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
$326,000
commitments not yet drawn
Positions
349
127 borrowers
First lien
1%
100% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
188
11 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 | 127 | 100c | 21 | 564 bp |
| Mar 31, 2026 | $6.8B | 114 | 99c | 28 | 555 bp |
| Dec 31, 2025 | $6.4B | 111 | 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 | 573 bp |
| Sep 30, 2024 | $21B | 95 | 100c | 13 | 576 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 | 630 bp |
| Jun 30, 2023 | $7.9B | 56 | 99c | 8 | 633 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 $253M
- H••••• C••••••• L•• carried2 borrowers $120M
- P••••••• E••••• A•••••••• L•• carried1 borrower $299M
- S•• P•••••••• L•• carried1 borrower $251M
- P•••• S••••••• P•••••••• L•• carried1 borrower $135M
- L••••••••• • C••• L•• carried1 borrower $86.0M
- W•••••• P••••• L•• carried1 borrower $83.5M
- F•••••••• F•••• M••••••••• L•• carried1 borrower $76.7M
- N•••••• M••••••••• I••• carried1 borrower $75.0M
- A•••• I••••••••• P••••••• S•• carried1 borrower $67.1M
- O•••••• I••••••••• P•••••••• L•• carried1 borrower $34.2M
- A••••••• M••••••••• H••••••• L• carried1 borrower $25.1M
- 1 borrower $23.8M
- U•••••• carried1 borrower $16.8M
- S•• C•••••• A•••••••• L••• carried1 borrower $1.3M
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 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
- Repeat 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 sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Repeat 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
- 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 sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
Largest facilities held, with co-lenders
- F••• other1 BDC hold it · matures Sep 2, 2032$288M 98c
- C••••••• D••••••• • A•••••• A••••••••• F• L•• delayed draw term loan1 BDC hold it · matures Aug 15, 2030$195M 100c
- P••••••••• other1 BDC hold it · matures Oct 15, 2032$185M 102c
- C••••••••• • P••••••••• S••••••• B•••• • R••• term loan1 BDC hold it · matures Oct 3, 2030$175M 100c
- R•••••• term loan1 BDC hold it · matures Mar 23, 2028$156M 98c
- C••••••••• • P••••••••• S••••••• M••••••••• term loan1 BDC hold it · matures Nov 3, 2032$149M 100c
- C•••••• G•••• V•••••• G••••• L•• other1 BDC hold it · matures Oct 18, 2031$148M 100c
- J• • J• V••••••• G••••• L•• other1 BDC hold it · matures Apr 26, 2028$133M 102c
- C••••••••• • P••••••••• S••••••• E••••••• C•••• T••••••••• I•• other1 BDC hold it · matures Nov 15, 2029$132M 100c
- C••••••••• • P••••••••• S••••••• E•••• other1 BDC hold it · matures Dec 30, 2029$131M 100c
- S•••••• A• revolver1 BDC hold it · matures Feb 27, 2032$130M 111c
- O•••• I•• other2 BDCs hold it · matures Jul 25, 2031$128M 100c
Schedule of investments at Jun 30, 2026
349 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| S•••••••• U••••• F••. M•••• & Entertainment | delayed draw term loan lien unstated | $13.6M | $17.9M 99c | 9.00% | Jan 14, 2030 |
| P••••••••• H••••••• C•••. Pharmaceuticals | delayed draw term loan lien unstated | $17.6M | $17.4M 100c | SOFR+500 bp | Jun 21, 2030 |
| C•••••• T••• Transportation | delayed draw term loan lien unstated | $17.6M | $17.2M 100c | SOFR+575 bp | Nov 7, 2031 |
