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
S••••••• G••••••• H••••••• L••	equity equity	Not disclosed	$1.5M 63c
E•• T•••• H•••••••• L••	unstated lien unstated	Not disclosed	$1.4M 110c	S+550 bp	Mar 31, 2030
A•••• H••••• H•••••••• I•••	unstated lien unstated	Not disclosed	$1.4M 101c	S+500 bp	Dec 3, 2029
N•• G••••• H•••••• I•••	unstated lien unstated	Not disclosed	$1.3M 107c	S+450 bp	Jun 4, 2032
A• C•••••• A••••••••• C•••••••••	unstated lien unstated	Not disclosed	$1.3M 100c	S+632 bp	Jul 2, 2031
D••••• 1•• C•• L•• Structured finance (CLO)	notes unsecured or subordinated	Not disclosed	$1.3M 57c		Jul 18, 2035
W••••••• I••••••••• I•• L••	unstated lien unstated	Not disclosed	$1.3M 93c	S+575 bp	Sep 30, 2032
O•••••• P•••••••• L••	equity equity	Not disclosed	$1.2M 131c	S+800 bp
M•••••• I•• L••	unstated lien unstated	Not disclosed	$1.2M 102c	S+250 bp	Jun 21, 2028
A•••••• U• H••••• 1• L••	unstated lien unstated	Not disclosed	$1.2M 96c	S+650 bp	Jul 31, 2029
C•••• P•••••• I•••	unstated lien unstated	Not disclosed	$1.2M 100c	S+575 bp	Dec 18, 2031
S••• M•• C• L••••••	delayed draw term loan first lien	$30.1M	$1.2M -139c		Feb 27, 2031
N••••••• I••••••••• H••••••• I•• 2•	preferred equity equity	Not disclosed	$1.2M 100c
F• C•••••••• L••	unstated lien unstated	Not disclosed	$1.2M 100c	S+702 bp PIK 2.09%	Nov 26, 2030
F••••••••• A••••••••• U• C•••	unstated lien unstated	Not disclosed	$1.1M 36c	S+775 bp	Dec 23, 2027
A•••••• B•••• L••••••	delayed draw term loan first lien	$857,000	$1.1M 109c	10.51% PIK 6.75%	Sep 8, 2028
A•• G• L••	unstated lien unstated	Not disclosed	$1.1M 102c	S+1050 bp PIK 5.25%	Jul 10, 2034
T•• O•• G•••• H••••••••• I•••	preferred equity equity	Not disclosed	$1.1M 123c
P•• I••••••••• H•••••••• L••	unstated lien unstated	Not disclosed	$1.1M 99c	S+575 bp	Aug 31, 2029
V••••• G•••• H••••••• L••	unstated lien unstated	Not disclosed	$1.1M 89c	13.75%	Sep 3, 2030
N•••• I••••••••• I••• L••	unstated lien unstated	Not disclosed	$1.0M 98c	S+475 bp	Dec 6, 2029
H•••••• P••••• I••	unstated lien unstated	Not disclosed	$998,000 97c	S+600 bp	Nov 5, 2029
A•• C•• 2•••• L••• • C•••• A•	unstated lien unstated	Not disclosed	$997,000 100c	S+709 bp	Jul 15, 2037
M••••• C•••••• M•• C•• X••• L•• • C•••• D• Structured finance (CLO)	unstated lien unstated	Not disclosed	$979,000 98c	S+465 bp	Jan 15, 2037
T•••••• L••	unstated lien unstated	Not disclosed	$973,000 96c	S+800 bp	Jun 18, 2029
I•• H•••••••• I•••	unstated lien unstated	Not disclosed	$973,000 98c	S+575 bp	Dec 14, 2030
T••••••••• I••	unstated lien unstated	Not disclosed	$948,000 99c	S+591 bp	Nov 9, 2030
A•••••• B••••• I•••	unstated lien unstated	Not disclosed	$942,000 96c	S+700 bp	Nov 7, 2029
S••••• B•••• I• I••	unstated lien unstated	Not disclosed	$938,000 100c	S+573 bp	Jan 31, 2032
M••••••• C••••••••• L••	unstated lien unstated	Not disclosed	$929,000 93c	S+500 bp	Jul 17, 2028
M•••••• B•••• L••	delayed draw term loan first lien	$10.4M	$842,000 185c	S+500 bp	Oct 25, 2031
A•• T••••••••• I••	unstated lien unstated	Not disclosed	$834,000 100c	S+671 bp	Aug 22, 2031
