DFX Intelligence

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K•••• D• 2•••• I•••

Business development companymanaged by K• C••••• A••••••• I•• L••Non-traded· HOUSTON, TX

A non-traded business development company, managed by K• C••••• A••••••• I•• L••, holding $331M across 87 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: $331M
Borrowers: 87
Mark on cost: 99.9¢
First lien: 100%

Schedule of investments (240)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$4.58M
on non-accrual, 2 borrowers
2 borrowers on non-accrual, $4.58M principal; the largest is A••••••• S••••• C••••••• I••••••••• ($3.19M).
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 A••••••• S••••• C••••••• I••••••••• →
$1.39M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $1.39M principal: D•••••••• I••••••••• L•• ($1.39M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open D•••••••• I••••••••• L•• →
4 below 80¢
$5.77M principal
4 positions across 2 borrowers marked below 80¢ on cost, $5.77M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
10 → 15
loans paying in kind
Loans paying in kind rose from 10 to 15 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
$947M → $331M
fair value, 4 quarters
Its portfolio shrank 65% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1850787 · file 814-01393Show

Fair value

$331M

as of Jun 30, 2026

Principal held

$334M

debt pieces, the filer's figure

Cost

$330M

100c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

240

87 borrowers

First lien

100%

100% debt by fair value

Quarters on the tape

since Dec 31, 2024

Facilities held

187

13 sponsors financed

Portfolio through time

Fair value by quarter end$331M as of Jun 30, 2026

Dec 31, 2024$1.1B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$331M	87	100c	15	559 bp
Mar 31, 2026	$317M	83	100c	10	572 bp
Dec 31, 2025	$1.3B	162	101c	30	562 bp
Sep 30, 2025	$989M	84	101c	15	564 bp

All 6 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$947M	84	101c	13	564 bp
Dec 31, 2024	$1.1B	71	102c	12	590 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

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
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

E••••••••• F••••••• C••••••• L•• first lien term loan
2 BDCs hold it · matures Nov 1, 2027
$6.8M 101c
G•••••• C•••• G••••• L•• first lien term loan
2 BDCs hold it · matures May 3, 2027
$6.7M 101c
W••• B••••• I•• first lien term loan
6 BDCs hold it · matures Apr 10, 2031
$6.7M 101c
G••••• P••••••• S••••••••• D•••••• L•• first lien delayed draw term loan
2 BDCs hold it · matures Nov 24, 2026
$6.2M 100c
L•••• W••• D••••• M••••••••• L•• first lien term loan
3 BDCs hold it · matures Jun 30, 2029
$6.1M 102c
O••••• B••••••• L•• first lien term loan
3 BDCs hold it · matures Jan 3, 2030
$6.1M 102c
C••• G•••• I•• first lien term loan
2 BDCs hold it · matures Sep 24, 2029
$5.9M 99c
J• • K• I••••••••• L•• first lien term loan
2 BDCs hold it · matures Nov 16, 2028 · possible sponsor S• C•••••• P•••••••
$5.9M 101c
T• A•••• M••••• S•• C••• first lien term loan
2 BDCs hold it · matures Jun 30, 2031
$5.9M 102c
V•••••• S•••••• first lien term loan
2 BDCs hold it · matures Dec 22, 2028
$5.8M 101c
E••••••••• S•••••••• L•• first lien term loan
2 BDCs hold it · matures Jan 18, 2029 · possible sponsor M•••••• C•••••• M••••••••• L•••
$5.6M 102c
B• P•• P••••••• L•• first lien term loan
4 BDCs hold it · matures Dec 14, 2027
$5.3M 99c

