DFX Intelligence
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R•••••• E••••••• I••••• F•••• L•
Business development companymanaged by R•••••• C•••••• M••••••••• L••Non-tradedLatest schedule Sep 30, 2025· NEW YORK, NY
A non-traded business development company, managed by R•••••• C•••••• M••••••••• L••, holding $359M across 30 borrowers at Sep 30, 2025.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $359M
- Borrowers
- 30
- Mark on cost
- 91.6¢
- First lien
- 78%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
Nothing material in the last 200 days. Last change: 30 Sep 2025, 3 borrowers on non-accrual, $21.4M principal; the largest is A• H••• G••••• I•• ($7.48M).
Every headline figure, and the identifiersCIK 1870267 · file 814-01508ShowHide
Fair value
$359M
as of Sep 30, 2025
Principal held
$413M
debt pieces, the filer's figure
Cost
$391M
92c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
62
30 borrowers
First lien
78%
98% debt by fair value
Quarters on the tape
12
since Dec 31, 2022
Facilities held
0
0 sponsors financed
Portfolio through time
Fair value by quarter end$359M as of Sep 30, 2025
Dec 31, 2022$278M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Sep 30, 2025 | $359M | 30 | 92c | 8 | 623 bp |
| Jun 30, 2025 | $402M | 33 | 95c | 9 | 597 bp |
| Mar 31, 2025 | $2.0B | 38 | 96c | 11 | 595 bp |
| Dec 31, 2024 | $2.4B | 51 | 97c | 16 | 599 bp |
All 12 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Sep 30, 2024 | $416M | 40 | 95c | 8 | 645 bp |
| Jun 30, 2024 | $403M | 39 | 96c | 6 | 632 bp |
| Mar 31, 2024 | $364M | 39 | 96c | 6 | 630 bp |
| Dec 31, 2023 | $421M | 40 | 95c | 3 | 642 bp |
| Sep 30, 2023 | $357M | 36 | 93c | 3 | 661 bp |
| Jun 30, 2023 | $373M | 37 | 95c | 3 | 659 bp |
| Mar 31, 2023 | $308M | 31 | 96c | 2 | 622 bp |
| Dec 31, 2022 | $278M | 30 | 95c | 2 | 589 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleSep 30, 2025
- Placed on non-accrualSep 30, 2025
- Placed on non-accrualSep 30, 2025
- Placed on non-accrualSep 30, 2025
- New borrower on a BDC scheduleSep 30, 2025
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Spread increasedSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest appearsSep 30, 2025
- Returned to accrualSep 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
Schedule of investments at Jun 30, 2024
57 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| K• S••••• I•• | term loan first lien | $20.8M | $20.3M 100c | SOFR+625 bp | Jan 2, 2029 |
| P•••• A••••••••• L• | term loan second lien | $20.1M | $20.2M 101c | SOFR+700 bp | Apr 1, 2029 |
| X••••••••• F•••••• L•• | term loan first lien | $20.0M | $20.0M 101c | SOFR+676 bp | Mar 16, 2026 |
| T•• G••••• I••• C•••••••• | notes lien unstated | $18.9M | $19.1M 101c | Dec 16, 2027 | |
| E••••• A••••••••• L• | term loan first lien | $19.0M | $18.6M 100c | SOFR+650 bp | May 9, 2029 |
