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 Mar 31, 2026

1,065 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
B•••••• S••• S•••••• D••••• P•••••• L••	unstated lien unstated	Not disclosed	$503M 104c	S+600 bp	Aug 28, 2030
G••••• M•••• R•••••• L••	unstated lien unstated	Not disclosed	$444M 102c	S+450 bp	Dec 20, 2031
U•••• I••• L•• • L•• I•••••••	unstated lien unstated	Not disclosed	$426M 101c
D••••••• I••	unstated lien unstated	Not disclosed	$318M 98c	S+575 bp	Jul 30, 2030
S•••••• A••••••••• L••	unstated lien unstated	Not disclosed	$306M 101c	S+475 bp PIK 2.25%	Oct 1, 2031
W•••• S••••• R•••••• A••••••••• L••	unstated lien unstated	Not disclosed	$258M 102c	S+475 bp	Sep 16, 2032
S••••••• B•••• C••••	unstated lien unstated	Not disclosed	$256M 100c	S+500 bp	Nov 6, 2032
P••••••••• U••• L••	unstated lien unstated	Not disclosed	$253M 101c	S+475 bp	Mar 13, 2029
T•••• B• B••••••• L•••	unstated lien unstated	Not disclosed	$249M 100c	S+538 bp PIK 2.88%	Jul 24, 2032
E••••• H•••••••• I•••	unstated lien unstated	$248M	$245M 100c	S+625 bp	Jul 2, 2029
B••••• L•••• B••••• I•••	unstated lien unstated	$235M	$235M 102c	S+600 bp	Nov 8, 2029
C•• B••••• I•••	unstated lien unstated	Not disclosed	$231M 100c	S+500 bp	May 13, 2032
S••••••• B•••• C••••	delayed draw term loan first lien	$231M	$229M 100c	S+500 bp	Nov 6, 2032
A•••••• P••••••••• I••	unstated lien unstated	Not disclosed	$223M 99c	S+700 bp	Mar 14, 2030
W• C•• H•••••••• L••	unstated lien unstated	Not disclosed	$212M 103c	S+625 bp	Nov 30, 2029
I•• G•••• H•••••••• I•••	unstated lien unstated	Not disclosed	$206M 101c	S+425 bp	Dec 1, 2029
O•• F•••••• L••	unstated lien unstated	Not disclosed	$199M 100c	S+450 bp	Dec 2, 2032
D•• F•••••• S•••••	unstated lien unstated	$171M	$197M 113c	S+650 bp	Dec 27, 2029
S•••• M••••••••• B••••• I•••	unstated lien unstated	Not disclosed	$196M 100c	S+500 bp	May 29, 2032
F•••••• S••••••• L••	unstated lien unstated	Not disclosed	$195M 98c	S+450 bp	Aug 15, 2032
S• I••••••••• H•••••••• L••	unstated lien unstated	Not disclosed	$189M 100c	S+500 bp	May 2, 2030
H••••••• 2• L•••	unstated lien unstated	Not disclosed	$184M 100c	S+1150 bp
G••••••••• I•••	unstated lien unstated	Not disclosed	$183M 97c	S+475 bp	Dec 16, 2030
P••••• H••••• I••••••••• H•••••••• I•••	unstated lien unstated	Not disclosed	$171M 99c	S+450 bp	Jan 31, 2033
P••••••• T• B••••••• L••	unstated lien unstated	Not disclosed	$171M 100c	S+550 bp	Nov 1, 2027
G•••• A•• B•••• P•• L••	delayed draw term loan first lien	$244M	$170M 109c	S+475 bp	Nov 15, 2031
C••••• S•••••••• A••••••••• I•••	unstated lien unstated	Not disclosed	$170M 101c	S+500 bp	Aug 7, 2031
R•••••• H•••••••• L••	unstated lien unstated	$173M	$168M 98c	S+475 bp	Nov 10, 2031
S••••• B•••• I• I••	unstated lien unstated	Not disclosed	$162M 100c	S+475 bp	Jan 31, 2032
K••••••• B•••• U•• L••	unstated lien unstated	Not disclosed	$159M 101c	S+575 bp PIK 3.13%	Dec 18, 2031
V•••••• S•••••• T••••••••• L••	unstated lien unstated	Not disclosed	$158M 102c	S+700 bp	Jun 13, 2031
A••••••••• I•••	unstated lien unstated	Not disclosed	$156M 99c	S+450 bp	Jul 14, 2031
A• C•••••• A••••••••• C•••••••••	unstated lien unstated	Not disclosed	$156M 101c	S+525 bp	Jul 2, 2031
