DFX Intelligence
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N•••• H•••• P•••••• I••••• F••• L••
A non-traded business development company, managed by M• C•••••• P••••••• A•••••• I•••, holding $6.3B across 324 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
- $6.3B
- Borrowers
- 324
- Mark on cost
- 98.1¢
- First lien
- 97%
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
- $67.4Mon non-accrual, 4 borrowers
4 borrowers on non-accrual, $67.4M principal; the largest is B•• H••••••• I• C••• ($27.5M).
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 B•• H••••••• I• C••• → - $45Mnewly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $45M principal: B•• H••••••• I• C••• ($27.5M), S•••••••• L•• ($17.5M).
Q2 2026 · The newest credit problems in the book.
- 26 below 80¢$170M principal
26 positions across 24 borrowers marked below 80¢ on cost, $170M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 52 → 67loans paying in kind
Loans paying in kind rose from 52 to 67 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.
Every headline figure, and the identifiersCIK 1851322 · file 814-01489ShowHide
Fair value
$6.3B
as of Jun 30, 2026
Principal held
$6.3B
debt pieces, the filer's figure
Cost
$6.5B
98c on cost, debt pieces
Unfunded
$672M
commitments not yet drawn
Positions
1,112
324 borrowers
First lien
97%
97% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
638
54 sponsors financed
Portfolio through time
Fair value by quarter end$6.5B as of Jun 30, 2026
Dec 31, 2022$2.0B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $6.5B | 324 | 98c | 67 | 490 bp |
| Mar 31, 2026 | $6.8B | 325 | 98c | 52 | 488 bp |
| Dec 31, 2025 | $7.0B | 334 | 99c | 49 | 492 bp |
| Sep 30, 2025 | $6.7B | 325 | 99c | 46 | 499 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $6.8B | 335 | 99c | 52 | 500 bp |
| Mar 31, 2025 | $6.6B | 331 | 99c | 45 | 507 bp |
| Dec 31, 2024 | $14B | 329 | 100c | 84 | 515 bp |
| Sep 30, 2024 | $5.9B | 296 | 100c | 39 | 526 bp |
| Jun 30, 2024 | $4.4B | 259 | 99c | 28 | 527 bp |
| Mar 31, 2024 | $3.8B | 245 | 99c | 21 | 554 bp |
| Dec 31, 2023 | $3.2B | 219 | 99c | 21 | 563 bp |
| Sep 30, 2023 | $2.8B | 214 | 99c | 13 | 543 bp |
| Jun 30, 2023 | $2.6B | 210 | 98c | 7 | 539 bp |
| Mar 31, 2023 | $2.1B | 211 | 97c | 6 | 530 bp |
| Dec 31, 2022 | $2.0B | 209 | 96c | 5 | 535 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
Full timeline · 20 eventsShow fewer
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
Largest facilities held, with co-lenders
- I•••••••• M•••••••• A••••••••• L•• first lien term loan35 BDCs hold it · matures Aug 31, 2028 · possible sponsor S••••• L••• T••••••••• M••••••••• L••$111M 100c
- W•••• I•••••••• A••••••••• L•• first lien term loan21 BDCs hold it · matures Apr 30, 2030 · possible sponsor C••••••••• C•••••• P•••••••• L••$99.5M 101c
- V•• C••••••••• L•• first lien term loan13 BDCs hold it · matures Jun 29, 2029 · possible sponsor W••••••••• C•••••• I••••••••$91.5M 100c
- R•••••• S••••••• G••••• L•• first lien term loan15 BDCs hold it · matures Jun 16, 2032$90.9M 101c
- P••••• H••••• I••••••••• H•••••••• I•• first lien term loan14 BDCs hold it · matures Jun 3, 2030$84.4M 100c
- A••••••• I•• first lien term loan21 BDCs hold it · matures Jun 21, 2029$79.6M 100c
