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 Mar 31, 2026

981 positions

Borrower	Instrument	Principal	Fair value	Rate
R••••• H••••••• L••	preferred equity equity	Not disclosed	$141M 100c	S+600 bp PIK 9.70%
R••••• H••••••• L••	unstated lien unstated	Not disclosed	$115M
E•••••• B••••••• C••••••• L••	equity equity	Not disclosed	$98.5M 150c
E•••••• B••••••• C••••••• L••	equity equity	Not disclosed	$98.5M
P•••••• C•••••••••	term loan first lien	$79.3M	$77.7M 99c	S+450 bp
B••••• I•••	term loan first lien	$77.4M	$76.7M 100c	S+475 bp
S••••••••• L••	term loan first lien	$71.5M	$70.4M 100c	S+500 bp
C•• P•••••• L••	term loan first lien	$70.1M	$69.7M 100c	S+450 bp
R•• C•••••••••	term loan first lien	$69.8M	$69.2M 100c	S+550 bp
P•• C•••••• H••••• L••	term loan second lien	$69.3M	$67.9M 100c	S+550 bp
V• S•••• I••••••••• I• L••	term loan first lien	$69.6M	$67.4M 100c	S+500 bp PIK 4.40%
V•••• B••••• L••	term loan first lien	$61.4M	$60.9M 100c	S+450 bp
P•••••• F•••••••• B•••••• L••	term loan first lien	$59.9M	$59.9M 101c	S+575 bp
F••••• B••••• L••	term loan first lien	$57.4M	$54.7M 96c	S+500 bp
A•• C••••••••• L••	term loan first lien	$52.0M	$51.7M 100c	S+450 bp
T•••• B•••• L••	term loan first lien	$52.2M	$51.4M 100c	S+500 bp
P••••• S••••••• C••••••• L••	term loan first lien	$56.5M	$50.8M 91c	S+600 bp PIK 4.00%
L•• B•••••••• L••	term loan first lien	$50.5M	$49.9M 100c	S+525 bp
W•••••••• H•••••••• I•••	term loan first lien	$50.1M	$49.6M 100c	S+500 bp
S••• P••••••••• I•••	term loan first lien	$50.3M	$49.6M 100c	S+450 bp
J•• V••••••• G•••••• L••	term loan first lien	$49.9M	$49.3M 100c	S+500 bp
G• E•••• B••••• I•••	term loan first lien	$49.7M	$49.2M 100c	S+475 bp
A•• I• M•• H••••••• I•••	term loan first lien	$45.5M	$45.1M 100c	S+525 bp
F• H••• I••••••••• H•••••••• I••• ••••• F••••••• T••••••••• I••••	term loan first lien	$44.5M	$44.5M 100c	S+450 bp
D••••• B••••• L••	term loan first lien	$44.5M	$43.9M 100c	S+475 bp
S•••• B•••• L••	term loan lien unstated	$44.0M	$43.8M 100c	S+500 bp
G• 3• C•••••••• P••••••••• L••	term loan first lien	$44.4M	$43.5M 100c	S+575 bp
N••• H•••••• L••	term loan first lien	$43.2M	$43.1M 101c	S+525 bp
C••••••• • G•••••• L••	term loan first lien	$43.1M	$42.8M 100c	S+500 bp
O•• H••••••• P••••••••• L••	term loan first lien	$41.9M	$41.6M 100c	S+475 bp
W••••••• F••••• L••	term loan first lien	$41.9M	$41.5M 100c	S+525 bp
C•••••••	term loan lien unstated	Not disclosed	$40.5M 101c
C••• B••• L••	unstated lien unstated	Not disclosed	$40.5M
F•• B•••• L••	term loan first lien	$40.3M	$40.3M 100c	S+450 bp
R••• C•••••••• I••••••••• I••• I•••	term loan first lien	$38.9M	$38.7M 100c	S+450 bp
S•••••• B••••••• S•••••• L••	term loan first lien	$39.1M	$38.7M 100c	S+475 bp
T••• C•••••••• B••••• I•••	term loan first lien	$37.9M	$37.9M 101c	S+450 bp
B•• G•••••• L••	term loan first lien	$36.3M	$36.3M 107c	S+550 bp
R•• G••••• L••	term loan first lien	$36.6M	$36.2M 100c	S+525 bp
C•• E••••••••• L••	term loan first lien	$34.6M	$34.1M 100c	S+600 bp
C••••••• D•••••• C••••	term loan first lien	$34.4M	$34.0M 100c	S+500 bp
H•••• S••••••• G•••• L••	term loan first lien	$33.6M	$33.3M 101c	S+450 bp
S•••• I••••••••• I••• I•••	term loan first lien	$32.7M	$32.7M 101c	S+450 bp
W•••• 5•• I•••	term loan first lien	$32.6M	$32.6M 101c	S+450 bp
E•• P•••• H••••• L••	term loan first lien	$43.0M	$32.1M 75c	S+575 bp PIK 9.60%
L••••••••• L••	term loan first lien	$30.9M	$30.8M 100c	S+450 bp
W•••••• A••••••••• L••	term loan first lien	$30.3M	$30.3M 102c	S+500 bp
K•• D••••• H•••••••• L••	term loan first lien	$29.6M	$29.6M 100c	S+425 bp
O••••• P•••••••• I•••	term loan first lien	$28.8M	$28.6M 100c	S+425 bp
T••••••• M•••••••• C••••••• L••	term loan first lien	$27.5M	$27.1M 100c	S+475 bp
S••••• E••••• S••••••••• L••	term loan first lien	$26.9M	$26.6M 101c	S+500 bp