| H••••••••• H•••••••• L• | term loan first lien | $17.3M | $17.2M 100c | SOFR+550 bp | Jul 3, 2029 |
| A•••• C•••••• I•••• C•••••••• | notes lien unstated | $15.0M | $14.8M 100c | SOFR+761 bp | Mar 4, 2027 |
| D••••••••• U• F•••••• L•• | term loan first lien | $14.2M | $14.0M 101c | SOFR+650 bp | Apr 23, 2030 |
| A•••• C•••• | term loan first lien | $13.2M | $13.5M 102c | SOFR+750 bp | May 23, 2029 |
| B••••••• C••• S•••••••• C•••• ••••••••• C•••••••• | notes lien unstated | $13.5M | $13.4M 99c | S+500 bp PIK 4.00% | Aug 5, 2026 |
| C••••••••• S•••••• I••• | term loan first lien | $14.2M | $13.0M 93c | SOFR+660 bp | Dec 18, 2026 |
| H••••••• M•••••• H••••••• C• | term loan first lien | $12.4M | $12.6M 102c | SOFR+810 bp | Apr 7, 2028 |
| S•• H•••••••• L•• | term loan first lien | $12.5M | $12.5M 106c | SOFR+510 bp | Oct 1, 2031 |
| A•••••• U• H••••• 1• L•• | term loan first lien | $12.3M | $12.2M 102c | SOFR+625 bp | Jul 31, 2029 |
| A•••••• S••••••••• I••• | term loan first lien | $12.5M | $12.1M 99c | SOFR+650 bp | Nov 21, 2029 |
| B•• B•• M••••• J• A••••••••• L•• | term loan first lien | $11.9M | $11.9M 102c | SOFR+600 bp | Nov 9, 2029 |
| I•••••• I••• | term loan first lien | $12.0M | $10.7M 90c | SOFR+650 bp PIK 0.25% | Nov 5, 2026 |
| I•••••••• P••••••••• L•• | term loan first lien | $10.5M | $10.5M 101c | SOFR+525 bp | Sep 30, 2027 |
| G••••• C•••••• I•••• C•••••••• | notes lien unstated | $10.9M | $9.8M 95c | S+850 bp | Jan 15, 2026 |
| F••••••• U• H••••••• I••• •••••• K••••••• | term loan first lien | $9.6M | $8.9M 97c | SOFR+625 bp | Oct 20, 2027 |
| S••••••• I••• C•••••••• | notes lien unstated | $9.2M | $8.8M 96c | S+1075 bp | Sep 1, 2029 |
| G•••••• F••••••• I••• | term loan first lien | $8.5M | $8.6M 103c | SOFR+635 bp | Dec 20, 2028 |
| M•••••••• I••••••••• I•• C•••••••• | notes lien unstated | $7.7M | $7.6M 117c | S+900 bp | Jun 1, 2030 |
| E••••••••• F•• I••••••• I••• | term loan first lien | $9.0M | $7.6M 85c | SOFR+510 bp | Jul 23, 2026 |
| T•••• P••••••••• I••• | term loan first lien | $6.5M | $6.6M 102c | SOFR+600 bp | Mar 1, 2030 |
| S•• S••••• H••••••• I••• | term loan first lien | $16.4M | $6.6M 45c | SOFR+851 bp | Jul 28, 2028 |
| S•••••• H••••• H•••••••• L•• | term loan first lien | $8.4M | $5.8M 75c | SOFR+126 bp PIK 5.50% | Aug 18, 2028 |
| U••••• B•••• A• ••••••• | term loan first lien | $5.6M | $5.6M 109c | EURIBOR+525 bp | Mar 11, 2029 |
| K••• P•••••••• L•• | term loan first lien | $5.4M | $5.4M 101c | SOFR+525 bp | Jan 19, 2031 |
| W••••• F•••• L• C•••••••• | notes lien unstated | $4.8M | $5.3M 110c | S+1150 bp | Jun 15, 2028 |
| B•••• H••••••• I••• L•• | term loan first lien | $5.2M | $5.2M 103c | SOFR+600 bp | May 2, 2030 |
| A•••••••• R••• M••••••••• G••••• I••• ••• R•• A••••••••• I•••• | term loan first lien | $5.1M | $5.1M 100c | SOFR+600 bp | Nov 1, 2029 |
| B••••••• G••••• H•••••••• L•• | term loan first lien | $5.0M | $4.9M 100c | SOFR+475 bp | Oct 31, 2025 |
