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

T• S••••• B•• L••

BDCnon-tradedCIK 1885968file 814-01453NEW YORK, NYmanaged by M• C•••••• P••••••• A•••••• I•••

Fair value

$2.2B

as of Jun 30, 2026

Principal held

$2.3B

debt pieces, the filer's figure

Cost

$2.3B

97c on cost

Unfunded

$297M

commitments not yet drawn

Positions

833

224 borrowers

First lien

98%

99% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

515

38 sponsors financed

Portfolio through time

Fair value by quarter end$2.2B as of Jun 30, 2026

Dec 31, 2022$1.2B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$2.2B	224	98c	54	502 bp
Mar 31, 2026	$2.2B	216	98c	45	503 bp
Dec 31, 2025	$2.2B	218	98c	37	506 bp
Sep 30, 2025	$2.1B	204	98c	41	518 bp
Jun 30, 2025	$2.1B	193	99c	41	527 bp
Mar 31, 2025	$2.1B	187	99c	40	535 bp
Dec 31, 2024	$4.1B	184	99c	59	536 bp
Sep 30, 2024	$2.1B	173	99c	33	554 bp
Jun 30, 2024	$2.0B	159	99c	30	572 bp
Mar 31, 2024	$1.7B	142	99c	21	595 bp
Dec 31, 2023	$1.7B	132	99c	21	604 bp
Sep 30, 2023	$1.5B	124	99c	12	608 bp
Jun 30, 2023	$1.4B	117	98c	7	604 bp
Mar 31, 2023	$1.3B	115	98c	5	589 bp
Dec 31, 2022	$1.2B	107	98c	4	587 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

New lender joined a facilityJun 30, 2026
T• S••••• B•• L•• joins T•• S•• L•••• L•• term loan (first lien) held by 6 other BDCs
New lender joined a facilityJun 30, 2026
T• S••••• B•• L•• joins O••••••• I•• term loan (first lien) held by 9 other BDCs
New lender joined a facilityJun 30, 2026
T• S••••• B•• L•• joins C••• B••••••• L•• term loan (first lien) held by 6 other BDCs
Marked down (one lender)Jun 30, 2026
T• S••••• B•• L••: fair value markdown in G• A••••••••• I•• (99 to 94 cents on cost)
Marked down (one lender)Jun 30, 2026
T• S••••• B•• L••: fair value markdown in L••••••••• I•• (96 to 87 cents on cost)
Marked down (one lender)Jun 30, 2026
T• S••••• B•• L••: fair value markdown in A•• H•••• L•• (90 to 83 cents on cost)
Marked down (one lender)Jun 30, 2026
T• S••••• B•• L••: fair value markdown in S•••• P••••••••• L•• (134 to 70 cents on cost)
Marked down (one lender)Jun 30, 2026
T• S••••• B•• L••: fair value markdown in K••• A••••••••• I•• (80 to 65 cents on cost)
Marked down (one lender)Jun 30, 2026
T• S••••• B•• L••: fair value markdown in V••••••• B•••• H•••••••• L•• (83 to 62 cents on cost)
Marked down (one lender)Jun 30, 2026
T• S••••• B•• L••: fair value markdown in B•• H••••••• I• C••• (82 to 57 cents on cost)
Marked down (one lender)Jun 30, 2026
T• S••••• B•• L••: fair value markdown in F•• I••••••••• H•••••• L•• (98 to 34 cents on cost)
PIK interest appearsJun 30, 2026
T• S••••• B•• L••: pik added in D••••••• C••••••••• (0.00% to 8.42%)
Spread increasedJun 30, 2026
T• S••••• B•• L••: spread increased in B•• H••••••• I• C••• (7.00% to 7.85%)
Spread increasedJun 30, 2026
T• S••••• B•• L••: spread increased in S••••••••• I•• (7.25% to 7.75%)
PIK interest appearsJun 30, 2026
T• S••••• B•• L••: pik added in L••••••••• I•• (0.00% to 6.75%)
Spread increasedJun 30, 2026
T• S••••• B•• L••: spread increased in i••••• I•• (5.75% to 6.25%)
Spread increasedJun 30, 2026
T• S••••• B•• L••: spread increased in K••• A••••••••• I•• (5.25% to 6.25%)
Spread increasedJun 30, 2026
T• S••••• B•• L••: spread increased in O••••••••• N•••• A••••••• I•• (5.50% to 6.00%)
Spread increasedJun 30, 2026
T• S••••• B•• L••: spread increased in A•• G•••• H•••••••• I•• (4.50% to 5.91%)
Spread increasedJun 30, 2026
T• S••••• B•• L••: spread increased in F•• H••••••• I•• (5.25% to 5.75%)

