DFX Intelligence

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B•••••• P•••••• C••••• C•••

Business development companymanaged by B•••••• L••Non-traded· CHARLOTTE, NC

A non-traded business development company, managed by B•••••• L••, holding $5.4B across 530 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: $5.4B
Borrowers: 530
Mark on cost: 97.8¢
First lien: 84%

Schedule of investments (1,061)Quarter by quarter Sponsors

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

What matters now

$76.9M
on non-accrual, 11 borrowers
11 borrowers on non-accrual, $76.9M principal; the largest is A••••••• ($31.6M).
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••••••• →
$27.1M
newly on non-accrual
3 borrowers newly placed on non-accrual in Q2 2026, $27.1M principal: I•••• I••••••••• I••••••••• H••••• I•• L•• ($24.1M), S••••• A••••• I•• ($2.18M), T••• A•• D••••••••• L•• ($812K).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open I•••• I••••••••• I••••••••• H••••• I•• L•• →
28 below 80¢
$173M principal
28 positions across 23 borrowers marked below 80¢ on cost, $173M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
0 → 68
loans paying in kind
Loans paying in kind rose from 0 to 68 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 →
1 → 530
borrowers
Added a net 529 borrowers in the quarter to Jun 30, 2026, to 530.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1859919 · file 814-01397Show

Fair value

$5.4B

as of Jun 30, 2026

Principal held

$5.1B

debt pieces, the filer's figure

Cost

$5.5B

98c on cost, debt pieces

Unfunded

$987M

commitments not yet drawn

Positions

1,061

530 borrowers

First lien

84%

92% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

964

73 sponsors financed

Portfolio through time

Fair value by quarter end$5.6B as of Jun 30, 2026

Jul 8, 2021$76.2M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$5.6B	530	98c	68	483 bp
May 27, 2026	$20.0M	1	n/a	0	n/a
Mar 31, 2026	$5.4B	494	98c	67	494 bp
Dec 31, 2025	$5.2B	517	99c	70	504 bp

All 22 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Nov 25, 2025	$35.0M	1	n/a	0	n/a
Sep 30, 2025	$4.9B	398	100c	70	525 bp
Jun 30, 2025	$4.3B	355	100c	66	542 bp
Mar 31, 2025	$3.7B	324	99c	63	555 bp
Dec 31, 2024	$6.7B	393	98c	120	565 bp
Sep 30, 2024	$3.3B	322	99c	60	573 bp
Jun 30, 2024	$3.0B	306	98c	58	580 bp
Mar 31, 2024	$3.0B	312	98c	59	584 bp
Dec 31, 2023	$3.3B	341	98c	59	587 bp
Sep 30, 2023	$2.5B	306	97c	41	586 bp
Jun 30, 2023	$2.4B	296	98c	30	581 bp
Mar 31, 2023	$2.4B	295	98c	29	583 bp
Feb 1, 2023	$12.0M	1	n/a	0	n/a
Dec 31, 2022	$2.6B	315	97c	32	580 bp
Aug 12, 2022	$16.0M	1	n/a	0	n/a
Dec 31, 2021	$117M	3	n/a	0	725 bp
Sep 1, 2021	Not disclosed	2	n/a	0	n/a
Jul 8, 2021	$76.2M	1	n/a	0	n/a

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

Full timeline · 20 events

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

Every position change, including routine ones

Largest facilities held, with co-lenders

P•••••• C••••••••• first lien term loan
12 BDCs hold it · matures Oct 1, 2032
$79.8M 99c
B••••• I•• first lien term loan
3 BDCs hold it
$77.3M 100c
A•• P••••••••• L•• first lien term loan
8 BDCs hold it · matures Apr 1, 2033
$72.8M 100c
S••••••••• L•• first lien term loan
3 BDCs hold it
$71.4M 100c
C•• P•••••• L•• first lien term loan
3 BDCs hold it
$70.2M 100c
V• S•••• I••••••••• I• L•• first lien term loan
3 BDCs hold it
$70.2M 100c
R•• C••••••••• first lien term loan
6 BDCs hold it · matures Aug 2, 2030
$69.4M 100c
A•• I• M•• H••••••• I•• first lien term loan
3 BDCs hold it
$61.6M 100c
V•••• B••••• L•• first lien term loan
4 BDCs hold it · matures Aug 7, 2030
$61.2M 100c
P•••••• F•••••••• B•••••• L•• first lien term loan
3 BDCs hold it
$59.8M 100c
P••••• S••••••• C••••••• L•• first lien term loan
3 BDCs hold it
$58.3M 91c
F••••• B••••• L•• first lien term loan
3 BDCs hold it
$57.3M 94c