- G•••••••• I•• first lien term loan14 BDCs hold it · matures Jan 31, 2033 · possible sponsor H•••••• P•••••••• L•$78.4M 101c
- A•••••• I•• first lien term loan20 BDCs hold it · matures Jan 30, 2031$77.9M 99c
- M•• S••••••• L•• first lien term loan31 BDCs hold it · matures Feb 29, 2028$76.5M 100c
- D••••••• C••••••••• first lien term loan22 BDCs hold it · matures Aug 4, 2030 · possible sponsor L•• C•••••• M••••••••• L•••$76.0M 99c
- A•••••••• P••••••• L•• first lien term loan10 BDCs hold it · matures Nov 17, 2031$73.3M 100c
- D•••• first lien term loan19 BDCs hold it · matures Jul 21, 2029$71.8M 100c
Schedule of investments at Jun 30, 2024
683 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A•• G•••• H•••••••• I••• | unstated lien unstated | $1.5M | $1.5M 104c | S+550 bp | |
| F•••••••• O••••••••• L•• | unstated lien unstated | Not disclosed | $1.5M 100c | ||
| R•••••••• I••• | unstated lien unstated | Not disclosed | $1.5M 98c | S+1000 bp | |
| C•••••• I••••••••• I••• | revolver first lien | $1.5M | $1.5M 98c | S+550 bp | |
| I••• B••••• L•• | unstated lien unstated | $1.5M | $1.5M 102c | S+625 bp | |
| W•••• P•••• L•• | unstated lien unstated | $2.4M | $1.5M 60c | S+450 bp | |
| V• G••••• H•••••••• L•• | revolver first lien | $1.5M | $1.3M 92c | S+575 bp | |
| A•••••• G•••• H•••••••• L•• | delayed draw term loan first lien | $1.7M | $1.3M 77c | S+600 bp | |
| L••••••••• I••• | unstated lien unstated | $1.3M | $1.3M 102c | S+525 bp | |
| T•••••••• I••• | revolver first lien | $1.4M | $1.3M 98c | S+550 bp | |
| L••••••••• L•• | unstated lien unstated | $1.3M | $1.3M 106c | S+575 bp | |
| R••••• D••• S•••••••• | unstated lien unstated | Not disclosed | $1.2M 111c | ||
| H••••••••• I•••••••• A•••••• I••• | delayed draw term loan first lien | $1.2M | $1.2M 101c | S+550 bp | |
| J••••••• A••••••••• C•••••• | unstated lien unstated | $1.1M | $1.1M 102c | S+500 bp | |
| M•• S•••••••• L•• | unstated lien unstated | $1.1M | $1.1M 103c | S+550 bp | |
| C•• C••••••••• P•••••• L•• | unstated lien unstated | $1.4M | $1.1M 92c | S+550 bp | |
| L••••••••• S•••••••• L•• | delayed draw term loan lien unstated | $1.1M | $1.1M 101c | S+650 bp PIK 2.17% | |
| S•••• P••••••••• L•• | delayed draw term loan lien unstated | $1.0M | $1.0M 100c | S+575 bp | |
| S••••••• S••••• H••••••••• S•••••••• L•• | revolver lien unstated | $960,000 | $951,000 101c | S+500 bp | |
| T•••• B••••• I••• | unstated lien unstated | $984,000 | $938,000 97c | S+600 bp | Dec 2, 2025 |
| V••••••• B•••• H•••••••• L•• | delayed draw term loan first lien | $930,000 | $890,000 100c | S+700 bp PIK 2.00% | |
| V•••••••• L•• | unstated lien unstated | Not disclosed | $876,000 100c | S+1000 bp | |
| L••••••••• L•• | unstated lien unstated | $874,000 | $874,000 102c | S+575 bp | |
| E••• P••••••••• I••• | unstated lien unstated | $829,000 | $811,000 117c | S+550 bp | |
| K•••••• I••• | unstated lien unstated | $795,000 | $795,000 104c | S+600 bp PIK 2.50% | |
| A•••• A••••••••• C•••• | unstated lien unstated | $842,000 | $762,000 101c | S+525 bp | |
| K••• A••••••••• I••• | unstated lien unstated | $751,000 | $734,000 99c | S+425 bp | |
| L•• C•• W••• | unstated lien unstated | Not disclosed | $727,000 58c | ||