Every position change, including routine ones

Largest facilities held, with co-lenders

V•• C••••••••• L•• first lien term loan
16 BDCs hold it · matures Jun 29, 2029 · W••••••••• C•••••• I••••••••
$34.5M 100c
P• I••••••••• H••••••• I••• L•• first lien term loan
18 BDCs hold it · matures Apr 9, 2030 · L•••••• G•••• • P•••••••• L•••
$32.4M 101c
W•••• I•••••••• A••••••••• L•• first lien term loan
23 BDCs hold it · matures Apr 30, 2030 · C••••••••• C•••••• P•••••••• L••
$30.8M 100c
I•••••••• M•••••••• A••••••••• L•• first lien term loan
45 BDCs hold it · matures Aug 31, 2028 · S••••• L••• T••••••••• M••••••••• L••
$29.2M 100c
P••••• H••••• I••••••••• H•••••••• I•• first lien term loan
15 BDCs hold it · matures Jun 3, 2030
$29.1M 100c
C•••••• I••••••••• I•• first lien term loan
10 BDCs hold it · matures Aug 4, 2027
$28.2M 100c
B• P••••••••• L•• first lien term loan
4 BDCs hold it · matures Dec 11, 2028
$28.1M 75c
A••• S•••••• P•••••••• L•• first lien term loan
35 BDCs hold it · matures Oct 24, 2030 · A••••• I••••••••
$27.9M 101c
Z•••• H•••••• I•• first lien term loan
12 BDCs hold it · matures Jul 1, 2027
$27.8M 99c
H••• S••••• B••••• I•• first lien term loan
14 BDCs hold it · matures Apr 14, 2028 · A••• P••••••• I•• L••
$27.4M 100c
T••• H•••••• C••• first lien term loan
18 BDCs hold it · matures Mar 31, 2028
$27.4M 96c
F•• H••••••• I•• first lien term loan
4 BDCs hold it · matures Dec 15, 2028
$27.1M 86c

