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 |
|---|---|---|---|---|---|
| C••••••••• • P••••••••• S••••••• D••• H••••••• C•••. | revolver lien unstated | n/a | $-41,000 137c | SOFR+500 bp | Sep 9, 2028 |
| T••••••• Financial Services | revolver lien unstated | n/a | $-50,000 109c | SOFR+650 bp | Aug 1, 2029 |
| H••••••• I••••••••• L•• Health C••• Equipment & Services | delayed draw term loan first lien | $-52,000 | $-50,000 | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+575 bp | Sep 9, 2032 |
| N•••••• Partners, Inc. Health C••• Equipment & Services | revolver second lien | n/a | $-52,000 73c | SOFR+450 bp | Nov 29, 2030 |
| C••••••••• • P••••••••• S••••••• R•• C••••••••• | revolver lien unstated | n/a | $-54,000 86c | SOFR+550 bp | Aug 2, 2030 |
| F••• W•••• I••••••••• L•• Software & Services | revolver lien unstated | $0 | $-89,000 318c | SOFR+575 bp | Feb 20, 2030 |
| C•••••••• B•••• L•• Materials | delayed draw term loan lien unstated | n/a | $-101,000 101c | SOFR+550 bp | Jan 29, 2032 |
| B••••• G••••• Transportation | revolver second lien | n/a | $-156,000 236c | SOFR+475 bp | Mar 31, 2028 |
| H••••••• H•••••, L.P. C••••••• Services | delayed draw term loan lien unstated | n/a | $-177,000 99c | SOFR+550 bp | Nov 3, 2029 |
| C••••••••• • P••••••••• S••••••• E••••••• C•••• T••••••••• I••. | revolver lien unstated | n/a | $-178,000 100c | SOFR+600 bp | Nov 15, 2029 |
| H••••• U• B•••• L•••••• Materials | revolver lien unstated | n/a | $-185,000 97c | //msdinvestmentcorp.com/20260630#Sterling Overnight Index Average+550 bp | Mar 2, 2031 |
| L••••••••• Software & Services | revolver lien unstated | n/a | $-287,000 404c | SOFR+525 bp | Jan 15, 2031 |
| S•• C•••• Health C••• Equipment & Services | revolver lien unstated | n/a | $-291,000 378c | SOFR+450 bp | Oct 24, 2032 |
| C••••••••• • P••••••••• S••••••• T••• T••••• A••••••• B•••••••• L•• | revolver lien unstated | n/a | $-291,000 100c | SOFR+525 bp | Jan 9, 2032 |
| C••••••••• • P••••••••• S••••••• S•• H••••••• C••• | delayed draw term loan lien unstated | n/a | $-312,000 100c | SOFR+525 bp | Jun 30, 2032 |
| C•••••• G•••• S•• M••••• S••• L•• | revolver lien unstated | n/a | $-364,000 100c | SOFR+635 bp | May 28, 2029 |
| S•••••• A• Pharmaceuticals | revolver lien unstated | n/a | $-408,000 116c | //msdinvestmentcorp.com/20260630#Swiss Average Rate Overnight+550 bp | Feb 27, 2030 |
| S••••••••• G••••• I••. Software & Services | revolver lien unstated | n/a | $-422,000 373c | SOFR+575 bp | May 31, 2029 |
| A••••••• I••. Software & Services | revolver lien unstated | n/a | $-480,000 500c | SOFR+600 bp | Mar 19, 2031 |
| T••• T••••• Advisory B•••••••, LLC | delayed draw term loan lien unstated | n/a | n/a | ||
| Foundation R••• Partners | delayed draw term loan lien unstated | n/a | n/a | ||
| R•• C••••••••• | revolver lien unstated | n/a | n/a | ||
| I••••••• P•• N•••••••• | delayed draw term loan first lien | n/a | n/a | ||
| S•• C•••• | revolver lien unstated | n/a | n/a | ||
| L••••• N••••••• L•• | delayed draw term loan lien unstated | n/a | n/a | ||
| S•• M••••• S••• L•• | delayed draw term loan lien unstated | n/a | n/a | ||
| Foundation R••• Partners | revolver lien unstated | n/a | n/a | ||
| P••••• C••• C•••••• | revolver lien unstated | n/a | n/a | ||
| L••••••••• | revolver lien unstated | n/a | n/a | ||
| D••• H••••••• C•••. | revolver lien unstated | n/a | n/a | ||
| G•••• D•• I••••••••• L•• | revolver lien unstated | n/a | n/a | ||
| F••• W•••• I••••••••• L•• | revolver lien unstated | n/a | n/a | ||
| C•••••••• B•••• L•• | revolver lien unstated | n/a | n/a | ||
| E••••••• C•••• T••••••••• I•• | revolver first lien | n/a | n/a | ||
| F••••••••• T••••••••• Inc. | revolver second lien | n/a | n/a | ||
| S••••••• M••••••••• | revolver lien unstated | n/a | n/a | ||
| C•••••• T••• | delayed draw term loan lien unstated | n/a | n/a | ||
| C•••••••• H••••••• L•• | delayed draw term loan first lien | n/a | n/a | ||
| C•••••••• B•••• L•• | revolver lien unstated | n/a | n/a | ||
| C•••••••• B•••• L•• | delayed draw term loan lien unstated | n/a | n/a | ||
| B••• T•••• L•• | revolver lien unstated | n/a | n/a | ||
