DFX Intelligence

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F••••••• B•• C•••••• C•••

Business development companymanaged by F••••••• B•• C•••••• A•••••• L••Listed: FRBP· NEW YORK, NY

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 2026-06-30 · 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 (706)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$189M
on 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•• →
$89.7M
newly 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.
FactBDC schedules of investments, 30 Jun 2026Open A••••••• I••••••••• L•• →
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 → 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

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 quarters

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
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

P••• R••• E•••••••• F••••••• L•• unsecured or subordinated subordinated debt
1 BDC hold it · matures Dec 31, 2028
$93.6M 200c
A••••••• I••••••••• L•• first lien delayed draw term loan
1 BDC hold it · matures Dec 22, 2030
$86.1M 84c
Z••••••• I•• first lien term loan
16 BDCs hold it · matures Nov 22, 2028
$80.4M 99c
M•••• first lien term loan
2 BDCs hold it · matures Jul 29, 2026
$76.2M 90c
W•• H••••••• I•• C••• first lien term loan
1 BDC hold it · matures Jul 16, 2028
$75.3M 100c
S•••• C•••••• F••••••• L•• unsecured or subordinated subordinated debt
1 BDC hold it · matures Apr 25, 2028
$72.5M 200c
I••••• B••••• I•• first lien term loan
4 BDCs hold it · matures May 23, 2028 · possible sponsor K•••• • C••••••• L•••
$70.3M 100c
K•••••••• P•• B••••• I•• first lien term loan
1 BDC hold it · matures Dec 10, 2029 · K•••• • C••••••• L•••
$67.5M 100c
C••••••••• T••••••••• I••••••••• L•• first lien term loan
1 BDC hold it · matures May 5, 2027
$60.5M 100c
A••••• P•••••• I•• first lien term loan
1 BDC hold it · matures Oct 29, 2030
$59.0M 100c
K••••• A•••••••• L•• unsecured or subordinated subordinated debt
1 BDC hold it · matures Aug 31, 2031
$59.0M 201c
L••• D•••• I••••••••• I• L•• first lien term loan
3 BDCs hold it · matures Mar 31, 2031
$56.7M 101c