Schedule of investments at Jun 30, 2026

833 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
E•••••••• S••••••• H•••••• C••••••••• Diversified Consumer S••••••s	term loan first lien	$613,000	$529,000 88c	SOFR+575 bp PIK 2.88%	Jun 17, 2030
V••••• M•••• H•••••••• L•• Multi-Utilities	term loan first lien	$556,000	$519,000 95c	SOFR+450 bp	Jul 24, 2031
D•••••••• D••••• H••••••• L•• Professional S••••••s	term loan first lien	$534,000	$507,000 97c	SOFR+575 bp PIK 2.75%	Sep 13, 2032
L••••••••• L•• S•••••••	term loan first lien	$492,000	$486,000 100c	SOFR+525 bp	Jun 24, 2029
R••••• M••••• S•• D•••• L•• Industrial Conglomerates	term loan first lien	$493,000	$478,000 103c	SOFR+475 bp	Apr 1, 2030
E••••••••• A••••••••• L•• S•••••••	term loan first lien	$503,000	$469,000 95c	SOFR+625 bp	Aug 29, 2029
G• A••••••••• I••. S•••••••	term loan first lien	$495,000	$465,000 94c	SOFR+525 bp	May 25, 2028
R•••••••• I••. S•••••••	term loan first lien	$603,000	$464,000 77c	SOFR+650 bp PIK 1.75%	Apr 16, 2029
V••••••••• L•• Professional S••••••s	term loan first lien	$505,000	$461,000 94c	SOFR+525 bp	May 6, 2030
F•• I••••••••• H••••••• I••• L•• Distributors	term loan first lien	$456,000	$456,000 100c	8.67% PIK 5.00%	Jun 29, 2029
T•••• A••••••••• I••. S•••••••	term loan first lien	$452,000	$452,000 101c	SOFR+575 bp	Feb 19, 2030
O••••••• I••. Diversified Telecommunication S••••••s	term loan first lien	$457,000	$444,000 100c	SOFR+525 bp	Apr 27, 2032
H••••••••• I•••••••• A•••••• I••. I•••••••• S••••••s	term loan first lien	$440,000	$440,000 101c	SOFR+450 bp	Jun 11, 2031
U•• A•••••••• I••. Professional S••••••s	term loan first lien	$436,000	$433,000 100c	SOFR+475 bp	Nov 21, 2031
S•••••, Inc. Financial S••••••s	term loan first lien	$461,000	$426,000 93c	SOFR+475 bp	Feb 16, 2029
V• G••••• H•••••••• L•• Chemicals	term loan first lien	$516,000	$424,000 83c	SOFR+575 bp	Jan 2, 2029
C••• L••••••• H•••••••• I••. Commercial S••••••s & Supplies	term loan first lien	$387,000	$387,000 102c	SOFR+475 bp	Aug 27, 2031
I•• H•••••• C•••. Professional S••••••s	term loan first lien	$385,000	$385,000 101c	SOFR+525 bp	May 2, 2028
E••••• L••• H••••••• C•••. Commercial S••••••s & Supplies	term loan first lien	$391,000	$381,000 98c	SOFR+500 bp	Apr 7, 2028
L••••••••• I••. Automobiles	term loan first lien	$404,000	$381,000 96c	SOFR+500 bp	Jun 23, 2032
N•• G••••• H••••••• I••. Electronic Equipment, Instruments & Components	term loan first lien	$390,000	$377,000 98c	SOFR+450 bp	Jun 4, 2032
F•••••••• A•••••••••, Co. S•••••••	term loan first lien	$394,000	$376,000 100c	SOFR+525 bp	Mar 28, 2030
R••••••• P•••••• L•• Commercial S••••••s & Supplies	term loan first lien	$378,000	$375,000 101c	SOFR+425 bp	May 24, 2032
F••••••••• R••• P••••••• C•••. I•••••••• S••••••s	term loan first lien	$368,000	$368,000 102c	SOFR+475 bp	Oct 29, 2029
E•••••• Topco, Inc Diversified Consumer S••••••s	preferred equity equity	n/a	$362,000 95c
T••••• B••••• I••. (T••••• Networks) IT S••••••s	term loan first lien	$415,000	$361,000 89c	SOFR+450 bp	Feb 2, 2032
C•••• H•••••••• L•• S•••••••	term loan first lien	$357,000	$357,000 102c	SOFR+525 bp	Feb 27, 2029
I••• S•••••••• A••••••••• L•• I•••••••• S••••••s	term loan first lien	$357,000	$354,000 101c	SOFR+450 bp	Nov 22, 2032
A•••••• I••. Industrial Conglomerates	term loan first lien	$382,000	$352,000 95c	SOFR+475 bp	Jan 30, 2031
C••••• P•••••••• L•• Financial S••••••s	term loan first lien	$352,000	$348,000 100c	SOFR+450 bp	Jul 28, 2031
MRI S•••••••, LLC Real Estate Management & Development	term loan first lien	$351,000	$348,000 100c	SOFR+475 bp	Feb 10, 2028
A••••• P•••••• S•••••••• L•• Professional S••••••s	term loan first lien	$339,000	$332,000 99c	SOFR+450 bp	Aug 11, 2031
L••• H•••• L•• Diversified Consumer S••••••s	preferred equity equity	n/a	$332,000 123c		Sep 5, 2025
