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, 2025

1,008 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
J•• C•••• I•••	unstated lien unstated	$721,000	$721,000 100c	S+700 bp	Sep 7, 2027
S•• P••••• H•••••••• L••	unstated lien unstated	Not disclosed	$704,000 99c	S+500 bp	Aug 21, 2031
N•• H••••••• I•• C••••	unstated lien unstated	$681,000	$680,000 102c	S+525 bp	Jul 15, 2031
A•••• H••••• H•••••••• I•••	unstated lien unstated	$643,000	$642,000 101c	S+575 bp	Dec 6, 2027
H•••••• P••••• I••	revolver first lien	$1.0M	$528,000 101c	S+525 bp	Nov 3, 2027
T•••••• A••••••••• C••••	revolver first lien	$3.3M	$526,000 106c	S+375 bp	Mar 10, 2028
S•• H••••••• I• C•••	delayed draw term loan first lien	$667,000	$514,000 82c	S+400 bp	Oct 6, 2028
B••••• I••••••••• S•••••••• L••	unstated lien unstated	Not disclosed	$500,000
B••••• I••••••••• S•••••••• L••	unstated lien unstated	$50.0M	$500,000 -73c		May 31, 2030
R•••• B••••• L••	unstated lien unstated	$7.0M	$467,000 119c	S+500 bp	Aug 31, 2028
C••••••• I••••••••• C•••	unstated lien unstated	$43.3M	$433,000 -214c		Jul 22, 2031
C••••••• I••••••••• C••••	unstated lien unstated	Not disclosed	$433,000
H• A••••••••• P•• L••	delayed draw term loan first lien	$3.6M	$418,000 99c	S+650 bp	Aug 7, 2029
T•••••• L••	delayed draw term loan first lien	$400,000	$400,000 101c	14.44% PIK 10.00%	Jun 18, 2029
A••••••••• I•••	unstated lien unstated	$75.7M	$379,000 -54c		Jul 14, 2031
E•••••• H••••••• I••	unstated lien unstated	$4.9M	$355,000 118c	S+550 bp	Dec 24, 2029
V••••• G•••• H••••••• L••	delayed draw term loan unsecured or subordinated	$346,000	$336,000 98c	13.75%	Sep 3, 2030
V••••• G•••• H••••••• L••	delayed draw term loan unsecured or subordinated	$298,000	$301,000 103c	14.75%	Sep 3, 2030
D•• A••••••••• H••••••• L••	delayed draw term loan unsecured or subordinated	$1.2M	$298,000 25c	PIK 13.13%	Dec 28, 2032
B••••• U• B•••• L••	unstated lien unstated	$2.9M	$267,000 111c	S+525 bp	Sep 30, 2030
C•••••• G•••• L••	unstated lien unstated	$25.0M	$250,000 -106c		Sep 17, 2031
H• I••••••••• I••• I•••	unstated lien unstated	$3.9M	$244,000 102c	S+450 bp	Nov 12, 2030
D••••• B•••• L••••••	delayed draw term loan first lien	$14.6M	$200,000 -61c		Aug 29, 2030
B••••••••• H•••••••• L••	delayed draw term loan first lien	$426,000	$140,000 103c	S+500 bp	Oct 31, 2029
C••••• S•••••••• A••••••••• I•••	unstated lien unstated	$25.1M	$135,000 -36c		Aug 7, 2031
A••••••• B••••• I•••	unstated lien unstated	$11.2M	$112,000 -107c		Jul 26, 2031
C•••••••• P••••••••• G•••• L••	unstated lien unstated	$10.7M	$107,000 -43c		Oct 1, 2029
C••••• S•••••••• A••••••••• I•••	unstated lien unstated	$18.1M	$98,000 -38c		Aug 7, 2031
A•••••• B•••• L••••••	delayed draw term loan first lien	$1.5M	$91,000 130c	PIK 6.00%	Sep 8, 2028
