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
M•• I••••••••• C••••
BDCnon-tradedCIK 1849894file 814-01481NEW YORK, NYadviser not yet read from the 10-K
Fair value
$6.9B
as of Jun 30, 2026
Principal held
$6.9B
debt pieces, the filer's figure
Cost
$6.9B
100c on cost
Unfunded
$692M
commitments not yet drawn
Positions
349
112 borrowers
First lien
98%
100% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
186
16 sponsors financed
Portfolio through time
Fair value by quarter end$6.9B as of Jun 30, 2026
Dec 31, 2022$4.9B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $6.9B | 112 | 100c | 21 | 564 bp |
| Mar 31, 2026 | $6.8B | 112 | 99c | 28 | 555 bp |
| Dec 31, 2025 | $6.4B | 109 | 100c | 24 | 557 bp |
| Sep 30, 2025 | $5.6B | 102 | 100c | 25 | 564 bp |
| Jun 30, 2025 | $5.1B | 98 | 100c | 22 | 569 bp |
| Mar 31, 2025 | $25B | 95 | 100c | 22 | 570 bp |
| Dec 31, 2024 | $23B | 104 | 100c | 22 | 574 bp |
| Sep 30, 2024 | $21B | 95 | 100c | 13 | 575 bp |
| Jun 30, 2024 | $17B | 84 | 100c | 13 | 577 bp |
| Mar 31, 2024 | $13B | 68 | 100c | 10 | 597 bp |
| Dec 31, 2023 | $11B | 63 | 100c | 8 | 613 bp |
| Sep 30, 2023 | $8.8B | 57 | 99c | 8 | 627 bp |
| Jun 30, 2023 | $7.9B | 56 | 99c | 8 | 630 bp |
| Mar 31, 2023 | $6.0B | 47 | 97c | 6 | 642 bp |
| Dec 31, 2022 | $4.9B | 41 | 96c | 6 | 648 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
- 4 borrowers $168M
- P••••••• E••••• A•••••••• L•• carried1 borrower $174M
- F•• C•••••• carried1 borrower $124M
- S•• P•••••••• L•• carried1 borrower $124M
- L••••••••• • C••• L•• carried1 borrower $92.7M
- H•••••• P•••••••• L• carried1 borrower $83.9M
- W•••••• P••••• L•• carried1 borrower $83.5M
- N•••••• M••••••••• I••• carried1 borrower $75.0M
- I••••••• H••••••• L• inferred1 borrower $70.7M
- P•••• S••••••• P•••••••• L•• carried1 borrower $69.4M
- H••••• C••••••• L•• carried1 borrower $56.8M
- 1 borrower $55.3M
- O•••••• I••••••••• P•••••••• L•• carried1 borrower $34.2M
- A•••• I••••••••• P••••••• S•• carried1 borrower $29.8M
- 1 borrower $26.9M
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 sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 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 borrower on a BDC scheduleJun 30, 2026
Largest facilities held, with co-lenders
- A••••••••• F• L•• first lien delayed draw term loan1 BDC hold it · matures Aug 15, 2030$195M 100c
- P••••••••• first lien term loan1 BDC hold it · matures Oct 15, 2032$185M 102c
- B•••• • R••• first lien term loan2 BDCs hold it · matures Oct 3, 2030$175M 100c
- R•••••• first lien term loan1 BDC hold it · matures Mar 23, 2028$156M 98c
- M••••••••• first lien term loan1 BDC hold it · matures Nov 3, 2032$149M 100c
- V•••••• G••••• L•• first lien term loan1 BDC hold it · matures Oct 18, 2031$148M 100c
- J• • J• V••••••• G••••• first lien term loan3 BDCs hold it · matures Apr 30, 2030$133M 102c
- E••••••• C•••• T••••••••• I•• first lien term loan2 BDCs hold it · matures Nov 15, 2029$132M 100c
- E•••• first lien term loan1 BDC hold it · matures Dec 30, 2029$131M 100c
- S•••••• A• first lien term loan2 BDCs hold it · matures Feb 29, 2032$130M 111c
- O•••• I•• first lien term loan2 BDCs hold it · matures Jul 25, 2031$128M 100c
- S••••••••• G••••• I•• first lien term loan1 BDC hold it · matures May 31, 2030 · S•• P•••••••• L••$124M 98c