V••••• S•••••• P•••••••• L•• Diversified Consumer S••••••s	term loan first lien	$332,000	$317,000 98c	SOFR+600 bp PIK 2.53%	Nov 8, 2030
R•••••• I••••••••• Air Freight & Logistics	term loan first lien	$328,000	$302,000 93c	SOFR+675 bp	Dec 29, 2028
A•• G•••• H•••••••• I••. Commercial S••••••s & Supplies	term loan first lien	$317,000	$300,000 100c	SOFR+591 bp PIK 3.28%	Dec 22, 2032
A•••• A••••••• G••••• L•• Professional S••••••s	term loan first lien	$323,000	$296,000 99c	SOFR+475 bp	Aug 1, 2031
F••••••• A••••••••• C•••• I••. Commercial S••••••s & Supplies	term loan first lien	$295,000	$295,000 101c	SOFR+500 bp PIK 2.75%	Feb 2, 2032
U•• A•••••••• I••. Professional S••••••s	term loan first lien	$293,000	$290,000 100c	SOFR+475 bp	Nov 21, 2031
T•••••• T••••••••• L•• Commercial S••••••s & Supplies	term loan first lien	$317,000	$282,000 91c	SOFR+500 bp	Aug 20, 2031
I••• B••••• L•• Commercial S••••••s & Supplies	term loan first lien	$276,000	$274,000 101c	SOFR+500 bp	Oct 2, 2030
A•• H•••• L•• Diversified Consumer S••••••s	term loan first lien	$302,000	$270,000 90c	SOFR+575 bp PIK 3.25%	May 23, 2030
F•• S•••• H•••••••• L•• Interactive Media & S••••••s	preferred equity equity	n/a	$256,000 96c
M•••••• I••••••••• C• Aerospace & Defense	term loan first lien	$254,000	$252,000 101c	SOFR+450 bp	Sep 14, 2029
P•• T• H•••••••• I••. Consumer Staples Distribution & R•••••	term loan first lien	$260,000	$247,000 96c	SOFR+600 bp PIK 2.50%	Feb 3, 2031
O••••••••• N•••• A••••••• I••. S•••••••	term loan first lien	$186,000	$237,000 99c	SONIA+600 bp PIK 3.00%	Oct 30, 2031
S••••••• P•••••••• I••• I••. Commercial S••••••s & Supplies	term loan first lien	$314,000	$222,000 98c	//tseriesmiddlemarketloanfundsllc.com/20260630#CORRA+525 bp	Dec 28, 2029
H••••••••• I••. S•••••••	term loan first lien	$240,000	$210,000 95c	SOFR+550 bp	May 22, 2030
S•••• M••••, LLC Commercial S••••••s & Supplies	term loan second lien	$580,000	$204,000 70c	0.00%	Mar 12, 2034
F•••••••• O••••••••• L•• S•••••••	term loan first lien	$219,000	$200,000 94c	SOFR+525 bp	Aug 8, 2031
W••••• A•••••••• L•• Professional S••••••s	term loan first lien	$209,000	$196,000 95c	SOFR+425 bp	Oct 1, 2032
3•• R••••• M•••••• L•• Financial S••••••s	term loan first lien	$206,000	$190,000 100c	SOFR+475 bp	May 6, 2033
A••••• S••••••• C•••. S•••••••	term loan first lien	$180,000	$180,000 102c	SOFR+450 bp	Jun 28, 2032
R•••••• H•••••••• I••. Automobile Components	term loan first lien	$186,000	$165,000 102c	SOFR+500 bp	Nov 1, 2029
R••••••••• I••. Commercial S••••••s & Supplies	term loan first lien	$173,000	$165,000 97c	SOFR+525 bp	Sep 18, 2031
O•• P••••••••• I••. S•••••••	term loan first lien	$180,000	$164,000 93c	Prime+550 bp	May 31, 2028
R••••• D••• S•••••••• S•••••••	equity equity	n/a	$157,000 65c
I••• S•••••••• A••••••••• L•• I•••••••• S••••••s	term loan first lien	$161,000	$157,000 101c	SOFR+450 bp	Nov 22, 2032
C••••• I••••••••• I•• L•• Commercial S••••••s & Supplies	term loan first lien	$150,000	$150,000 103c	SOFR+450 bp	May 12, 2031
G•• M••••• S••• L•• Professional S••••••s	term loan first lien	$149,000	$149,000 105c	SOFR+500 bp	Oct 2, 2029
G•••••••• I••. S•••••••	term loan first lien	$144,000	$144,000 109c	Prime+425 bp	Jan 17, 2031
A•••• I••••••••• H•••••••• I••. E••••••••• Equipment	term loan first lien	$144,000	$144,000 102c	SOFR+425 bp	Apr 26, 2032
G•• M••••• S••• L•• Professional S••••••s	term loan first lien	$136,000	$136,000 103c	SOFR+500 bp	Oct 2, 2029
S••••••• Topco, LP Commercial S••••••s & Supplies	equity equity	n/a	$132,000 127c
R••••••••• P•••••• L•• S•••••••	term loan first lien	$137,000	$132,000 103c	SOFR+475 bp	Dec 7, 2028
G••••• B•••••••, LLC I•••••••• S••••••s	term loan first lien	$137,000	$131,000 98c	SOFR+450 bp	Sep 29, 2028
S••••• B•••••••, Inc. S•••••••	term loan first lien	$146,000	$131,000 93c	SOFR+600 bp	Nov 10, 2028
