DFX Intelligence

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O••• D••••• L•••••• B•• F•••

Business development companymanaged by O••• C••••• A••••••• L••Non-traded· ENGLEWOOD CLIFFS, NJ

A non-traded business development company, managed by O••• C••••• A••••••• L••, holding $288M across 47 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: $288M
Borrowers: 47
Mark on cost: 90.4¢
First lien: 99%

Schedule of investments (100)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$27.4M
on non-accrual, 1 borrower
1 borrower on non-accrual, $27.4M principal; the largest is M•••••••• I•• ($27.4M).
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 M•••••••• I•• →
86.7¢ → 90.4¢
book mark on cost
Marked its book up from 86.7¢ to 90.4¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked up.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
8 below 80¢
$53M principal
8 positions across 7 borrowers marked below 80¢ on cost, $53M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
66 → 47
borrowers
Lost a net 19 borrowers in the quarter to Jun 30, 2026, to 47.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$468M → $288M
fair value, 4 quarters
Its portfolio shrank 39% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1860424 · file 814-01405Show

Fair value

$288M

as of Jun 30, 2026

Principal held

$322M

debt pieces, the filer's figure

Cost

$323M

90c on cost, debt pieces

Unfunded

$15.2M

commitments not yet drawn

Positions

100

47 borrowers

First lien

99%

99% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

9 sponsors financed

Portfolio through time

Fair value by quarter end$288M as of Jun 30, 2026

Dec 31, 2022$2.0B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$288M	47	90c	6	507 bp
Mar 31, 2026	$352M	66	87c	8	500 bp
Dec 31, 2025	$409M	71	92c	7	501 bp
Sep 30, 2025	$407M	70	93c	7	509 bp

All 14 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$468M	59	96c	7	523 bp
Mar 31, 2025	$2.1B	64	97c	7	535 bp
Dec 31, 2024	$2.1B	60	98c	13	576 bp
Sep 30, 2024	$2.0B	48	97c	9	605 bp
Jun 30, 2024	$907M	41	98c	9	617 bp
Mar 31, 2024	$2.0B	34	99c	5	654 bp
Dec 31, 2023	$2.3B	36	99c	6	661 bp
Sep 30, 2023	$2.1B	35	99c	6	658 bp
Jun 30, 2023	$2.1B	33	99c	1	639 bp
Dec 31, 2022	$2.0B	32	99c	1	640 bp

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
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

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
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

M•••••••• I•• first lien term loan
5 BDCs hold it · matures Oct 29, 2028
$27.4M 39c
M•• B•••• L•• first lien term loan
2 BDCs hold it · matures Jun 30, 2029
$24.1M 96c
B••• M••••• A••••••••• L•• first lien term loan
3 BDCs hold it · matures Jun 29, 2028
$23.6M 100c
K••••••• P••••••••• L•• first lien term loan
3 BDCs hold it · matures May 7, 2027
$20.5M 100c
A••••• S••••••• C••• first lien term loan
6 BDCs hold it · matures Jun 28, 2032
$14.8M 97c
A•••• M••••• S•• I•• first lien term loan
1 BDC hold it · matures Oct 2, 2028
$14.7M 97c
B•••••••• I•• first lien term loan
15 BDCs hold it · matures Oct 1, 2029 · possible sponsor G•••••• C••••••
$14.7M 96c
C••••••• I•• first lien term loan
7 BDCs hold it · matures Feb 11, 2030
$9.1M 78c
S•••••••• P••••• I••• I•• first lien term loan
9 BDCs hold it · matures Dec 23, 2032
$8.9M 100c
M•••••• B••••• I•• first lien term loan
7 BDCs hold it · matures Sep 10, 2030
$8.8M 100c
C• A•••• B••••• I•• first lien term loan
2 BDCs hold it · matures Jul 8, 2030
$8.4M 91c
D•••••••• D••••• H••••••• L•• first lien term loan
24 BDCs hold it · matures Sep 13, 2032
$8.1M 99c

