DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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BDC portfolio
G•••• C•••••• D••••• L•••••• C•••
Fair value
$845M
as of Jun 30, 2026
Principal held
$842M
debt pieces, the filer's figure
Cost
$852M
99c on cost
Unfunded
n/a
commitments not yet drawn
Positions
1,123
294 borrowers
First lien
97%
98% debt by fair value
Quarters on the tape
15
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 | 525 bp |
| Mar 31, 2026 | $851M | 298 | 99c | 146 | 526 bp |
| Dec 31, 2025 | $852M | 293 | 101c | 142 | 529 bp |
| Sep 30, 2025 | $1.7B | 279 | 101c | 262 | 536 bp |
| 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 | 577 bp |
| Jun 30, 2024 | $626M | 204 | 101c | 81 | 583 bp |
| Mar 31, 2024 | $536M | 185 | 100c | 69 | 601 bp |
| Dec 31, 2023 | $463M | 173 | 100c | 64 | 604 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 |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
What changed
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
Largest facilities held, with co-lenders
- P•• I••••••••• H•••••••• L•• first lien term loan25 BDCs hold it · matures Aug 1, 2030$18.5M 98c
- i••••• I•• first lien term loan32 BDCs hold it · matures Aug 31, 2028$14.6M 94c
- H••••• S•••••••• I•• first lien term loan24 BDCs hold it · matures Sep 19, 2030 · T•••• B••••$13.0M 98c
- C••••••• B••••• I•• first lien term loan28 BDCs hold it · matures Nov 30, 2030 · F•••••••• P•••••••$11.6M 99c
- Z••••••• I•• first lien term loan21 BDCs hold it · matures Nov 22, 2028$11.6M 98c
- C••••••• S••••• L•• first lien term loan6 BDCs hold it · matures Oct 1, 2029$11.1M 101c
- A••• S•••••• P•••••••• L•• first lien term loan35 BDCs hold it · matures Oct 24, 2030 · A••••• I••••••••$11.0M 101c
- N•••• G••••• H••••••• C••••••••• first lien term loan15 BDCs hold it · matures Oct 31, 2032$10.9M 99c
- G•• U••••••• P••••• C••••••••• first lien term loan14 BDCs hold it · matures Feb 1, 2033 · V•••••• C•••••• F••• M••••••••• L•••••$10.8M 101c
- P•••••• G••••• I•••••••• S•••••••• L•• first lien term loan16 BDCs hold it · matures Oct 31, 2028 · S••••• P•••••••• L•••$10.7M 99c
- N••••••• E•••••• W••• P••••• H•••••• L•• first lien term loan8 BDCs hold it · matures Jul 1, 2029$10.7M 100c
- P•• H•••••••• L•• first lien term loan3 BDCs hold it · matures May 1, 2029$10.2M 96c
Schedule of investments at Jun 30, 2026
1,123 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| Q••• I••. | preferred equity equity | n/a | $94,000 97c | ||
| P•••••• N••• P••••••••• L•• | term loan first lien | $97,000 | $94,000 98c | S+500 bp | Apr 1, 2029 |
| M•••• R•••••••• C••••••••• L•• | unstated lien unstated | n/a | $93,000 102c | ||
| S•••• L•••• G••••• L•• | term loan first lien | $92,000 | $92,000 100c | S+575 bp | Aug 1, 2028 |
| B•••••• R••••••••• L•• | term loan first lien | $92,000 | $92,000 101c | S+600 bp | Aug 1, 2028 |
| C•• H••••••• A••••••••• I••. | term loan first lien | $92,000 | $91,000 100c | S+525 bp | Jul 1, 2027 |
| C•••••• B•••• I• S•• R••. | term loan first lien | $93,000 | $91,000 98c | S+575 bp PIK 0.25% | Dec 1, 2030 |
