DFX Intelligence
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K•••• D• 2•••• I•••
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 · 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, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $4.58Mon 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••••••••• → - $1.39Mnewly 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.
- 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 → 15loans 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.
- $947M → $331Mfair value, 4 quarters
Its portfolio shrank 65% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1850787 · file 814-01393ShowHide
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
6
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 quartersShow fewer
| 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
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- 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
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
Largest facilities held, with co-lenders
- E••••••••• F••••••• C••••••• L•• first lien term loan2 BDCs hold it · matures Nov 1, 2027$6.8M 101c
- G•••••• C•••• G••••• L•• first lien term loan2 BDCs hold it · matures May 3, 2027$6.7M 101c
- W••• B••••• I•• first lien term loan6 BDCs hold it · matures Apr 10, 2031$6.7M 101c
- G••••• P••••••• S••••••••• D•••••• L•• first lien delayed draw term loan2 BDCs hold it · matures Nov 24, 2026$6.2M 100c
- L•••• W••• D••••• M••••••••• L•• first lien term loan3 BDCs hold it · matures Jun 30, 2029$6.1M 102c
- O••••• B••••••• L•• first lien term loan3 BDCs hold it · matures Jan 3, 2030$6.1M 102c
- C••• G•••• I•• first lien term loan2 BDCs hold it · matures Sep 24, 2029$5.9M 99c
- J• • K• I••••••••• L•• first lien term loan2 BDCs hold it · matures Nov 16, 2028 · possible sponsor S• C•••••• P•••••••$5.9M 101c
- T• A•••• M••••• S•• C••• first lien term loan2 BDCs hold it · matures Jun 30, 2031$5.9M 102c
- V•••••• S•••••• first lien term loan2 BDCs hold it · matures Dec 22, 2028$5.8M 101c
- E••••••••• S•••••••• L•• first lien term loan2 BDCs hold it · matures Jan 18, 2029 · possible sponsor M•••••• C•••••• M••••••••• L•••$5.6M 102c
- B• P•• P••••••• L•• first lien term loan4 BDCs hold it · matures Dec 14, 2027$5.3M 99c
Schedule of investments at Mar 31, 2026
227 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•••• B•••• L•• C••••••••• services & supplies | revolver first lien | $0 | $0 | SOFR+500 bp | Nov 15, 2030 |
| T•• R•••••••• C•••••• C••••••••• & packaging | delayed draw term loan first lien | $0 | $0 | SOFR+600 bp | May 10, 2029 |
| L•• I••••••••• L•• H••••• care equipment & supplies | revolver first lien | $0 | $0 | SOFR+726 bp | Nov 3, 2027 |
| L•• I••••••••• L•• H••••• care equipment & supplies | delayed draw term loan first lien | $0 | $0 | SOFR+726 bp | Nov 3, 2027 |
| A••••••• E•••••••• H••••••• L•• C••••••••• services & supplies | delayed draw term loan first lien | $0 | $0 | SOFR+500 bp | May 5, 2028 |
| B••••••••• L•• H••••• care providers & services | delayed draw term loan first lien | $0 | $0 | SOFR+475 bp | Dec 14, 2029 |
| B••••••••• L•• H••••• care providers & services | revolver first lien | $0 | $0 | SOFR+475 bp | Dec 14, 2029 |
| L••••••• A••••••••• C••••••••• ••• D••••••••• | revolver first lien | $0 | $0 | SOFR+550 bp | Jan 24, 2030 |
| e•• I••••••••• • C••• B••••• L•• ••••••••• C••••• F••••• • F••••••••• F••• products | revolver first lien | $0 | $0 | SOFR+500 bp | Feb 26, 2030 |
| D••• F••• C•••••••• I••• C••••••••• & packaging | term loan first lien | $0 | $0 | SOFR+615 bp | Dec 5, 2026 |
| C•• I••••••••• H•••••••• L•• ••••••• M•••••• T••••••••• M•••••••• | revolver first lien | $0 | $0 | SOFR+550 bp | Mar 29, 2030 |
| R••• R•••••• B••••• L•• B••••••• products | delayed draw term loan first lien | $0 | $0 | SOFR+500 bp | Nov 19, 2029 |
| P•••••• T•••• A••••••••• C••• •••••• C••••••••• & packaging | revolver first lien | $0 | $0 | SOFR+525 bp | Jan 1, 2032 |
| C•••• B•••••• L•• H•••••••• durables | delayed draw term loan first lien | $0 | $0 | SOFR+500 bp | Apr 2, 2031 |
| U••••• T•••••••• L•• M•••••••• | revolver first lien | $0 | $0 | SOFR+450 bp | Aug 29, 2031 |
| J•• I••••••••• L•• F••• products | delayed draw term loan first lien | $0 | $0 | SOFR+500 bp | Nov 16, 2028 |
| A••••••• E•••••••• H••••••• L•• C••••••••• services & supplies | delayed draw term loan first lien | $0 | $0 | SOFR+500 bp | May 5, 2028 |
| A••••••• E•••••••• H••••••• L•• C••••••••• services & supplies | delayed draw term loan first lien | $0 | $0 | SOFR+500 bp | May 5, 2028 |
| R•••••• M••••••••• S•••••••• L•• H••••• care providers & services | revolver first lien | $0 | $0 | SOFR+500 bp | Feb 14, 2029 |
| P• B••••• H••••••• I••• I••• P••••••• care products | revolver first lien | $0 | $0 | SOFR+550 bp | Sep 28, 2027 |
| S••• D••••• C••••••••• L•• H••••• care providers & services | delayed draw term loan first lien | $0 | $0 | SOFR+685 bp | Feb 15, 2028 |
| I••••••••• D••••••••• L•• H••••• care providers & services | revolver first lien | $0 | $0 | Prime+650 bp | Aug 1, 2030 |
| E•• O••• 1• L•• •••••••• V•••••••• H••••• care equipment & supplies | revolver first lien | $0 | $0 | SOFR+500 bp | Mar 26, 2031 |
| E•• O••• 1• L•• •••••••• V•••••••• H••••• care equipment & supplies | delayed draw term loan first lien | $0 | $0 | SOFR+500 bp | Mar 26, 2031 |
| T• A•••• M••••• S•• C•••• •••• C•••••••• | revolver first lien | $0 | $0 | SOFR+500 bp | Jun 30, 2031 |
| A••••• C••••• S••••••• L•• I•••••••• | revolver first lien | $0 | $0 | SOFR+535 bp | Jul 7, 2027 |
| I••••••••• i• M•••• M••••• F•••• • M••••• S•••••• I••••••••• | unstated lien unstated | Not disclosed | Not disclosed |
Page 3 of 3Previous
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