DFX Intelligence

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W•• F••• X• I•••

Business development companymanaged by W•••••• T••••••••• I••••••••• ••••Non-traded· PORTOLA VALLEY, CA

A non-traded business development company, managed by W•••••• T••••••••• I••••••••• ••••, holding $324M across 109 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: $324M
Borrowers: 109
Mark on cost: 89.7¢
First lien: 100%

Schedule of investments (176)Quarter by quarter Sponsors

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

What matters now

27 below 80¢
$73.8M principal
27 positions across 27 borrowers marked below 80¢ on cost, $73.8M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
$426M → $324M
fair value, 4 quarters
Its portfolio shrank 24% 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 1850938 · file 814-01414Show

Fair value

$324M

as of Jun 30, 2026

Principal held

$402M

debt pieces, the filer's figure

Cost

$362M

90c on cost, debt pieces

Unfunded

$85.8M

commitments not yet drawn

Positions

176

109 borrowers

First lien

100%

100% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

123

2 sponsors financed

Portfolio through time

Fair value by quarter end$324M as of Jun 30, 2026

Dec 31, 2022$268M then

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2026	$324M	109	90c	n/a
Mar 31, 2026	$335M	108	91c	n/a
Dec 31, 2025	$398M	114	92c	n/a
Sep 30, 2025	$408M	122	92c	n/a

All 15 quarters

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2025	$426M	127	92c	n/a
Mar 31, 2025	$452M	132	93c	n/a
Dec 31, 2024	$871M	133	94c	n/a
Sep 30, 2024	$430M	139	93c	n/a
Jun 30, 2024	$381M	138	93c	n/a
Mar 31, 2024	$395M	140	96c	n/a
Dec 31, 2023	$447M	141	96c	n/a
Sep 30, 2023	$370M	135	96c	n/a
Jun 30, 2023	$328M	128	98c	n/a
Mar 31, 2023	$300M	117	98c	n/a
Dec 31, 2022	$268M	111	98c	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 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
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
New borrower on a BDC scheduleMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

M••••• M•••• I•• first lien term loan
2 BDCs hold it
$28.5M 100c
U•••• L••• I•• first lien term loan
2 BDCs hold it
$24.0M 100c
H••••• G••••• E••••••••• I•• first lien term loan
1 BDC hold it
$23.3M 134c
G••••••••• I•• first lien term loan
1 BDC hold it
$20.4M 50c
N••••••• E••••••••• I•• first lien term loan
1 BDC hold it
$15.6M 100c
I••••••••• L•• first lien term loan
2 BDCs hold it
$12.4M 100c
N••••••••• I•• first lien term loan
1 BDC hold it
$10.7M 100c
B••••••• D••••• L•• first lien term loan
2 BDCs hold it
$10.6M 100c
S••• S••••••••• I•• first lien term loan
2 BDCs hold it
$8.9M 100c
L••• T••••••••• I•• first lien term loan
2 BDCs hold it
$8.6M 100c
K••• H••••••• L•••••• first lien term loan
2 BDCs hold it
$8.6M 100c
R••••• F•••• first lien term loan
1 BDC hold it · possible sponsor S•• V•••••••
$8.0M 100c