Schedule of investments at Jun 30, 2026
349 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| P••••••••• Health C••• Equipment & Services | term loan first lien | $185M | $181M 102c | SOFR+500 bp | Oct 15, 2032 |
| B•••• • R••• Commercial & Professional Services | term loan first lien | $175M | $173M 100c | SOFR+500 bp | Oct 3, 2030 |
| A••••••••• F• L•• Consumer Durables & Apparel | delayed draw term loan first lien | $174M | $172M 100c | SOFR+475 bp | Aug 15, 2030 |
| S•••••• A• Pharmaceuticals, Biotechnology & Life S••••••s | term loan first lien | $130M | $158M 111c | //msdinvestmentcorp.com/20260630#Swiss Average Rate Overnight+550 bp | Feb 27, 2032 |
| M••••••••• Commercial & Professional Services | term loan first lien | $149M | $147M 100c | SOFR+525 bp | Nov 3, 2032 |
| V•••••• G••••• L•• Capital G•••• | term loan first lien | $148M | $145M 100c | SOFR+550 bp | Oct 18, 2031 |
| R•••••• M•••• & Entertainment | term loan first lien | $149M | $143M 98c | SOFR+425 bp | Mar 23, 2028 |
| J&J Ventures G••••• LLC Consumer Services | term loan first lien | $133M | $133M 102c | SOFR+511 bp | Apr 26, 2028 |
| E••••••• C•••• T••••••••• I••. Commercial & Professional Services | term loan first lien | $132M | $130M 100c | SOFR+600 bp | Nov 15, 2029 |
| E•••• Commercial & Professional Services | term loan first lien | $131M | $128M 100c | SOFR+550 bp | Dec 30, 2029 |
| Onbe Inc. Financial Services | term loan first lien | $128M | $126M 100c | SOFR+525 bp | Jul 25, 2031 |
| C••• • B••••••• G•••• Capital G•••• | term loan first lien | $122M | $120M 100c | SOFR+600 bp | Mar 4, 2030 |
| S••••••••• G••••• I••. Software & Services | term loan first lien | $124M | $120M 98c | SOFR+575 bp | May 31, 2030 |
| C•••••• L•• Health C••• Equipment & Services | term loan first lien | $112M | $112M 100c | SOFR+600 bp | Jun 18, 2029 |
| C•••••• T••• Transportation | term loan first lien | $111M | $109M 100c | SOFR+575 bp | Nov 7, 2031 |
| S•• M••••• S••• L•• Capital G•••• | term loan first lien | $103M | $102M 100c | SOFR+635 bp | May 28, 2029 |
| I••••••• P•• N•••••••• G•• Food, Beverage & Tobacco | term loan first lien | $77.5M | $101M 99c | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+550 bp | Sep 2, 2032 |
| S•• H••••••• C••• Commercial & Professional Services | term loan first lien | $99.6M | $98.1M 100c | SOFR+525 bp | Jun 30, 2032 |
| M•••••• B•••• Capital G•••• | term loan first lien | $99.5M | $96.6M 100c | SOFR+450 bp | Dec 1, 2028 |
| H••••••• H•••••, L.P. Consumer Services | term loan first lien | $97.5M | $95.8M 99c | SOFR+550 bp | Nov 5, 2029 |
| K••• U• B•••• L•• Consumer Staples Distribution & Retail | term loan first lien | $71.5M | $93.5M 99c | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+575 bp | Sep 20, 2031 |
| P•••••• H••••••• C••••••••• R••• a•• Household & Personal Products | term loan first lien | $92.9M | $92.3M 100c | SOFR+500 bp | Jun 27, 2030 |
| L••••••••• Software & Services | term loan first lien | $91.3M | $87.9M 97c | SOFR+525 bp | Jan 15, 2031 |
| T•••• H••••••••• Capital G•••• | term loan first lien | $88.7M | $87.3M 100c | SOFR+625 bp | Nov 20, 2030 |
| F••• I••. Consumer Services | term loan first lien | $85.8M | $84.7M 100c | SOFR+475 bp | May 10, 2030 |
