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 Jun 30, 2026

1,061 positions

Borrower	Instrument	Principal	Fair value	Rate
C••••••• O••••••••• P••••••• C••••	warrants equity	Not disclosed	$0
M••••••••• H•••••• B•••	equity equity	Not disclosed	$0
B••••••• S••	term loan first lien	$4.0M	$0 0c	S+400 bp PIK 6.00%
C••••••• O••••••••• P••••••• C••••	equity equity	Not disclosed	$0 0c
U• F•••••••• E••••••••• L••	term loan first lien	$0	$0	S+350 bp
D••••••••• L••	preferred equity equity	Not disclosed	$0 0c
R••• L•••• L••	revolver lien unstated	$0	$0 0c	S+550 bp
Z••••••• B•••• L••••••	equity equity	Not disclosed	$0
D••••••••• L••	equity equity	Not disclosed	$0 0c
C• B••••• L••	revolver lien unstated	$0	$0 0c	S+625 bp
E•• P•••• H•••••• L••	revolver lien unstated	$0	$0	S+550 bp PIK 9.10%
E••••••• D•••••• T•••••• I••••••••• L•• H•••••• S•••	preferred equity equity	Not disclosed	$0
C••••••• • G•••••• L••	revolver lien unstated	$0	$0 0c	S+475 bp
T••• C•••••••• B••••• I•••	revolver lien unstated	$0	-$1,000 33c	S+450 bp
P••••••••• L••	revolver lien unstated	$0	-$2,000 100c	S+500 bp
A•• C••••••••• L••	revolver lien unstated	$0	-$3,000 150c	S+450 bp
L••••••••• S••••••• I••••••••• I•••	revolver lien unstated	$0	-$3,000 60c	S+500 bp
N•• B•••• L••	revolver lien unstated	$0	-$4,000 13c	S+475 bp
C••• B••••• L••	revolver lien unstated	$0	-$4,000 33c	S+500 bp
N••• H•••••• L••	revolver lien unstated	$0	-$4,000 20c	S+525 bp
E•• H•••••••• L••	revolver lien unstated	$0	-$5,000 100c	S+475 bp
H•• T••••••••• • I•••••••••	revolver lien unstated	$0	-$7,000 350c	S+850 bp
P•••••• L•••• I•••	revolver lien unstated	$0	-$7,000 88c	S+450 bp
C•• P•••••• L••	revolver lien unstated	$0	-$7,000 78c	S+450 bp
M•• B••••• L••	revolver lien unstated	$0	-$9,000 82c	S+475 bp
R•••• B•••• L••	revolver lien unstated	$0	-$9,000 100c	S+475 bp
M••••••• T•••••••• L••	revolver lien unstated	$0	-$10,000 111c	S+550 bp
H••••••• H••••••• L••	revolver lien unstated	$0	-$10,000 77c	S+475 bp
A•• L•••• H•••••••• L••	revolver lien unstated	$0	-$11,000 85c	S+425 bp
B••••••••• I•••	revolver lien unstated	$0	-$13,000 130c	S+475 bp
W••• H••••••• I•• C•••	revolver lien unstated	$0	-$13,000 52c	S+525 bp
D••• H••••••• C••••	revolver lien unstated	$0	-$13,000 108c	S+500 bp
V•••• A••••••••• L••	revolver lien unstated	$0	-$13,000 100c	S+500 bp
A•••••• C••••••• P•••••••• L••	revolver lien unstated	$0	-$14,000 82c	S+525 bp
F•••• B•••••••• L••	revolver lien unstated	$0	-$14,000 93c	S+450 bp
A••••••••• L••	revolver lien unstated	$0	-$15,000 150c	S+500 bp
D••• S•••••• L••	revolver lien unstated	$0	-$15,000 94c	S+450 bp
D•••••••• B••••• L•••	revolver lien unstated	$0	-$15,000 71c	S+500 bp
M• P••••••••• L••	revolver lien unstated	$0	-$15,000 79c	S+475 bp
L••••••••• L••	revolver lien unstated	$0	-$15,000 75c	S+450 bp
B•••• I••••••••• G••••• L••	revolver lien unstated	$0	-$16,000 80c	S+475 bp
B••••••••• L••	revolver lien unstated	$0	-$17,000 850c	S+525 bp
S•• A•••••• H••••••• L••	revolver lien unstated	$0	-$17,000 94c	S+475 bp
E•••••• W••• A••••••••• C••••••• L••	revolver lien unstated	$0	-$18,000 900c	S+625 bp
A•• I•••••• P••••••••• L••	revolver lien unstated	$0	-$18,000 138c	S+500 bp
N••••••••• L•••• S•••••••• L••	revolver lien unstated	$0	-$20,000 100c	S+450 bp
A••••••••• B••••• I•••	revolver lien unstated	$0	-$20,000 87c	S+450 bp
R•••• B•••• L••	revolver lien unstated	$0	-$21,000 88c	S+450 bp
S•• C•• B••••• I•••	revolver lien unstated	$0	-$22,000 88c	S+450 bp
T•••••• E•••••••• C••• I•••	revolver lien unstated	$0	-$22,000 100c	S+450 bp
M••• B•••• L••••••	revolver lien unstated	$0	-$24,000	S+525 bp