| C• S••••• H••••••• B••••• L•• | term loan first lien | $91,000 | $90,000 99c | S+463 bp | Dec 1, 2032 |
| K••••••••• I••••••••• L•• | term loan first lien | $90,000 | $90,000 100c | S+450 bp | Sep 1, 2030 |
| W•• H•••••• C•••. | term loan first lien | $89,000 | $88,000 100c | S+500 bp | Jul 1, 2031 |
| G•••••• 3•••• A• | term loan first lien | $91,000 | $88,000 104c | S+638 bp PIK 8.51% | Jul 1, 2029 |
| K••• B••••• L•• | term loan first lien | $88,000 | $87,000 99c | S+450 bp | Jul 1, 2031 |
| W•• H•••••• C•••. | term loan first lien | $87,000 | $86,000 99c | S+500 bp | Jul 1, 2031 |
| E•• V•••••• H•••••••• L•• | term loan first lien | $86,000 | $86,000 100c | S+625 bp PIK 3.38% | Oct 1, 2029 |
| D••••• M•••• 2• L•• | term loan first lien | $86,000 | $86,000 100c | S+550 bp | Dec 1, 2028 |
| T••••••••• I••. | term loan first lien | $84,000 | $84,000 100c | S+425 bp | Jun 1, 2032 |
| C•• H••••••• A••••••••• I••. | term loan first lien | $84,000 | $84,000 100c | S+525 bp | Jul 1, 2027 |
| T••••••••• H•••••••• L•• | term loan first lien | $115,000 | $83,000 75c | S+525 bp | May 1, 2031 |
| M••••••••• L•• | term loan first lien | $83,000 | $83,000 100c | S+500 bp | Dec 1, 2027 |
| Doxa I•••••••• Holdings, LLC | term loan first lien | $84,000 | $82,000 98c | S+463 bp | Dec 1, 2030 |
| F•••••••• I••. | warrants equity | n/a | $82,000 1025c | ||
| C• G•••• H•••••••• L•• | term loan first lien | $84,000 | $81,000 101c | S+750 bp PIK 2.00% | Jan 1, 2030 |
| S•••• L•••• G••••• L•• | term loan second lien | $81,000 | $81,000 103c | S+900 bp PIK 12.73% | Sep 1, 2029 |
| A•• H••••••• I••• C••• | term loan first lien | $84,000 | $81,000 96c | S+550 bp | Feb 1, 2028 |
| V••••••• I••. | term loan first lien | $86,000 | $81,000 94c | S+575 bp | Sep 1, 2027 |
| D••••• M•••• 2• L•• | term loan first lien | $80,000 | $80,000 101c | S+550 bp | Dec 1, 2028 |
| F•• I••••••••• H•••••• L•• | term loan first lien | $77,000 | $77,000 100c | S+500 bp PIK 8.67% | Jun 1, 2029 |
| B•••••• R••••••••• L•• | term loan first lien | $76,000 | $76,000 101c | S+600 bp | Aug 1, 2028 |
| S•••• L•••• G••••• L•• | term loan first lien | $75,000 | $75,000 100c | S+575 bp | Aug 1, 2028 |
| H•••• U• L•• | preferred equity equity | n/a | $75,000 150c | ||
| D••••• B•••• L•••••• | equity equity | n/a | $75,000 357c | ||
| N•• B••••• I••. | term loan first lien | $78,000 | $75,000 112c | S+500 bp | Nov 1, 2028 |
| A•••• N••••••• I••. | term loan first lien | $76,000 | $75,000 99c | S+600 bp PIK 3.25% | Jul 1, 2027 |
| P•• I••••••••• H•••••••• L•• | term loan first lien | $76,000 | $75,000 100c | PIK 14.75% | Aug 1, 2030 |
| C•••• S••••••• I••••••••• L•• | unstated lien unstated | n/a | $74,000 91c | ||
| R•••••• P•••••• L•• | term loan first lien | $78,000 | $74,000 101c | S+475 bp | Apr 1, 2030 |
| A•• H•••• L•• | term loan first lien | $78,000 | $74,000 95c | S+575 bp PIK 3.25% | May 1, 2030 |
| F•••• T••••• I••. | term loan first lien | $72,000 | $72,000 100c | S+650 bp | Oct 1, 2028 |