S•• H••••••• I• C•••	delayed draw term loan first lien	$73,000	$73,000 104c	S+450 bp	Dec 19, 2029
C•••• H•••••••• L••	unstated lien unstated	$7.1M	$71,000 -65c		Feb 27, 2030
V••••• F•••• G••••••• L••••••	delayed draw term loan first lien	$6.2M	$67,000 -92c		Jun 24, 2031
A•••••• H•••••••• I•••	delayed draw term loan first lien	$6.0M	$60,000 -214c		Sep 13, 2031
A••• S••••••••• P•• F•••••• C• I• L••	unstated lien unstated	Not disclosed	$52,000 100c	S+850 bp	Apr 14, 2039
D•• A••••••••• H••••••• L••	delayed draw term loan unsecured or subordinated	$202,000	$51,000 26c	PIK 13.13%	Dec 28, 2032
T•• O•• G•••• H••••••••• I•••	warrants equity	Not disclosed	$48,000 79c
C•••••••• P••••••••• G•••• L••	unstated lien unstated	$4.4M	$44,000 -126c		Oct 1, 2029
D•• A••••••••• H••••••• L••	delayed draw term loan unsecured or subordinated	$112,000	$28,000 25c	PIK 13.13%	Dec 28, 2032
W••• • W•• S•••••• L••	unstated lien unstated	$947,000	$19,000	S+550 bp	Apr 30, 2028
N•• H••••••• I•• C••••	unstated lien unstated	$100,000	$14,000 108c	S+525 bp	Jul 15, 2030
F• C•••••••• L••	unstated lien unstated	$128,000	$13,000 100c	S+665 bp PIK 1.73%	Nov 26, 2030
A••• S••••••••• P•• F•••••• C• I• L••	unstated lien unstated	Not disclosed	$10,000 100c	S+290 bp	Apr 14, 2039
J••• P•••••••• L••	delayed draw term loan first lien	$1.6M	$9,000 -100c		Nov 28, 2031
O••••••••• L••	revolver first lien	$7.3M	$9,000 -15c		Apr 22, 2031
T•• O•• G•••• H••••••••• I•••	warrants equity	Not disclosed	$6,000 50c
R•••• A••••••••• H••••••• L••	delayed draw term loan first lien	$1.4M	$1,000 -12c		Nov 19, 2031
C••••• C•••••••• A••••••• L••	delayed draw term loan first lien	$877,000	$1,000 -10c		Apr 1, 2032
O••••• H•••••• I•••	revolver first lien	$4.7M	$0 0c		Feb 1, 2029
I• I••••••••• H•••••••• L••	revolver first lien	$10.2M	$0 0c		Sep 22, 2028
C••••••• I•••	revolver first lien	$5.4M	$0 0c		Aug 2, 2030
T•••••••• I••	revolver first lien	$6.6M	$0 0c		Mar 25, 2027
C•••••••• P••••••••• G•••• L••	unstated lien unstated	$11.7M	$0 0c		Oct 1, 2029
V••••••• C••••• H••••••• G• L••	equity equity	Not disclosed	$0
P•••••• H•••••• C••••••• I•••	revolver first lien	$9.0M	$0 0c		Jun 27, 2029
Q•• P••••• I••	revolver first lien	$3.8M	$0 0c		Jun 3, 2032
P••• I••••••• H•••••• C••••	revolver first lien	$8.5M	$0 0c		Oct 17, 2028
V••••••• C••••• H••••••• G• L••	equity equity	Not disclosed	$0
I•••••••• M•••••••• A••••••••• L••	unstated lien unstated	$362,000	$0 0c		Aug 27, 2028
A••••••• A••••••••• C•••	revolver first lien	$11.1M	$0 0c		Oct 28, 2031
B••••• U• B•••• L••	unstated lien unstated	$21.3M	$0 0c		Oct 1, 2029
Z••• C•••••• L••	unstated lien unstated	$21.5M	$0 0c		Feb 28, 2030
A••••••• B••••• I•••	unstated lien unstated	$5.4M	$0 0c		Jul 26, 2030
A••••••• B••••• I•••	unstated lien unstated	$2.6M	$0 0c		Jul 26, 2030
