DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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BDC portfolio
H•• C•••••••• L•••••• F•••
Fair value
$26B
as of Jun 30, 2026
Principal held
$30B
debt pieces, the filer's figure
Cost
$26B
99c on cost
Unfunded
$2.8B
commitments not yet drawn
Positions
1,034
393 borrowers
First lien
46%
97% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
509
56 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 | 514 bp |
| Sep 30, 2025 | $25B | 410 | 101c | 92 | 519 bp |
| 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 | 533 bp |
| Sep 30, 2024 | $14B | 290 | 102c | 53 | 556 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 |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- O•••• I• A• first lien delayed draw term loan1 BDC hold it · matures Jun 18, 2032$1.2B 101c
- M••••• B•••• A• first lien delayed draw term loan1 BDC hold it · matures Aug 29, 2031$804M 90c
- S••••••• B•••• C••• first lien delayed draw term loan5 BDCs hold it · matures Nov 6, 2032$529M 99c
- B•••••• S••• S•••••• D••••• P•••••• L•• first lien revolver2 BDCs hold it · matures Aug 28, 2030 · S••••••• P•••••••$514M 104c
- G••••• M•••• R•••••• L•• first lien revolver7 BDCs hold it · matures Dec 20, 2031 · H•••••• • F••••••• L••$486M 102c
- S•••••• A••••••••• L•• other4 BDCs hold it · matures Oct 1, 2031$415M 100c
- E••••••• S••••••• A• first lien delayed draw term loan1 BDC hold it · matures Dec 19, 2031$392M 106c
- A• C•••••• A••••••••• C••••••••• other5 BDCs hold it · matures Jul 2, 2031$371M 100c
- D•••••••• I•• first lien revolver4 BDCs hold it · matures Jul 30, 2030 · C••••••••• C•••••• P•••••••• L•$364M 98c
- E••••• H•••••••• I•• other1 BDC hold it · matures Jun 21, 2031$336M 99c
- T•••• B• B••••••• L•• other3 BDCs hold it · matures Jul 24, 2032$298M 100c
- E•••••• P••••••• I•••••••• L•• first lien revolver2 BDCs hold it · matures Mar 12, 2031$295M 100c
Schedule of investments at Jun 30, 2026
1,034 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| G••••• M•••• R•••••• L•• | revolver first lien | $46.8M | $18.7M 102c | S+425 bp | Dec 20, 2031 |
| L••• A••••••••• O••••••••• Z••• R•••• L•• | unstated lien unstated | $16.7M | $18.6M 113c | 11.73% PIK 8.00% | Dec 27, 2029 |
| S••••••• C••••• Management S••••••s Inc | unstated lien unstated | $18.8M | $18.6M 100c | S+250 bp | Jul 31, 2031 |
| C••• C•• W••• P••••••••• L•• | preferred equity equity | n/a | $18.5M 100c | 15.00% PIK 15.00% | |
| F• B•• B••••• I••. | unstated lien unstated | $49.9M | $18.4M 98c | S+475 bp | Jun 21, 2031 |
| G••••• S•••••• G••• | unstated lien unstated | $16.2M | $18.3M 97c | S+500 bp | Apr 29, 2033 |
| P••••••••• I••. | unstated lien unstated | $18.8M | $18.2M 97c | S+300 bp | Aug 31, 2028 |
| A•••••• H••••••• I••••••••• L•• | unstated lien unstated | $18.4M | $18.2M 99c | S+250 bp | Sep 19, 2031 |
| A•••••• FM Holdings LLC | unstated lien unstated | $18.0M | $18.1M 100c | S+275 bp | Jun 23, 2030 |
| V•••••• S•••••• T••••••••• L•• | unstated lien unstated | $18.1M | $18.1M 102c | S+675 bp | Jun 13, 2031 |
