DFX Intelligence

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B••• C•••••• P•••••• C•••••

Business development companymanaged by B••• A•••••••• L•Non-traded· BOSTON, MA

A non-traded business development company, managed by B••• A•••••••• L•, holding $2.2B across 200 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $2.2B
Borrowers: 200
Mark on cost: 99.8¢
First lien: 85%

Schedule of investments (429)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

4 below 80¢
$4.02M principal
4 positions across 3 borrowers marked below 80¢ on cost, $4.02M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
178 → 200
borrowers
Added a net 22 borrowers in the quarter to Jun 30, 2026, to 200.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$1.2B → $2.2B
fair value, 4 quarters
Its portfolio grew 87% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1899017 · file 814-01474Show

Fair value

$2.2B

as of Jun 30, 2026

Principal held

$2.1B

debt pieces, the filer's figure

Cost

$2.2B

100c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

429

200 borrowers

First lien

85%

96% debt by fair value

Quarters on the tape

since Dec 31, 2023

Facilities held

380

34 sponsors financed

Portfolio through time

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

Jun 30, 2023$646,250 then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$2.2B	200	100c	21	555 bp
Mar 31, 2026	$1.8B	178	100c	25	546 bp
Dec 31, 2025	$2.3B	162	100c	37	554 bp
Sep 30, 2025	$1.4B	148	98c	23	552 bp

All 13 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.2B	141	100c	18	546 bp
Mar 31, 2025	$917M	130	100c	14	536 bp
Dec 31, 2024	$828M	89	99c	11	572 bp
Sep 30, 2024	$518M	74	100c	6	581 bp
Jun 30, 2024	$353M	52	100c	4	559 bp
Mar 31, 2024	$313M	49	100c	3	547 bp
Dec 31, 2023	$212M	19	100c	2	607 bp
Sep 30, 2023	$1.2M	1	n/a	0	n/a
Jun 30, 2023	$646,250	1	n/a	0	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

V••••••• B••• C•••••• unsecured or subordinated term loan
2 BDCs hold it · matures Dec 24, 2036
$95.0M 100c
S••••• O•••••••• H••••••• I•• L•• first lien term loan
1 BDC hold it · matures Jun 30, 2032
$68.0M 100c
A••••••••• L•• first lien term loan
11 BDCs hold it · matures Jan 2, 2031 · possible sponsor T•••• C•••••• M••••••••• I•••
$60.9M 100c
S•••••• H•••••• L•• first lien term loan
2 BDCs hold it · matures May 13, 2030
$48.6M 103c
K••••• L•• first lien term loan
2 BDCs hold it · matures Apr 14, 2031
$48.5M 100c
C•••• I••••••••• I•• first lien term loan
4 BDCs hold it · matures Nov 12, 2029 · possible sponsor C•••• S••••• C••••••
$38.6M 100c
O••••••• I•• first lien term loan
10 BDCs hold it · matures Apr 27, 2032
$36.2M 100c
I•• M••••••••• L•• first lien term loan
5 BDCs hold it · matures Jan 23, 2031
$35.7M 99c
G•• F••• A••••••••• L•• first lien term loan
2 BDCs hold it · matures Jan 30, 2032
$34.7M 99c
H• I•••••••• I•• first lien term loan
2 BDCs hold it · matures Jun 16, 2031
$34.0M 100c
S••• E••••••••• L•• first lien term loan
2 BDCs hold it · matures Jun 20, 2033 · possible sponsor U••••••
$32.6M 100c
L••••••••• L•• first lien term loan
4 BDCs hold it · matures Dec 30, 2032
$32.5M 101c

Schedule of investments at Jun 30, 2026

429 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A•••••• H••••, G••••• & L••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+525 bp	May 6, 2032
P••••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 31, 2030
A•••••• H••• T••• I•••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+500 bp	Mar 10, 2031
M••••• S••••• Services: B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 25, 2029
R•• S••••••• C••••••• G••••: N•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Feb 21, 2030
H•••• U• T••••••••• I••• A•••••••• & D••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Jul 23, 2030
A•• I••••••• H••••••••• & P•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Mar 19, 2032
F•••• F•••••• W••••• E••••••••• G••••	revolver first lien	Not disclosed	Not disclosed n/a	S+425 bp	Oct 2, 2028
A•••••••• A••••••••• C• L•• C•••••••••, P•••••••• & G••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Dec 31, 2030
S••••••• A•••••••• & D••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a		Jul 22, 2030
N•• M••••• G•••• L•• C••••••• G••••: D••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Jun 26, 2031
F•••• I•••••••• M••••••• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a		Dec 20, 2027
A•••••• H••••, G••••• & L••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	May 6, 2032
W• H•••••• I••• C••••••• G••••: N•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Apr 15, 2032
N•• M••••• G•••• L•• C••••••• G••••: D••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+475 bp	Jun 26, 2031
G••• B••••• I••• C••••••••• & B•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+475 bp	Jul 2, 2031
F•••• F•••••• A••••••• F•••••••• G••••• L•••	revolver first lien	Not disclosed	Not disclosed n/a		Dec 23, 2027
C•••••••• H••• T••• I•••••••••	warrants equity	$2,000	Not disclosed
F•••• I•••••••• S•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Dec 31, 2031
M••••• S••••• Services: B•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+500 bp	Oct 25, 2029
C•••••••• Y•••• L•• Services: C•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Apr 30, 2031
O•••••• H••••••••• & P•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Nov 21, 2030
B•••••••• P••••••••• I•• W••••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+575 bp	Dec 19, 2030
S••••••••• H••• T••• I•••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+750 bp	Mar 15, 2029
F•••• F•••••• W••••• E••••••••• G••••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+425 bp	Oct 2, 2028
B•• P•••••••• A•••••••• & D••••••	revolver first lien	Not disclosed	Not disclosed n/a		Jul 25, 2030
G•••••• R•••••	equity equity	$43,000	Not disclosed n/a
D••• Services: B•••••••	equity equity	$3.4M	Not disclosed
C•••••••• Y•••• L•• Services: C•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed n/a	S+525 bp	Apr 30, 2031

Page 5 of 5Previous

Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 15reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-349812reported