DFX Intelligence

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H•• C•••••••• L•••••• F•••

Business development companymanaged by H•• A•••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by H•• A•••••••• L••, holding $26B across 393 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: $26B
Borrowers: 393
Mark on cost: 99.1¢
First lien: 46%

Schedule of investments (1,034)Quarter by quarter Sponsors

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

What matters now

$281M
on non-accrual, 7 borrowers
7 borrowers on non-accrual, $281M principal; the largest is P••••• B•••• L•• ($111M).
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 P••••• B•••• L•• →
$121M
newly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $121M principal: P••••• B•••• L•• ($111M), F••••••••• A••••••••• U• C••• ($9.78M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open P••••• B•••• L•• →
102.3¢ → 99.1¢
book mark on cost
Marked its book down from 102.3¢ to 99.1¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked down; net asset value follows.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
26 below 80¢
$509M principal
26 positions across 19 borrowers marked below 80¢ on cost, $509M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
402 → 393
borrowers
Lost a net 9 borrowers in the quarter to Jun 30, 2026, to 393.
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 1838126 · file 814-01431Show

Fair value

$26B

as of Jun 30, 2026

Principal held

$30B

debt pieces, the filer's figure

Cost

$26B

99c on cost, debt pieces

Unfunded

$2.8B

commitments not yet drawn

Positions

1,034

393 borrowers

First lien

46%

97% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

509

52 sponsors financed

Portfolio through time

Fair value by quarter end$26B as of Jun 30, 2026

Dec 31, 2022$5.7B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$26B	393	99c	101	512 bp
Mar 31, 2026	$27B	402	102c	99	550 bp
Dec 31, 2025	$27B	412	101c	114	515 bp
Sep 30, 2025	$25B	410	101c	92	520 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$22B	404	101c	79	516 bp
Mar 31, 2025	$20B	377	101c	66	525 bp
Dec 31, 2024	$34B	335	100c	120	534 bp
Sep 30, 2024	$14B	290	102c	53	557 bp
Jun 30, 2024	$12B	273	101c	49	569 bp
Mar 31, 2024	$10B	252	101c	53	582 bp
Dec 31, 2023	$10B	251	101c	39	582 bp
Sep 30, 2023	$7.7B	224	100c	26	576 bp
Jun 30, 2023	$7.0B	215	100c	25	570 bp
Mar 31, 2023	$6.7B	213	99c	19	568 bp
Dec 31, 2022	$5.7B	201	98c	18	558 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

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

O•••• I• A• first lien delayed draw term loan
1 BDC hold it · matures Jun 18, 2032
$1.2B 101c
M••••• B•••• A• first lien delayed draw term loan
1 BDC hold it · matures Aug 29, 2031
$804M 90c
S••••••• B•••• C••• first lien delayed draw term loan
5 BDCs hold it · matures Nov 6, 2032
$529M 99c
B•••••• S••• S•••••• D••••• P•••••• L•• first lien revolver
2 BDCs hold it · matures Aug 28, 2030 · possible sponsor S••••••• P•••••••
$514M 104c
G••••• M•••• R•••••• L•• first lien revolver
3 BDCs hold it · matures Dec 20, 2031 · possible sponsor H•••••• • F••••••• L••
$486M 102c
S•••••• A••••••••• L•• other
4 BDCs hold it · matures Oct 1, 2031
$415M 100c
E••••••• S••••••• A• first lien delayed draw term loan
1 BDC hold it · matures Dec 19, 2031
$392M 106c
A• C•••••• A••••••••• C••••••••• other
1 BDC hold it · matures Jul 2, 2031
$371M 100c
D•••••••• I•• first lien revolver
4 BDCs hold it · matures Jul 30, 2030 · possible sponsor C•••••••• C•••••• G••••• L•••
$364M 98c
E••••• H•••••••• I•• other
1 BDC hold it · matures Jun 21, 2031
$336M 99c
T•••• B• B••••••• L•• other
3 BDCs hold it · matures Jul 24, 2032
$298M 100c
E•••••• P••••••• I•••••••• L•• first lien revolver
2 BDCs hold it · matures Mar 12, 2031
$295M 100c