| P•••••• A•••• I••••••••• H••••••• I••. | unstated lien unstated | $24.8M | $18.1M 74c | S+325 bp | Oct 26, 2030 |
| D•••• T••••• I••. | unstated lien unstated | $18.9M | $17.9M 95c | S+275 bp | Nov 30, 2029 |
| User Zoom T•••••••••, Inc. | unstated lien unstated | $19.0M | $17.8M 94c | S+725 bp PIK 1.25% | Apr 5, 2029 |
| K•••• F•••••• S• | unstated lien unstated | $20.0M | $17.6M 99c | S+700 bp | Oct 25, 2030 |
| F•••• F•••••••• P•••••••• L•• | unstated lien unstated | $17.8M | $17.4M 98c | S+250 bp | Sep 15, 2031 |
| S••••• A••••••••• Inc. | unstated lien unstated | $17.3M | $17.3M 100c | S+350 bp | Oct 16, 2031 |
| L•••• H•••• P••••• L•• | unstated lien unstated | $17.4M | $17.1M 101c | S+350 bp | Feb 10, 2033 |
| E•••••• P••••••• I•••••••• L•• | revolver first lien | $17.2M | $16.9M 99c | S+450 bp | Mar 12, 2031 |
| A••••••• LLC | unstated lien unstated | $18.5M | $16.8M 91c | S+300 bp | Nov 6, 2030 |
| P••••••• L•• | unstated lien unstated | $16.7M | $16.7M 101c | S+400 bp | Aug 18, 2032 |
| 1••••••••• I•• | delayed draw term loan first lien | $23.6M | $16.6M 99c | S+500 bp | Aug 10, 2029 |
| P•••••• I••••••••• I••. | unstated lien unstated | $16.5M | $16.5M 101c | S+250 bp | Dec 12, 2031 |
| S••••• B•••• I• I•• | revolver first lien | $43.9M | $16.4M 99c | S+475 bp | Jan 31, 2032 |
| S•••• P•• B•••• L•• | delayed draw term loan first lien | $16.2M | $16.2M 101c | S+475 bp | Oct 2, 2030 |
| C•••••••• D••••• P•• | delayed draw term loan first lien | $13.9M | $16.1M 108c | S+575 bp PIK 2.50% | Jan 3, 2030 |
| C••• A•••• L•• - LLC Interest | unstated lien unstated | n/a | $16.0M 103c | ||
| A•• C•• 2•••, L.P. - Class C | unstated lien unstated | $16.0M | $15.9M 99c | S+1224 bp | Jul 15, 2037 |
| S•••••• A••••••••• LLC | unstated lien unstated | $63.2M | $15.8M 101c | S+500 bp PIK 2.25% | Oct 1, 2031 |
| E••••••• F•••• L•••••• | unstated lien unstated | $12.1M | $15.8M 105c | S+550 bp PIK 2.50% | Apr 29, 2031 |
| K••••• I•• | unstated lien unstated | $20.2M | $15.7M 78c | S+325 bp | Mar 22, 2032 |
| S•••• B•••• Ltd | revolver first lien | $23.7M | $15.7M 101c | S+475 bp | Oct 8, 2032 |
| W••• X•• P•••••• C••• I••••••••• L••. | unstated lien unstated | $15.9M | $15.7M 100c | S+625 bp | Dec 31, 2032 |
| N•• A••••••••• C•••. | revolver first lien | $21.5M | $15.5M 72c | S+600 bp PIK 3.50% | Nov 4, 2030 |
| S••••••• B•••••• L•• | revolver first lien | $15.6M | $15.5M 100c | S+575 bp | Jul 25, 2028 |
| H•••• • A••••••••• L•• | unstated lien unstated | $15.3M | $15.3M 100c | S+275 bp | Jul 23, 2031 |
| O•••• Holdings Inc | unstated lien unstated | $15.1M | $14.9M 99c | S+250 bp | Jul 30, 2032 |
| TK E••••••• US N•••• Inc | unstated lien unstated | $14.8M | $14.9M 101c | S+275 bp | Apr 30, 2030 |
| S••••• H••••• I•• | unstated lien unstated | $14.8M | $14.8M 101c | S+400 bp | Sep 27, 2030 |
| W••• • W•• S•••••• L•• | revolver first lien | $15.4M | $14.8M 98c | 9.16% PIK 5.50% | Apr 30, 2028 |
| P•• H••••••• L•• | unstated lien unstated | $14.8M | $14.8M 100c | S+275 bp | Nov 26, 2031 |