Schedule of investments at Dec 31, 2024

454 positions

Borrower	Instrument	Principal	Fair value	Rate
P••••••••• I•••	term loan first lien	$1.0M	$915,823 100c	13.00%
D•• S••••• I•••	term loan first lien	$1.3M	$912,688 100c	10.00%
D•• S••••• I•••	term loan first lien	$1.3M	$912,688 100c	10.00%
P•••• P•••••• I•••	term loan first lien	$1.2M	$908,556 96c	12.40%
P•••• P•••••• I•••	term loan first lien	$1.2M	$908,556 96c	12.40%
C•••••• L••••••	term loan first lien	$974,464	$892,765 100c	12.80%
C•••••• L••••••	term loan first lien	$974,464	$892,765 100c	12.80%
A••••• C•••••••••	term loan first lien	$885,386	$885,383 100c	10.50%
A••••• C•••••••••	term loan first lien	$885,386	$885,383 100c	10.50%
A••••• C•••••••••	term loan first lien	$885,386	$864,939 100c	10.50%
A••••• C•••••••••	term loan first lien	$885,386	$864,939 100c	10.50%
R•••• T••••••••• I•••	term loan first lien	$848,283	$839,947 100c	11.00%
R•••• T••••••••• I•••	term loan first lien	$848,283	$839,947 100c	11.00%
B••••••••• I•••	term loan first lien	$855,937	$832,582 100c	13.30%
B••••••••• I•••	term loan first lien	$855,937	$832,582 100c	13.30%
C••••• S••• I••	term loan first lien	$854,040	$829,969 100c	11.00%
C••••• S••• I••	term loan first lien	$854,040	$829,969 100c	11.00%
T•••••••• L•••	term loan first lien	$1.0M	$815,345 100c	13.30%
T•••••••• L•••	term loan first lien	$1.0M	$815,345 100c	13.30%
E•••••••• I•••	term loan first lien	$1.1M	$792,024 72c	12.00%
E•••••••• I•••	term loan first lien	$1.1M	$792,024 72c	12.00%
S•••••• F•••••• G•••• A••	term loan first lien	$806,109	$767,887 100c	15.00%
S•••••• F•••••• G•••• A••	term loan first lien	$806,109	$767,887 100c	15.00%
L•••••••• S•••••••• P••• L•••	term loan first lien	$764,101	$755,548 100c	12.80%
L•••••••• S•••••••• P••• L•••	term loan first lien	$764,101	$755,548 100c	12.80%
V•••• H••••••• I•••	term loan first lien	$748,772	$739,470 100c	11.80%
V•••• H••••••• I•••	term loan first lien	$748,772	$739,470 100c	11.80%
A•••••••• I•••	term loan first lien	$747,254	$739,369 100c	12.50%
A•••••••• I•••	term loan first lien	$747,254	$739,369 100c	12.50%
J••• M•••••• I•••	term loan first lien	$750,000	$729,593 100c	12.50%
J••• M•••••• I•••	term loan first lien	$750,000	$729,593 100c	12.50%
M••• M••••• I•••	term loan first lien	$1.2M	$728,914 59c	11.50%
M••• M••••• I•••	term loan first lien	$1.2M	$728,914 59c	11.50%
C•••••• L••••••	term loan first lien	$740,000	$726,600 100c	12.80%
C•••••• L••••••	term loan first lien	$740,000	$726,600 100c	12.80%
G••• W••••• L••	term loan first lien	$750,000	$724,141 100c	12.00%
G••• W••••• L••	term loan first lien	$750,000	$724,141 100c	12.00%
V•••• H••••••• I•••	term loan first lien	$748,772	$722,566 100c	11.80%
V•••• H••••••• I•••	term loan first lien	$748,772	$722,566 100c	11.80%
B•••••• L••••••	term loan first lien	$735,178	$706,249 100c	13.50%
B•••••• L••••••	term loan first lien	$735,178	$706,249 100c	13.50%
M••• G•••• G•••	term loan first lien	$2.5M	$699,654 31c	13.80%
M••• G•••• G•••	term loan first lien	$2.5M	$699,654 31c	13.80%
J••• M•••••• I•••	term loan first lien	$750,000	$682,392 100c	12.50%
J••• M•••••• I•••	term loan first lien	$750,000	$682,392 100c	12.50%
C•••••• L••••••	term loan first lien	$648,000	$639,797 100c	12.80%
C•••••• L••••••	term loan first lien	$648,000	$639,797 100c	12.80%
C•••••• L••••••	term loan first lien	$633,000	$622,172 100c	12.80%
C•••••• L••••••	term loan first lien	$633,000	$622,172 100c	12.80%
F••••••••• T••••••••• I•••	term loan first lien	$640,496	$617,606 100c	13.50%
