DFX Intelligence

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G•••• C•••••• D••••• L•••••• C•••

Business development companymanaged by G• A••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by G• A••••••• L••, holding $845M across 294 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: $845M
Borrowers: 294
Mark on cost: 99.3¢
First lien: 97%

Schedule of investments (1,123)Quarter by quarter Sponsors

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

What matters now

$2.39M
on non-accrual, 8 borrowers
8 borrowers on non-accrual, $2.39M principal; the largest is F•• I••••••••• H•••••• L•• ($799K).
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 F•• I••••••••• H•••••• L•• →
$582K
newly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $582K principal: W••••••••• L•• ($546K), W••••• I•• ($36K).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open W••••••••• L•• →
23 below 80¢
$3.73M principal
23 positions across 17 borrowers marked below 80¢ on cost, $3.73M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
146 → 157
loans paying in kind
Loans paying in kind rose from 146 to 157 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 →

Every headline figure, and the identifiersCIK 1868878 · file 814-01412Show

Fair value

$845M

as of Jun 30, 2026

Principal held

$842M

debt pieces, the filer's figure

Cost

$852M

99c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

1,123

294 borrowers

First lien

97%

98% debt by fair value

Quarters on the tape

since Sep 30, 2022

Facilities held

387

51 sponsors financed

Portfolio through time

Fair value by quarter end$845M as of Jun 30, 2026

Sep 30, 2022$202M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$845M	294	99c	157	517 bp
Mar 31, 2026	$851M	298	99c	146	517 bp
Dec 31, 2025	$852M	293	101c	142	520 bp
Sep 30, 2025	$1.7B	279	101c	262	529 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$826M	254	101c	104	537 bp
Mar 31, 2025	$774M	240	101c	90	550 bp
Dec 31, 2024	$764M	230	100c	94	559 bp
Sep 30, 2024	$690M	217	101c	99	570 bp
Jun 30, 2024	$626M	204	101c	81	582 bp
Mar 31, 2024	$536M	185	100c	69	601 bp
Dec 31, 2023	$463M	173	100c	64	603 bp
Sep 30, 2023	$320M	151	99c	52	604 bp
Jun 30, 2023	$275M	135	99c	41	607 bp
Mar 31, 2023	$261M	133	99c	35	599 bp
Sep 30, 2022	$202M	118	98c	13	577 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Placed on non-accrualJun 30, 2026
••• Locked
Placed on non-accrualJun 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

Full timeline · 20 events

PIK interest increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

P•• I••••••••• H•••••••• L•• first lien term loan
22 BDCs hold it · matures Aug 1, 2030
$18.5M 98c
i••••• I•• first lien term loan
27 BDCs hold it · matures Aug 31, 2028
$14.6M 94c
H••••• S•••••••• I•• first lien term loan
18 BDCs hold it · matures Sep 19, 2030 · possible sponsor T•••• B••••
$13.0M 98c
C••••••• B••••• I•• first lien term loan
22 BDCs hold it · matures Nov 30, 2030 · possible sponsor F•••••••• P•••••••
$11.6M 99c
Z••••••• I•• first lien term loan
16 BDCs hold it · matures Nov 22, 2028
$11.6M 98c
C••••••• S••••• L•• first lien term loan
5 BDCs hold it · matures Oct 1, 2029
$11.1M 101c
A••• S•••••• P•••••••• L•• first lien term loan
26 BDCs hold it · matures Oct 24, 2030 · possible sponsor A••••• I••••••••
$11.0M 101c
N•••• G••••• H••••••• C••••••••• first lien term loan
11 BDCs hold it · matures Oct 31, 2032
$10.9M 99c
G•• U••••••• P••••• C••••••••• first lien term loan
10 BDCs hold it · matures Feb 1, 2033 · possible sponsor V•••••• C•••••• F••• M••••••••• L•••••
$10.8M 101c
P•••••• G••••• I•••••••• S•••••••• L•• first lien term loan
14 BDCs hold it · matures Oct 31, 2028 · possible sponsor G• P•••••••
$10.7M 99c
N••••••• E•••••• W••• P••••• H•••••• L•• first lien term loan
7 BDCs hold it · matures Jul 16, 2029
$10.7M 100c
P•• H•••••••• L•• first lien term loan
2 BDCs hold it · matures May 1, 2029
$10.2M 96c

