DFX Intelligence
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F•••• E•••• P•••••• C••••• F•••
Business development companymanaged by F•••• E•••• I••••••••• M••••••••• L••Non-traded· NEW YORK, NY
A non-traded business development company, managed by F•••• E•••• I••••••••• M••••••••• L••, holding $553M across 106 borrowers at Jun 30, 2026.
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
- $553M
- Borrowers
- 106
- Mark on cost
- 99.6¢
- First lien
- 100%
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
What matters now
- 8 below 80¢$10.8M principal
8 positions across 5 borrowers marked below 80¢ on cost, $10.8M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 95 → 106borrowers
Added a net 11 borrowers in the quarter to Jun 30, 2026, to 106.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1890107 · file 814-01642ShowHide
Fair value
$553M
as of Jun 30, 2026
Principal held
$560M
debt pieces, the filer's figure
Cost
$555M
100c on cost, debt pieces
Unfunded
$137M
commitments not yet drawn
Positions
249
106 borrowers
First lien
100%
100% debt by fair value
Quarters on the tape
12
since Sep 30, 2023
Facilities held
184
12 sponsors financed
Portfolio through time
Fair value by quarter end$553M as of Jun 30, 2026
Sep 30, 2023$21.0M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $553M | 106 | 100c | 4 | 501 bp |
| Mar 31, 2026 | $537M | 95 | 100c | 4 | 527 bp |
| Dec 31, 2025 | $567M | 108 | 100c | 6 | 519 bp |
| Sep 30, 2025 | $645M | 132 | 100c | 6 | 518 bp |
All 12 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $658M | 156 | 99c | 3 | 486 bp |
| Mar 31, 2025 | $2.5B | 156 | 99c | 0 | 476 bp |
| Dec 31, 2024 | $3.3B | 166 | 100c | 0 | 472 bp |
| Sep 30, 2024 | $2.0B | 119 | 100c | 0 | 499 bp |
| Jun 30, 2024 | $1.8B | 100 | 100c | 0 | 411 bp |
| Mar 31, 2024 | $794M | 47 | 100c | 0 | 561 bp |
| Dec 31, 2023 | $598M | 23 | 100c | 0 | 608 bp |
| Sep 30, 2023 | $21.0M | 6 | 100c | 0 | 663 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- I••••• P•••••• C••• first lien term loan2 BDCs hold it · matures Mar 11, 2031$16.5M 99c
- S•••••••• F••• P••••••••• L•• first lien term loan2 BDCs hold it · matures Dec 31, 2029$16.2M 101c
- V••••• U•••••• B••••• L•• first lien term loan1 BDC hold it · matures Jul 24, 2031$15.0M 99c
- 8•• P••••••••• M•• L•• first lien term loan1 BDC hold it · matures Oct 9, 2027$13.8M 101c
- B•••••• S••• P•••••• L•• first lien term loan10 BDCs hold it · matures Aug 31, 2030$13.3M 101c
- S••••••••• I••••••••• I•• first lien term loan1 BDC hold it · matures Apr 1, 2030$12.3M 101c
- A•••••• L•• first lien term loan6 BDCs hold it · matures Sep 13, 2029$11.5M 101c
- A•••••••• B•••• I•• first lien term loan1 BDC hold it · matures Feb 14, 2031 · possible sponsor B•••• C•••••• A•••• M••••••••• L••$11.5M 100c
- S•••••• I••••••••• H•••••••• L•• first lien term loan1 BDC hold it · matures Sep 17, 2030$10.2M 96c
- E•••• P•••••••• L•• first lien term loan2 BDCs hold it · matures May 23, 2030$9.9M 101c
- H•••••• B•••••• H•••••••• I•• first lien term loan1 BDC hold it · matures Jul 11, 2029$9.8M 100c
- C• G••••• L•• first lien term loan5 BDCs hold it · matures Mar 27, 2030$9.7M 101c
Schedule of investments at Sep 30, 2023
19 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•••• I••••••••• • n••••••••• | unstated lien unstated | Not disclosed | $6.0M 100c | ||
| I••••••••• • n••••••••• F•••• L••• D••• | term loan first lien | Not disclosed | $6.0M 100c | ||
| I••••••••• • n••••••••• F•••• L••• D•••• H••••• C••• P•••••• H••••• C••• P•••••••• & Services | term loan first lien | Not disclosed | $1.6M 99c | ||
| L••••••••• R••••• W••• D••••••••• C••••••• Services | term loan first lien | $1.5M | $1.5M 101c | S+575 bp | Oct 14, 2027 |
| T• A••••••• L••• R••••• N•••••••• T•••••••, A••••••, & L••••• G•••• | term loan first lien | $1.3M | $1.3M 100c | S+800 bp | Jun 20, 2027 |
| E•••••• H• P•••••• I••• R••••• M•••••• H••••• C••• P•••••••• & Services | term loan first lien | $1.0M | $981,000 100c | S+600 bp | Aug 20, 2029 |
| A••••••• I••• R••••• S•••••••• IT Services | term loan first lien | $975,000 | $960,000 100c | S+750 bp | Jun 7, 2028 |
| I••••••••• • n••••••••• F•••• L••• D•••• I• S••••••• IT Services | term loan first lien | Not disclosed | $959,000 100c | ||
| H••••••••• H•••••••• R••••• N•••••••• H••••• C••• P•••••••• & Services | term loan first lien | $705,000 | $684,000 100c | S+650 bp | Dec 15, 2028 |
| I••••••••• • n••••••••• F•••• L••• D•••• H•••••••• D••••••• H•••••••• D••••••• | term loan first lien | Not disclosed | $567,000 100c | ||
| A•• C••••••••• S••••••••• I••• R••••• S•••••••• H•••••••• D••••••• | term loan first lien | $545,000 | $537,000 100c | S+700 bp | Nov 9, 2026 |
| A•• C••••••••• S••••••••• I••• H•••••••• D••••••• | revolver first lien | $30,000 | $30,000 100c | S+700 bp | Nov 9, 2026 |
| A••••••• I••• IT Services | revolver first lien | Not disclosed | -$1,000 100c | S+750 bp | Jun 7, 2028 |
| E•••••• H• P•••••• I••• H••••• C••• P•••••••• & Services | delayed draw term loan first lien | Not disclosed | -$3,000 300c | S+600 bp | Feb 18, 2024 |
| E•••••• H• P•••••• I••• H••••• C••• P•••••••• & Services | revolver first lien | Not disclosed | -$4,000 100c | S+600 bp | Aug 20, 2029 |
| H••••••••• H••••••• H••••• C••• P•••••••• & Services | revolver first lien | Not disclosed | -$5,000 100c | S+650 bp | Dec 15, 2028 |
| E•••••• H• P•••••• I••• H••••• C••• P•••••••• & Services | delayed draw term loan first lien | Not disclosed | -$10,000 333c | S+600 bp | Feb 18, 2025 |
| H••••••••• H••••••• H••••• C••• P•••••••• & Services | delayed draw term loan first lien | Not disclosed | -$15,000 136c | S+650 bp | Dec 15, 2028 |
| A••••••• I••• R••••• S•••••••• IT Services | warrants equity | $1,000 | Not disclosed |
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2023 to 2026reported
- Filings listed
- 13reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-349367reported