Schedule of investments at Jun 30, 2026

706 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
F•••	term loan lien unstated	Not disclosed	$218M 97c
F•••	term loan lien unstated	Not disclosed	$218M
P••• R••• E•••••••• F••••••• L••	unstated lien unstated	Not disclosed	$138M 108c
P••• R••• E•••••••• F••••••• L••	equity equity	Not disclosed	$138M
S•••• C•••••• F••••••• L••	unstated lien unstated	Not disclosed	$85.7M 111c
S•••• C•••••• F••••••• L••	equity equity	Not disclosed	$85.7M
S•••• C•••••• F••••••• L••	subordinated debt unsecured or subordinated	$72.5M	$72.5M 100c	12.50%	Apr 25, 2028
S•••• C•••••• F••••••• L••	subordinated debt unsecured or subordinated	Not disclosed	$72.5M
Z••••••• I•••	term loan first lien	$64.6M	$63.5M 99c	S+500 bp	Nov 22, 2028
P••• R••• E•••••••• F••••••• L••	subordinated debt unsecured or subordinated	$62.6M	$62.6M 100c	S+775 bp	Dec 31, 2028
P••• R••• E•••••••• F••••••• L••	subordinated debt unsecured or subordinated	Not disclosed	$62.6M
M••••	term loan first lien	$67.7M	$61.0M 90c	S+650 bp	Jul 29, 2026
I••••• B••••• I•••	term loan first lien	$60.6M	$60.6M 100c	S+525 bp	May 23, 2028
K••••• A•••••••• L••	subordinated debt unsecured or subordinated	Not disclosed	$59.0M
K••••• A•••••••• L••	subordinated debt unsecured or subordinated	$59.0M	$59.0M 100c	13.50%	Aug 31, 2031
M••••••• B••••• I•••	term loan first lien	$55.6M	$55.6M 101c	S+450 bp	Aug 20, 2031
A••••• P•••••• I•••	term loan first lien	$55.2M	$55.2M 100c	S+475 bp	Oct 29, 2030
T•• N•• G••••• L•	term loan first lien	$52.1M	$52.1M 101c	S+425 bp	Dec 1, 2029
S••••••• H••••••• C•••• Financial Services	unstated lien unstated	$51.9M	$51.9M 100c	S+550 bp	May 14, 2031
C•• B••••• I•••	term loan first lien	$51.9M	$51.9M 101c	S+500 bp	May 13, 2032
S••••••• H•••••••• I•••	term loan first lien	$49.3M	$49.3M 101c	S+525 bp	Dec 29, 2028
B•• A•••• A•••••••• L••	term loan first lien	$46.9M	$46.9M 101c	S+450 bp	Nov 18, 2031
A•••• G•••••• I••• P••••••••• Services	unstated lien unstated	$46.4M	$46.4M 100c	S+475 bp	Oct 2, 2028
A••••• H•••••• L••	term loan first lien	$45.7M	$45.7M 101c	S+525 bp	Jan 31, 2032
W••••••• P••••••••• S•••••••• I•••	term loan first lien	$44.6M	$44.6M 101c	S+475 bp	Sep 19, 2031
R•••••• C••••••• a•• R•••••••• L••	term loan first lien	$42.3M	$42.3M 101c	S+525 bp	Apr 30, 2031
K•••••••• P•• B••••• I•••	term loan first lien	$41.8M	$41.8M 100c	S+450 bp	Dec 10, 2029
I•••• T••••• H•••••••• I•••	term loan first lien	$42.1M	$41.7M 100c	S+500 bp	Jun 30, 2032
W•• H••••••• I•• C••••	term loan first lien	$41.7M	$41.7M 100c	S+500 bp	Jul 16, 2028
A•••• B••••••• S••• L••	term loan first lien	$39.2M	$39.2M 101c	S+475 bp	Jun 10, 2031
F••••••• I••••••••• L••	term loan first lien	$39.2M	$39.2M 101c	S+475 bp	Nov 26, 2031
V•••••• B••••• L•• M••••••••	unstated lien unstated	$38.3M	$38.0M 100c	S+600 bp	Feb 13, 2034
G••••• B•••••••• L••	term loan first lien	$37.9M	$37.9M 100c	S+450 bp	Sep 29, 2028
A••••••• H•••••••• L•• E•••••••••	delayed draw term loan first lien	$51.2M	$36.8M 74c	PIK 10.25%	Dec 22, 2030
M••••••• B•••••••• L•• C••••••••• & E•••••••••	term loan first lien	$36.8M	$36.8M 102c	S+475 bp	Feb 13, 2032