| G•••• D•• I••••••••• L•• Capital G•••• | term loan first lien | $84.3M | $80.6M 97c | SOFR+561 bp | Jun 13, 2030 |
| C•••• E• C••••• Consumer Services | term loan first lien | $79.0M | $78.0M 100c | SOFR+600 bp | Sep 26, 2030 |
| I••••••• A• S•••••• H•••••• C••• M•••• & Entertainment | term loan first lien | $75.0M | $74.3M 105c | SOFR+500 bp | Dec 23, 2031 |
| T••••••• P•••••• • M••••• Food, Beverage & Tobacco | term loan first lien | $75.0M | $73.6M 100c | SOFR+100 bp | Mar 6, 2031 |
| T••••••• P•••••• - US Food, Beverage & Tobacco | term loan first lien | $73.1M | $71.8M 100c | SOFR+950 bp | Mar 6, 2031 |
| F•••• B••• D••• C•••••• G•••• C••• • B••••••• G•••• | delayed draw term loan lien unstated | $69.7M | $68.6M 100c | SOFR+600 bp | Mar 4, 2030 |
| R•• C••••••••• Commercial & Professional Services | term loan first lien | $67.7M | $67.1M 100c | SOFR+550 bp | Aug 2, 2030 |
| E••• Global L•••••••• Inc. Transportation | term loan first lien | $68.3M | $67.0M 102c | SOFR+450 bp | Nov 23, 2028 |
| T••• T••••• Advisory B•••••••, LLC Commercial & Professional Services | term loan first lien | $67.5M | $66.2M 100c | SOFR+525 bp | Jan 9, 2033 |
| B•• U••, P.C. Commercial & Professional Services | term loan first lien | $67.1M | $65.5M 99c | SOFR+500 bp | Aug 31, 2028 |
| L•••••• H••••••••• Holding Company Consumer Services | term loan first lien | $65.8M | $64.9M 100c | SOFR+550 bp PIK 2.75% | Aug 22, 2031 |
| Agrofresh Materials | term loan first lien | $65.4M | $64.7M 100c | SOFR+550 bp | Mar 31, 2030 |
| S•••••• B••••••• B••••••• C•. Consumer Services | term loan first lien | $65.0M | $64.4M 100c | SOFR+475 bp | Dec 27, 2030 |
| S•••••• B••••••• B••••••• C•. Consumer Services | delayed draw term loan first lien | $63.8M | $63.3M 100c | SOFR+475 bp | Dec 27, 2030 |
| A••••••••• F• L•• Consumer Durables & Apparel | term loan first lien | $59.0M | $58.3M 100c | SOFR+475 bp | Aug 15, 2030 |
| F••••••••• T••••••••• Inc. Capital G•••• | term loan first lien | $59.4M | $57.6M 98c | SOFR+500 bp | Jan 9, 2030 |
| A••• H•••••• C•••oration M•••• & Entertainment | term loan first lien | $58.0M | $57.1M 100c | SOFR+500 bp | Dec 5, 2031 |
| A••••••• I••. Software & Services | delayed draw term loan first lien | $59.2M | $56.2M 96c | SOFR+600 bp | Mar 19, 2031 |
| J•• P••••••• F••• V•• S•••••••• Financial Services | term loan first lien | $56.9M | $56.2M 100c | SOFR+675 bp | Apr 29, 2032 |
| B••••• G••••• Transportation | term loan first lien | $57.5M | $56.0M 99c | SOFR+475 bp | Mar 31, 2028 |
| C•••••••• B•••• L•• Materials | term loan first lien | $56.4M | $55.9M 100c | SOFR+550 bp | Jan 29, 2032 |
| M••• I••••• C• P•• L•• and M••• US B••••••• LLC Software & Services | term loan first lien | $77.2M | $51.4M 104c | //msdinvestmentcorp.com/20260630#Bank Bill Swap Rate+550 bp PIK 3.00% | Jun 6, 2030 |
| P••••••••• H••••••• C•••. Pharmaceuticals, Biotechnology & Life S••••••s | term loan first lien | $73.5M | $51.3M 97c | SOFR+500 bp | Jun 21, 2030 |
| B••• T•••• L•• Commercial & Professional Services | term loan first lien | $51.6M | $51.1M 100c | SOFR+475 bp | Jul 10, 2031 |
| S••••••••• F• M•••• & Entertainment | term loan first lien | $38.5M | $50.6M 100c | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+600 bp | Sep 20, 2029 |
| S•• C•••• Health C••• Equipment & Services | term loan first lien | $51.4M | $49.7M 97c | SOFR+450 bp | Oct 24, 2032 |