| R•••••• S••••••• G••••• L•• | delayed draw term loan lien unstated | $804,000 | $703,000 99c | S+625 bp | |
| R•••••• H•••••••• I••• | unstated lien unstated | $692,000 | $692,000 108c | S+625 bp | |
| E••••• L••• H••••••• C•••• | revolver first lien | $690,000 | $661,000 100c | S+500 bp | |
| C••••• U• 1• I••• | unstated lien unstated | $836,000 | $649,000 84c | S+500 bp | |
| C•• C••••••••• P•••••• L•• | unstated lien unstated | $726,000 | $648,000 102c | S+550 bp | |
| R•••••• I••••••••• | unstated lien unstated | $650,000 | $636,000 100c | S+625 bp | |
| G• A••••••••• I••• | unstated lien unstated | $618,000 | $618,000 105c | S+525 bp | |
| G• A••••••••• I••• | unstated lien unstated | $581,000 | $581,000 104c | S+525 bp | |
| R••••• M••••• S•• D•••• L•• | revolver first lien | $570,000 | $570,000 112c | S+550 bp | |
| I•••••••• M•••••• S•••••• I••••••••• | unstated lien unstated | $586,000 | $557,000 96c | S+650 bp | |
| S•••••• I••• | unstated lien unstated | $536,000 | $536,000 102c | S+575 bp | |
| A•••••• I••• | unstated lien unstated | $542,000 | $495,000 102c | S+525 bp | |
| L• A••••• H•••••••• L•• | unstated lien unstated | $471,000 | $458,000 104c | S+525 bp | |
| A•••••••• H•••••••• L•• | unstated lien unstated | Not disclosed | $437,000 160c | ||
| A•••• A••••••••• C•••• | unstated lien unstated | $1.2M | $415,000 67c | S+525 bp | |
| H•••••••• V••••••••• P•••••••• L•• | revolver first lien | $366,000 | $365,000 101c | S+1450 bp PIK 7.00% | |
| F•••••• H•••••••• L• •••••• | unstated lien unstated | Not disclosed | $363,000 100c | ||
| F•• H••••••• I••• | revolver first lien | $417,000 | $355,000 87c | S+525 bp | |
| K•••••• I••• | unstated lien unstated | $352,000 | $352,000 105c | S+600 bp PIK 2.50% | |
| P•••••• P••••• B••••• L•• | unstated lien unstated | $332,000 | $332,000 100c | S+600 bp | |
| G••••• B•••••••• L•• | unstated lien unstated | $366,000 | $328,000 99c | S+525 bp | |
| V••••• S•••••• P•••••••• L•• | unstated lien unstated | $359,000 | $327,000 108c | S+550 bp | |
| S••••••• B•••••• L•• | revolver first lien | $313,000 | $313,000 103c | S+650 bp | |
| P••••••••• F••• • S•••••• L•• | unstated lien unstated | $314,000 | $289,000 100c | S+450 bp | |
| R•••••• H•••••••• I••• | unstated lien unstated | $283,000 | $283,000 113c | S+625 bp | |
| S•••• M••••• L•• | delayed draw term loan lien unstated | $528,000 | $264,000 100c | ||
| C•••••• I••••••••• I••• | revolver first lien | $282,000 | $256,000 94c | S+550 bp | |
| S••••••• P•••••••• I••• I••• | unstated lien unstated | $250,000 | $239,000 100c | S+525 bp | |
| R•••••••• I••• | revolver first lien | $266,000 | $219,000 84c | S+575 bp | |
| S••••••• T••••• L• | unstated lien unstated | Not disclosed | $218,000 115c | ||
| M••••• C••••••••• A••••••• I••• | unstated lien unstated | $216,000 | $216,000 116c | S+550 bp | |
| A•• H•••• L•• | unstated lien unstated | $225,000 | $200,000 100c | S+500 bp | |
| M••••••• W••• H••••••• | revolver first lien | $223,000 | $187,000 86c | S+650 bp | |
| M•••••• B••••• I••• | revolver first lien | $174,000 | $174,000 131c | S+475 bp | |
| H•••••••• V••••••••• P•••••••• L•• | revolver first lien | $142,000 | $142,000 101c | S+1450 bp PIK 7.00% | |
| A•••••• T••••••••• L•• | unstated lien unstated | $136,000 | $135,000 103c | S+375 bp | |
