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
I•• H•••• A••••••• L•••••	revolver lien unstated	$291,000	$279,000 100c	S+550 bp
S•• I••••••••• L••	equity equity	Not disclosed	$277,000 133c
S•• I••••••••• L••	equity equity	Not disclosed	$277,000 133c
B••••• •••••••• A••	term loan first lien	$275,000	$275,000 76c	S+525 bp
B••••• •••••••• A••	term loan first lien	$275,000	$275,000 76c	S+525 bp
O•• H••••••• P••••••••• L••	equity equity	Not disclosed	$274,000 87c
O•• H••••••• P••••••••• L••	equity equity	Not disclosed	$274,000 87c
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••	term loan first lien	$273,000	$273,000 86c	S+675 bp
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••	term loan first lien	$273,000	$273,000 86c	S+675 bp
G••• I• G•••	term loan first lien	$271,000	$271,000 95c	S+600 bp PIK 10.00%
G••• I• G•••	term loan first lien	$271,000	$271,000 95c	S+600 bp PIK 10.00%
T••••••••• I•••	term loan unsecured or subordinated	$285,000	$268,000 95c	10.00% PIK 4.00%
T••••••••• I•••	term loan unsecured or subordinated	$285,000	$268,000 95c	10.00% PIK 4.00%
Q•••••••• I••••••••• L••	preferred equity equity	Not disclosed	$264,000 122c	PIK 12.50%
Q•••••••• I••••••••• L••	preferred equity equity	Not disclosed	$264,000 122c	PIK 12.50%
P••••••• D••••• H••••••• L••	equity equity	Not disclosed	$263,000 88c
P••••••• D••••• H••••••• L••	equity equity	Not disclosed	$263,000 88c
F••••• B••••• L••	equity equity	Not disclosed	$262,000 107c
F••••• B••••• L••	equity equity	Not disclosed	$262,000 107c
A•••••• B•••• L••••••	term loan first lien	$284,000	$256,000 98c	S+500 bp
A•••••• B•••• L••••••	term loan first lien	$284,000	$256,000 98c	S+500 bp
R••••••••• P••••• H•••••••• L••	equity equity	Not disclosed	$255,000 42c
R••••••••• P••••• H•••••••• L••	equity equity	Not disclosed	$255,000 42c
A•••• B•••• L••••••	term loan first lien	$272,000	$254,000 95c	S+400 bp PIK 2.80%
H•••••••• H•••••••• I•••	revolver lien unstated	$269,000	$254,000 100c	S+500 bp
H•••••••• H•••••••• I•••	revolver lien unstated	$269,000	$254,000 100c	S+500 bp
A•••• B•••• L••••••	term loan first lien	$272,000	$254,000 95c	S+400 bp PIK 2.80%
F••••• B••••• L••	equity equity	Not disclosed	$250,000
F••••• B••••• L••	equity equity	Not disclosed	$250,000
C••• U••••••• G•••	equity equity	Not disclosed	$249,000 100c
C••• U••••••• G•••	equity equity	Not disclosed	$249,000 100c
G••• L••	equity equity	Not disclosed	$243,000 100c
G••• L••	equity equity	Not disclosed	$243,000 100c
U••• C••••	term loan first lien	$248,000	$235,000 96c	S+675 bp PIK 1.80%
U••• C••••	term loan first lien	$248,000	$235,000 96c	S+675 bp PIK 1.80%
F••••••	term loan first lien	$255,000	$234,000 105c	S+625 bp
F••••••	term loan first lien	$255,000	$234,000 105c	S+625 bp
O••••• H••••• L••	equity equity	Not disclosed	$232,000
O••••• H••••• L••	equity equity	Not disclosed	$232,000
H••••••••• I•••	equity equity	Not disclosed	$227,000 123c
H••••••••• I•••	equity equity	Not disclosed	$227,000 123c
C••• B••••• L••	equity equity	Not disclosed	$226,000 101c
C••• B••••• L••	equity equity	Not disclosed	$226,000 101c
I•• I••••••••• I•••	revolver lien unstated	$226,000	$225,000 111c	S+650 bp
I•• I••••••••• I•••	revolver lien unstated	$226,000	$225,000 111c	S+650 bp
D••• G••••	term loan first lien	$291,000	$222,000 75c	S+400 bp
D••• G••••	term loan first lien	$291,000	$222,000 75c	S+400 bp
M• P••••••••• L••	equity equity	Not disclosed	$218,000 119c
M• P••••••••• L••	equity equity	Not disclosed	$218,000 119c
F••••• 4• L••••••	term loan first lien	$218,000	$217,000 97c	S+650 bp