T••••• L•••• I•••	term loan first lien	$38.8M	$36.4M 95c	S+575 bp	May 5, 2028
A••••••• B•••••••• L••	term loan first lien	$35.9M	$35.9M 101c	S+600 bp	May 8, 2030
E••••••••• L•	term loan first lien	$34.2M	$34.2M 101c	S+450 bp	Feb 23, 2032
P•• B••••• I•••	term loan first lien	$40.0M	$34.0M 85c	S+550 bp	Mar 31, 2028
P•••• A••••••••• I• I•••	unstated lien unstated	$40.2M	$33.5M 93c	S+875 bp	Dec 20, 2028
I••••••••• G••••• S•••••••• I•••	term loan first lien	$32.4M	$32.4M 101c	S+500 bp	Mar 6, 2032
P••• R••• E•••••••• F••••••• L••	subordinated debt unsecured or subordinated	$31.0M	$31.0M 100c	S+775 bp	Dec 31, 2028
P••• R••• E•••••••• F••••••• L••	subordinated debt unsecured or subordinated	Not disclosed	$31.0M
C••••••••• L••	term loan first lien	$30.0M	$30.0M 101c	S+450 bp	Apr 22, 2032
S••••• S•• B•••• H•••••••• I•••	term loan first lien	$37.2M	$29.7M 80c	S+650 bp	Nov 18, 2027
C•••••• I••••••••• H•••••••• L••	term loan first lien	$29.3M	$29.3M 101c	S+475 bp	Oct 1, 2032
F•• P••••••••• L••	term loan first lien	$31.4M	$28.4M 91c	S+550 bp PIK 3.00%	Sep 13, 2028
E••••••• P•••• E••••••••• L••	term loan first lien	$27.9M	$27.9M 101c	S+450 bp	Dec 31, 2031
A•••• I••••••••• H•••••••• L••	term loan first lien	$27.7M	$27.7M 100c	S+425 bp	Apr 26, 2032
P••••• C••• C••••••• L••	term loan first lien	$30.1M	$27.1M 91c	S+600 bp	Nov 15, 2030
M•••••• C•• C••••••• L••	term loan first lien	$26.5M	$26.5M 100c	S+600 bp	Jul 31, 2026
I• I••••••••• H•••••••• L••	term loan first lien	$25.9M	$25.9M 100c	S+500 bp	Sep 22, 2028
I••••••••• I•••	term loan first lien	$25.9M	$25.5M 99c	S+450 bp	Jan 12, 2032
W•••• S••••• R•••••• A••••••••• L••	term loan first lien	$25.7M	$25.4M 100c	S+450 bp	Sep 16, 2032
S••••• S•••• B••••• L•••	term loan first lien	$24.8M	$24.8M 101c	S+525 bp	Dec 3, 2031
W••• P•••••••• I••• I•••	term loan first lien	$24.7M	$24.7M 100c	S+650 bp PIK 3.25%	Jun 29, 2029
H•••••• C••• B••••• I•••	term loan first lien	$24.7M	$24.7M 101c	S+650 bp	Mar 31, 2028
C••••••••• T••••••••• I••••••••• L••	term loan first lien	$24.5M	$24.5M 100c	S+550 bp	May 5, 2027
A••••••• H•••••••• L••	delayed draw term loan first lien	$24.9M	$24.5M 99c	S+600 bp PIK 3.50%	Jun 18, 2029
C••••••••• T••••••••• I••••••••• L••	term loan first lien	$24.2M	$24.2M 100c	S+550 bp	May 5, 2027
T••••• H•••••• I••• H••••• C••• P•••••••• & Services	unstated lien unstated	$24.2M	$24.2M 101c	S+500 bp	Jun 28, 2029
T•• I••••••••• L••	term loan first lien	$23.3M	$23.3M 100c	S+525 bp PIK 2.88%	Dec 15, 2031
V•••••• C•• B••••• L••	term loan first lien	$23.3M	$23.3M 101c	S+450 bp	Jun 1, 2029
K•••••••• P•• B••••• I•••	term loan first lien	$23.1M	$23.1M 101c	S+450 bp	Dec 10, 2029
T••••••• L••	term loan first lien	$22.9M	$22.9M 101c	S+425 bp	Aug 6, 2031
A••••••••• I•••	term loan first lien	$22.9M	$22.5M 99c	S+450 bp	Jul 14, 2031
W••• C•••• D••••• S•••••••• I•••	term loan first lien	$27.7M	$22.2M 81c	S+575 bp	Jul 1, 2028
M•••••• M••••••••• R••••••• G••••• L••	term loan first lien	$22.4M	$22.1M 99c	S+575 bp	Sep 30, 2027
L••••••••• I••••••••• L•••	term loan first lien	$22.7M	$22.1M 98c	S+500 bp PIK 2.50%	Apr 10, 2030