Schedule of investments at Dec 31, 2024

1,717 positions

Borrower	Instrument	Principal	Fair value	Rate
R••••• H••••••• L••	preferred equity equity	Not disclosed	$124M	S+600 bp
R••••• H••••••• L••	preferred equity equity	Not disclosed	$124M 100c	S+600 bp PIK 10.30%
R••••• H••••••• L••	preferred equity equity	Not disclosed	$124M 100c	S+600 bp PIK 10.30%
R••••• H••••••• L••	unstated lien unstated	Not disclosed	$108M
E•••••• B••••••• C••••••• L••	equity equity	Not disclosed	$96.6M 147c
E•••••• B••••••• C••••••• L••	equity equity	Not disclosed	$96.6M 147c
E•••••• B••••••• C••••••• L••	equity equity	Not disclosed	$96.6M
E•••••• B••••••• C••••••• L••	equity equity	Not disclosed	$96.6M
P••••• S••••••• C••••••• L••	term loan first lien	$56.0M	$55.4M 100c	S+600 bp PIK 4.00%
P••••• S••••••• C••••••• L••	term loan first lien	$56.0M	$55.4M 100c	S+600 bp PIK 4.00%
A•• I• M•• H••••••• I•••	term loan first lien	$46.1M	$45.4M 100c	S+525 bp
A•• I• M•• H••••••• I•••	term loan first lien	$46.1M	$45.4M 100c	S+525 bp
O• B••••• I•••	term loan first lien	$45.5M	$45.3M 100c	S+475 bp
O• B••••• I•••	term loan first lien	$45.5M	$45.3M 100c	S+475 bp
S•••• B•••• L••	term loan first lien	$44.5M	$44.3M 100c	S+500 bp
S•••• B•••• L••• S••••• O••	term loan first lien	$44.5M	$44.3M 100c	S+500 bp
R•• C•••••••••	term loan first lien	$43.8M	$43.2M 100c	S+550 bp
R•• C•••••••••	term loan first lien	$43.8M	$43.2M 100c	S+550 bp
E•• P•••• H••••• L••	term loan first lien	$44.9M	$42.4M 96c	S+575 bp
E•• P•••• H••••• L••	term loan first lien	$44.9M	$42.4M 96c	S+575 bp
F• H••• I••••••••• H•••••••• I••• ••••• F••••••• T••••••••• I••••	term loan first lien	$38.4M	$38.2M 100c	S+450 bp
F• H••• I••••••••• H•••••••• I••• ••••• F••••••• T••••••••• I••••	term loan first lien	$38.4M	$38.2M 100c	S+450 bp
C••••••• • G•••••• L••	term loan first lien	$38.3M	$37.7M 100c	S+500 bp
C••••••• • G•••••• L••	term loan first lien	$38.3M	$37.7M 100c	S+500 bp
S••••••• B••••• L••	term loan first lien	$36.3M	$35.5M 100c	S+550 bp
S••••••• B••••• L••	term loan first lien	$36.3M	$35.5M 100c	S+550 bp
B•••••• A•••••••• G•••• H•••••••• L••	notes lien unstated	$33.0M	$33.8M 102c	11.50%
B•••••• A•••••••• G•••• H•••••••• L••• M•••••••• R••••••	notes lien unstated	$33.0M	$33.8M 102c	11.50%
W•••• 5•• I•••	term loan first lien	$33.0M	$32.8M 101c	S+575 bp
W•••• 5•• I•••	term loan first lien	$33.0M	$32.8M 101c	S+575 bp
B•• G•••••• L••	term loan first lien	$33.0M	$32.6M 96c	S+550 bp
B•• G•••••• L••	term loan first lien	$33.0M	$32.6M 96c	S+550 bp
K•• D••••• H•••••••• L••	term loan first lien	$30.0M	$30.0M 100c	S+475 bp