| B••••• G••••• | revolver second lien | n/a | n/a | ||
| S•••••• A• | revolver lien unstated | n/a | n/a | ||
| S••••••• M••••••••• | delayed draw term loan lien unstated | n/a | n/a | ||
| C•••••••• H••••••• L•• | delayed draw term loan first lien | n/a | n/a | ||
| H••••••• I••••••••• L•• | delayed draw term loan first lien | n/a | n/a | ||
| T••••••• P•••••• | revolver lien unstated | n/a | n/a | ||
| C•••••• L•• Health C••• Equipment & Services | delayed draw term loan lien unstated | n/a | n/a | Jun 18, 2029 | |
| K• S•••• I••. | delayed draw term loan lien unstated | n/a | n/a | ||
| F•••••••• | delayed draw term loan first lien | n/a | n/a | ||
| A•••••• I••••••••• H•••••••• I••. | revolver lien unstated | n/a | n/a | ||
| B••• T•••• L•• | revolver lien unstated | n/a | n/a | ||
| S•••••• B••••••• B••••••• C•. | revolver lien unstated | n/a | n/a | ||
| USA D••••• LLC | revolver lien unstated | n/a | n/a | ||
| U•• D••••• L•• O•• | revolver lien unstated | n/a | n/a | ||
| H••••••• H•••••, L.P. | delayed draw term loan lien unstated | n/a | n/a | ||
| B•••• • R••• | revolver lien unstated | n/a | n/a | ||
| S•••••• C•••••• L•• | delayed draw term loan lien unstated | n/a | n/a | ||
| F••• I••. | revolver lien unstated | n/a | n/a | ||
| USA D••••• LLC | revolver lien unstated | n/a | n/a | ||
| S••••••••• G••••• I••. | revolver lien unstated | n/a | n/a | ||
| S•• H••••••• C••• | delayed draw term loan lien unstated | n/a | n/a | ||
| K••• U• B•••• L•• | delayed draw term loan lien unstated | n/a | n/a | ||
| USA D••••• LLC | revolver lien unstated | n/a | n/a | ||
| F•••••••• | revolver first lien | n/a | n/a | ||
| F••••••••• T••••••••• Inc. | revolver second lien | n/a | n/a | ||
| A••••••••• F• L•• | delayed draw term loan first lien | n/a | n/a | ||
| C•••••• L•• | revolver lien unstated | n/a | n/a | ||
| F••• W•••• I••••••••• L•• | revolver lien unstated | n/a | n/a | ||
| F•••••••• | revolver first lien | n/a | n/a | ||
| S•••••• P••••••• and Analysis, Inc. | delayed draw term loan second lien | n/a | n/a | ||
| A••••••••• F• L•• | delayed draw term loan first lien | n/a | n/a | ||
| C•••••• T••• | revolver lien unstated | n/a | n/a | ||
| C•••••• L•• | revolver lien unstated | n/a | n/a | ||
| H••••••• H•••••, L.P. | revolver lien unstated | n/a | n/a | ||
| L• P•••••••• B••••• I•• | delayed draw term loan lien unstated | n/a | n/a | ||
| D••• H••••••• C•••. | delayed draw term loan lien unstated | n/a | n/a | ||
| S••••••• M••••••••• | delayed draw term loan lien unstated | n/a | n/a | ||
| C•••••• T••• | delayed draw term loan lien unstated | n/a | n/a | ||
| R•• F•• C• A••••••••• C•••. | delayed draw term loan lien unstated | n/a | n/a | ||
| R•• C••••••••• | revolver lien unstated | n/a | n/a | ||
| S•••••• B••••••• B••••••• C•. | delayed draw term loan lien unstated | n/a | n/a | ||
| S•• M••••• S••• L•• | revolver lien unstated | n/a | n/a | ||
| B•••• • R••• | revolver lien unstated | n/a | n/a | ||
| P••••••••• H••••••• C••• | delayed draw term loan lien unstated | n/a | n/a | ||
| S••••••• M••••••••• | delayed draw term loan lien unstated | n/a | n/a | ||
| S••••••• M••••••••• | delayed draw term loan lien unstated | n/a | n/a | ||
| S•• M••••• S••• L•• | revolver lien unstated | n/a | n/a | ||
| T••••••• | revolver lien unstated | n/a | n/a | ||
| Total Unfunded Commitments | unstated lien unstated | n/a | n/a | ||
| H••••••• H•••••, L.P. | revolver lien unstated | n/a | n/a | ||
| L••••••••• | revolver lien unstated | n/a | n/a | ||
| N•••••• Partners, Inc. | revolver second lien | n/a | n/a | ||
| L• P•••••••• B••••• I•• | delayed draw term loan lien unstated | n/a | n/a | ||
| S••••••••• G••••• I••. | revolver lien unstated | n/a | n/a | ||
| A•••••• I••••••••• H•••••••• I••. | revolver lien unstated | n/a | n/a | ||
| S•••••• B••••••• B••••••• C•. C••••••• Services | revolver lien unstated | n/a | n/a | SOFR+475 bp | Dec 27, 2030 |
| H••••• U• B•••• L•••••• | revolver lien unstated | n/a | n/a | ||
| C•••••••• B•••• L•• | delayed draw term loan lien unstated | n/a | n/a | ||
| Total Unfunded Commitments | unstated lien unstated | n/a | n/a |
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