Z•••••• I••	unstated lien unstated	Not disclosed	$155M 99c	S+500 bp	Nov 22, 2028
M•• D••••• S••••••••• L••	unstated lien unstated	Not disclosed	$152M 101c	S+550 bp	Feb 13, 2031
R•••••• P•••••• L••	unstated lien unstated	Not disclosed	$150M 101c	S+475 bp	Apr 2, 2029
C••••••• I••••••••• C••••	unstated lien unstated	$149M	$149M 100c	S+475 bp	Jul 22, 2031
Z••••• A••••••••• L••	unstated lien unstated	Not disclosed	$147M 100c	S+450 bp	Jan 13, 2033
B•••• I••••••••• I•• L••	unstated lien unstated	Not disclosed	$147M 100c	S+475 bp	Sep 30, 2032
A•••• B••••• L••	unstated lien unstated	Not disclosed	$146M 100c	S+650 bp	Jan 14, 2030
F• C•••••••• L••	unstated lien unstated	Not disclosed	$145M 100c	S+575 bp PIK 1.50%	Nov 26, 2030
A•••••• N••••••••• M•••• 2• B•••	unstated lien unstated	$125M	$144M 105c	S+475 bp	May 29, 2031
T••••• L•••••• G••••• L••	unstated lien unstated	Not disclosed	$143M 100c	S+750 bp PIK 3.50%	Mar 27, 2028
T•••••••• O••••••••• H••••••• I••	unstated lien unstated	Not disclosed	$139M 100c	S+600 bp PIK 3.25%	Feb 11, 2032
G••••• B•••• C••••••	unstated lien unstated	Not disclosed	$139M 100c	S+525 bp	Jul 9, 2031
S••• M•• C• L••••••	delayed draw term loan first lien	$101M	$137M 110c	S+675 bp	Feb 27, 2031
D••••••••• S••••••• H•••••••• I•••	unstated lien unstated	Not disclosed	$136M 99c	S+550 bp	Mar 15, 2028
H•••••••• I••••••••• S•••	delayed draw term loan first lien	$120M	$135M 100c	S+475 bp	Nov 19, 2032
W••• X••• P•••••• C••• I••••••••• L•••	unstated lien unstated	Not disclosed	$133M 99c	S+625 bp	Dec 31, 2029
S•••• S••••• B••••• L••	unstated lien unstated	Not disclosed	$131M 100c	S+575 bp PIK 3.13%	Mar 31, 2031
A•••• B•••• I••••••••• L••	unstated lien unstated	$183M	$130M 100c	S+500 bp	Jan 14, 2033
T••••• H••••• I••	unstated lien unstated	Not disclosed	$128M 101c	S+500 bp	Jun 28, 2029
A• C•••••• A••••••••• C•••••••••	unstated lien unstated	Not disclosed	$127M 100c	S+525 bp	Jul 2, 2031
F• B•• B••••• I••• 1•	unstated lien unstated	$128M	$127M 100c	S+475 bp	Jun 21, 2031
T••••••• H••••••• I••	unstated lien unstated	Not disclosed	$127M 101c	S+800 bp	Jul 6, 2029
A•••••• H•••••••• I•••	unstated lien unstated	Not disclosed	$126M 100c	S+450 bp	Sep 15, 2031
F••••••• A••••••••• I•••	unstated lien unstated	Not disclosed	$122M 100c	S+475 bp	Feb 25, 2033
F••• F••• I••••••••• C•••••••••	unstated lien unstated	Not disclosed	$121M 100c	S+475 bp	Jul 10, 2031
C•••• P•••••• I•••	unstated lien unstated	Not disclosed	$119M 100c	S+500 bp	Dec 18, 2031
N•• G••••• H•••••• I•••	unstated lien unstated	Not disclosed	$119M 100c	S+450 bp	Jun 4, 2032
P••• C•••••••••	unstated lien unstated	Not disclosed	$118M 99c	S+450 bp	Dec 20, 2032
A•••• I••••••••• I•• L••	unstated lien unstated	Not disclosed	$117M 98c	S+775 bp	Oct 31, 2029
G••••• B••••••• L••	unstated lien unstated	Not disclosed	$117M 100c	S+450 bp	Sep 29, 2028
K•••• I••••••••• H••••••• I••	unstated lien unstated	Not disclosed	$117M 100c	S+425 bp	Aug 29, 2032
B•••• T•••• A••••••• G••••• L•	unstated lien unstated	Not disclosed	$116M 101c	S+475 bp	Jun 3, 2031
P•••••• H•••••• C••••••• I•••	unstated lien unstated	Not disclosed	$115M 101c	S+525 bp	Jun 27, 2030