| C••••••••• • P••••••••• S••••••• D••• H••••••• C•••. | unstated lien unstated | $16.3M | $16.2M 100c | SOFR+500 bp | Sep 9, 2028 |
| C••••••••• • P••••••••• S••••••• U•• D••••• L•• | unstated lien unstated | $16.3M | $16.2M 100c | SOFR+525 bp | Apr 30, 2031 |
| C••••••••• • P••••••••• S••••••• B••• T•••• L•• | delayed draw term loan lien unstated | $16.1M | $16.0M 100c | SOFR+475 bp | Jul 10, 2031 |
| C••••••••• • P••••••••• S••••••• D••• H••••••• C•••. | unstated lien unstated | $15.6M | $15.3M 100c | SOFR+850 bp PIK 2.00% | Mar 9, 2029 |
| A•• F•••••• Financial Services | delayed draw term loan lien unstated | $14.7M | $14.7M 101c | SOFR+800 bp | Dec 10, 2029 |
| F•••, Beverage & Tobacco 1440 F•••s Topco LLC | unstated lien unstated | $19.7M | $14.4M 77c | SOFR+500 bp | Oct 31, 2031 |
| F••• W•••• I••••••••• L•• Software & Services | unstated lien unstated | $14.8M | $14.2M 97c | SOFR+575 bp | Feb 20, 2030 |
| C•••••• G•••• C•••••••• H••••••• L•• | delayed draw term loan lien unstated | $14.4M | $14.1M 100c | SOFR+700 bp | Mar 28, 2029 |
| S••••••••• F• M•••• & Entertainment | revolver lien unstated | $10.0M | $13.2M 100c | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+600 bp | Sep 20, 2029 |
| C••••••••• • P••••••••• S••••••• R•• C••••••••• | term loan lien unstated | $12.9M | $12.8M 100c | SOFR+550 bp | Aug 2, 2030 |
| C••••••••• • P••••••••• S••••••• S••••••• M••••••••• | delayed draw term loan lien unstated | $12.6M | $12.5M 100c | SOFR+475 bp | Nov 24, 2031 |
| C••••••• D••••••• • A•••••• G•• O••••••• | unstated lien unstated | $12.2M | $12.2M 106c | SOFR+500 bp | Sep 30, 2031 |
| 7••••• I••••••••• Financial Services | delayed draw term loan first lien | $12.0M | $12.1M 100c | SOFR+900 bp PIK 12.73% | Jul 7, 2027 |
| C••••••••• • P••••••••• S••••••• D••• H••••••• C•••. | delayed draw term loan lien unstated | $12.0M | $11.9M 100c | SOFR+500 bp | Sep 9, 2028 |
| C•••••• G•••• C•••••••• H••••••• L•• | delayed draw term loan lien unstated | $12.1M | $11.9M 100c | SOFR+700 bp | Mar 28, 2029 |
| T••••••• Financial Services | revolver lien unstated | $11.8M | $11.6M 100c | SOFR+650 bp | Aug 1, 2030 |
| H••••• H••••••• C••••••••• Materials | term loan lien unstated | $12.4M | $11.4M 94c | SOFR+754 bp | Mar 15, 2030 |
| C•••••• L•• Health C••• Equipment & Services | term loan lien unstated | $11.5M | $11.3M 100c | 14.75% PIK 7.50% | Jun 18, 2029 |
| F•••, Beverage & Tobacco Inspired Pet Nutrition EUR | delayed draw term loan lien unstated | $10.0M | $11.3M 97c | SOFR+550 bp | Sep 2, 2032 |
| C••••••••• • P••••••••• S••••••• B••• T•••• L•• | term loan lien unstated | $11.3M | $11.2M 100c | SOFR+475 bp | Jul 10, 2031 |
| C•••••• L•• Health C••• Equipment & Services | delayed draw term loan lien unstated | $11.0M | $10.9M 101c | SOFR+600 bp | Jun 18, 2029 |
| K••• U• B•••• L•• C••••••• Staples Distribution & Retail | delayed draw term loan lien unstated | $8.4M | $10.8M 100c | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+575 bp | Sep 20, 2031 |
| L••• Holdings Inc. Pharmaceuticals | unstated lien unstated | $10.9M | $10.7M 98c | SOFR+450 bp | Feb 23, 2032 |
| C•••••• G•••• S•••••• P••••••• and Analysis, Inc. | unstated lien unstated | $10.4M | $10.4M 100c | SOFR+475 bp | Aug 16, 2027 |