E•••••• M•••• L••••••	term loan first lien	$26.9M	$26.6M 100c	S+475 bp
S••••••• H••••••• L••	term loan first lien	$25.8M	$25.8M 100c	S+1200 bp PIK 12.00%
G••• I••••••••• I•••	term loan first lien	$24.3M	$25.6M 107c	S+800 bp
H• A••••••• B•••• L••	term loan first lien	$25.8M	$25.3M 99c	S+450 bp
O•• L••••••• I••••••••• H••••••• 2• L••	term loan first lien	$25.5M	$25.0M 99c	S+550 bp
T• K•• A••••••••• L•••	term loan unsecured or subordinated	$25.1M	$24.9M 100c	12.30%
R••••• H•••••••• I•••	term loan first lien	$25.4M	$24.8M 100c	S+500 bp
A•• G•••• H•••••••• I•••	term loan first lien	$24.7M	$24.7M 100c	S+450 bp
X••••••• B•••• L••••••	term loan first lien	$24.4M	$24.4M 105c	S+575 bp
N••• B•••• P•• L••	term loan first lien	$23.7M	$23.7M 99c	S+500 bp
C••••••••• L••	term loan first lien	$23.8M	$23.7M 101c	S+525 bp
N•••••••• R••••••••• L••	term loan first lien	$23.7M	$23.7M 101c	S+440 bp
T•• C•••••• G••••• I••• ••• T••••• H•••••••• L•••	term loan first lien	$23.5M	$23.3M 100c	S+450 bp
H•••• C••••••••• S•••••• S••••••••• L••	term loan first lien	$22.1M	$22.1M 101c	S+475 bp
D•••••••• B••••• L•••	term loan first lien	$21.8M	$21.6M 100c	S+500 bp
S••••• M•••• 2• I•••	term loan first lien	$21.8M	$21.5M 100c	S+475 bp
T• K•• A••••••••• L•••	term loan first lien	$21.6M	$21.3M 100c	S+425 bp
J••• B•••• L•••••• •••••••	term loan first lien	$21.1M	$21.1M 101c	S+525 bp
K••• H•••••••• L••	term loan first lien	$21.3M	$20.8M 98c	S+500 bp
B•••••• A•••••••• G•••• H•••••••• L••	preferred equity equity	Not disclosed	$20.0M 92c	PIK 7.00%
S•• M•••••• P•••••••• L•••	term loan first lien	$20.2M	$20.0M 100c	S+475 bp
C•••••• R••••••••• S••••••• L••	term loan first lien	$21.4M	$19.9M 94c	S+600 bp
S••••••• S•••••••	term loan first lien	$19.5M	$19.2M 107c	S+500 bp
S••••••••• G••••• I•••	term loan first lien	$19.2M	$19.2M 102c	S+500 bp
B•• H••••••• I• C•••	term loan first lien	$24.5M	$19.1M 81c	S+200 bp PIK 5.00%
S•• C•• B••••• I•••	term loan first lien	$19.2M	$19.0M 100c	S+450 bp
P•••••• L•••• I•••	term loan first lien	$19.2M	$18.9M 100c	S+450 bp
S•• H••••••• L•	term loan first lien	$18.8M	$18.6M 101c	S+500 bp
B•••• I••••••••• G••••• L••	term loan first lien	$18.2M	$18.0M 100c	S+475 bp
H• H•••••• L•• •••••• W••• L•••	term loan first lien	$18.0M	$18.0M 100c	S+575 bp
A••• C•••••• S••••••••• I•••	term loan first lien	$18.1M	$17.8M 99c	S+500 bp
R•• S•••••••• L••	term loan first lien	$18.0M	$17.6M 99c	S+500 bp
S••••••• B••••• L••	term loan first lien	$17.8M	$17.5M 100c	S+450 bp
C•• F•••• H••••••• C••• L••	term loan first lien	$17.5M	$17.5M 102c	S+786 bp
A••••••••• H•••••• G•••	term loan first lien	$17.4M	$17.2M 105c	S+533 bp
U•• A•••••••• I•••	term loan first lien	$17.2M	$17.2M 101c	S+475 bp
A•••••• H••••••• H• L••••••	term loan first lien	$17.2M	$17.2M 101c	S+648 bp
I•••• I••••••••• I••••••••• H••••• I•• L••	term loan first lien	$24.2M	$17.1M 71c	S+550 bp PIK 0.50%
P••••••• B••••• I•••	term loan first lien	$16.7M	$16.6M 100c	S+450 bp
H••••••• H••••••• L••	term loan first lien	$16.7M	$16.6M 100c	S+475 bp
G••• L••	term loan first lien	$16.4M	$16.2M 100c	S+525 bp
T•• O••••• M•••• G••••• I•••	term loan first lien	$16.8M	$16.1M 97c	S+475 bp
N•• B•••• L••	term loan first lien	$16.0M	$15.9M 102c	S+475 bp
S••• B••••• L•••	term loan first lien	$16.1M	$15.6M 98c	S+625 bp
O• I•• B•••	term loan first lien	$16.1M	$15.3M 94c	S+575 bp
M••••••• T•••••••• L••	term loan first lien	$15.0M	$14.8M 100c	S+550 bp
R••••• H••••••• L•• •	term loan second lien	Not disclosed	$14.7M	S+800 bp
C••• 2••••••	notes unsecured or subordinated	$14.0M	$14.7M 105c	9.40%
S••••••• H••••••• L••	equity equity	Not disclosed	$14.6M 169c

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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