K•• D••••• H•••••••• L••	term loan first lien	$30.0M	$30.0M 100c	S+475 bp
S••• P••••••••• I•••	term loan first lien	$28.5M	$28.1M 100c	S+500 bp
S••• P••••••••• I•••	term loan first lien	$28.5M	$28.1M 100c	S+500 bp
M• O••• H•••••••• I•••	term loan first lien	$25.4M	$25.5M 109c	S+725 bp
M• O••• H•••••••• I•••	term loan first lien	$25.4M	$25.5M 109c	S+725 bp
L••••••••• L••	term loan first lien	$25.6M	$25.5M 101c	S+475 bp
L••••••••• L••	term loan first lien	$25.6M	$25.5M 101c	S+475 bp
G••• I••••••••• I•••	term loan first lien	$25.7M	$25.1M 100c	S+950 bp PIK 4.50%
G••• I••••••••• I•••	term loan first lien	$25.7M	$25.1M 100c	S+950 bp PIK 4.50%
A•• G•••• H•••••••• I•••	term loan first lien	$24.9M	$24.9M 100c	S+475 bp
A•• G•••• H•••••••• I•••	term loan first lien	$24.9M	$24.9M 100c	S+475 bp
S••••• E••••• S••••••••• L••	term loan first lien	$24.9M	$24.5M 100c	S+500 bp
S••••• E••••• S••••••••• L••	term loan first lien	$24.9M	$24.5M 100c	S+500 bp
C••••••••• L••	term loan first lien	$24.1M	$24.1M 102c	S+500 bp
C••••••••• L••	term loan first lien	$24.1M	$24.1M 102c	S+500 bp
P•••••• F•••••••• B•••••• L••	term loan first lien	$24.2M	$23.8M 99c	S+625 bp
P•••••• F•••••••• B•••••• L••	term loan first lien	$24.2M	$23.8M 99c	S+625 bp
I•••• I••••••••• I••••••••• H••••• I•• L••	term loan first lien	$24.3M	$23.4M 96c	S+550 bp
I•••• I••••••••• I••••••••• H••••• I•• L••	term loan first lien	$24.3M	$23.4M 96c	S+550 bp
G••••••• S•••••••• L••	term loan first lien	$22.8M	$22.8M 100c	S+475 bp
G••••••• S•••••••• L••	term loan first lien	$22.8M	$22.8M 100c	S+475 bp
C•• P•••••• L••	term loan first lien	$22.4M	$22.4M 102c	S+450 bp
C•• P•••••• L••	term loan first lien	$22.4M	$22.4M 102c	S+450 bp
H•••• C••••••••• S•••••• S••••••••• L••	term loan first lien	$22.4M	$22.4M 101c	S+550 bp
H•••• C••••••••• S•••••• S••••••••• L••	term loan first lien	$22.4M	$22.4M 101c	S+550 bp
J••• B•••• L•••••• •••••••	term loan first lien	$21.2M	$21.1M 101c	S+525 bp
J••• B•••• L•••••• •••••••	term loan first lien	$21.2M	$21.1M 101c	S+525 bp
R•••• B••••• L••	term loan first lien	$21.0M	$21.0M 101c	S+550 bp
R•••• B••••• L••	term loan first lien	$21.0M	$21.0M 101c	S+550 bp
B•• H••••••• I• C•••	term loan first lien	$23.5M	$20.9M 95c	S+600 bp
B•• H••••••• I• C•••	term loan first lien	$23.5M	$20.9M 95c	S+600 bp
E••••••••• C••••••••• I••••••••• I•••	term loan first lien	$21.2M	$20.8M 100c	S+650 bp
E••••••••• C••••••••• I••••••••• I•••	term loan first lien	$21.2M	$20.8M 100c	S+650 bp
V• H•••••• C••••••	term loan first lien	$20.9M	$20.6M 99c	S+625 bp
V• H•••••• C••••••	term loan first lien	$20.9M	$20.6M 99c	S+625 bp