| C••••••••• • P••••••••• S••••••• B•••• • R••• | revolver lien unstated | $10.7M | $10.2M 100c | SOFR+500 bp | Oct 3, 2030 |
| Foundation R••• Partners Insurance | delayed draw term loan lien unstated | $9.9M | $9.8M 100c | SOFR+475 bp | Oct 29, 2030 |
| C•••••• G•••• F••••••••• T••••••••• I••. | term loan lien unstated | $9.6M | $9.3M 98c | SOFR+500 bp | Jan 9, 2030 |
| C••••• M•••• C• L•• M•••• & Entertainment | delayed draw term loan second lien | $11.1M | $9.2M 84c | SOFR+610 bp PIK 3.50% | Jun 18, 2029 |
| C••••••••• • P••••••••• S••••••• M••••••••• T••••••••• I••. | preferred equity equity | n/a | $8.8M 103c | PIK 17.50% | May 16, 2034 |
| Foundation R••• Partners Insurance | delayed draw term loan lien unstated | $8.1M | $8.1M 100c | SOFR+475 bp | Oct 29, 2030 |
| T••••••••• S••••••• L••••• N••••••• L•• | unstated lien unstated | $18.0M | $8.1M 94c | PIK 15.50% | Dec 31, 2026 |
| C•••••• G•••• G•••• D•• I••••••••• L•• | revolver lien unstated | $8.4M | $7.8M 95c | SOFR+561 bp | Jun 13, 2030 |
| B••••• G••••• Transportation | delayed draw term loan second lien | $8.0M | $7.8M 99c | 8.42% | Mar 31, 2028 |
| H••••••• I••••••••• L•• G•• Health C••• Equipment & Services | unstated lien unstated | $6.6M | $6.5M | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+575 bp | Sep 9, 2032 |
| C•••••• G•••• S•••••• P••••••• and Analysis, Inc. | delayed draw term loan lien unstated | $6.5M | $6.5M 100c | SOFR+475 bp | Aug 16, 2027 |
| H•••• E••••••• G••••• L•• C••••••• Services | revolver lien unstated | $6.2M | $6.1M 100c | SOFR+575 bp | Jan 22, 2029 |
| R•••••• M•••• & Entertainment | term loan lien unstated | $6.3M | $6.0M 97c | SOFR+436 bp | Mar 23, 2028 |
| F••• I••. C••••••• Services | revolver lien unstated | $6.0M | $5.8M 100c | SOFR+475 bp | May 10, 2030 |
| C•••••• T••• Transportation | revolver lien unstated | $6.0M | $5.8M 100c | SOFR+575 bp | Nov 7, 2031 |
| S•• C•••• A•• o• Health C••• Equipment & Services | unstated lien unstated | $5.7M | $5.7M 100c | SOFR+500 bp | Oct 24, 2032 |
| N••••••••• F••••• M•••• & Entertainment | unstated lien unstated | $4.2M | $5.5M 99c | PIK 12.94% | Jul 15, 2028 |
| C•••••• G•••• F••••••••• T••••••••• I••. | term loan lien unstated | $5.5M | $5.3M 98c | SOFR+500 bp | Jan 9, 2030 |
| C••••••••• • P••••••••• S••••••• S••••••• M••••••••• E••••• | equity equity | n/a | $5.0M 99c | Nov 24, 2031 | |
| C••••••••• • P••••••••• S••••••• B••• T•••• L•• | delayed draw term loan lien unstated | $4.7M | $4.6M 100c | SOFR+475 bp | Jul 10, 2031 |
| T•••• I••••••••• H•••••••, L.L.C. Add on Materials | unstated lien unstated | $4.4M | $4.4M 100c | SOFR+800 bp | Dec 22, 2027 |
| C•••••• G•••• F••••••••• T••••••••• I••. | term loan lien unstated | $4.4M | $4.2M 97c | SOFR+500 bp | Jan 9, 2030 |
| K• S•••• I••. C••••••• Services | delayed draw term loan lien unstated | $4.3M | $4.2M 99c | SOFR+625 bp | Jan 2, 2029 |
| V••••• P•••••••• C•••• • F••••• M•••• & Entertainment | term loan lien unstated | $4.2M | $4.0M 99c | SOFR+635 bp | Dec 10, 2026 |
| Agrofresh Materials | revolver lien unstated | $4.0M | $3.9M 100c | SOFR+550 bp | Mar 31, 2029 |
| C••••••••• • P••••••••• S••••••• U•• D••••• L•• | delayed draw term loan lien unstated | $3.9M | $3.9M 100c | SOFR+525 bp | Apr 30, 2031 |