E•••• L•• P••••••• J••••••••• I• L••	unstated lien unstated	Not disclosed	$832,000 91c	S+1350 bp PIK 6.35%	Apr 26, 2029
A••• S••••••••• P•• F•••••• C• I• L•• • C•••• C•	unstated lien unstated	Not disclosed	$821,000 120c	S+850 bp	Apr 14, 2039
B•••• R•••••••• F•••• ••••••••• L•	unstated lien unstated	Not disclosed	$809,000 95c	S+1000 bp	Nov 9, 2026
A•••• D••••• M••••••••• I•••	unstated lien unstated	Not disclosed	$808,000 95c	S+575 bp	Dec 23, 2027
B•••• R•••••••• F•••• ••••••••• L•	unstated lien unstated	Not disclosed	$807,000 95c	S+1000 bp	Nov 9, 2026
T••• M••••••••• H••••••• L••	unstated lien unstated	Not disclosed	$770,000 77c	S+650 bp	Dec 1, 2027
W••• S••• A••••••• A••••••••• L••	unstated lien unstated	Not disclosed	$729,000 105c	S+450 bp	May 20, 2032
A• C•••••• A••••••••• C•••••••••	unstated lien unstated	Not disclosed	$696,000 100c	S+632 bp	Jul 2, 2031
N•• H••••••• I•• C••••	unstated lien unstated	Not disclosed	$675,000 102c	S+525 bp	Jul 15, 2031
W••• • W•• S•••••• L••	unstated lien unstated	Not disclosed	$631,000 103c	9.17% PIK 5.50%	Apr 30, 2028
A••••••• I••••••••• L••	unstated lien unstated	Not disclosed	$613,000 90c	S+600 bp PIK 3.50%	Jun 18, 2029
S••••• I•••	unstated lien unstated	Not disclosed	$603,000 91c	S+475 bp	Feb 16, 2029
A•• G•••• H••••••• I••	unstated lien unstated	$540,000	$601,000 98c	S+688 bp	Aug 22, 2031
F••••••••• T••••••••• H••••••• I•••	unstated lien unstated	Not disclosed	$569,000 92c	S+500 bp	Jan 10, 2028
M•• D••••• S••••••••• L••	unstated lien unstated	Not disclosed	$503,000 139c	S+550 bp	Feb 13, 2031
S•• H••••••• I• C•••	unstated lien unstated	Not disclosed	$425,000 67c	S+400 bp	Oct 6, 2028
S••••• I•••	unstated lien unstated	Not disclosed	$420,000 91c	S+475 bp	Feb 16, 2029
M•• C•••••• M••••••••• I••••••••• L••	unstated lien unstated	Not disclosed	$416,000 102c	S+475 bp	Aug 29, 2031
T•••••• L••	unstated lien unstated	Not disclosed	$383,000 100c	S+800 bp	Jun 18, 2029
M••••••• C••••••••• L••	unstated lien unstated	Not disclosed	$357,000 95c	S+500 bp	Jul 17, 2028
V••••• G•••• H••••••• L••	unstated lien unstated	Not disclosed	$339,000 89c	13.75%	Sep 3, 2030
V••••• G•••• H••••••• L••	unstated lien unstated	Not disclosed	$304,000 92c	14.75%	Sep 3, 2030
W•••• S••••• R•••••• A••••••••• L••	unstated lien unstated	Not disclosed	$285,000 -104c		Sep 16, 2032
O•• G••••• L••	unstated lien unstated	Not disclosed	$283,000 74c	S+600 bp	Oct 31, 2028
O•••• I• A•	delayed draw term loan first lien	$256M	$270,000 -216c		Jun 18, 2032
A•• L•••• H•••••••• L••	unstated lien unstated	Not disclosed	$241,000 -105c		Aug 13, 2032
E••• B••••• I•••	unstated lien unstated	Not disclosed	$229,000 117c	S+350 bp	Jul 31, 2031
S••••• L••	unstated lien unstated	Not disclosed	$223,000 15c	S+525 bp	Nov 18, 2027
S••• M•• C• L••••••	delayed draw term loan first lien	$5.0M	$198,000 -148c		Feb 27, 2031
G•••• A•• B•••• P•• L••	delayed draw term loan first lien	$24.1M	$166,000 -161c		Nov 15, 2031
A••• S••••••••• P•• F•••••• C• I• L••	unstated lien unstated	Not disclosed	$140,000 104c	S+290 bp	Apr 14, 2039
N•• H••••••• I•• C••••	unstated lien unstated	Not disclosed	$133,000 102c	S+525 bp	Jul 15, 2031