Schedule of investments at Jun 30, 2024

577 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T••••••••• C•• L••	unstated lien unstated	Not disclosed	$389,000 222c	S+575 bp	Feb 13, 2030
M•• D••••• S••••••••• L••	unstated lien unstated	$54.0M	$360,000 -34c		Feb 13, 2031
T•••••• L••	delayed draw term loan first lien	$344,000	$344,000 101c	15.45% PIK 10.00%	Jun 18, 2029
Y•• E••••• L••	delayed draw term loan first lien	$4.2M	$326,000 161c	S+500 bp	Apr 21, 2028
G••••• B••••••• L••	revolver first lien	$2.2M	$304,000 109c	S+525 bp	Sep 29, 2028
V••••• G•••• H••••••• L••	delayed draw term loan unsecured or subordinated	$302,000	$285,000 96c	PIK 13.75%	Sep 3, 2030
E•• T•••• H•••••••• L••	revolver first lien	$417,000	$268,000 64c	PIK 6.25%	Nov 10, 2028
V••••• G•••• H••••••• L••	delayed draw term loan unsecured or subordinated	$258,000	$254,000 101c	PIK 14.75%	Sep 3, 2030
S••••• A••••••••• I•••	unstated lien unstated	$11.0M	$219,000 -73c		May 1, 2030
M•• D••••• S••••••••• L••	unstated lien unstated	$32.4M	$216,000 -23c		Feb 13, 2031
B••••••••• E••••• C••••	unstated lien unstated	$183,000	$185,000 102c	9.75%	Oct 15, 2025
D•• A••••••••• H••••••• L••	delayed draw term loan unsecured or subordinated	$190,000	$178,000 96c	PIK 13.13%	Dec 28, 2032
Z••• C•••••• L••	unstated lien unstated	$23.1M	$143,000 -42c		Feb 28, 2031
D•• A••••••••• H••••••• L••	delayed draw term loan unsecured or subordinated	$105,000	$98,000 94c	PIK 13.13%	Dec 28, 2032
I••••••••• E••••••••• I••••••••• L••	delayed draw term loan first lien	$5.1M	$51,000 -38c		Apr 27, 2029
H••••••••• I•••••••• A•••••• I•••	delayed draw term loan first lien	$47,000	$47,000 100c	S+550 bp	Nov 24, 2028
E•••••• H••••••• I••	unstated lien unstated	$3.2M	$31,000 -67c		Dec 24, 2029
I•• H•••••••• I•••	unstated lien unstated	$1.6M	$16,000 -70c		Dec 14, 2029
C•••• C•••• C•••••• H•••••••• I•••	unstated lien unstated	$6.9M	$15,000 -10c		Dec 7, 2029
T••••••••• C•• L••	unstated lien unstated	$9.3M	$11,000 -6c		Feb 13, 2031
E•• T•••• H•••••••• L••	revolver first lien	$11,000	$7,000 64c	PIK 6.25%	Nov 10, 2028
S••••••• A••••••••• L•••••	revolver first lien	$4.7M	$0 0c		Aug 7, 2028
2••• M••••• I•••	revolver first lien	$13.8M	$0 0c		Mar 14, 2028
Z•••••• I••	unstated lien unstated	$17.9M	$0 0c		Nov 22, 2028
C•••• H•••••••• L••	unstated lien unstated	$6.2M	$0 0c		Feb 27, 2029
D••••••• H••••• S•••••	delayed draw term loan first lien	$8.4M	$0 0c		Oct 27, 2028
I•••••••• M•••••••• A••••••••• L••	unstated lien unstated	$472,000	$0 0c		Aug 27, 2026
C••••••• I•••	revolver first lien	$5.4M	$0 0c		Aug 3, 2029
A•••••• B••••• I•••	revolver first lien	$6.0M	$0 0c		Nov 7, 2029
C•••••••• I•••	revolver first lien	$2.7M	$0		Apr 16, 2027
A••••••• I•••	revolver first lien	$6.3M	$0 0c		Oct 19, 2028
C•••••• R•••••••• M•••• L••	revolver first lien	$7.6M	$0 0c		Jul 3, 2028
