15.00% | Nov 29, 2031 |
| B•••• G•••• B••••• I••• | term loan first lien | $0 | $0 0c | S+475 bp | Jul 10, 2031 |
| I••••••••• E••••••••• S••••••••• I••• | unstated lien unstated | Not disclosed | $0 | ||
| A••••••• B••••• I••• | term loan first lien | $0 | $0 0c | S+415 bp | Jul 26, 2030 |
| M••• H•••••• L•• | equity equity | Not disclosed | $0 | ||
| I••••••••• C••••• • E•••••••• G••••••• I••• | unstated lien unstated | Not disclosed | $0 | ||
| W••••••• P••••••••• S•••••••• I••• | term loan first lien | $0 | $0 0c | S+450 bp | Sep 19, 2031 |
| V••••••• I••••••••• H••••••• C•••• | term loan first lien | $0 | $0 0c | S+625 bp PIK 3.38% | Aug 23, 2031 |
| T••••••• L•• | term loan first lien | $0 | $0 0c | S+425 bp | Aug 6, 2031 |
| T•• D•••••• N••••••• L•• | term loan first lien | Not disclosed | $0 0c | S+600 bp PIK 12.75% | Mar 31, 2023 |
| I• I••••••••• H•••••••• L•• | term loan first lien | $0 | $0 0c | S+500 bp | Sep 22, 2028 |
| I••••••••• E••••••••• S••••••••• I••• | equity equity | Not disclosed | $0 | ||
| P••• R••• E•••••••• F••••••• L•• | subordinated debt unsecured or subordinated | $0 | $0 0c | S+775 bp | Dec 31, 2028 |
| G•••••• M••••••• I••• | unstated lien unstated | Not disclosed | $0 | ||
| A•••• B••••••• S••• L•• | term loan first lien | $0 | $0 0c | S+500 bp | Jun 10, 2031 |
| M••••••• B••••• I••• | term loan first lien | $0 | $0 0c | S+450 bp | Aug 20, 2030 |
| B••• O••••••••• B••••• I••• | term loan first lien | Not disclosed | $0 | ||
| I••••••••• E••••••••• S••••••••• I••• | unstated lien unstated | Not disclosed | $0 | ||
| I••••••••• E••••••••• S••••••••• I••• | term loan first lien | Not disclosed | $0 | ||
| O•• G• H•••••••• L•• | equity equity | Not disclosed | $0 | ||
| O•• G• H•••••••• L•• | equity equity | Not disclosed | $0 | ||
| N•••••• A•••••••• Capital M•••••• | term loan lien unstated | $31.6M | $0 0c | S+1100 bp | Apr 25, 2031 |
| U• O••• S•••••• M••••••••• H•••••• L•• | term loan first lien | $0 | $0 0c | S+525 bp | Nov 20, 2028 |
| T•••••• A•• C••••••••• H••••••• C•••• | unstated lien unstated | $0 | $0 0c | S+450 bp | Jun 29, 2029 |
| S•••• B•••••• I••• H••••• C••• P•••••••• & Services | unstated lien unstated | Not disclosed | $0 | ||
| Y••••••••• I••• F••• P••••••• | unstated lien unstated | Not disclosed | $0 | ||
| A••••••• B••••• I••• | term loan first lien | $0 | $0 0c | S+415 bp | Jul 28, 2031 |
| G•••••• M••••••• I••• H••••• C••• P•••••••• & Services | unstated lien unstated | Not disclosed | $0 | ||
| V••••••• I••••••••• H••••••• C•••• | term loan first lien | $0 | $0 0c | S+625 bp PIK 3.38% | Aug 23, 2031 |
| T•• D•••••• N••••••• L•• | term loan first lien | Not disclosed | $0 0c | S+600 bp PIK 12.75% | Mar 31, 2023 |
| E••••••• P•••• E••••••••• L•• | term loan first lien | $0 | $0 0c | S+450 bp | Dec 31, 2031 |
| C•• B••••• I••• | term loan first lien | $0 | $0 0c | S+500 bp | May 13, 2032 |
| T•• N•• G••••• L• | term loan first lien | $0 | $0 0c | S+425 bp | Dec 1, 2028 |
| S••••••• B•••• C•••• | term loan first lien | $0 | $0 0c | S+575 bp | Dec 8, 2029 |
