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 Mar 31, 2025
118 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| E•••••• S••••••• A•••••• L•• T••••••••• | delayed draw term loan first lien | $2.6M | -$21,000 | SOFR+575 bp | Sep 13, 2029 |
| L•••••••• U• H•••••••• I••• C••••••••• & B••••••• | delayed draw term loan first lien | $3.3M | -$67,000 94c | SOFR+600 bp | Nov 18, 2029 |
| B• C••• H••••••• U• L•••••• •••••• K••••••• H••••••••• & P••••••••• | delayed draw term loan first lien | $3.7M | -$122,000 104c | EURIBOR+675 bp | Feb 19, 2030 |
| W•••• A••• S••• T•••••••••: C••••••• | delayed draw term loan first lien | $3.9M | -$202,000 99c | EURIBOR+650 bp | Dec 30, 2029 |
| T•••• D••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| W•••• A••• S•• T•••••••••: C••••••• | term loan second lien | Not disclosed | Not disclosed | S+650 bp | Dec 30, 2029 |
| D••••••••• a• f••• v•••• | unstated lien unstated | Not disclosed | Not disclosed | Jun 17, 2027 | |
| K••• P•••••••• L•• A•••••••• & D•••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+525 bp | Jan 19, 2031 |
| B• C••• H••••••• U• L•••••• H••••••••• & P••••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+675 bp | Dec 30, 2030 |
| S•• S••••• H••••••• I••• C••••••• G••••: D•••••• | term loan second lien | Not disclosed | Not disclosed | S+150 bp | Dec 31, 2029 |
| I•••••• I••• H••••••••• & P••••••••• | term loan first lien | Not disclosed | Not disclosed | S+650 bp | Nov 5, 2026 |
| W•••• A••• S•• T•••••••••: C••••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | S+650 bp | Dec 30, 2029 |
| C•••••• T•••••• I••• Services: B••••••• | term loan second lien | Not disclosed | Not disclosed | Mar 24, 2025 | |
| C•••••• T•••••• I••• Services: B••••••• | term loan second lien | Not disclosed | Not disclosed | Jan 15, 2025 | |
| W•••• A••• S•• T•••••••••: C••••••• | term loan first lien | Not disclosed | Not disclosed | S+650 bp | Dec 30, 2029 |
| W•••• A••• S•• T•••••••••: C••••••• | delayed draw term loan second lien | Not disclosed | Not disclosed | S+650 bp | Dec 30, 2029 |
| D••••••••• a• f••• v•••• | unstated lien unstated | Not disclosed | Not disclosed | Jul 7, 2027 | |
| B• C••• H••••••• U• L•••••• H••••••••• & P••••••••• | term loan first lien | Not disclosed | Not disclosed | S+675 bp | Dec 30, 2030 |
Page 2 of 2Previous
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