B••••••• H•••••••• L••	unstated lien unstated	$1.1M	$0 0c		Oct 31, 2029
C••• I••••••••• B••••• I•••	revolver first lien	$5.7M	$0 0c		Oct 18, 2029
P•• I••••••••• H•••••••• L••	revolver first lien	$8.1M	$0 0c		Aug 31, 2029
P•••• P••••• C••• I•••	delayed draw term loan first lien	$10.8M	$0 0c		Sep 19, 2028
P••• I••••••• H•••••• C••••	revolver first lien	$6.1M	$0 0c		Oct 17, 2028
E•••••• H••••••• I••	unstated lien unstated	$4.9M	$0 0c		Dec 24, 2029
P•••••• G••••• I•••••••• S••••••• L••	revolver first lien	$822,000	$0 0c		Oct 16, 2028
A•••••• H•••••••• I•••	delayed draw term loan first lien	$6.3M	$0 0c		Aug 24, 2029
S••••• A••••••••• I•••	unstated lien unstated	$6.7M	$0 0c		May 1, 2029
1••••••••• I••	delayed draw term loan first lien	$1.9M	$0 0c		Aug 10, 2029
P••••• H••••• I••••••••• H•••••••• I•••	revolver first lien	$4.0M	$0 0c		Jun 1, 2029
Z•••••• I••	unstated lien unstated	$39.3M	$0 0c		Nov 22, 2028
B••••••••• T••••••••• I•••	revolver first lien	$385,000	$0 0c		May 15, 2028
E••••• M••••••••• S•••••	delayed draw term loan first lien	$11.2M	$0 0c		May 31, 2029
R•••• B••••• L••	unstated lien unstated	$23.5M	$0 0c		Aug 31, 2028
E•••••••• T••••••••• C••••	revolver first lien	$3.3M	$0 0c		Aug 14, 2028
R•••• B••••• L••	unstated lien unstated	$7.0M	$0 0c		Aug 31, 2028
Z••• C•••••• L••	unstated lien unstated	$21.5M	$0 0c		Feb 28, 2030
C•• B••••• L••	revolver first lien	$2.1M	$0 0c		Oct 30, 2026
E•••• L•• P••••••• J••••••••• I• L••	warrants equity	Not disclosed	$0
T•••••• H•••••••• I•••	unstated lien unstated	Not disclosed	$0
S••••• L••	revolver first lien	$5.0M	$0 0c		Nov 18, 2027
M••• C•••••• I•• L••	unstated lien unstated	$5.5M	$0 0c		Sep 3, 2030
T•• O•• G•••• H••••••••• I•••	warrants equity	Not disclosed	$0
F••••••••• T••••••••• H••••••• I•••	revolver first lien	$6.9M	$0 0c		Jan 10, 2028
E••• E••••• L••	warrants equity	Not disclosed	$0
A•••••••• R••• M••••••••• G••••• I•••	unstated lien unstated	$467,000	$0		Nov 1, 2029
T•• O•• G•••• H••••••••• I•••	warrants equity	Not disclosed	$0
C•••• H•••••••• L••	unstated lien unstated	$7.1M	$0 0c		Feb 27, 2030
A••••••••• F••••••• I•••	unstated lien unstated	$3.5M	-$3,000 100c		Jul 3, 2028
R•••• M•••••• L••	revolver first lien	$304,000	-$3,000 75c		Sep 23, 2027
A••••••••• F••••••• I•••	unstated lien unstated	$4.3M	-$4,000 100c		Jul 3, 2028
T••••••••• I•••	revolver first lien	$6.6M	-$6,000 11c		Mar 25, 2027
M••••••• C••••••••• L••	unstated lien unstated	$1.1M	-$7,000 58c		Jul 17, 2028
C•••••••• P••••••••• G•••• L••	unstated lien unstated	$4.4M	-$8,000 19c		Oct 1, 2029
C••••• S•••••••• A••••••••• I•••	unstated lien unstated	$10.5M	-$11,000 4c		May 11, 2028
C•••••••• P••••••••• G•••• L••	unstated lien unstated	$10.7M	-$18,000 7c		Oct 1, 2029