| B•• A•••• A•••••••• L•• | term loan first lien | $0 | $0 0c | S+450 bp | Nov 18, 2031 |
| E••••••• P•••• E••••••••• L•• | term loan first lien | $0 | $0 0c | S+450 bp | Dec 31, 2031 |
| O••••• T••••••••• I••• | term loan first lien | $0 | $0 0c | S+550 bp | Oct 19, 2027 |
| C•••• R•••• • I••••• C••••••• L•• | term loan first lien | $0 | $0 0c | S+425 bp | Nov 18, 2031 |
| A•••••• I••••••••• H•••••••• I••• | term loan first lien | $0 | $0 0c | S+600 bp | Mar 19, 2031 |
| M••• H•••••• L•• M•••• | unstated lien unstated | Not disclosed | $0 | ||
| T•• D•••••• N••••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| T•• D•••••• N••••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| D••••• C••• L••• | equity equity | Not disclosed | $0 | ||
| M••• M••••• S••••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| N•••••• F•••••••• F••• C••• L••• 2••••••• F• C••••••••• S••••••••• Structured finance (CLO) | unstated lien unstated | Not disclosed | $0 | ||
| K••••• I•••••• O••• D•• | subordinated debt unsecured or subordinated | Not disclosed | $0 | ||
| D••••• C••• L••• •• •• | equity equity | Not disclosed | $0 | ||
| P••••••••• L•• S••••••• | unstated lien unstated | Not disclosed | $0 0c | ||
| A••••••• B•••••••• L•• | term loan first lien | $0 | $0 0c | S+675 bp PIK 3.38% | May 8, 2030 |
| W•••• L•• M•••• | unstated lien unstated | Not disclosed | $0 | ||
| S•••• H•••••• C•••• W••••••• T••••••••• Services | unstated lien unstated | Not disclosed | $0 | ||
| B••• O••••••••• B••••• I••• | term loan first lien | Not disclosed | $0 | ||
| A••••• P•••••• I••• | term loan first lien | $0 | $0 0c | S+525 bp | Oct 29, 2030 |
| E••••••••• L• | term loan first lien | $0 | $0 0c | S+475 bp | Feb 23, 2032 |
| K•••••••• P•• B••••• I••• | term loan first lien | $0 | $0 0c | S+450 bp | Dec 10, 2029 |
| B••• O••••••••• B••••• I••• | term loan first lien | Not disclosed | $0 | ||
| T•••••• A•• C••••••••• H••••••• C•••• | unstated lien unstated | $0 | $0 0c | S+450 bp | Jun 29, 2029 |
| B••• O••••••••• B••••• I••• | term loan first lien | $0 | $0 0c | PIK 18.00% | Apr 30, 2035 |
| M••• M••••• S••••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| O•• G• H•••••••• L•• | equity equity | Not disclosed | $0 | ||
| P••• R••• E•••••••• F••••••• L•• | subordinated debt unsecured or subordinated | Not disclosed | $0 | ||
| A••••••••• I••• | term loan first lien | $0 | $0 0c | S+450 bp | Jul 14, 2031 |
| I••••• B••••• I••• | term loan first lien | $0 | $0 0c | S+525 bp | May 23, 2028 |
| V•••• P•••••• S••••••••• L•• | unstated lien unstated | $0 | -$5,000 100c | S+475 bp | Dec 1, 2031 |
| A•••• A••••••• G••••• L•• | unstated lien unstated | $0 | -$9,000 100c | S+475 bp | Aug 1, 2031 |
| E••••••• P•••••• I••• | term loan first lien | $0 | -$12,000 31c | S+650 bp | Jan 22, 2031 |
| M•• I••••••••• I•• L•• | term loan first lien | $0 | -$13,000 100c | S+450 bp | Aug 29, 2031 |
| W••••• A•••••••• L•• | unstated lien unstated | $0 | -$14,000 | S+450 bp | Oct 1, 2032 |