| L•••••• H••••••••• Holding Company C••••••• Services | delayed draw term loan lien unstated | $3.7M | $3.7M 100c | SOFR+500 bp | Aug 22, 2031 |
| S•••••• C•••••• L•• C••••••• Services | delayed draw term loan lien unstated | $3.6M | $3.6M 100c | SOFR+1000 bp | Mar 25, 2031 |
| K• S•••• I••. C••••••• Services | delayed draw term loan lien unstated | $3.6M | $3.6M 99c | SOFR+625 bp | Jan 2, 2029 |
| K• S•••• I••. C••••••• Services | delayed draw term loan lien unstated | $3.6M | $3.5M 99c | SOFR+625 bp | Jan 2, 2029 |
| C••••••••• • P••••••••• S••••••• S••••••• M••••••••• | revolver lien unstated | $3.5M | $3.5M 100c | SOFR+475 bp | Nov 24, 2031 |
| C••••••••• • P••••••••• S••••••• U•• D••••• L•• | term loan lien unstated | $3.4M | $3.4M 100c | SOFR+525 bp | Apr 30, 2031 |
| F•••, Beverage & Tobacco Inspired Pet Nutrition | delayed draw term loan lien unstated | $2.5M | $3.3M 98c | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+550 bp | Sep 2, 2032 |
| C••••••••• • P••••••••• S••••••• D••• H••••••• C•••. | delayed draw term loan lien unstated | $2.9M | $2.9M 100c | SOFR+850 bp PIK 2.00% | Mar 9, 2029 |
| C••••••••• • P••••••••• S••••••• T••• T••••• A••••••• B•••••••• L•• | delayed draw term loan lien unstated | $3.1M | $2.8M 100c | SOFR+525 bp | Jan 9, 2033 |
| F••• W•••• I••••••••• L•• Software & Services | delayed draw term loan lien unstated | $2.9M | $2.8M 97c | SOFR+575 bp | Feb 20, 2030 |
| T••••••••• S••••••• L••••• N••••••• L•• • D•• R•••••• | unstated lien unstated | $3.1M | $2.8M 91c | PIK 17.50% | Dec 31, 2026 |
| T•••• I••••••••• H•••••••, L.L.C. Add on 2 Materials | unstated lien unstated | $2.8M | $2.7M 100c | SOFR+800 bp | Dec 22, 2027 |
| L• P•••••••• B••••• I••. C••••••• Staples Distribution & Retail | delayed draw term loan lien unstated | $2.4M | $2.4M 100c | SOFR+565 bp | Oct 31, 2031 |
| V••••• P•••••••• C•••. M•••• & Entertainment | term loan lien unstated | $2.5M | $2.4M 97c | SOFR+635 bp | Dec 10, 2026 |
| C•••••• G•••• S•••••• P••••••• and Analysis, Inc. | revolver lien unstated | $2.2M | $2.1M 100c | SOFR+475 bp | Aug 16, 2027 |
| S•• G•••• I••••••••• H••••••• L•• Software & Services | unstated lien unstated | $2.2M | $2.1M 97c | SOFR+450 bp | Feb 6, 2032 |
| C••••••••• • P••••••••• S••••••• U•• D••••• L•• | revolver lien unstated | $2.0M | $2.0M 100c | SOFR+525 bp | Apr 30, 2030 |
| L•••••• H••••••••• Holding Company C••••••• Services | revolver lien unstated | $2.1M | $2.0M 100c | SOFR+500 bp | Aug 22, 2030 |
| K• S•••• I••. C••••••• Services | delayed draw term loan lien unstated | $1.9M | $1.9M 99c | SOFR+625 bp | Jan 2, 2029 |
| C••••••••• • P••••••••• S••••••• M••••••••• T••••••••• I••. | preferred equity equity | n/a | $1.9M 1003c | May 16, 2034 | |
| Foundation R••• Partners Insurance | revolver lien unstated | $1.8M | $1.8M 100c | SOFR+475 bp | Oct 29, 2029 |
| C•••••• G•••• F••••••••• T••••••••• I••. | revolver lien unstated | $2.1M | $1.8M 90c | SOFR+500 bp | Jan 9, 2028 |
| C•••••• G•••• D•• H••••••• C••••••• I••. | delayed draw term loan lien unstated | $1.6M | $1.6M 95c | SOFR+750 bp PIK 5.00% | Jan 31, 2029 |
| C••••••••• • P••••••••• S••••••• D••• H••••••• C•••. | delayed draw term loan lien unstated | $1.6M | $1.6M 100c | SOFR+500 bp | Sep 9, 2028 |