A••••••••• I••. Financial S••••••s	term loan first lien	$270,000	$112,000 42c	SOFR+575 bp	May 25, 2028
E••••• L••• H••••••• C•••. Commercial S••••••s & Supplies	term loan first lien	$115,000	$112,000 99c	SOFR+500 bp	Apr 7, 2028
S•••••••• P••••• I••• I••. P•••••ceuticals	term loan first lien	$120,000	$110,000 96c	SOFR+475 bp	Dec 23, 2032
A••••••••• I••. Real Estate Management & Development	term loan first lien	$106,000	$106,000 100c	SOFR+650 bp	Jul 3, 2028
C•••, Riggs and Ingram Capital, LLC Professional S••••••s	term loan first lien	$103,000	$100,000 99c	SOFR+450 bp	Nov 18, 2031
T••• H•••••• C•••. Chemicals	term loan first lien	$156,000	$99,000 67c	Prime+475 bp	Mar 31, 2028
Z••••• A••••••••• L•• Aerospace & Defense	term loan first lien	$124,000	$97,000 82c	SOFR+450 bp	Nov 26, 2032
S•••• B••••• L•• E••••••••• Equipment	term loan first lien	$103,000	$89,000 88c	SOFR+525 bp	Oct 15, 2031
T• I••••••• I••.Investment Capital M•••••s	term loan first lien	$102,000	$89,000 100c	SOFR+625 bp	Jun 12, 2031
C•••• I••••••••• L•• Machinery	term loan first lien	$78,000	$75,000 99c	SOFR+475 bp	Oct 30, 2028
S•••••, Inc. Financial S••••••s	term loan first lien	$119,000	$73,000 63c	SOFR+475 bp	Feb 16, 2029
F••••••• A••••••••• C•••• I••. Commercial S••••••s & Supplies	equity equity	n/a	$72,000 150c
S••••••••• E••••••••• G•••• E••••••••• Equipment	equity equity	n/a	$69,000 46c		Oct 15, 2024
L•• B•••••••• L•• Diversified Consumer S••••••s	term loan first lien	$76,000	$69,000 95c	SOFR+525 bp	Sep 4, 2031
D• B•••••• C•••. Diversified Consumer S••••••s	term loan first lien	$77,000	$66,000 90c	SOFR+475 bp	Feb 10, 2032
E••• P••••••••• I••. Diversified Consumer S••••••s	term loan first lien	$59,000	$59,000 105c	SOFR+450 bp	Feb 14, 2031
B••••• S••••••• H•••••••• L•• S•••••••	term loan first lien	$60,000	$56,000 97c	SOFR+550 bp	Jan 2, 2031
R•••••• I••••••••• Air Freight & Logistics	term loan first lien	$60,000	$54,000 92c	SOFR+675 bp	Dec 29, 2028
E••••• L••• H••••••• C•••. Commercial S••••••s & Supplies	term loan first lien	$54,000	$52,000 98c	SOFR+500 bp	Apr 7, 2028
V•••• B••••• I••. Beverages	term loan first lien	$56,000	$49,000 91c	SOFR+450 bp	Jan 30, 2032
R••••• M••••• S•• D•••• L•• Industrial Conglomerates	term loan first lien	$53,000	$45,000 100c	SOFR+475 bp	Apr 1, 2030
L• A••••• H•••••••• L•• Construction & Engineering	term loan first lien	$49,000	$45,000 96c	SOFR+475 bp	Feb 1, 2029
i••••• I••. H••••• Care Providers & S••••••s	term loan first lien	$45,000	$40,000 89c	SOFR+625 bp	Aug 18, 2028
K••••• B••••• L•• Diversified Consumer S••••••s	term loan first lien	$39,000	$38,000 103c	SOFR+425 bp	Jul 26, 2032
J••••••• A••••••••• C•••••• Aerospace & Defense	term loan first lien	$44,000	$37,000 97c	Prime+350 bp	May 11, 2029
R••••••••• I••. Commercial S••••••s & Supplies	term loan first lien	$34,000	$32,000 97c	SOFR+525 bp	Sep 18, 2031
V•••••• P••••••••• L•• IT S••••••s	term loan first lien	$30,000	$30,000 107c	SOFR+450 bp	Dec 23, 2032
R•••••• I••••••••• Air Freight & Logistics	term loan first lien	$30,000	$28,000 93c	SOFR+675 bp	Dec 29, 2028
U•• A•••••••• I••. Professional S••••••s	term loan first lien	$25,000	$24,000 100c	SOFR+475 bp	Nov 21, 2031
C•••, Riggs and Ingram Capital, LLC Professional S••••••s	term loan first lien	$22,000	$21,000 100c	SOFR+450 bp	Nov 18, 2031
S••••••• P•••••••• I••• I••. Commercial S••••••s & Supplies	term loan first lien	$16,000	$16,000 123c	SOFR+525 bp	Dec 28, 2028
B•••••••• I••. Professional S••••••s	term loan first lien	$16,000	$15,000 100c	SOFR+500 bp	Oct 1, 2029
L••••••••• I••. Automobiles	term loan first lien	$22,000	$10,000 59c	SOFR+500 bp	Jun 23, 2032

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Former names: T S••••• Middle Market Loan Fund LLCreported
Latest schedule: 0001193125-26-344703reported