| I••• I••••••••• H•••••••• L•• | term loan first lien | $0 | -$18,000 95c | S+625 bp | Mar 1, 2029 |
| W••••• A•••••••• L•• | unstated lien unstated | $0 | -$19,000 100c | S+450 bp | Oct 1, 2032 |
| I••••••••• I••• | term loan first lien | $0 | -$20,000 100c | S+450 bp | Jan 12, 2032 |
| A•••• I••••••••• H•••••••• L•• | term loan first lien | $0 | -$21,000 100c | S+450 bp | Apr 26, 2032 |
| S••• P••••••••• I••• | term loan first lien | $0 | -$22,000 100c | S+475 bp | Nov 12, 2031 |
| G••••• P••••••••• L•• | term loan first lien | $0 | -$25,000 100c | S+475 bp | Aug 29, 2031 |
| W•••• S••••• R•••••• A••••••••• L•• | term loan first lien | $0 | -$28,000 200c | S+475 bp | Sep 16, 2032 |
| W•••• S••••• R•••••• A••••••••• L•• | term loan first lien | $0 | -$28,000 104c | S+475 bp | Sep 16, 2032 |
| B•••• H••••••• B••••• I••• | term loan first lien | $0 | -$29,000 290c | S+475 bp | Sep 18, 2031 |
| B•••• H••••••• B••••• I••• | term loan first lien | $0 | -$31,000 100c | S+475 bp | Sep 18, 2031 |
| I••••••••• I••• | term loan first lien | $0 | -$31,000 194c | S+450 bp | Jan 12, 2032 |
| Q••••••• I••• | term loan first lien | $0 | -$32,000 123c | S+550 bp | May 15, 2029 |
| C••••••• M••••• P••••••••• L•• | term loan first lien | $0 | -$32,000 110c | S+500 bp | Sep 10, 2031 |
| G••••• P••••••••• L•• | term loan first lien | $0 | -$33,000 194c | S+475 bp | Aug 29, 2031 |
| C•••••• I••••••••• H•••••••• L•• | unstated lien unstated | $0 | -$34,000 200c | S+475 bp | Oct 1, 2032 |
| S••••• S•••• B••••• L••• | term loan first lien | $0 | -$38,000 200c | S+525 bp | Dec 3, 2031 |
| L••• D•••• I••••••••• I•• L•• | term loan first lien | $0 | -$44,000 100c | S+525 bp | Mar 31, 2031 |
| G••••• P••••••••• L•• | term loan first lien | $0 | -$49,000 196c | S+475 bp | Aug 29, 2031 |
| C•••••• I••••••••• H•••••••• L•• | unstated lien unstated | $0 | -$51,000 100c | S+475 bp | Oct 1, 2032 |
| I••••••••• G••••• S•••••••• I••• | term loan first lien | $0 | -$72,000 200c | S+500 bp | Mar 6, 2032 |
| I•••• T••••• H•••••••• I••• | term loan first lien | $0 | -$72,000 200c | S+500 bp | Jun 30, 2032 |
| F••• T•••••• H••••••• L•• | unstated lien unstated | $0 | -$91,000 100c | S+500 bp | Oct 29, 2031 |
| L••••••••• I••••••••• L••• | term loan first lien | $0 | -$110,000 100c | S+500 bp PIK 2.50% | Apr 10, 2030 |
| A•••• A••••••• G••••• L•• | unstated lien unstated | $0 | -$112,000 200c | S+475 bp | Aug 1, 2031 |
| L••••••••• I••••••••• L••• | term loan first lien | $0 | -$154,000 197c | S+500 bp PIK 2.50% | Apr 10, 2030 |
| S••• P••••••••• I••• | term loan first lien | $0 | -$166,000 200c | S+475 bp | Nov 12, 2031 |
| T••••• L•••• I••• | term loan first lien | $0 | -$282,000 762c | S+575 bp | May 5, 2028 |
| F•• P••••••••• L•• | term loan first lien | $0 | -$296,000 7400c | S+550 bp PIK 3.00% | Sep 13, 2028 |
| M•••• P•• P•••••••• L•• | term loan first lien | $0 | -$430,000 1955c | S+650 bp PIK 3.50% | Dec 10, 2029 |
| S••••• S•• B•••• H•••••••• I••• | term loan first lien | $0 | -$1.3M 5160c | S+650 bp | Nov 18, 2027 |
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