| S••••••• I••• | term loan first lien | $5.0M | $4.5M 95c | SOFR+575 bp | Sep 1, 2029 |
| W•••••• I••• | term loan first lien | $7.0M | $4.4M 64c | SOFR+636 bp | Apr 19, 2030 |
| S•••••• H••••• H•••••••• L•• | term loan first lien | $4.3M | $4.3M 106c | SOFR+676 bp | May 18, 2028 |
| S•••••••• I•••• C•••••••• | notes lien unstated | $4.7M | $3.9M 89c | S+850 bp | May 15, 2029 |
| A• H••• G••••• I•••• C•••••••• | notes lien unstated | $8.4M | $3.5M 49c | S+488 bp | Jul 15, 2028 |
| C•••••• T•••••• I••• E••••• | preferred equity equity | Not disclosed | $3.2M 381c | ||
| A•••••• H••••• ••••••• ••• A•••• P••••••••• I•••• | term loan second lien | $4.9M | $3.1M 84c | SOFR+100 bp PIK 6.50% | May 5, 2028 |
| A• H••• G••••• I••• | term loan first lien | $5.7M | $2.7M 56c | SOFR+436 bp | Jul 24, 2028 |
| C•••••• T•••••• I••• | term loan second lien | $1.9M | $2.2M 115c | S+1500 bp | May 8, 2029 |
| C•••••• T•••••• I••• E••••• | equity equity | Not disclosed | $2.0M | ||
| A•••••• H••••• ••••••• ••• A•••• P••••••••• I•••• | term loan first lien | $753,000 | $753,000 104c | SOFR+700 bp PIK 7.00% | May 5, 2028 |
| A•••••• H••••• ••••••• ••• A•••• P••••••••• I•••• | term loan first lien | $612,000 | $612,000 100c | SOFR+100 bp PIK 5.00% | May 5, 2028 |
| I•••••••• P••••••••• L•• | revolver first lien | $1.0M | $373,000 104c | SOFR+525 bp | Sep 30, 2027 |
| I•••••••• P••••••••• L•• | delayed draw term loan first lien | $1.0M | -$4,000 | SOFR+525 bp | Sep 30, 2027 |
| A•••••••• R••• M••••••••• G••••• I••• ••• R•• A••••••••• I•••• | delayed draw term loan first lien | $859,000 | -$6,000 50c | SOFR+600 bp | Nov 1, 2029 |
| D••••••••• U• F•••••• L•• | delayed draw term loan first lien | $1.4M | -$12,000 80c | SOFR+650 bp | Apr 23, 2030 |
| E••••• A••••••••• L• | delayed draw term loan first lien | $1.0M | -$21,000 105c | SOFR+650 bp | May 9, 2029 |
| K••• P•••••••• L•• | delayed draw term loan first lien | $1.6M | -$22,000 200c | SOFR+525 bp | Jan 19, 2031 |
| H••••••••• H•••••••• L• | revolver first lien | $2.7M | -$27,000 | SOFR+550 bp | Jul 3, 2029 |
| K• S••••• I•• | delayed draw term loan first lien | $4.2M | -$85,000 304c | SOFR+625 bp | Jan 2, 2029 |
| B••••• O••• S••••••••• M••••••••• L•• | delayed draw term loan first lien | $17.5M | -$263,000 | SOFR+600 bp | Dec 14, 2026 |
| G•••••• F••••••• I•• | revolver first lien | $1.4M | Not disclosed | SOFR+635 bp | Dec 20, 2028 |
| I••••••• R••• S••• M••••••• D••• J••• 1•• 2••• D••••••••• | unstated lien unstated | Not disclosed | Not disclosed | Jun 17, 2027 | |
| I••••••• R••• S•••• M••••••• D••• J••• 7• 2•••• D••••••••• | unstated lien unstated | Not disclosed | Not disclosed | Jul 7, 2027 |
Page 1 of 1
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2022 to 2025reported
- Filings listed
- 14reported10-Q and 10-K since 2022
- Former names
- R•••••• E••••••• Income Corp.reported
- Latest schedule
- 0001193125-25-280026reported