T•• C•••••• G••••• I••• ••• T••••• H•••••••• L•••	revolver lien unstated	$0	-$24,000 120c	S+450 bp
R•• G••••• L••	revolver lien unstated	$0	-$24,000 77c	S+525 bp
B••••• I•••	revolver lien unstated	$0	-$24,000 89c	S+450 bp
P•••••• C•••••••••	revolver lien unstated	$0	-$25,000 417c	S+450 bp
O••••• P•••••••• I•••	revolver lien unstated	$0	-$27,000 104c	S+435 bp
O•• A•• B••••• L••	revolver lien unstated	$0	-$28,000 90c	S+450 bp
L••• S•••••••• P•••••• C••• L••	revolver lien unstated	$0	-$28,000 93c	S+450 bp
E•••••• M•••• L••••••	revolver lien unstated	$0	-$29,000 91c	S+475 bp
L••••• B••••• L••	revolver lien unstated	$0	-$30,000 100c	S+500 bp
T••••••• M•••••••• C••••••• L••	revolver lien unstated	$0	-$30,000 107c	S+475 bp
M••• L••• C••••••••• P•••• L••	revolver lien unstated	$0	-$33,000 103c	S+525 bp
S•••••• F•••••••• T••••••••• I•••	revolver lien unstated	$0	-$35,000 103c	S+475 bp
S••••••• B••••• L••	revolver lien unstated	$0	-$36,000 180c	S+505 bp
A•• P••••••••• L••	revolver lien unstated	$0	-$45,000 96c	S+450 bp
R•• C•••••••••	revolver lien unstated	$0	-$49,000 96c	S+550 bp
S••• P••••••••• I•••	revolver lien unstated	$0	-$57,000 124c	S+450 bp
B•• B••••• I•••	revolver lien unstated	$0	-$61,000 133c	S+450 bp
T• K•• A••••••••• L•••	revolver lien unstated	$0	-$63,000 78c	S+425 bp
P••••••• B••••• I•••	revolver lien unstated	$0	-$64,000 178c	S+475 bp
A•• I• M•• H••••••• I•••	revolver lien unstated	$0	-$64,000 91c	S+475 bp
C••••••• D•••••• C••••	revolver lien unstated	$0	-$66,000 81c	S+475 bp
P••••••• B••••• I••	term loan first lien	$0	-$67,000 100c	S+200 bp
R••• C•••••••• I••••••••• I••• I•••	revolver lien unstated	$0	-$81,000 261c	S+450 bp
U••••••••• L••	revolver lien unstated	$0	-$102,000 408c	S+475 bp
S••••••••• L••	revolver lien unstated	$0	-$130,000 100c	S+500 bp
D••••• B••••• L••	revolver lien unstated	$0	-$141,000 137c	S+475 bp
F••••• B••••• L••	revolver lien unstated	$0	-$183,000 678c	S+500 bp
R•• S•••••••• L••	revolver lien unstated	$0	-$259,000 719c	S+525 bp
O•• L••••••• I••••••••• H••••••• 2• L••	revolver lien unstated	$0	-$283,000 496c	S+550 bp
R••••• H••••••• L••	preferred equity equity	Not disclosed	Not disclosed
B•••• I••••••••• G••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
B••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
D••• S•••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+450 bp
A•• L•••• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+425 bp
A• B••••• I•••	revolver lien unstated	Not disclosed	Not disclosed
K••••••• B•••• B•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
J•• B•••• L••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
H••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+450 bp
T••••• G•••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
T••••••••• S•••••• S••••• B•••• P•• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
R••••• H••••••• L••	term loan lien unstated	Not disclosed	Not disclosed
W•••••••• H•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
U•••••• •••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
A••••••••• A•••••••• G•••• P•• L•• ••••• C•••••• A•••••••• G•••••	term loan lien unstated	Not disclosed	Not disclosed
U•• 6•• E••••• M••••••••• G•••	unstated lien unstated	Not disclosed	Not disclosed
B••• F•••• B•	unstated lien unstated	Not disclosed	Not disclosed
S••••••• H••••••• L••	equity equity	Not disclosed	Not disclosed
S••••••• B•••• S•••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
E••••• I•••••••• G•••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+425 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