F••••• 4• L••••••	term loan first lien	$218,000	$217,000 97c	S+650 bp
Z• H••••• L••	equity equity	Not disclosed	$197,000 129c
Z• H••••• L••	equity equity	Not disclosed	$197,000 129c
G••• I• G•••	term loan first lien	$446,000	$189,000 42c	S+600 bp
G••• I• G•••	term loan first lien	$446,000	$189,000 42c	S+600 bp
E••••••• E•••••••• • E••••••••• C••	equity equity	Not disclosed	$188,000 100c
E••••••• E•••••••• • E••••••••• C••	equity equity	Not disclosed	$188,000 100c
M••••••••• H•••••• B•••• S••••	term loan first lien	$186,000	$186,000 95c	S+650 bp PIK 6.00%
M••••••••• H•••••• B•••	term loan first lien	$186,000	$186,000 95c	S+650 bp PIK 6.00%
F•• B•••• L••	equity equity	Not disclosed	$185,000 145c
C••••••• O••••••••• P••••••• C••••• S••••	term loan first lien	$65,000	$185,000 289c	S+700 bp PIK 15.00%
F•• B•••• L••	equity equity	Not disclosed	$185,000 145c
C••••••• O••••••••• P••••••• C••••	term loan first lien	$65,000	$185,000 289c	S+700 bp PIK 15.00%
M•••••••• B•••• L••••••	equity equity	Not disclosed	$182,000 132c
M•••••••• B•••• L••••••	equity equity	Not disclosed	$182,000 132c
P•••••••• M•••••	notes lien unstated	$182,000	$180,000 99c	5.90%
P•••••••• M•••••	notes lien unstated	$182,000	$180,000 99c	5.90%
P•••••••• M•••••	notes lien unstated	$182,000	$178,000 98c	5.40%
P•••••••• M•••••	notes lien unstated	$182,000	$178,000 98c	8.50%
P•••••••• M•••••	notes lien unstated	$182,000	$178,000 98c	5.40%
P•••••••• M•••••	notes lien unstated	$182,000	$178,000 98c	8.50%
P•••••••• M•••••	notes lien unstated	$182,000	$177,000 97c	4.70%
P•••••••• M•••••	notes lien unstated	$182,000	$177,000 97c	4.70%
O••••• H••••• L••	term loan lien unstated	$172,000	$172,000 100c	10.00%
O••••• H••••• L••	term loan lien unstated	$172,000	$172,000 100c	10.00%
B•••••••• B•••• L••••••	term loan first lien	$175,000	$171,000 101c	S+650 bp
B•••••••• B•••• L••••••	term loan first lien	$175,000	$171,000 101c	S+650 bp
L•••••• B•••• L••••••	term loan first lien	$169,000	$169,000 107c	S+1200 bp
L•••••• B•••• L••••••	term loan first lien	$169,000	$169,000 107c	S+1200 bp
I•••••• G•••• I• B•	term loan first lien	$160,000	$160,000 99c	S+500 bp
I•••••• G•••• I• B•	term loan first lien	$160,000	$160,000 99c	S+500 bp
C•••••• P••••••••• L••	equity equity	Not disclosed	$154,000 123c
C•••••• P••••••••• L••	equity equity	Not disclosed	$154,000 123c
M••••••••• H•••••• B•••	term loan first lien	$2.5M	$146,000 6c	S+650 bp PIK 10.40%
M••••••••• H•••••• B•••	term loan first lien	$2.5M	$146,000 6c	S+650 bp PIK 10.40%
M••••••• A••••••••• I•••	preferred equity equity	Not disclosed	$138,000 25c
M••••••• A••••••••• I•••	preferred equity equity	Not disclosed	$138,000 25c
L••••••••• L••	equity equity	Not disclosed	$135,000 214c
L••••••••• L••	equity equity	Not disclosed	$135,000 214c
P••••• S••••••• C••••••• L••	warrants equity	Not disclosed	$128,000
P••••• S••••••• C••••••• L••	warrants equity	Not disclosed	$128,000
P•••••• C•••••••••	equity equity	Not disclosed	$126,000 147c
P•••••• C•••••••••	equity equity	Not disclosed	$126,000 147c
M•••••• H•••••• A•	equity equity	Not disclosed	$125,000 113c	PIK 9.00%
M•••••• H•••••• A•	equity equity	Not disclosed	$125,000 113c	PIK 9.00%
E•••••• W••• A••••••••• C••••••• L••	revolver lien unstated	$140,000	$123,000 90c	S+650 bp
E•••••• W••• A••••••••• C••••••• L••	revolver lien unstated	$140,000	$123,000 90c	S+650 bp
T••••••••• I•••	equity equity	Not disclosed	$120,000 50c
T••••••••• I•••	equity equity	Not disclosed	$120,000 50c
P•••••• B•••• B•••	revolver lien unstated	$124,000	$120,000 86c	S+650 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