Schedule of investments at Dec 31, 2024

162 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A••••• P•••••• L•• B••••••• Services	delayed draw term loan lien unstated	Not disclosed	$2,000 -150c	SOFR+425 bp	Dec 20, 2031
I•• H••••• L•• ••••••••• W•• H••••• L••• W••••••••	equity equity	Not disclosed	$0 0c
A•••••••• R••• M••••••••• G••••• I••• S••••••••• I••••••••	revolver lien unstated	Not disclosed	-$600 13c	SOFR+475 bp	Nov 1, 2029
O•••••• F•••••••• S••••••• L•• Financial Services	revolver first lien	Not disclosed	-$2,404 103c	SOFR+500 bp	Oct 7, 2031
O•••••• F•••••••• S••••••• L•• Financial Services	delayed draw term loan first lien	Not disclosed	-$3,365 207c	SOFR+500 bp	Oct 7, 2031
A•••••••• R••• M••••••••• G••••• I••• 2••• I••••••••	delayed draw term loan lien unstated	Not disclosed	-$4,583 13c	SOFR+475 bp	Nov 1, 2029
C••••••• B••••• I••• H••••••••• & P•••••••••	revolver lien unstated	Not disclosed	-$9,783 53c	SOFR+500 bp	Nov 3, 2028
M•• A••••••••• L•• B••••••• Services	revolver lien unstated	Not disclosed	-$14,907 56c	SOFR+625 bp	Nov 17, 2028
C••••••• B••••• I••• H••••••••• & P•••••••••	delayed draw term loan lien unstated	Not disclosed	-$19,565 52c	SOFR+500 bp	Nov 5, 2029
J•••••• P•••• M••••••••• C•••••• F••••• P••••••• & P••••	revolver first lien	Not disclosed	-$34,000 337c	SOFR+725 bp	Aug 26, 2026
S••••• S••••••••• I••• C••••••••• & B•••••••	revolver lien unstated	Not disclosed	-$41,032 240c	SOFR+725 bp	Mar 18, 2027
I•• M•••• L•• ••••••••• W•• M•••• L••• W••••••••	revolver lien unstated	Not disclosed	-$50,359 1187c	SOFR+700 bp	Apr 27, 2028
I•• M•••• L•• ••••••••• W•• M•••• L••• W••••••••	revolver lien unstated	Not disclosed	-$50,359 1187c	SOFR+700 bp	Apr 27, 2028
L••••••••• i• E••••• o• O•••• A•••••	unstated lien unstated	Not disclosed	-$255M
S•••••••• T••••••••• H••••••• I••• H••• T••• I•••••••••	term loan lien unstated	Not disclosed	Not disclosed	SOFR+600 bp	Aug 16, 2029
S•••••••• T••••••••• H••••••• I••• H••• T••• I•••••••••	revolver lien unstated	Not disclosed	Not disclosed n/a	SOFR+600 bp	Aug 16, 2028
S•••••••• T••••••••• H••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+600 bp
F••	unstated lien unstated	Not disclosed	Not disclosed
O•••••• F•••••••• S••••••• L••	revolver first lien	Not disclosed	Not disclosed	S+500 bp
M•••••••• T••••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+675 bp
C••••••• B•••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
1••••••	unstated lien unstated	Not disclosed	Not disclosed
A•••••••• R••• M••••••••• G••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
S•••• D••• L•• H••••••••• & P•••••••••	term loan first lien	Not disclosed	Not disclosed	SOFR+775 bp PIK 5.75%	Apr 20, 2026
T•• U•••••• G•••• M••••• L•• Financial Services	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	SOFR+525 bp	Mar 7, 2031
S•• H••••••• C••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
I•• M•••• L•• ••••••••• W•• M•••• L•••	revolver lien unstated	Not disclosed	Not disclosed	S+700 bp
A••••• P•••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+425 bp
P•••••• C•••• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+625 bp
T•• U•••••• G•••• M••••• L••	revolver first lien	Not disclosed	Not disclosed	S+525 bp
A••••• S••••••• C••• ••• P•••••• U• A••••••••• C••••• 2••••• H••• T••• I•••••••••	term loan first lien	Not disclosed	Not disclosed	SOFR+500 bp	Jul 15, 2027
E•••••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
M•••••••• I••• H••• T••• I•••••••••	term loan first lien	Not disclosed	Not disclosed	SOFR+650 bp PIK 4.00%	Oct 29, 2028
3••••••	unstated lien unstated	Not disclosed	Not disclosed
K•••• I••••••••• L•••	revolver lien unstated	Not disclosed	Not disclosed
6••••••	unstated lien unstated	Not disclosed	Not disclosed
T•••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
F••••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
C••••••• B•••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
S••••• S••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+725 bp
T•• U•••••• G•••• M••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+525 bp
A••••• S••••••• C••• ••• P•••••• U• A••••••••• C•••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
I•• H••••• L•• ••••••••• W•• H••••• L••• W••••••••	equity equity	Not disclosed	Not disclosed n/a
A•• O•••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+650 bp
A•••••••• R••• M••••••••• G••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
O•••••• F•••••••• S••••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+500 bp
P•••••• C•••• H•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+625 bp
S••••• S••••••••• I••	revolver lien unstated	Not disclosed	Not disclosed	S+725 bp
S•••• D••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+775 bp
M•••••• B•••• I•••	revolver first lien	Not disclosed	Not disclosed	S+400 bp
A•••••• P•••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+850 bp
F••••••••• R••• P•••••••• C••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+525 bp
M•• A••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+625 bp
J•••••• P•••• M••••••••• C••••••	revolver first lien	Not disclosed	Not disclosed	S+725 bp
U••••••• C•••••••••	unstated lien unstated	Not disclosed	Not disclosed
S•••• D••• L•• H••••••••• & P•••••••••	revolver lien unstated	Not disclosed	Not disclosed	SOFR+775 bp PIK 5.75%	Apr 20, 2026
B•••••••• I••• A•••••••• N•• 1• H••• T••• I•••••••••	term loan first lien	Not disclosed	Not disclosed	SOFR+500 bp	Oct 1, 2029
T•• U•••••• G•••• M••••• L•• Financial Services	revolver first lien	Not disclosed	Not disclosed n/a	SOFR+525 bp	Mar 7, 2030
C•••••• A••••••••• L•• I••••••••• T••• F••••••• C••••••• G••••: N•••••••••	unstated lien unstated	Not disclosed	Not disclosed	SOFR+550 bp	Dec 17, 2029
S••••• S••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+725 bp
M•• B•••• L•• H••••••••• & P•••••••••	term loan first lien	Not disclosed	Not disclosed	SOFR+538 bp	Jun 30, 2029
Z••• C•• W•••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+725 bp

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2021 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: O••• Falcon Direct Lending BDC Fund; O••• Falcon BDC Fundreported
Latest schedule: 0001193125-26-339194reported