C•••••••• P••••••••• G•••• L••	unstated lien unstated	$11.7M	-$20,000 8c		Oct 1, 2029
B••••• U• B•••• L••	unstated lien unstated	$21.3M	-$29,000 5c		Oct 1, 2029
I• I••••••••• H•••••••• L••	revolver first lien	$6.8M	-$35,000 32c		Sep 22, 2027
A•••• O••••••••• P•• L••	delayed draw term loan first lien	$5.4M	-$50,000 60c		Aug 22, 2028
E•••••• P••••••• I•••••••• L••	unstated lien unstated	$9.7M	-$52,000 28c		Mar 12, 2030
O••••• H•••••• I•••	revolver first lien	$4.7M	-$53,000 60c		Feb 1, 2029
E•••••• P••••••• I•••••••• L••	unstated lien unstated	$14.4M	-$56,000 20c		Mar 12, 2031
2••• M••••• I•••	revolver first lien	$18.9M	-$56,000 30c		Mar 14, 2029
V••••• F•••• G••••••• L••••••	unstated lien unstated	$6.2M	-$78,000 99c		Jun 24, 2031
O••••••••• L••	unstated lien unstated	$11.7M	-$88,000 76c		Apr 22, 2031
P•••••• H•••••• C••••••• I•••	unstated lien unstated	$9.0M	-$90,000 100c		Jun 27, 2029
E•••• S•••• G•••• B•••	delayed draw term loan first lien	$17.2M	-$96,000 28c		Aug 30, 2028
A••••••• A••••••••• C•••	revolver first lien	$5.7M	-$107,000 135c		Aug 4, 2028
O••••••••• L••	unstated lien unstated	$7.3M	-$115,000 162c		Apr 22, 2031
A•••• I••••••••• I••• L•••••	revolver first lien	$13.4M	-$115,000 38c		Oct 31, 2029
A• C••••• B•••• L••••••	delayed draw term loan first lien	$6.4M	-$124,000 46c		Feb 8, 2031
R••••• C••••••••• O•••••••• C••••••• I••	unstated lien unstated	$6.4M	-$127,000 100c		Jun 21, 2029
A•••••• B•••• L••••••	delayed draw term loan first lien	$2.4M	-$129,000 -41c	S+600 bp	Sep 8, 2028
P••••••••• U••• L••	unstated lien unstated	$67.2M	-$157,000 16c		Mar 13, 2029
E••••••• F•••• L••••••	unstated lien unstated	$14.9M	-$184,000 99c		Apr 29, 2031
T•• O•• G••••• L••	unstated lien unstated	$6.6M	-$192,000 100c		Oct 31, 2028
W• C•• H•••••••• L••	revolver first lien	$26.3M	-$225,000 38c		Nov 30, 2029
B•••• T•••• A••••••• G••••• L•	unstated lien unstated	$19.8M	-$293,000 99c		Jun 3, 2031
D••••• S•••••	delayed draw term loan first lien	$4.0M	-$329,000 310c		May 23, 2028
C•••••••• D••••• P••	unstated lien unstated	$26.1M	-$343,000 34c		Jan 3, 2030
B•••• T•••• A••••••• G••••• L•	unstated lien unstated	$23.5M	-$349,000 100c		Jun 3, 2030
D••••• B•••• L••••••	delayed draw term loan first lien	$14.6M	-$357,000 101c		Aug 29, 2030
O•••••••• V••••••• I•••	unstated lien unstated	$25.3M	-$374,000 100c		May 28, 2030
C•••••••• D••••• P••	unstated lien unstated	$29.9M	-$392,000 34c		Jan 3, 2030
F•••• B••••• I•••	revolver first lien	$13.3M	-$401,000 127c		Sep 18, 2029
F• B•• B••••• I•••	unstated lien unstated	$34.6M	-$517,000 100c		Jun 21, 2031

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Registration

Fiscal year end: 1231reported
Incorporated: NYreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 18reported10-Q and 10-K since 2022
Latest schedule: 0001628280-26-056772reported