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
T••••••• A•••• I•••	term loan first lien	$669,230	$420,442 61c	12.00%
C•••••• L••••••	term loan first lien	$465,000	$413,287 100c	12.80%
C•••••• L••••••	term loan first lien	$465,000	$413,287 100c	12.80%
S•••••••• I•••	term loan first lien	$415,527	$410,093 100c	16.00%
S•••••••• I•••	term loan first lien	$415,527	$410,093 100c	16.00%
W•••• W••••• I•• I•••	term loan first lien	$400,000	$410,046 100c	12.50%
W•••• W••••• I•• I•••	term loan first lien	$400,000	$410,046 100c	12.50%
C••••• S••• I••	term loan first lien	$364,513	$364,510 100c	11.00%
C••••• S••• I••	term loan first lien	$364,513	$364,510 100c	11.00%
J•••• P••••••• I•••	term loan first lien	$366,753	$358,529 100c	13.00%
J•••• P••••••• I•••	term loan first lien	$366,753	$358,529 100c	13.00%
O•••••••• P••••••• I•••	term loan first lien	$500,000	$345,420 100c	13.50%
O•••••••• P••••••• I•••	term loan first lien	$500,000	$345,420 100c	13.50%
F••• R••••••• I•••	term loan first lien	$348,469	$345,326 100c	11.00%
F••• R••••••• I•••	term loan first lien	$348,469	$345,326 100c	11.00%
J••• M•••••• I•••	term loan first lien	$338,922	$334,592 100c	15.50%
J••• M•••••• I•••	term loan first lien	$338,922	$334,592 100c	15.50%
T••••••••• I•••	term loan first lien	$331,703	$331,703 100c	11.50%
T••••••••• I•••	term loan first lien	$331,703	$331,703 100c	11.50%
C••••••••• I•••	term loan first lien	$672,950	$328,349 54c	13.80%
C••••••••• I•••	term loan first lien	$672,950	$328,349 54c	13.80%
T••••••••• I•••	term loan first lien	$331,656	$326,875 100c	11.50%
T••••••••• I•••	term loan first lien	$331,656	$326,875 100c	11.50%
C•••••• L••••••	term loan first lien	$327,018	$319,831 100c	11.80%
C•••••• L••••••	term loan first lien	$327,018	$319,831 100c	11.80%
O••• H••••••• C••	term loan first lien	$317,157	$317,157 100c	11.30%
O••• H••••••• C••	term loan first lien	$317,157	$317,157 100c	11.30%
F••• R••••••• I•••	term loan first lien	$316,562	$313,999 100c	11.00%
F••• R••••••• I•••	term loan first lien	$316,562	$313,999 100c	11.00%
R•••• T••••••••• I•••	term loan first lien	$306,717	$303,661 100c	11.00%
R•••• T••••••••• I•••	term loan first lien	$306,717	$303,661 100c	11.00%
S•••••• I•••••••• I•••	term loan first lien	$299,051	$296,895 100c	12.00%
S•••••• I•••••••• I•••	term loan first lien	$299,051	$296,895 100c	12.00%
O••• I•••	term loan first lien	$273,217	$270,883 100c	14.80%
O••• I•••	term loan first lien	$273,217	$270,883 100c	14.80%
O••• I•••	term loan first lien	$271,270	$263,850 100c	13.50%
O••• I•••	term loan first lien	$271,270	$263,850 100c	13.50%
J•••• P••••••• I•••	term loan first lien	$264,681	$261,019 100c	15.80%
J•••• P••••••• I•••	term loan first lien	$264,681	$261,019 100c	15.80%
P••••••••• T••••••••• I•••	term loan first lien	$261,096	$257,207 100c	12.00%
P••••••••• T••••••••• I•••	term loan first lien	$261,096	$257,207 100c	12.00%
H•••••• H••••• I•••	term loan first lien	$1.2M	$253,305 27c	12.50%
H•••••• H••••• I•••	term loan first lien	$1.2M	$253,305 27c	12.50%
F••• R••••••• I•••	term loan first lien	$250,709	$249,109 100c	11.00%
F••• R••••••• I•••	term loan first lien	$250,709	$249,109 100c	11.00%
G••••••• I•••	term loan first lien	$243,895	$240,305 100c	11.50%
G••••••• I•••	term loan first lien	$243,895	$240,305 100c	11.50%
J•••• P••••••• I•••	term loan first lien	$237,698	$234,650 100c	15.30%
J•••• P••••••• I•••	term loan first lien	$237,698	$234,650 100c	15.30%
Z••• T••••••••• I•••	term loan first lien	$251,129	$233,996 100c	10.00%