V••••••• C••••• H•••••• L•••	equity equity	Not disclosed	$128,000
A•••••• B•••• L••••••	delayed draw term loan first lien	$1.5M	$93,000 101c	10.51% PIK 6.75%	Sep 8, 2028
N•••••• G•••• L•••• 4• S•••••••	unstated lien unstated	$6.7M	$76,000 -73c		Feb 5, 2032
D•• A••••••••• H••••••• L••	unstated lien unstated	Not disclosed	$73,000 6c	PIK 13.13%	Dec 28, 2032
S•• H••••••• I• C•••	unstated lien unstated	Not disclosed	$72,000 103c	S+450 bp	Dec 19, 2029
O••••••••• L••	unstated lien unstated	Not disclosed	$57,000 -76c		Dec 23, 2032
S•• H••••••• I• C•••	unstated lien unstated	Not disclosed	$47,000 102c	S+450 bp	Dec 19, 2029
O••••••••• L••	unstated lien unstated	Not disclosed	$43,000 -59c		Dec 23, 2032
N•• H••••••• I•• C••••	unstated lien unstated	Not disclosed	$37,000 103c	S+525 bp	Jul 15, 2030
T•• O•• G•••• H••••••••• I••• • A••	warrants equity	Not disclosed	$21,000 34c
F• C•••••••• L••	unstated lien unstated	Not disclosed	$14,000 108c	S+699 bp PIK 2.07%	Nov 26, 2030
D•• A••••••••• H••••••• L••	unstated lien unstated	Not disclosed	$12,000 6c	PIK 13.13%	Dec 28, 2032
D•• A••••••••• H••••••• L••	unstated lien unstated	Not disclosed	$7,000 6c	PIK 13.13%	Dec 28, 2032
S••••• R• H•••••••• I•••	unstated lien unstated	Not disclosed	$0 0c		Sep 13, 2028
V••••••• C••••• H••••••• G• L••	equity equity	Not disclosed	$0
I• I••••••••• H•••••••• L••	unstated lien unstated	Not disclosed	$0 0c		Sep 22, 2028
I•• G•••• H•••••••• I•••	unstated lien unstated	Not disclosed	$0 0c		Dec 1, 2028
C•••• H•••••••• L••	unstated lien unstated	Not disclosed	$0 0c		Feb 27, 2030
A••••••• A••••••••• C•••	unstated lien unstated	Not disclosed	$0 0c		Oct 28, 2031
N• S•• H•••••• L••	equity equity	Not disclosed	$0
E•• L••••• H•••••• L••	unstated lien unstated	Not disclosed	$0 0c		Nov 5, 2030
H••••••••• I•••••••• A••••• I••	unstated lien unstated	Not disclosed	$0 0c		Jun 11, 2031
N•• D••••• P•••••••• I••	unstated lien unstated	Not disclosed	$0 0c		Sep 10, 2030
V••••• F•••• G••••••• L••••••	delayed draw term loan first lien	$6.2M	$0 0c		Jun 24, 2031
A••••••• B••••• I•••	unstated lien unstated	Not disclosed	$0 0c		Jul 26, 2030
V•••••• S•••••• T••••••••• L••	unstated lien unstated	Not disclosed	$0 0c		Jun 13, 2031
C•••• H•••••••• L••	unstated lien unstated	Not disclosed	$0 0c		Feb 27, 2029
W•••• S••••• R•••••• A••••••••• L••	unstated lien unstated	Not disclosed	$0 0c		Sep 16, 2032
2••• M••••• I•••	unstated lien unstated	Not disclosed	$0 0c		Mar 14, 2028
W• C•• H•••••••• L••	unstated lien unstated	Not disclosed	$0 0c		Nov 30, 2029
A•••••• H•••••••• I•••	unstated lien unstated	Not disclosed	$0 0c		Sep 15, 2031
A••••••••• I•••	unstated lien unstated	Not disclosed	$0 0c		Jul 3, 2028
C••••••• I••••••••• C••••	unstated lien unstated	Not disclosed	$0
C•••••• G•••• L••	unstated lien unstated	Not disclosed	$0 0c		Sep 17, 2031
C••••••• I••••••••• C•••	unstated lien unstated	$43.3M	$0 0c		Jul 22, 2031
T••••••••• C•• L••	unstated lien unstated	Not disclosed	$0 0c		Feb 13, 2032

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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