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A business development company
A non-traded business development company, holding $5.4B across 530 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
- Fair value
- $5.4B
- Borrowers
- 530
- Mark on cost
- 97.8¢
- First lien
- 84%
What matters now
- $76.9Mon non-accrual, 11 borrowers
11 borrowers on non-accrual, $76.9M principal; the largest is Acogroup ($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 Acogroup → - $27.1Mnewly on non-accrual
3 borrowers newly placed on non-accrual in Q2 2026, $27.1M principal: Image International Intermediate Holdco II, LLC ($24.1M), Scaled Agile, Inc ($2.18M), Team Air Distributing, LLC ($812K).
Q2 2026 · The newest credit problems in the book.
- 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 → 68loans 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.
- 1 → 530borrowers
Added a net 529 borrowers in the quarter to Jun 30, 2026, to 530.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1859919 · file 814-01397ShowHide
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $5.4B | 530 | 98c | 68 | 483 bp |
| May 27, 2026 | $20.0M | 1 | n/a | 0 | n/a |
| Mar 31, 2026 | $5.2B | 494 | 98c | 67 | 494 bp |
| Dec 31, 2025 | $4.9B | 517 | 99c | 70 | 504 bp |
All 22 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Nov 25, 2025 | $35.0M | 1 | n/a | 0 | n/a |
| Sep 30, 2025 | $4.5B | 398 | 100c | 70 | 525 bp |
| Jun 30, 2025 | $4.0B | 355 | 100c | 66 | 542 bp |
| Mar 31, 2025 | $3.4B | 324 | 99c | 63 | 555 bp |
| Dec 31, 2024 | $6.2B | 393 | 98c | 120 | 565 bp |
| Sep 30, 2024 | $2.9B | 322 | 99c | 60 | 573 bp |
| Jun 30, 2024 | $2.6B | 306 | 98c | 58 | 580 bp |
| Mar 31, 2024 | $2.6B | 312 | 98c | 59 | 584 bp |
| Dec 31, 2023 | $2.6B | 341 | 98c | 59 | 587 bp |
| Sep 30, 2023 | $2.3B | 306 | 97c | 41 | 586 bp |
| Jun 30, 2023 | $2.2B | 296 | 98c | 30 | 581 bp |
| Mar 31, 2023 | $2.3B | 295 | 98c | 29 | 583 bp |
| Feb 1, 2023 | $12.0M | 1 | n/a | 0 | n/a |
| Dec 31, 2022 | $2.4B | 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 |
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
+15 additional dated changes on this BDC
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
- PDQ.com Corporation first lien term loan12 BDCs hold it · matures Oct 1, 2032$79.8M 99c
- Bitly, Inc first lien term loan3 BDCs hold it$77.3M 100c
- AMP Purchaser, LLC first lien term loan8 BDCs hold it · matures Apr 1, 2033$72.8M 100c
+961 additional facilities held
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| Mercell Holding AS | term loan first lien | $3.1M | $3.1M 99c | S+500 bp | |
| CCFF Buyer, LLC | term loan first lien | $3.2M | $3.1M 101c | S+500 bp | |
| Cobham Slip Rings SAS | term loan first lien | $3.1M | $3.1M 100c | S+625 bp | |
| Panoche Energy Center LLC | term loan first lien | $3.1M | $3.0M 106c | 6.90% | |
| LBM Acquisition LLC | term loan first lien | $3.0M | $3.0M 100c | S+500 bp |
872 positions on this schedule
Every borrower on the schedule with its instrument, principal, fair value, rate and maturity, as filed.
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2021 to 2025reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001859919-26-000068reported
This record is the same institution as 1 record in Independent Sponsors.
DFX found 1 relationship across 1 dataset
Which record it is in each graph, what it is called there, and what the two were joined on.
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
Checking your plan…
This record sits on 110 traced paths of capital across the graphs.
DFX traced 110 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $249/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Position history
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.
›Connections
every published relationship on the graph
Show 1 connection across 1 kindShow fewer
- Feb 19, 2026 to presentfactBDC schedule of investments