Z••• T••••••••• I•••	term loan first lien	$251,129	$233,996 100c	10.00%
K••••• L•••••••• I•••	term loan first lien	$231,496	$228,325 100c	11.50%
K••••• L•••••••• I•••	term loan first lien	$231,496	$228,325 100c	11.50%
A••••• S••••••• I•••	term loan first lien	$222,179	$218,418 100c	12.00%
A••••• S••••••• I•••	term loan first lien	$222,179	$218,418 100c	12.00%
R••••• I•••	term loan first lien	$220,000	$213,284 100c	14.40%
R••••• I•••	term loan first lien	$220,000	$213,284 100c	14.40%
C•••••••• I•••	term loan first lien	$392,046	$211,951 59c	15.00%
C•••••••• I•••	term loan first lien	$392,046	$211,951 59c	15.00%
F••• R••••••• I•••	term loan first lien	$216,860	$209,140 100c	11.00%
F••• R••••••• I•••	term loan first lien	$216,860	$209,140 100c	11.00%
L•••••••• S•••••••• P••• L•••	term loan first lien	$217,628	$201,948 100c	11.50%
L•••••••• S•••••••• P••• L•••	term loan first lien	$217,628	$201,948 100c	11.50%
H•••• H••••••• I•••	term loan first lien	$379,142	$165,361 46c	13.00%
H•••• H••••••• I•••	term loan first lien	$379,142	$165,361 46c	13.00%
V•••••• H•••••••• I•••	term loan first lien	$166,629	$165,055 100c	12.30%
V•••••• H•••••••• I•••	term loan first lien	$166,629	$165,055 100c	12.30%
V•••••••• I•••	term loan first lien	$153,163	$153,163 100c	15.00%
V•••••••• I•••	term loan first lien	$153,163	$153,163 100c	15.00%
K••• I•••	term loan first lien	$160,491	$152,256 100c	14.00%
K••• I•••	term loan first lien	$160,491	$152,256 100c	14.00%
V•••••••• I•••	term loan first lien	$152,975	$145,097 100c	14.80%
V•••••••• I•••	term loan first lien	$152,975	$145,097 100c	14.80%
Y••• B••••••••• I•••	term loan first lien	$151,845	$143,005 100c	13.30%
Y••• B••••••••• I•••	term loan first lien	$151,845	$143,005 100c	13.30%
C•••••• L••••••	term loan first lien	$136,025	$134,790 100c	14.00%
C•••••• L••••••	term loan first lien	$136,025	$134,790 100c	14.00%
R•••• T••••••••• I•••	term loan first lien	$128,333	$112,710 100c	11.00%
R•••• T••••••••• I•••	term loan first lien	$128,333	$112,710 100c	11.00%
S••••••• G••••• I•••	term loan first lien	$393,526	$90,000 27c	14.30%
S••••••• G••••• I•••	term loan first lien	$393,526	$90,000 27c	14.30%
H•••• I•••	term loan first lien	$242,433	$89,505 100c	13.50%
H•••• I•••	term loan first lien	$242,433	$89,505 100c	13.50%
P••••••••• I•••	term loan first lien	$76,300	$74,791 100c	14.30%
P••••••••• I•••	term loan first lien	$76,300	$74,791 100c	14.30%
S•••••• I•••••••• I•••	term loan first lien	$74,796	$74,541 100c	12.00%
S•••••• I•••••••• I•••	term loan first lien	$74,796	$74,541 100c	12.00%
N••••• I•••	term loan first lien	$62,623	$62,445 100c	12.00%
N••••• I•••	term loan first lien	$62,623	$62,445 100c	12.00%
B••• I••••••••• ••••••• L••••••	term loan first lien	$56,953	$56,666 100c	12.00%
B••• I••••••••• ••••••• L••••••	term loan first lien	$56,953	$56,666 100c	12.00%
P••••••••• I•••	term loan first lien	$59,550	$56,119 100c	13.80%
P••••••••• I•••	term loan first lien	$59,550	$56,119 100c	13.80%
P••••••••• I•••	term loan first lien	$47,093	$46,250 100c	12.00%
P••••••••• I•••	term loan first lien	$47,093	$46,250 100c	12.00%
P••••••••• I•••	term loan first lien	$45,953	$45,528 100c	12.00%
P••••••••• I•••	term loan first lien	$45,953	$45,528 100c	12.00%
M•••• W••• C••••••	term loan first lien	$37,667	$37,492 100c	11.80%
M•••• W••• C••••••	term loan first lien	$37,667	$37,492 100c	11.80%
P••••••••• I•••	term loan first lien	$32,637	$32,416 100c	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