| V•••••• P••••• L•• | unstated lien unstated | $14.7M | $14.7M 103c | S+425 bp | Jul 1, 2032 |
| B••••• U• B•••• L•• | revolver first lien | $15.3M | $14.7M 98c | S+525 bp | Sep 30, 2030 |
| A•••••• H•••••••• I••. | delayed draw term loan first lien | $14.6M | $14.6M 100c | S+450 bp | Sep 15, 2031 |
| B•• U• H••••••• I••. | unstated lien unstated | $14.8M | $14.4M 100c | S+600 bp | Apr 10, 2029 |
| G•••• T••••••• Advisors Holdings LLC | unstated lien unstated | $15.0M | $14.3M 95c | S+275 bp | Jun 2, 2031 |
| O••••••••• B••••••• L•• | unstated lien unstated | $14.6M | $14.2M 97c | S+300 bp | Jul 2, 2031 |
| Y•• E••••• L•• | revolver first lien | $14.2M | $14.1M 100c | S+475 bp | Apr 21, 2028 |
| E•••••• P••••••• I•••••••• L•• | revolver first lien | $14.2M | $14.0M 100c | S+450 bp | Mar 12, 2031 |
| ONE Group, LLC | revolver first lien | $14.4M | $14.0M 99c | S+650 bp | May 1, 2029 |
| C••••• C•••••••• A••••••• L•• | unstated lien unstated | $14.4M | $14.0M 98c | S+300 bp | Apr 1, 2032 |
| E•••••• P••••••• I•••••••• L•• | revolver first lien | $14.0M | $13.8M 99c | S+450 bp | Mar 12, 2031 |
| A••••••• Holdings, Inc. | unstated lien unstated | $14.0M | $13.7M 98c | S+300 bp | Nov 25, 2032 |
| G•••• O••••••• G••••• L•• | unstated lien unstated | $13.4M | $13.5M 101c | S+325 bp | Jan 23, 2032 |
| D•••• H••••• L•• S••• | equity equity | n/a | $13.5M 59c | ||
| W••• X•• P•••••• C••• I••••••••• L••. | unstated lien unstated | $13.6M | $13.4M 100c | S+625 bp | Dec 31, 2032 |
| I•• P••••••• F•••••• U• I•• | unstated lien unstated | $18.3M | $13.2M 73c | S+375 bp | Oct 7, 2032 |
| D•••• | revolver first lien | $13.3M | $13.2M 100c | S+475 bp | Jul 20, 2029 |
| RH B•••• Inc | unstated lien unstated | $13.8M | $13.2M 97c | S+675 bp | Jan 17, 2031 |
| Z•••••• Inc | revolver first lien | $13.4M | $13.1M 98c | S+500 bp | Nov 22, 2028 |
| A••••• U•••••••• H••••• L•• | unstated lien unstated | $13.0M | $13.0M 100c | S+325 bp | Aug 20, 2032 |
| T•••• E••••• S••••• LLC | unstated lien unstated | $12.8M | $12.9M 100c | S+613 bp | May 1, 2031 |
| D•••• | revolver first lien | $15.2M | $12.8M 100c | S+475 bp | Jul 20, 2029 |
| E••••••• B•••• Inc. | unstated lien unstated | $14.5M | $12.8M 97c | S+575 bp PIK 3.13% | Mar 25, 2032 |
| A••• Group T••••••• LLC | unstated lien unstated | $13.4M | $12.7M 96c | S+350 bp | Feb 27, 2032 |
| A••••••• I••. | unstated lien unstated | $13.2M | $12.7M 96c | S+250 bp | Mar 26, 2032 |
| T••••••••• Co, LLC | unstated lien unstated | $32.7M | $12.7M 102c | S+475 bp | Feb 13, 2032 |
| USI Inc | unstated lien unstated | $12.7M | $12.6M 100c | S+225 bp | Sep 29, 2030 |
| DRW Holdings LLC | unstated lien unstated | $13.1M | $12.6M 97c | S+350 bp | Jun 26, 2031 |
| V•••• M•••••• H•••••••• I••. | unstated lien unstated | $13.2M | $12.5M 95c | S+400 bp | Oct 29, 2031 |
| A•• C•• 2•••, L.P. - Class B | unstated lien unstated | $12.5M | $12.5M 100c | S+944 bp | Jul 15, 2037 |
| C•••••••• B•••• Inc | unstated lien unstated | $12.4M | $12.4M 101c | S+450 bp | Jun 30, 2031 |