Schedule of investments at Mar 31, 2025

893 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
D••••• M•••• 2• L••	term loan first lien	$22,000	$22,000 105c	S+525 bp	Dec 1, 2028
H• S•• H•••••••• I•••	term loan first lien	$21,000	$21,000 105c	S+425 bp	Jun 1, 2028
A•• H••••••• I••• C•••	equity equity	Not disclosed	$21,000 17c
C•••••• B•••• I• S•• R•••	term loan first lien	$28,000	$21,000 100c	S+575 bp PIK 0.25%	Dec 1, 2030
E•• L•••• L••	equity equity	Not disclosed	$21,000 64c
C••••• C•••••••• A••••••• L••	term loan first lien	$21,000	$21,000 100c	S+525 bp	Oct 1, 2027
E••••••••• I•••	preferred equity equity	Not disclosed	$21,000 66c
P•• I••••••••• H•••••••• L••	term loan first lien	$20,000	$20,000 105c	S+525 bp	Aug 1, 2029
C••••• M•••• 3• S•••••••	term loan first lien	$20,000	$20,000 100c	S+500 bp	May 1, 2029
S•••••••• B••••••• C•• I•••	term loan first lien	$23,000	$19,000 100c	S+525 bp	Feb 1, 2032
A••• B••••• I•••	term loan first lien	$19,000	$19,000 100c	S+525 bp	Jul 1, 2027
Q•••• Q•••• C•• W••• H•••••••• L••	term loan first lien	$18,000	$18,000 106c	S+475 bp	Jun 1, 2031
F•• I••••••••• H•••••• L••	term loan first lien	$18,000	$18,000 106c	S+675 bp PIK 5.75%	Mar 1, 2027
D••••• M•••• 2• L••	term loan first lien	$18,000	$18,000 100c	S+525 bp	Dec 1, 2028
P•• P••••• I•••	preferred equity equity	Not disclosed	$17,000 142c
V•• A••••••••• C•••• a•• S•••••••• I•••	term loan first lien	$17,000	$17,000 106c	S+600 bp	Apr 1, 2028
M•••• P••••••••• L••	term loan first lien	$16,000	$15,000 94c	S+575 bp	Apr 1, 2028
E••••••• G••••• L••	term loan first lien	$15,000	$15,000 100c	S+575 bp	Apr 1, 2028
E••••• B••••• A••••••••• I•••	term loan first lien	$15,000	$14,000 100c	S+550 bp	Jul 1, 2029
F••••• S•••••••• G••••• L••	term loan first lien	$14,000	$14,000 175c	S+550 bp	Oct 1, 2028
A••••••••• A••••••••• C••	term loan first lien	$14,000	$14,000 100c	S+550 bp	May 1, 2030
C••••• B•••• S••• I•••	term loan first lien	$14,000	$14,000 108c	S+550 bp	Oct 1, 2027
S•••• L•••• G••••• L••	term loan second lien	$13,000	$13,000 100c	S+900 bp PIK 13.30%	Sep 1, 2029
H••• B•• B••••• O••••••••• L••	term loan first lien	$13,000	$13,000 108c	S+525 bp	Dec 1, 2029
M•••• S••••••••• U• B••••• L••	term loan first lien	$13,000	$13,000 100c	S+475 bp	Dec 1, 2030
M••••••••• B•••• O• • M••••••••• U•• L••	term loan first lien	$12,000	$12,000 150c	S+550 bp	Nov 1, 2031
A•••••• L••	term loan first lien	$13,000	$12,000 100c	S+375 bp	Nov 1, 2030
F••••••• U••• I•••	term loan first lien	$13,000	$12,000 100c	S+725 bp	Sep 1, 2029
D••••• M•••• 2• L••	term loan first lien	$11,000	$11,000 100c	S+525 bp	Dec 1, 2028
P••••• B•••• L••	term loan first lien	$11,000	$11,000 100c	S+625 bp	May 1, 2029