| S•••••• I••• | unstated lien unstated | $129,000 | $129,000 103c | S+575 bp | |
| F••••• S•••••••• G••••• L•• | unstated lien unstated | $129,000 | $129,000 107c | S+550 bp | |
| G•••••••• I••• | unstated lien unstated | $135,000 | $120,000 214c | S+425 bp | |
| V•••• P••••••••• L•• | unstated lien unstated | $121,000 | $117,000 100c | S+525 bp | |
| P•••••• B•••• P••••••••• L•• | unstated lien unstated | $112,000 | $112,000 106c | S+525 bp | |
| i••••• I••• | unstated lien unstated | $60,000 | $60,000 107c | S+725 bp PIK 3.38% | |
| R•••••• I••••••••• | unstated lien unstated | $60,000 | $56,000 98c | S+625 bp | |
| C•••• I••••••••• L•• | unstated lien unstated | $283,000 | $38,000 31c | S+525 bp | |
| V•••••••• L•• | unstated lien unstated | Not disclosed | $9,000 100c | ||
| R•••••• I••••••••• | unstated lien unstated | $8,000 | $5,000 100c | S+625 bp | |
| P•••••• G••••• I•••••••• S•••••••• L•• | revolver first lien | $0 | $0 0c | S+550 bp | |
| H•••••••• V••••••••• P•••••••• L•• | revolver first lien | $0 | $0 0c | S+475 bp | |
| i••••• I••• | unstated lien unstated | $0 | $0 0c | S+725 bp PIK 3.38% | |
| P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• | unstated lien unstated | $0 | $0 0c | S+550 bp | |
| S•••• M••••• L•• | delayed draw term loan lien unstated | $1.5M | $0 | ||
| S••••••• B•••• C•••• | revolver lien unstated | $0 | $0 0c | S+575 bp | |
| S•• H•••••• L•• | unstated lien unstated | Not disclosed | $0 | ||
| N•••••• C••••••••• A•• C•••••• S••••••••• I••• | unstated lien unstated | $0 | $0 0c | S+500 bp | |
| S•••••• E••••••••• L•• | unstated lien unstated | $0 | $0 0c | S+525 bp | |
| V•• C••••••••• L•• | unstated lien unstated | $0 | $0 | S+575 bp | |
| M••••• C••••••••• A••••••• I••• | unstated lien unstated | $0 | $0 0c | S+550 bp | |
| G•••••• U• H•••••••• I••• | revolver first lien | $0 | $0 0c | S+550 bp | |
| H••••• S•••••••• I••• | revolver first lien | $0 | $0 0c | S+600 bp | |
| S••••• A••••••••• I••• | unstated lien unstated | $0 | $0 0c | S+675 bp | |
| B•••••••• I••• | revolver first lien | $0 | $0 0c | S+500 bp | |
| E••••• S••••••• C••••••••• | unstated lien unstated | $0 | $0 | S+325 bp | |
| S••••••• P•••••••• I••• I••• | unstated lien unstated | $0 | $0 0c | S+525 bp | |
| A•••••• H•••••••• I••• | delayed draw term loan first lien | $0 | $0 0c | S+525 bp | |
| M•• S•••••••• L•• | unstated lien unstated | $0 | $0 0c | S+550 bp | |
| P••••• H••••• I••••••••• H•••••••• I••• | revolver first lien | $0 | $0 0c | S+625 bp | |
| A••••••• I••• | revolver first lien | $0 | $0 0c | S+725 bp | |
| H••••• S•••••• P•••••••• L•• | unstated lien unstated | $0 | $0 0c | S+625 bp | |
| S••••• A••••••••• I••• | unstated lien unstated | $0 | $0 0c | S+675 bp | |
| B••••••••• T••••••••• I••• | revolver first lien | $0 | $0 0c | S+575 bp | |
| M•••••• I••••••••• C• | unstated lien unstated | $0 | $0 0c | S+500 bp | |
| S••••••• S••••• H••••••••• S•••••••• L•• | revolver lien unstated | $0 | $0 0c | S+500 bp |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2022 to 2026reported
- Filings listed
- 18reported10-Q and 10-K since 2022
- Former names
- Morgan Stanley Private Income Fund LLCreported
- Latest schedule
- 0001193125-26-342549reported