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
P•••••• B•••• B•••	term loan first lien	$544,000	$530,000 86c	S+675 bp
P•••••• B•••• B•••	term loan first lien	$544,000	$530,000 86c	S+675 bp
G••• L••	term loan first lien	$539,000	$529,000 100c	S+600 bp
G••• L••	term loan first lien	$539,000	$529,000 100c	S+600 bp
P••• S•• ••• M•••••• M•••••	term loan first lien	$522,000	$522,000 87c	S+525 bp PIK 0.80%
O••••• B•••• L••••••	term loan first lien	$533,000	$522,000 99c	S+525 bp
O••••• B•••• L••••••	term loan first lien	$533,000	$522,000 99c	S+525 bp
P••• S•• ••• M•••••• M•••••	term loan first lien	$522,000	$522,000 87c	S+525 bp PIK 0.80%
A•• C••••••••• L••	equity equity	Not disclosed	$516,000 161c
A•• C••••••••• L••	equity equity	Not disclosed	$516,000 161c
M• G•••• V••••••• C•••••••••	equity equity	Not disclosed	$511,000 91c
M• G•••• V••••••• C•••••••••	equity equity	Not disclosed	$511,000 91c
R•••• B•••• L••	equity equity	Not disclosed	$510,000 100c
R•••• B•••• L••	equity equity	Not disclosed	$510,000 100c
S•••• B•••• B•••	term loan first lien	$508,000	$507,000 100c	S+557 bp
S•••• B•••• B•••	term loan first lien	$508,000	$507,000 100c	S+557 bp
Z• H••••• L••	revolver lien unstated	$507,000	$495,000 99c	S+550 bp
Z• H••••• L••	revolver lien unstated	$507,000	$495,000 99c	S+550 bp
D••• G••••	term loan first lien	$510,000	$482,000 95c	S+400 bp PIK 2.30%
D••• G••••	term loan first lien	$510,000	$482,000 95c	S+400 bp PIK 2.30%
A•••• B•••• L••••••	term loan first lien	$478,000	$478,000 97c	S+550 bp
A•••• B•••• L••••••	term loan first lien	$478,000	$478,000 97c	S+550 bp
I•• H•••• A••••••• L•••••	equity equity	Not disclosed	$473,000 111c
I•• H•••• A••••••• L•••••	equity equity	Not disclosed	$473,000 111c
R• H•••••••• L••	revolver lien unstated	$472,000	$472,000 112c	S+625 bp
R• H•••••••• L••	revolver lien unstated	$472,000	$472,000 112c	S+625 bp
N•••• A••••••••• I•••	preferred equity equity	Not disclosed	$467,000 126c
N•••• A••••••••• I•••	preferred equity equity	Not disclosed	$467,000 126c
S••• B••••• L•••	revolver lien unstated	$532,000	$466,000 93c	S+625 bp
S••• B••••• L•••	revolver lien unstated	$532,000	$466,000 93c	S+625 bp
E•• P•••• H••••• L••	revolver lien unstated	$610,000	$465,000 79c	S+575 bp
E•• P•••• H••••• L••	revolver lien unstated	$610,000	$465,000 79c	S+575 bp
C••• U••••••• G•••	equity equity	Not disclosed	$461,000 86c
C••• U••••••• G•••	equity equity	Not disclosed	$461,000 86c
X••••••• B•••• L••••••	equity equity	Not disclosed	$458,000 101c
X••••••• B•••• L••••••	equity equity	Not disclosed	$458,000 101c
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••	term loan first lien	$913,000	$453,000 58c	S+700 bp PIK 11.30%
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••	term loan first lien	$913,000	$453,000 58c	S+700 bp PIK 11.30%
A••• B•••• P•• L••	term loan second lien	$451,000	$451,000 84c	S+730 bp
A••• B•••• P•• L••	term loan second lien	$451,000	$451,000 84c	S+730 bp
B•••••• P•••• P•••••••• C•••••••••	equity equity	Not disclosed	$450,000 99c
B•••••• P•••• P•••••••• C•••••••••	equity equity	Not disclosed	$450,000 99c
P••••• S••••••• C••••••• L••	warrants equity	Not disclosed	$446,000
P••••• S••••••• C••••••• L••	warrants equity	Not disclosed	$446,000
X••••••• B•••• L••••••	term loan first lien	$442,000	$431,000 92c	S+525 bp
X••••••• B•••• L••••••	term loan first lien	$442,000	$431,000 92c	S+525 bp
D••••••••• P•••••••• H••••••• L••	equity equity	Not disclosed	$416,000 120c
D••••••••• P•••••••• H••••••• L••	equity equity	Not disclosed	$416,000 120c
P••••••••• S•••••••• H•••••••• L••	equity equity	Not disclosed	$398,000 106c
P••••••••• S•••••••• H•••••••• L••	equity equity	Not disclosed	$398,000 106c