| N•••••• Partners, Inc. Health C••• Equipment & Services | term loan first lien | $50.1M | $49.7M 100c | SOFR+450 bp | Nov 29, 2030 |
| S•••••• P••••••• and Analysis, Inc. Capital G•••• | delayed draw term loan first lien | $49.8M | $49.6M 100c | SOFR+475 bp | Aug 16, 2027 |
| 7••••• I••••••••• Financial Services | term loan first lien | $50.3M | $49.5M 100c | SOFR+900 bp PIK 12.73% | Jul 7, 2027 |
| A•• E••••••••• S•••••••• Capital G•••• | term loan first lien | $49.3M | $48.9M 100c | SOFR+475 bp | Jul 10, 2031 |
| V•••••• G••••• L•• Capital G•••• | delayed draw term loan first lien | $49.3M | $48.3M 100c | SOFR+550 bp | Oct 18, 2031 |
| I••••••• P•• N•••••••• E•• Food, Beverage & Tobacco | term loan first lien | $42.5M | $47.9M 98c | SOFR+550 bp | Jun 30, 2030 |
| Chemcat Acquisition Co LLC Materials | term loan first lien | $49.8M | $47.8M 100c | SOFR+475 bp | Mar 2, 2033 |
| B•••• H••••••• I••• L•• Capital G•••• | term loan first lien | $51.8M | $46.6M 91c | SOFR+600 bp | May 1, 2030 |
| W••••••••• T••••••••• I••. Software & Services | term loan first lien | $49.6M | $45.9M 95c | SOFR+525 bp | Jul 2, 2029 |
| A••••••• I•••••••• o• M••••••••• A•• o• Consumer Services | term loan first lien | $46.0M | $45.1M 100c | SOFR+700 bp | May 3, 2029 |
| G••••• M•••• & Entertainment | term loan first lien | $34.5M | $44.9M 99c | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+525 bp | Mar 9, 2030 |
| P••••• C••• C•••••• Health C••• Equipment & Services | term loan first lien | $52.2M | $44.0M 86c | SOFR+600 bp | Nov 15, 2030 |
| Foundation R••• Partners Insurance | delayed draw term loan first lien | $44.1M | $44.0M 101c | SOFR+475 bp | Oct 29, 2030 |
| T•• G••••• I••. Materials | term loan first lien | $44.4M | $43.0M 98c | SOFR+575 bp | Nov 24, 2031 |
| T••••••••• Finance (Luxembourg) S.A.R.L Financial Services | term loan first lien | $57.6M | $42.6M 74c | SOFR+726 bp | Sep 30, 2028 |
| A•••• B•••• • E•• Materials | term loan first lien | $37.4M | $41.9M 98c | EURIBOR+625 bp | May 29, 2032 |
| A•••• B•••• • U•• Materials | term loan first lien | $41.6M | $40.8M 100c | SOFR+651 bp | May 29, 2032 |
| T••••••••• M•••• I••. M•••• & Entertainment | term loan first lien | $54.1M | $39.4M 78c | SOFR+500 bp | Feb 13, 2030 |
| I••••• I••. M•••• & Entertainment | term loan first lien | $40.7M | $35.5M 90c | SOFR+450 bp | Oct 30, 2031 |
| S••••••• M••••••••• Commercial & Professional Services | term loan first lien | $34.8M | $34.5M 100c | SOFR+475 bp | Nov 24, 2031 |
| V••••• P•••••••• C•••. M•••• & Entertainment | term loan first lien | $35.4M | $34.3M 97c | SOFR+635 bp | Dec 10, 2026 |
| H••••• U• B•••• L•••••• Materials | term loan first lien | $26.2M | $33.9M 97c | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+550 bp | Mar 2, 2031 |
| C•••••• L•• Health C••• Equipment & Services | delayed draw term loan first lien | $33.0M | $32.8M 101c | SOFR+600 bp | Jun 18, 2029 |
| S•••••• C•••••• L•• Consumer Services | term loan first lien | $33.3M | $32.5M 100c | SOFR+1000 bp | Mar 25, 2031 |
| A••••••• I•••••••• o• M••••••••• Consumer Services | term loan first lien | $32.6M | $31.9M 100c | SOFR+700 bp | May 3, 2029 |
| T•••• I••••••••• H•••••••, L.L.C. Materials | term loan first lien | $31.3M | $30.7M 100c | SOFR+800 bp | Dec 22, 2027 |