V••••••• C••••• H••••••• G• L••	equity equity	Not disclosed	$0
C••••• S•••••••• A••••••••• I•••	unstated lien unstated	$16.7M	$0 0c		Aug 7, 2031
F••••••••• T••••••••• H••••••• I•••	revolver first lien	$6.9M	$0 0c		Jan 10, 2028
B••••••••• T••••••••• I•••	revolver first lien	$385,000	$0 0c		May 15, 2028
I••••• P••••••••• I•••	unstated lien unstated	$17.5M	$0 0c		Nov 21, 2031
E••• E••••• L••	warrants equity	Not disclosed	$0
V••••••• C••••• H•••••• L•••	equity equity	Not disclosed	$0
T••••••••• C•• L••	unstated lien unstated	$12.0M	$0 0c		Feb 13, 2031
Z•••••• I••	unstated lien unstated	$17.9M	$0 0c		Nov 22, 2028
A•• N•••• L••••••	equity equity	Not disclosed	$0
T•••••• H•••••••• I•••	equity equity	Not disclosed	$0
E•••• L•• P••••••• J••••••••• I• L••	warrants equity	Not disclosed	$0
W• C•• H•••••••• L••	revolver first lien	$26.3M	$0 0c		Nov 30, 2029
B••••• U• B•••• L••	unstated lien unstated	$2.9M	$0 0c		Sep 30, 2030
A• C•••••• A••••••••• C•••••••••	unstated lien unstated	$16.7M	$0 0c		Jul 2, 2031
A••••••••• I•••	unstated lien unstated	$30.3M	$0 0c		Jul 14, 2031
V•••• C••• B••••• L••	revolver first lien	$13.3M	$0 0c		Jul 30, 2031
O•••••••• V••••••• I•••	revolver first lien	$25.3M	$0 0c		May 28, 2030
S•• H••••••• I• C•••	delayed draw term loan first lien	$94,000	$0		Dec 19, 2029
V•••• B•••• A•	revolver first lien	$16.9M	$0 0c		Oct 29, 2030
C•••••• R•••••••• M•••• L••	revolver first lien	$7.6M	$0 0c		Jul 3, 2028
M••• C•••••• I•• L••	unstated lien unstated	$5.5M	$0 0c		Sep 3, 2030
E•••••• H••••••• I••	unstated lien unstated	$1.2M	$0 0c		Dec 24, 2029
C•••••• G•••• L••	unstated lien unstated	$14.7M	$0 0c		Sep 17, 2031
N•• H••••••• I•• C••••	unstated lien unstated	$214,000	$0 0c		Jul 15, 2031
P••• B•••• L••	revolver first lien	$9.9M	$0 0c		Mar 29, 2032
C•••• H•••••••• L••	unstated lien unstated	$6.2M	$0 0c		Feb 27, 2029
I•••••••• M•••••••• A••••••••• L••	unstated lien unstated	$1.5M	$0 0c		Aug 27, 2028
S••••• R• H•••••••• I•••	unstated lien unstated	$3.6M	-$2,000 5c		Sep 13, 2028
A•••••••• R••• M••••••••• G•••• I••	unstated lien unstated	$2.9M	-$5,000 50c		Nov 1, 2029
C••••••• B••••••• S•• L••	delayed draw term loan first lien	$2.2M	-$5,000 45c		Mar 31, 2032
R•••• M•••••• L••	revolver first lien	$197,000	-$10,000 500c		Sep 23, 2027
S••••• I•••	unstated lien unstated	$2.1M	-$11,000 34c		Feb 16, 2029
S••••• I•••	unstated lien unstated	$2.1M	-$11,000 73c		Feb 16, 2029
R••••••••• C•••••• M•••••••••	delayed draw term loan first lien	$15.0M	-$11,000 15c		Apr 4, 2031
T••••••••• C•• L••	unstated lien unstated	$3.4M	-$12,000 22c		Feb 13, 2032
2••• M••••• I•••	unstated lien unstated	$8.8M	-$12,000 14c		Mar 14, 2029

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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