Schedule of investments at Sep 30, 2025

239 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
P••••••••• s••••••••• S•••••••• L••	term loan first lien	$21,000	$22,000 733c	S+575 bp	Jan 18, 2029
B••••••• p••••••••• R•••••• B••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+500 bp	Nov 19, 2029
C••••••••• • p••••••••• F••• C•••••••• I•••	term loan first lien	Not disclosed	Not disclosed	S+615 bp	Dec 5, 2026
F••• p••••••••• P•••••• A••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+250 bp PIK 5.25%	Jan 18, 2029
P••••••• c••• p••••••••• Y• B••••• I••• ••••• B••••••	revolver first lien	Not disclosed	Not disclosed	S+475 bp	May 31, 2030
F••• p••••••••• L••• D••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+626 bp	Aug 31, 2028
C••••••••• s••••••• • s••••••••• I••••••••• L•• •••••••• S•••••••••	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Dec 18, 2029
H•••••••• d••••••••• B•••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+525 bp	Apr 2, 2031
I••••••••• C••••• S••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp	Jul 7, 2027
p•••••••• • s••••••••• D•••••••• P••••••• M••••••••• L•• H••••• care	revolver first lien	Not disclosed	Not disclosed	S+561 bp	Aug 20, 2027
p•••••••• • s••••••••• D••••••••• L•• H••••• care	delayed draw term loan first lien	Not disclosed	Not disclosed	S+650 bp	Aug 1, 2030
M••••••••• T•••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp	Aug 29, 2031
M••••••••• S••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Feb 4, 2030
s••••••••• I••••••••• L•• H••••• care equipment	delayed draw term loan first lien	Not disclosed	Not disclosed	S+726 bp	Nov 3, 2027
H•••••••• d••••••••• B•••••• L••	revolver first lien	Not disclosed	Not disclosed	S+525 bp	Apr 2, 2031
s••••••••• O••• 1• L•• •••••••• V•••••••• H••••• care equipment	delayed draw term loan first lien	Not disclosed	Not disclosed	S+475 bp	Mar 26, 2031
S••••••• I••• L•••••• products	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Dec 31, 2025
B••••••• p••••••••• R•••••• B••••• L••	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Nov 19, 2029
B••••••••• C••••••••• •••••••	revolver first lien	Not disclosed	Not disclosed	S+710 bp	Dec 21, 2028
C••••••••• s••••••• • s••••••••• B•••• L••	revolver first lien	Not disclosed	Not disclosed	S+475 bp	Nov 15, 2030
C••••••••• • p••••••••• P•••••••• B••••• I••• ••••••• B•••	revolver first lien	Not disclosed	Not disclosed	S+625 bp	Oct 30, 2028
F••• p••••••••• B••••• L•• ••••••••• C••••• F••••• • F••••••• L•••	revolver first lien	Not disclosed	Not disclosed	S+500 bp	Feb 26, 2030
C••••••••• • p••••••••• R•••••••• C••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+600 bp	May 10, 2029
T•••••• c•••••••• • d••••••••• A••••••••• C••••••••• ••• W••••••••)	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Jan 24, 2030
L•••••• p••••••••• P•••• G•••• C••••	revolver first lien	Not disclosed	Not disclosed	S+625 bp	Apr 22, 2026
M••••••••• K••••••• A••••••••• L•• ••••••••• H•••••• S•••••••••	revolver first lien	Not disclosed	Not disclosed	S+650 bp	Dec 18, 2029
p•••••••• • s••••••••• D••••••••• L•• H••••• care	delayed draw term loan first lien	Not disclosed	Not disclosed	S+650 bp	Aug 1, 2030
C••••••••• s••••••• • s••••••••• E•••••••• H••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+643 bp	May 5, 2028
p•••••••• • s••••••••• D••••• C••••••••• L•• H••••• care	delayed draw term loan first lien	Not disclosed	Not disclosed	S+675 bp	Feb 15, 2028
s••••••••• I••••••••• L•• H••••• care equipment	revolver first lien	Not disclosed	Not disclosed	S+726 bp	Nov 3, 2027
P••••••••• s••••••••• S•••••••• L••	term loan first lien	Not disclosed	Not disclosed	S+575 bp	Jan 18, 2029
s••••••••• O••• 1• L•• •••••••• V•••••••• H••••• care equipment	revolver first lien	Not disclosed	Not disclosed	S+475 bp	Mar 26, 2031
M••••••••• B••••• I••• ••• T••••••••• I••••••••• I••••	revolver first lien	Not disclosed	Not disclosed	S+575 bp	Apr 24, 2031
H•••••••• d••••••••• H••••••• A•• C••••••••• • R••••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Feb 4, 2031
p•••••••• • s••••••••• T••••••••• S••••••• C••••••••• H••••• care	revolver first lien	Not disclosed	Not disclosed	S+600 bp	Jun 20, 2030
p•••••••• • s••••••••• H•••••••• L•• ••••••••• A••••••••• H••••• care	delayed draw term loan first lien	Not disclosed	Not disclosed	S+500 bp	Dec 18, 2030
F••• p••••••••• I••••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+500 bp	Nov 16, 2028
C••••••••• s••••••• • s••••••••• I••••••••• L•• •••••••• S•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+550 bp	Dec 18, 2029
T•••••• c•••••••• • d••••••••• A••••••••• I••• ••••••••	revolver first lien	Not disclosed	Not disclosed	S+550 bp	Dec 27, 2029

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2021 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-342417reported