A•••••••	term loan first lien	$27.3M	$20.1M 70c	S+290 bp PIK 6.60%
A•••••••	term loan first lien	$27.3M	$20.1M 70c	S+290 bp PIK 6.60%
H• H•••••• L•• •••••• W••• L•••	term loan first lien	$19.2M	$19.2M 100c	S+575 bp
H• H•••••• L•• •••••• W••• L•••	term loan first lien	$19.2M	$19.2M 100c	S+575 bp
O•• H••••••• P••••••••• L••	term loan first lien	$19.3M	$19.0M 100c	S+525 bp
O•• H••••••• P••••••••• L••	term loan first lien	$19.3M	$19.0M 100c	S+525 bp
T•••• B•••• L••	term loan first lien	$19.3M	$18.9M 100c	S+500 bp
T•••• B•••• L••	term loan first lien	$19.3M	$18.9M 100c	S+500 bp
X••••••• B•••• L••••••	term loan first lien	$18.9M	$18.3M 99c	S+525 bp
X••••••• B•••• L••••••	term loan first lien	$18.9M	$18.3M 99c	S+525 bp
F••••• P•••••• S••••••• L••	term loan first lien	$18.6M	$18.3M 100c	S+525 bp
F••••• P•••••• S••••••• L••	term loan first lien	$18.6M	$18.3M 100c	S+525 bp
S•• H••••••• L•	term loan first lien	$18.3M	$18.1M 102c	S+500 bp
S•• H••••••• L•	term loan first lien	$18.3M	$18.1M 102c	S+500 bp
R•• S•••••••• L••	term loan first lien	$18.2M	$17.9M 100c	S+500 bp
R•• S•••••••• L••	term loan first lien	$18.2M	$17.9M 100c	S+500 bp
B•••••• A•••••••• G•••• H•••••••• L••	preferred equity equity	Not disclosed	$17.7M 87c	PIK 7.00%
B•••••• A•••••••• G•••• H•••••••• L••	preferred equity equity	Not disclosed	$17.7M 87c	PIK 7.00%
C•• S•••••••• L••	term loan first lien	$17.5M	$17.4M 101c	S+525 bp
C•• S•••••••• L••	term loan first lien	$17.5M	$17.4M 101c	S+525 bp
N•••••••• R••••••••• L••	term loan first lien	$17.5M	$17.2M 100c	S+475 bp
N•••••••• R••••••••• L••	term loan first lien	$17.5M	$17.2M 100c	S+475 bp
P•••••• C•••••••••	term loan first lien	$16.7M	$16.4M 100c	S+475 bp
P•••••• C•••••••••	term loan first lien	$16.7M	$16.4M 100c	S+475 bp
E••• G••••• L••••••••• I•••	term loan second lien	$16.4M	$16.4M 101c	S+700 bp
E••• G••••• L••••••••• I•••	term loan second lien	$16.4M	$16.4M 101c	S+700 bp
S••••••••• I•••	term loan first lien	$16.1M	$16.1M 101c	S+450 bp
S••••••••• I•••	term loan first lien	$16.1M	$16.1M 101c	S+450 bp
S••• B••••• L•••	term loan first lien	$16.3M	$15.8M 99c	S+625 bp
S••• B••••• L•••	term loan first lien	$16.3M	$15.8M 99c	S+625 bp
T••• C•••••••• B••••• I•••	term loan first lien	$16.1M	$15.7M 100c	S+500 bp
T••• C•••••••• B••••• I•••	term loan first lien	$16.1M	$15.7M 100c	S+500 bp

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Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2021 to 2025reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: B•••••• P•••••• C••••• LLCreported
Latest schedule: 0001859919-26-000068reported