| P•• P•••••• I••. | term loan first lien | $72,000 | $72,000 100c | S+525 bp | Apr 1, 2031 |
| K••••• B•••• L•••••• | term loan first lien | $73,000 | $72,000 100c | S+475 bp | Jul 1, 2032 |
| H•••• U• L•• | warrants equity | n/a | $72,000 | ||
| C••••••• I••••••••• I•• L•• | term loan first lien | $72,000 | $71,000 100c | S+550 bp | Aug 1, 2032 |
| P•••••• P•••••••, LLC | term loan first lien | $70,000 | $70,000 100c | S+550 bp | Nov 1, 2027 |
| E•• V•••••• H•••••••• L•• | term loan first lien | $70,000 | $70,000 100c | S+626 bp PIK 3.38% | Oct 1, 2029 |
| S•••• L•••• G••••• L•• | term loan first lien | $70,000 | $70,000 101c | S+575 bp | Aug 1, 2028 |
| E••••••• G••••• L•• | term loan first lien | $73,000 | $70,000 97c | S+575 bp | Apr 1, 2028 |
| C••••• M•••• 3• S••••••. | term loan first lien | $71,000 | $69,000 99c | S+500 bp | May 1, 2029 |
| C••••••••• P••••• I••• I••. | term loan first lien | $94,000 | $69,000 76c | S+500 bp PIK 0.50% | Aug 1, 2029 |
| H• T•• B••••• I••. | equity equity | n/a | $69,000 117c | ||
| C•••• G••••• S•• & C•••• PikCo | term loan first lien | $70,000 | $69,000 103c | S+475 bp | Jul 1, 2031 |
| S•••• E••••• S••••••• I••. | term loan first lien | $69,000 | $69,000 101c | S+750 bp PIK 3.75% | Jan 1, 2030 |
| Q•••• B••••• I••. | term loan first lien | $70,000 | $68,000 97c | S+525 bp | Jun 1, 2029 |
| P•••••• A••••••••• I••. | equity equity | n/a | $67,000 160c | ||
| R••••••••• P•••••• L•• | preferred equity equity | n/a | $66,000 106c | PIK 13.75% | |
| P•••••••• C••••••••• M••••• I••. | equity equity | n/a | $66,000 87c | ||
| P• G•••• H•••••••• L•• | equity equity | n/a | $64,000 82c | ||
| I••••• I••. | term loan first lien | $82,000 | $64,000 80c | S+575 bp | Aug 1, 2028 |
| M•••• P••••••••• L•• | term loan first lien | $69,000 | $64,000 93c | S+600 bp PIK 2.00% | Oct 1, 2029 |
| D••••• B•••• L•••••• | subordinated debt unsecured or subordinated | $65,000 | $64,000 98c | PIK 11.20% | Sep 1, 2032 |
| A••••••••• A••••••••• C•. | term loan first lien | $63,000 | $63,000 100c | S+500 bp | May 1, 2030 |
| P••••••• L•• | term loan first lien | $75,000 | $63,000 98c | 9.00% PIK 8.00% | Aug 1, 2027 |
| D••••••• A••••••••• H•••••••• L•• | term loan first lien | $63,000 | $62,000 100c | S+475 bp | Nov 1, 2032 |
| R••••••• B•••••••• L•• | term loan first lien | $61,000 | $61,000 107c | S+525 bp | Jun 1, 2031 |
| S•••••• B••••• L•• | term loan first lien | $61,000 | $61,000 102c | S+450 bp | Jul 1, 2032 |
| C•• H••••••• A••••••••• I••. | term loan first lien | $61,000 | $60,000 98c | S+525 bp | Jul 1, 2027 |
| K••••• T••••••••• I••. | term loan first lien | $58,000 | $60,000 109c | S+800 bp PIK 4.00% | Nov 1, 2029 |
| W••••• B•••• L•••••• | term loan first lien | $63,000 | $60,000 103c | S+475 bp | Sep 1, 2028 |
| S•••• L•••• G••••• L•• | term loan second lien | $60,000 | $60,000 100c | S+900 bp PIK 12.73% | Sep 1, 2029 |
| G••••• O••••••••• L•• | equity equity | n/a | $59,000 94c | ||
| A••• I••••••••• H•••••••• L•• | term loan first lien | $60,000 | $58,000 98c | S+550 bp | May 1, 2029 |