Z••• C•••••• L••	unstated lien unstated	Not disclosed	$115M 94c	S+550 bp	Feb 28, 2031
B••••• I••••••••• S•••••••• L••	unstated lien unstated	$114M	$113M 100c	S+475 bp	May 31, 2030
I••••• P••••••••• I•••	unstated lien unstated	Not disclosed	$112M 102c	S+475 bp	Nov 21, 2031
R• B•••• I••	unstated lien unstated	Not disclosed	$111M 97c	S+650 bp	Jan 17, 2031
K••• B••••• L••	unstated lien unstated	Not disclosed	$110M 99c	S+450 bp	Jul 23, 2031
A•••••• U• H••••• 1• L••	unstated lien unstated	Not disclosed	$110M 96c	S+650 bp	Jul 31, 2029
F•••• B•••• I••	unstated lien unstated	Not disclosed	$109M 100c	11.17% PIK 7.50%	Oct 23, 2030
C•••••• C•••••••••	unstated lien unstated	Not disclosed	$109M 100c	S+450 bp	Mar 6, 2032
R••••• S••••••• W•• C•••••••••	unstated lien unstated	Not disclosed	$107M 100c	S+650 bp	Aug 29, 2030
V••••• F•••• G••••••• L••••••	delayed draw term loan first lien	$80.2M	$106M 105c	S+525 bp	Jun 24, 2031
H••• F•••• L••	unstated lien unstated	$80.9M	$106M 103c	S+500 bp	Mar 27, 2032
O••••••••• L••	unstated lien unstated	Not disclosed	$105M 101c	S+450 bp	Dec 23, 2032
B••••• B••••• I•••	unstated lien unstated	Not disclosed	$104M 100c	S+475 bp PIK 2.25%	Nov 17, 2032
C••••••• H••••••• I••	unstated lien unstated	Not disclosed	$103M 100c	S+475 bp	Jul 9, 2032
S••••••• B•••••• L••	unstated lien unstated	Not disclosed	$103M 101c	S+575 bp	Jul 25, 2028
F••••••• L••	unstated lien unstated	Not disclosed	$102M 100c	S+725 bp	Nov 1, 2028
O•••• I• A•	delayed draw term loan first lien	$943M	$101M 104c	S+425 bp	Jun 18, 2032
N•• D••••• P•••••••• I••	unstated lien unstated	Not disclosed	$100M 102c	S+525 bp	Sep 10, 2030
S•••• P••••• H••••••• C•••	unstated lien unstated	Not disclosed	$99.9M 99c	S+475 bp PIK 2.25%	Dec 16, 2032
P•••••• P•••••••• I••	unstated lien unstated	Not disclosed	$99.8M 100c	S+475 bp	Sep 19, 2031
E•••••• P••••••• I•••••••• L••	unstated lien unstated	Not disclosed	$99.1M 101c	S+450 bp	Mar 12, 2031
V•••• B•••• A•	unstated lien unstated	Not disclosed	$97.6M 103c	S+425 bp	Oct 29, 2031
T•••••• T••••••••• I••••••••• I••	unstated lien unstated	Not disclosed	$95.5M 99c	S+425 bp	Nov 4, 2032
L•••••• H••••••••• H•••••• C••••••• L••	unstated lien unstated	Not disclosed	$94.9M 100c	S+550 bp PIK 2.75%	Aug 22, 2031
W••••••• I••••••••• I•• L••	unstated lien unstated	Not disclosed	$93.0M 99c	S+575 bp	Sep 30, 2032
E••••••• P••••• I••	unstated lien unstated	Not disclosed	$91.0M 98c	S+525 bp	Jan 22, 2031
C•••••• R•••••••• M•••• L••	unstated lien unstated	Not disclosed	$91.0M 101c	S+450 bp	Jul 2, 2029
T••••••••• C•• L••	unstated lien unstated	Not disclosed	$90.6M 101c	S+475 bp	Feb 13, 2032
E•••• L••	unstated lien unstated	$90.4M	$90.4M 101c	S+450 bp	Dec 18, 2029
C•••••••• P••••••••• G•••• L••	unstated lien unstated	Not disclosed	$90.3M 101c	S+525 bp	Oct 1, 2029
D••••	unstated lien unstated	Not disclosed	$90.1M 101c	S+475 bp	Jul 20, 2029
A•••••••• B•••• L••••••	delayed draw term loan first lien	$68.0M	$89.5M 109c	S+525 bp	Jun 28, 2029
A••••••• A••••••••• C•••	revolver first lien	$88.7M	$89.2M 101c	S+500 bp	Oct 28, 2031
E••••• H•••••••• I•••	unstated lien unstated	$89.2M	$88.3M 100c	S+475 bp	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