C••••• B•••• S••• I•••	preferred equity equity	Not disclosed	$11,000 110c
L•••••••• F••• F•• P•••••••• L•••	equity equity	Not disclosed	$11,000 32c
H•••• U• L••	warrants equity	Not disclosed	$10,000 143c
N•••••• C•••••••••	equity equity	Not disclosed	$10,000 125c
C••••••• S••••• I•••	equity equity	Not disclosed	$10,000 59c
B••••••	term loan first lien	$9,000	$9,000 113c	S+525 bp	Aug 1, 2028
T••••••• A•• a•• T•••••••• L••	warrants equity	Not disclosed	$9,000 113c
S•••• E••••• S••••••• I•••	warrants equity	Not disclosed	$9,000 100c
W••••••••• L••	term loan first lien	$10,000	$8,000 80c	S+575 bp	Oct 1, 2027
D•••• A••••••••• C•••••••••	term loan first lien	$8,000	$8,000 100c	S+500 bp	Oct 1, 2028
O•••• I•••	warrants equity	Not disclosed	$8,000 133c
S•••• L•••• G••••• L••	term loan second lien	$0	$7,000 -175c	S+900 bp	Sep 1, 2029
E•• T•••• H•••••••• L••	term loan first lien	$6,000	$6,000 100c	S+550 bp	Mar 1, 2030
S••••••• P•••••••• I••• I••• • J•• E•••••••• • T•••• L•••	term loan first lien	$5,000	$5,000 100c	S+525 bp	Dec 1, 2028
D••••• M•••• 2• L••	term loan first lien	$5,000	$5,000 100c	S+525 bp	Dec 1, 2028
F••••• S•••••••• G••••• L••	term loan first lien	$5,000	$5,000 250c	S+550 bp	Oct 1, 2028
V•• A••••••••• C•••• a•• S•••••••• I•••	equity equity	Not disclosed	$5,000 100c
K•••••• H•••••••• I•••	term loan first lien	$4,000	$4,000 133c	S+475 bp	Mar 1, 2029
P•••••• P••••••• L••	term loan first lien	$3,000	$3,000 100c	S+450 bp	Nov 1, 2027
P•• P••••• I•••	term loan first lien	$3,000	$3,000 -300c	S+475 bp	Dec 1, 2027
A•••• N••••••• I•••	preferred equity equity	Not disclosed	$3,000 150c
K••••• T••••••••• I•••	warrants equity	Not disclosed	$3,000 100c
S•••• L•••• G••••• L••	term loan first lien	$0	$3,000 -60c	S+575 bp	Aug 1, 2028
L•••••••• F••• F•• P•••••••• L•••	preferred equity equity	Not disclosed	$2,000 200c
C••••• M•••• 3• S•••••••	term loan first lien	$2,000	$2,000 200c	S+500 bp	May 1, 2029
N••••• I•••	term loan first lien	$6,000	$2,000 33c	S+700 bp	Sep 1, 2025
C•••••• B•••• L••••••	term loan first lien	$0	$0 0c	S+550 bp	Aug 1, 2030
S••••• B••••• L••	term loan first lien	$0	$0 0c	S+475 bp	Sep 1, 2027
C•• H••••••• A••••••••• I•••	term loan first lien	$0	$0	S+525 bp	Jul 1, 2027
C••••• B•••• S••• I•••	term loan first lien	$0	$0 0c	S+550 bp	Oct 1, 2028
Y•• L••	term loan first lien	$0	$0 0c	S+575 bp	Dec 1, 2029
C•••• S••••••• I••••••••• L••	term loan first lien	$0	$0	S+500 bp	May 1, 2030
Y•• L••	term loan first lien	$0	$0 0c	S+575 bp	Dec 1, 2029
W•••••• T••••• I•••	term loan first lien	$0	$0 0c	S+500 bp	Nov 1, 2031
W•• H•••••• C••••	term loan first lien	$0	$0 0c	S+500 bp	Jul 1, 2030
C••••••••• L••	term loan first lien	$0	$0	S+600 bp	Aug 1, 2027
R•••• H••••• C•••••••••	term loan first lien	$0	$0	S+450 bp	Dec 1, 2030