A•••••• I••••••••• H•••••••• I•••	term loan first lien	$22.6M	$22.0M 99c	S+600 bp	Mar 19, 2031
E••••••• P•••••• I•••	term loan first lien	$22.3M	$21.6M 99c	S+525 bp	Jan 22, 2031
B•••• H••••••• B••••• I•••	term loan first lien	$21.2M	$21.2M 100c	S+475 bp	Sep 18, 2031
V••••••• I••••••••• H••••••• C••••	term loan first lien	$21.5M	$21.1M 99c	S+600 bp PIK 3.25%	Aug 23, 2031
A•••• G••••• I••• I••••••••	unstated lien unstated	$22.2M	$21.1M 95c	S+550 bp	May 30, 2033
C••••••• A••••••••• H•••••••• I•••	term loan first lien	$20.4M	$20.4M 100c	S+450 bp	Nov 13, 2029
C••• S••••• B••••••• C•• B••••••••	unstated lien unstated	$20.2M	$20.2M 101c	S+475 bp	Dec 10, 2030
R••••• M••••••••• G••••• L••	term loan first lien	$20.2M	$20.2M 101c	S+500 bp	Dec 5, 2030
W•• H••••••• I•• C••••	term loan first lien	$20.2M	$20.2M 101c	S+500 bp	Jul 16, 2028
O••••• T••••••••• I•••	term loan first lien	$20.1M	$20.1M 100c	S+550 bp	Oct 19, 2027
C••••••••• P•••••••• P••••••• C•••• A•••••••• & D••••••	unstated lien unstated	$19.7M	$19.7M 100c	10.14%	Jan 1, 2030
M•••• P•• P•••••••• L••	term loan first lien	$24.5M	$19.6M 81c	S+650 bp PIK 3.50%	Dec 10, 2029
C••••• I••••••••• L••	unstated lien unstated	$19.5M	$19.5M 101c	S+525 bp	Dec 27, 2027
L••• D•••• I••••••••• I•• L••	term loan first lien	$19.3M	$19.3M 101c	S+525 bp	Mar 31, 2031
L••• D•••• I••••••••• I•• L••	term loan first lien	$19.1M	$19.1M 101c	S+525 bp	Mar 31, 2031
C••••• D• S••••• H•••••• U•• N••••• I••• E•••••••••	unstated lien unstated	Not disclosed	$18.8M 117c
L•••• D••••••• B••••• L•• M••••••••	unstated lien unstated	$18.6M	$18.6M 101c	S+650 bp	Oct 2, 2029
O•••••••• V••••••• I•••	term loan first lien	$18.6M	$18.5M 100c	S+475 bp	Jan 30, 2033
S••• P••••••••• I•••	term loan first lien	$17.9M	$17.7M 100c	S+450 bp	Nov 12, 2031
U• O••• S•••••• M••••••••• H•••••• L••	term loan first lien	$17.7M	$17.7M 101c	S+525 bp	Nov 20, 2028
D•••••• B•••••••• L•• C••••••• S•••••• D••••••••• & R•••••	term loan first lien	$17.5M	$17.5M 102c	S+600 bp	Dec 31, 2031
M•••••• B•••• I••••••••• L•• C••••••••• & E•••••••••	unstated lien unstated	$17.6M	$17.2M 100c	S+450 bp	Dec 1, 2028
C••••••• M••••• P••••••••• L••	term loan first lien	$17.3M	$17.2M 100c	S+475 bp	Sep 10, 2031
A••• C•••••• I••••••••• H•••••••• L•• H••••• C••• P•••••••• & Services	term loan first lien	$18.7M	$17.2M 92c	S+650 bp	May 7, 2027
I•• H•••••• C••••	term loan first lien	$17.5M	$17.2M 99c	S+525 bp	May 2, 2029
I••• I••••••••• H•••••••• L••	term loan first lien	$17.2M	$17.0M 100c	S+625 bp	Mar 1, 2029
A••••••• G•••• H•••••••• I••• Financial Services	unstated lien unstated	$16.7M	$16.8M 101c	S+525 bp	Nov 25, 2033
U• S••• I••••••••• L••	term loan first lien	$16.7M	$16.5M 100c	S+425 bp	Feb 28, 2033
F••• T•••••• H••••••• L••	term loan first lien	$16.5M	$16.3M 100c	S+500 bp	Oct 29, 2031
G••••• P••••••••• L••	term loan first lien	$16.4M	$16.3M 100c	S+475 bp	Aug 29, 2031
E••••••• G••••• L••	delayed draw term loan first lien	$16.7M	$16.2M 98c	S+575 bp	Apr 14, 2028

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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