| T•••• B• B••••••• L••. | term loan first lien | $59,000 | $58,000 98c | S+475 bp | Jul 1, 2032 |
| W•••••••••.com, LLC | term loan first lien | $85,000 | $58,000 70c | S+625 bp PIK 5.25% | Dec 1, 2028 |
| S•••• L•••• G••••• L•• | equity equity | n/a | $57,000 46c | ||
| R••••••••• B•••• L•••••• | term loan first lien | $59,000 | $57,000 108c | S+543 bp PIK 1.93% | Jul 1, 2029 |
| T••••••••• I••. | term loan first lien | $57,000 | $57,000 97c | S+425 bp | Jun 1, 2032 |
| C•••••••• S• S••••• L•• | term loan first lien | $57,000 | $57,000 106c | S+475 bp | Jan 1, 2030 |
| Z•••••, L.C. | term loan first lien | $57,000 | $57,000 102c | S+475 bp | Jun 1, 2031 |
| L•••••• A•• B••••• L•• | term loan first lien | $56,000 | $56,000 100c | S+450 bp | Nov 1, 2032 |
| H••• B•• B••••• O••••••••• L•• | term loan first lien | $56,000 | $56,000 100c | S+525 bp | Dec 1, 2029 |
| E••••• W•••••••• L•• | unstated lien unstated | n/a | $55,000 108c | ||
| W•• H•••••• C•••. | term loan first lien | $56,000 | $55,000 100c | S+500 bp | Jul 1, 2031 |
| RW AM H•••••, LLC | term loan first lien | $55,000 | $55,000 100c | S+525 bp PIK 8.91% | Apr 1, 2029 |
| W•• H•••••• C•••. | term loan first lien | $55,000 | $54,000 98c | S+500 bp | Jul 1, 2031 |
| U•••••••• L•••• L•• | term loan first lien | $55,000 | $54,000 98c | S+550 bp | Aug 1, 2029 |
| D•••• | term loan first lien | $54,000 | $54,000 100c | S+475 bp | Jul 1, 2029 |
| K••••• T••••••••• I••. | term loan first lien | $52,000 | $53,000 104c | S+800 bp PIK 4.00% | Nov 1, 2029 |
| A•••••• L•• | term loan first lien | $55,000 | $53,000 96c | S+475 bp | Nov 1, 2030 |
| D••• H••••••• C•••. | subordinated debt unsecured or subordinated | $53,000 | $53,000 100c | S+850 bp PIK 2.00% | Mar 1, 2029 |
| A••• B••••• I••. | term loan first lien | $52,000 | $52,000 100c | S+525 bp | Jul 1, 2027 |
| M• B••••• I••. | equity equity | n/a | $51,000 66c | ||
| RW AM H•••••, LLC | term loan first lien | $66,000 | $51,000 98c | S+525 bp PIK 8.91% | Apr 1, 2029 |
| C•••• S••••••• L••. | preferred equity equity | n/a | $51,000 111c | ||
| H•••• US, LLC | term loan first lien | $54,000 | $51,000 94c | S+725 bp PIK 4.75% | Aug 1, 2028 |
| R••••••••• H•••••••• L•• | term loan first lien | $52,000 | $51,000 98c | S+576 bp PIK 3.13% | Apr 1, 2031 |
| B••••••••• L•• | term loan first lien | $51,000 | $50,000 98c | S+550 bp PIK 3.00% | Dec 1, 2029 |
| C•••• S••••••• I••••••••• L•• | term loan first lien | $66,000 | $50,000 79c | S+475 bp | May 1, 2030 |
| CI (Quercus) I••••••••• Holdings, LLC | equity equity | n/a | $50,000 139c | ||
| C•• V••••• H•••••••• I••. | term loan first lien | $52,000 | $50,000 104c | S+500 bp | Jan 1, 2030 |
| B•••• I••••••••• I•• L•• | term loan first lien | $50,000 | $49,000 98c | S+475 bp | Sep 1, 2032 |
| C•• H••••••• A••••••••• I••. | term loan first lien | $49,000 | $49,000 100c | S+525 bp | Jul 1, 2027 |
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
- Golub Capital Direct Lending LLCreported
- Latest schedule
- 0001868878-26-000031reported