P••••• H••••• I••••••••• H•••••••• I•••	term loan first lien	$0	$0 0c	S+500 bp	Jun 1, 2029
P•• A••• B••••• I•••	term loan first lien	$0	$0	S+550 bp	Feb 1, 2029
I•••••••• M•••••••• A••••••••• L••	term loan first lien	$0	$0	S+500 bp	Aug 1, 2028
N•••• T••••• I•••	term loan first lien	$0	$0 0c	S+575 bp	Nov 1, 2028
L••••• B••••• L••	term loan first lien	$0	$0	S+500 bp	May 1, 2028
I••••••••• S•••••••• C••••••••• L••	term loan first lien	$0	$0	S+475 bp	Jul 1, 2030
H••••• B••••• L••	term loan first lien	$0	$0	S+525 bp	Apr 1, 2028
G•• U••••••• P••••• C•••••••••	term loan first lien	$0	$0 0c	S+475 bp	Dec 1, 2031
E••••••• S••••••••• L••	term loan first lien	$0	$0 0c	S+475 bp	Nov 1, 2031
V•••• B••••• I•••	term loan first lien	$0	$0 0c	S+500 bp	Nov 1, 2031
V••••••• G•••• A••••••••• L••	term loan first lien	$0	$0 0c	S+525 bp	Dec 1, 2029
C••••••• B••••• I•••	term loan first lien	$0	$0 0c	S+675 bp	Nov 1, 2030
E•••••• B••••• I•••	term loan first lien	$0	$0 0c	S+475 bp	Sep 1, 2031
C•••• H•••••••• L••	term loan first lien	$0	$0 0c	S+525 bp	Feb 1, 2029
C•••• G••••• S•• • C•••• P••••	term loan first lien	$0	$0	S+525 bp	Jul 1, 2031
K••• B••••• L••	term loan first lien	$0	$0	S+700 bp	Jul 1, 2031
L•• A••••••••• L••	term loan first lien	$0	$0 0c	S+450 bp	Nov 1, 2031
C••••••• B••••• I•••	term loan first lien	$0	$0 0c	S+500 bp	Nov 1, 2029
L•••• T••••• I•••	term loan first lien	$0	$0 0c	S+475 bp	Jun 1, 2030
C•••••• R•••••••• M••••• L••	term loan first lien	$0	$0 0c	S+475 bp	Jul 1, 2028
M••••••••• L••	term loan first lien	$0	$0	S+525 bp	Dec 1, 2027
P•••••••• C••••••••• M•••••• I•••	term loan first lien	$0	$0	S+475 bp	Jan 1, 2032
C• B••••• I•••	term loan first lien	$0	$0 0c	S+500 bp	Jul 1, 2031
G• C•• W••• P•••••• C••••	equity equity	Not disclosed	$0 0c
C••••• B•••• S••• I•••	equity equity	Not disclosed	$0
M••••• B•••• L••••••	term loan first lien	$0	$0	S+500 bp	Jan 1, 2032
M••••• B•••• L••••••	term loan first lien	$0	$0	S+500 bp	Jan 1, 2032
L•••• T••••• I•••	term loan first lien	$0	$0 0c	S+475 bp	Jun 1, 2030
L••••••••• I•••	term loan first lien	$0	$0 0c	S+550 bp	Nov 1, 2031
M•••• S••••••••• U• B••••• L••	equity equity	Not disclosed	$0
L••••••••• B•••• G•••	term loan first lien	$0	$0 0c	S+500 bp	Dec 1, 2031
G••••••• S•••••••• L••	term loan first lien	$0	$0 0c	S+475 bp	Jun 1, 2031
F•••••••• I••••••••• T••••••••• L••	term loan first lien	$0	$0 0c	S+525 bp	Jun 1, 2030

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Registration

Fiscal year end: 0930reported
Incorporated: MDreported
On the SEC BDC report: 2021 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: G•••• C•••••• D••••• L•••••• LLCreported
Latest schedule: 0001868878-26-000031reported