F••••••••• T••••••••• I•••	term loan first lien	$640,496	$617,606 100c	13.50%
R••• G••••••• I•••	term loan first lien	$1.4M	$616,757 51c	11.80%
R••• G••••••• I•••	term loan first lien	$1.4M	$616,757 51c	11.80%
2••• S•••••• I•••	term loan first lien	$642,562	$606,638 100c	13.80%
2••• S•••••• I•••	term loan first lien	$642,562	$606,638 100c	13.80%
C••••• T••••••••• C••••	term loan first lien	$610,420	$595,815 100c	13.50%
C••••• T••••••••• C••••	term loan first lien	$610,420	$595,815 100c	13.50%
T•••••• I•••	term loan first lien	$750,000	$578,988 100c	12.30%
T•••••• I•••	term loan first lien	$750,000	$578,988 100c	12.30%
C•••••• L••••••	term loan first lien	$592,000	$578,965 100c	12.80%
C•••••• L••••••	term loan first lien	$592,000	$578,965 100c	12.80%
B•••• R••••• I•••	term loan first lien	$555,118	$550,451 100c	12.00%
B•••• R••••• I•••	term loan first lien	$555,118	$550,451 100c	12.00%
A••••• I•••	term loan first lien	$957,356	$548,094 60c	12.80%
A••••• I•••	term loan first lien	$957,356	$548,094 60c	12.80%
H••••••••• I•••	term loan first lien	$809,810	$546,129 70c	12.30%
H••••••••• I•••	term loan first lien	$809,810	$546,129 70c	12.30%
C••••• T••••••••• C••••	term loan first lien	$547,212	$541,475 100c	15.00%
C••••• T••••••••• C••••	term loan first lien	$547,212	$541,475 100c	15.00%
C•••••• L••••••	term loan first lien	$550,000	$539,088 100c	12.80%
C•••••• L••••••	term loan first lien	$550,000	$539,088 100c	12.80%
N••••••••• I•••	term loan first lien	$750,000	$525,381 100c	14.00%
N••••••••• I•••	term loan first lien	$750,000	$525,381 100c	14.00%
C••••••• I•••	term loan first lien	$527,766	$518,629 100c	12.00%
C••••••• I•••	term loan first lien	$527,766	$518,629 100c	12.00%
O•••••••• I•••	term loan first lien	$532,509	$513,976 100c	12.30%
O•••••••• I•••	term loan first lien	$532,509	$513,976 100c	12.30%
P••••• I•••	term loan first lien	$508,460	$508,460 100c	12.80%
P••••• I•••	term loan first lien	$508,460	$508,460 100c	12.80%
P••••• I•••	term loan first lien	$507,469	$495,929 100c	12.50%
P••••• I•••	term loan first lien	$507,469	$495,929 100c	12.50%
W•••• W••••• I•• I•••	term loan first lien	$600,000	$491,137 100c	12.50%
W•••• W••••• I•• I•••	term loan first lien	$600,000	$491,137 100c	12.50%
B••••••• C•••• L••	term loan first lien	$2.0M	$486,606 27c	14.00%
B••••••• C•••• L••	term loan first lien	$2.0M	$486,606 27c	14.00%
C•••••• L••••••	term loan first lien	$487,500	$481,407 100c	12.80%
C•••••• L••••••	term loan first lien	$487,500	$481,407 100c	12.80%
C•••••• L••••••	term loan first lien	$487,500	$480,474 100c	12.80%
C•••••• L••••••	term loan first lien	$487,500	$480,474 100c	12.80%
B•••••• L••••••	term loan first lien	$485,899	$477,566 100c	13.80%
B•••••• L••••••	term loan first lien	$485,899	$477,566 100c	13.80%
C•••••• L••••••	term loan first lien	$485,000	$474,917 100c	12.80%
C•••••• L••••••	term loan first lien	$485,000	$474,917 100c	12.80%
T•••• H••••• • S••••••• T••••••••• I•••	term loan first lien	$445,279	$439,569 100c	12.00%
T•••• H••••• • S••••••• T••••••••• I•••	term loan first lien	$445,279	$439,569 100c	12.00%
C•••••• L••••••	term loan first lien	$444,128	$437,777 100c	15.50%
C•••••• L••••••	term loan first lien	$444,128	$437,777 100c	15.50%
B•••••• L••••••	term loan first lien	$428,375	$421,974 100c	13.80%
B•••••• L••••••	term loan first lien	$428,375	$421,974 100c	13.80%
T••••••• A•••• I•••	term loan first lien	$669,230	$420,442 61c	12.00%

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Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001850938-26-000012reported