| S•••••• B••••••• B••••••• C•. C••••••• Services | delayed draw term loan lien unstated | $1.3M | $1.3M 100c | SOFR+475 bp | Dec 27, 2030 |
| K• S•••• I••. C••••••• Services | delayed draw term loan lien unstated | $1.2M | $1.2M 100c | SOFR+625 bp | Jan 2, 2029 |
| H••••••• H•••••, L.P. C••••••• Services | revolver lien unstated | $1.3M | $1.0M 93c | SOFR+550 bp | Nov 3, 2029 |
| P••••• C••• C•••••• Health C••• Equipment & Services | revolver lien unstated | $2.1M | $998,000 50c | SOFR+600 bp | Nov 15, 2029 |
| F••• W•••• I••••••••• L•• A•• o• Software & Services | unstated lien unstated | $965,000 | $921,000 97c | SOFR+575 bp | Feb 20, 2030 |
| F•••••••• Financial Services | revolver first lien | $875,000 | $852,000 100c | SOFR+525 bp | Aug 8, 2031 |
| T••••••••• S••••••• L••••• N••••••• L•• • D•• F••••••• | delayed draw term loan lien unstated | $912,000 | $821,000 90c | PIK 17.50% | Dec 31, 2026 |
| C••••••••• • P••••••••• S••••••• M••••••••• T••••••••• I••. | preferred equity equity | n/a | $778,000 100c | May 16, 2034 | |
| C••••••••• • P••••••••• S••••••• U•• D••••• L•• | revolver lien unstated | $687,000 | $675,000 99c | SOFR+525 bp | Apr 30, 2030 |
| A••• H•••••• C•••oration M•••• & Entertainment | revolver lien unstated | $754,000 | $668,000 100c | SOFR+500 bp | Dec 5, 2029 |
| C•••••• L•• Health C••• Equipment & Services | delayed draw term loan lien unstated | $670,000 | $658,000 100c | 14.75% PIK 7.00% | Jun 18, 2029 |
| T••••••••• S••••••• L••••• N••••••• L•• • D•• F••••••• | delayed draw term loan lien unstated | $460,000 | $414,000 90c | PIK 17.50% | Dec 31, 2027 |
| S•••••• A• - Holdco Pharmaceuticals | notes lien unstated | $295,000 | $358,000 109c | PIK 12.50% | Feb 28, 2033 |
| C•••••••• B•••• L•• Materials | revolver lien unstated | $389,000 | $316,000 100c | SOFR+550 bp | Jan 29, 2032 |
| C••••••••• • P••••••••• S••••••• B••• T•••• L•• | revolver lien unstated | $190,000 | $135,000 101c | SOFR+475 bp | Jul 10, 2031 |
| C•••••• G•••• S•• M••••• S••• L•• | delayed draw term loan lien unstated | n/a | $130,000 | SOFR+635 bp | May 28, 2029 |
| T••••••••• S••••••• L••••• N••••••• L•• • D•• F••••••• • B••••••• | unstated lien unstated | $246,000 | $48,000 20c | PIK 17.50% | Dec 31, 2027 |
| F•••, Beverage & Tobacco Tequilas Premium | revolver lien unstated | $500,000 | $32,000 100c | SOFR+500 bp | Mar 6, 2031 |
| C••••••••• • P••••••••• S••••••• S••••••• M••••••••• | delayed draw term loan lien unstated | n/a | $12,000 100c | SOFR+475 bp | Nov 24, 2031 |
| L• P•••••••• B••••• I••. C••••••• Staples Distribution & Retail | delayed draw term loan lien unstated | n/a | $-25,000 96c | SOFR+565 bp | Oct 31, 2031 |
| F•••••••• Financial Services | delayed draw term loan first lien | n/a | $-29,000 100c | SOFR+525 bp | Aug 8, 2031 |
| H•••••••• • P••••••• P••••••• P•••••• H••••••• C•. | revolver lien unstated | n/a | $-36,000 100c | SOFR+525 bp | Jun 27, 2029 |
| C•••••• L•• Health C••• Equipment & Services | revolver lien unstated | n/a | $-39,000 100c | SOFR+600 bp | Jun 18, 2029 |
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; MSD Investment Corp., LLCreported
- Latest schedule
- 0001193125-26-352436reported