| J&J Ventures G••••• LLC Add on Consumer Services | term loan first lien | $29.9M | $29.9M 101c | SOFR+500 bp | Apr 26, 2030 |
| H•••• E••••••• G••••• L•• Consumer Services | term loan first lien | $29.1M | $28.8M 100c | SOFR+575 bp | Jan 22, 2029 |
| C•••••••• H••••••• L•• Capital G•••• | term loan first lien | $28.8M | $28.2M 100c | SOFR+700 bp | Mar 28, 2029 |
| A•• F•••••• Financial Services | term loan first lien | $27.6M | $27.6M 100c | SOFR+800 bp | Dec 10, 2029 |
| C•••••••• Software & Services | delayed draw term loan first lien | $26.9M | $26.9M 101c | SOFR+600 bp | Aug 26, 2030 |
| H••••••• I••••••••• L•• E•• Health C••• Equipment & Services | term loan first lien | $26.6M | $26.0M | EURIBOR+575 bp | Sep 9, 2032 |
| A••••••• I••. Software & Services | term loan first lien | $26.1M | $24.7M 96c | SOFR+600 bp | Mar 19, 2031 |
| I••••••• C•••. M•••• & Entertainment | term loan first lien | $27.8M | $24.2M 87c | 10.50% | Feb 1, 2027 |
| F•••••••• Financial Services | term loan first lien | $24.2M | $24.0M 100c | SOFR+525 bp | Aug 8, 2031 |
| C••••• M•••• C• L•• M•••• & Entertainment | term loan first lien | $27.2M | $22.7M 84c | SOFR+610 bp PIK 3.50% | Jun 18, 2029 |
| 7••••• I••••••••• Financial Services | delayed draw term loan first lien | $23.0M | $22.6M 100c | SOFR+900 bp PIK 12.73% | Jul 7, 2027 |
| D•• H••••••• C••••••• I••. Capital G•••• | term loan first lien | $22.4M | $21.0M 95c | SOFR+750 bp PIK 5.00% | Jan 31, 2030 |
| I••••••• P•• N•••••••• E•• Food, Beverage & Tobacco | delayed draw term loan first lien | $18.3M | $20.6M 97c | SOFR+550 bp | Sep 2, 2032 |
| A••••••••• F• L•• Consumer Durables & Apparel | delayed draw term loan first lien | $21.0M | $20.5M 100c | SOFR+475 bp | Aug 15, 2030 |
| S••••••• M••••••••• Commercial & Professional Services | delayed draw term loan first lien | $20.2M | $20.0M 100c | SOFR+475 bp | Nov 24, 2031 |
| S•••••••• U••••• F••. M•••• & Entertainment | delayed draw term loan first lien | $15.0M | $19.7M 98c | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+525 bp | Jan 14, 2030 |
| C•••••• L•• Health C••• Equipment & Services | delayed draw term loan first lien | $19.8M | $19.7M 101c | SOFR+600 bp | Jun 18, 2029 |
| Foundation R••• Partners Insurance | term loan first lien | $19.5M | $19.4M 100c | SOFR+475 bp | Oct 29, 2030 |
| P••••••••• H••••••• C•••. Pharmaceuticals, Biotechnology & Life S••••••s | term loan first lien | $19.6M | $19.4M 100c | SOFR+500 bp | Jun 21, 2030 |
| S•••••• P••••••• and Analysis, Inc. Capital G•••• | delayed draw term loan first lien | $19.2M | $19.1M 100c | SOFR+475 bp | Aug 16, 2027 |
| L• P•••••••• B••••• I••. Consumer Staples Distribution & Retail | term loan first lien | $18.8M | $18.6M 100c | SOFR+565 bp | Oct 31, 2031 |
| A••••••• I•••••••• o• M••••••••• Consumer Services | delayed draw term loan first lien | $19.0M | $18.6M 100c | SOFR+700 bp | May 3, 2029 |
| K• S•••• I••. Consumer Services | term loan first lien | $18.2M | $17.9M 99c | SOFR+625 bp | Jan 2, 2029 |
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2022 to 2026reported
- Filings listed
- 18reported10-Q and 10-K since 2022
- Former names
- MSD Investment, LLC; M•• I••••••••• C••••, LLCreported
- Latest schedule
- 0001193125-26-352436reported