M••••• 5••• G•••	term loan first lien	$402,000	$394,000 86c	S+700 bp
M••••• 5••• G•••	term loan first lien	$402,000	$394,000 86c	S+700 bp
T•••••••• I•••	revolver lien unstated	$408,000	$386,000 103c	S+550 bp
T•••••••• I•••	revolver lien unstated	$408,000	$386,000 103c	S+550 bp
J•••• F••• H••••••••• • D••••••••• L••	equity equity	Not disclosed	$372,000 348c
J•••• F••• H••••••••• • D••••••••• L••	equity equity	Not disclosed	$372,000 348c
N• H•••••• L••	revolver first lien	$370,000	$370,000 109c	S+650 bp
N• H•••••• L••	revolver first lien	$370,000	$370,000 109c	S+650 bp
A•••••• C••••••• P•••••••• L••	equity equity	Not disclosed	$354,000 135c
A•••••• C••••••• P•••••••• L••	equity equity	Not disclosed	$354,000 135c
T•••• B•••• L••	equity equity	Not disclosed	$353,000 100c
T•••• B•••• L••	equity equity	Not disclosed	$353,000 100c
E••• G••••• L••••••••• I•••	equity equity	Not disclosed	$352,000 79c
E••• G••••• L••••••••• I•••	equity equity	Not disclosed	$352,000 79c
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••	term loan first lien	$351,000	$351,000 100c	S+701 bp
P•••••• N•• M•••• 1• L•••••• •••••••• R••• A••••••••	term loan first lien	$351,000	$351,000 100c	S+701 bp
E•• I•••••••••	equity equity	Not disclosed	$328,000 165c
E•• I•••••••••	equity equity	Not disclosed	$328,000 165c
A•••••• I•••••••••	term loan unsecured or subordinated	$330,000	$326,000 96c	S+1050 bp PIK 13.20%
A•••••• I•••••••••	term loan unsecured or subordinated	$330,000	$326,000 96c	S+1050 bp PIK 13.20%
S••• B••••• L•••	equity equity	Not disclosed	$325,000 63c
S••• B••••• L•••	equity equity	Not disclosed	$325,000 63c
M••••••• A••••••••• I•••	revolver lien unstated	$568,000	$323,000 60c	S+525 bp
M••••••• A••••••••• I•••	revolver lien unstated	$568,000	$323,000 60c	S+525 bp
R••••• H••••••• L••	equity equity	Not disclosed	$315,000
R••••• H••••••• L••	equity equity	Not disclosed	$315,000
R••••• H••••••• L••	equity equity	Not disclosed	$315,000
P•••••• I••••••• A••••••••• I•••	equity equity	Not disclosed	$310,000 84c
P•••••• I••••••• A••••••••• I•••	equity equity	Not disclosed	$310,000 84c
W••••••• F••••• L••	preferred equity equity	Not disclosed	$309,000 100c	PIK 20.00%
W••••••• F••••• L••	preferred equity equity	Not disclosed	$309,000 100c	PIK 20.00%
E••••••• E•••••••• • E••••••••• C••	term loan first lien	$313,000	$307,000 100c	10.50% PIK 3.00%
E••••••• E•••••••• • E••••••••• C••	term loan first lien	$313,000	$307,000 100c	10.50% PIK 3.00%
S••••• A••••• I•••	revolver lien unstated	$336,000	$302,000 91c	S+550 bp
S••••• A••••• I•••	revolver lien unstated	$336,000	$302,000 91c	S+550 bp
O••••• B•••• L••••••	term loan first lien	$307,000	$301,000 85c	S+525 bp
O••••• B•••• L••••••	term loan first lien	$307,000	$301,000 85c	S+525 bp
D••••••••• L••	revolver lien unstated	$347,000	$301,000 88c	S+625 bp
D••••••••• L••	revolver lien unstated	$347,000	$301,000 88c	S+625 bp
M•••• B•••• P•• L••••••	term loan first lien	$294,000	$294,000 80c	S+525 bp
F••• S••• H•••••• L••	equity equity	Not disclosed	$294,000 58c
M•••• B•••• P•• L••••••	term loan first lien	$294,000	$294,000 80c	S+525 bp
F••• S••• H•••••• L••	equity equity	Not disclosed	$294,000 58c
A••••• M••••	term loan second lien	$290,000	$290,000 96c	PIK 17.50%
A••••• M••••	term loan second lien	$290,000	$290,000 96c	17.50%
A••• I•••••••••	term loan first lien	$311,000	$290,000 81c	S+725 bp
A••• I•••••••••	term loan first lien	$311,000	$290,000 81c	S+725 bp
A••••• B••••• I•••	equity equity	Not disclosed	$288,000 150c
A••••• B••••• I•••	equity equity	Not disclosed	$288,000 150c
I•• H•••• A••••••• L•••••	revolver lien unstated	$291,000	$279,000 100c	S+550 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