| M••••••• C••••••••• L•• | revolver first lien | $13.5M | $12.4M 92c | S+500 bp | Jul 17, 2028 |
| A• C•••••• A••••••••• C••••••••• | unstated lien unstated | $25.3M | $12.3M 101c | S+525 bp | Jul 2, 2031 |
| 2••• M••••• I••. | unstated lien unstated | $12.3M | $12.3M 100c | S+475 bp | Mar 14, 2029 |
| B•••• I••••••••• I•• L•• | unstated lien unstated | $26.0M | $12.1M 98c | S+475 bp | Sep 30, 2032 |
| K••••••• B•••• U•• L•• | revolver first lien | $10.8M | $12.1M 98c | S+575 bp PIK 3.13% | Dec 18, 2031 |
| C•••••• P••••• LLC | unstated lien unstated | $18.3M | $12.1M 66c | S+325 bp | Jul 6, 2029 |
| C•••• S••••••• Group LLC | unstated lien unstated | $13.9M | $12.1M 87c | S+325 bp | Aug 13, 2032 |
| O•••••• Ltd | delayed draw term loan first lien | $12.2M | $12.0M 100c | S+625 bp PIK 2.75% | Dec 5, 2031 |
| M••••• B•••• A• | delayed draw term loan first lien | $14.2M | $11.9M 85c | S+650 bp PIK 2.25% | Aug 29, 2031 |
| A•••• B••••, LLC | unstated lien unstated | $18.2M | $11.9M 100c | S+650 bp | Jan 14, 2030 |
| MAI Capital Management I••••••••• LLC | revolver first lien | $11.8M | $11.7M 100c | S+475 bp | Aug 29, 2031 |
| C•••••• • S••••••••• I••. | revolver first lien | $17.6M | $11.7M 101c | S+475 bp | May 3, 2028 |
| T••••••• I••••••••• Inc | unstated lien unstated | $17.2M | $11.6M 101c | S+500 bp | Jan 13, 2031 |
| HUB International Ltd | unstated lien unstated | $11.6M | $11.6M 101c | S+225 bp | Jun 20, 2030 |
| R••••• S••••••• Inc | unstated lien unstated | $12.1M | $11.5M 97c | S+375 bp | Nov 28, 2028 |
| M•••••• G•••• I•• | unstated lien unstated | $13.8M | $11.3M 82c | S+700 bp PIK 3.25% | Jun 23, 2028 |
| S&S Holdings LLC | unstated lien unstated | $11.8M | $11.2M 96c | S+500 bp | Oct 1, 2031 |
| A••••••••• F••••••• I••. | unstated lien unstated | $11.1M | $11.1M 100c | 14.25% PIK 14.25% | May 3, 2030 |
| Z••• C•••••• L•• | revolver first lien | $11.4M | $11.0M 97c | S+540 bp | Feb 28, 2031 |
| A••••• B••••••• H••••••• L•• | unstated lien unstated | $10.9M | $11.0M 101c | S+300 bp | Dec 23, 2030 |
| G••••• U• O••• I•• | unstated lien unstated | $11.8M | $10.9M 93c | S+525 bp PIK 3.25% | Jul 31, 2030 |
| T••••••• I••••••••• Inc | unstated lien unstated | $18.1M | $10.9M 101c | S+500 bp | Jan 13, 2031 |
| HUB International Ltd | unstated lien unstated | $10.5M | $10.8M 103c | S+725 bp | Jun 15, 2030 |
| M•••••••• Investment Holdings LLC | unstated lien unstated | $12.6M | $10.8M 86c | S+500 bp | Mar 12, 2029 |
| F••••••• D••••••••• H•••••••• L•• | delayed draw term loan first lien | $28.3M | $10.8M 102c | S+475 bp | Nov 4, 2031 |
| L••• A••••••••• O••••••••• Z••• R•••• L•• | unstated lien unstated | $9.6M | $10.7M 113c | 11.73% PIK 8.00% | Dec 27, 2029 |
| C••••••••• A••••••• L•• | delayed draw term loan first lien | $10.9M | $10.7M 98c | S+325 bp | Mar 31, 2032 |
| A••••••• I••••••••• L•• | unstated lien unstated | $11.8M | $10.5M 89c | S+600 bp PIK 3.50% | Jun 18, 2029 |
| Z•••• P••••••• B••••• I••. | unstated lien unstated | $10.7M | $10.5M 98c | S+275 bp | Sep 28, 2029 |
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