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
F••••••• P•••••• C••••• C• L••
Fair value
$1.6B
as of Mar 31, 2026
Principal held
$1.7B
debt pieces, the filer's figure
Cost
$1.7B
98c on cost
Unfunded
n/a
commitments not yet drawn
Positions
384
130 borrowers
First lien
99%
99% debt by fair value
Quarters on the tape
13
since Dec 31, 2022
Facilities held
323
19 sponsors financed
Portfolio through time
Fair value by quarter end$1.6B as of Mar 31, 2026
Dec 31, 2022$3.2B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Mar 31, 2026 | $1.6B | 130 | 97c | 22 | 542 bp |
| Dec 31, 2025 | $1.6B | 121 | 98c | 22 | 551 bp |
| Sep 30, 2025 | $1.5B | 117 | 98c | 18 | 553 bp |
| Jun 30, 2025 | $1.6B | 113 | 99c | 12 | 557 bp |
| Mar 31, 2025 | $8.3B | 105 | 99c | 11 | 561 bp |
| Dec 31, 2024 | $8.6B | 96 | 100c | 9 | 565 bp |
| Sep 30, 2024 | $7.2B | 84 | 99c | 5 | 578 bp |
| Jun 30, 2024 | $7.2B | 68 | 100c | 5 | 593 bp |
| Mar 31, 2024 | $5.3B | 60 | 97c | 5 | 608 bp |
| Dec 31, 2023 | $5.5B | 57 | 101c | 0 | 602 bp |
| Sep 30, 2023 | $6.4B | 52 | 100c | 0 | 607 bp |
| Jun 30, 2023 | $6.1B | 50 | 100c | 0 | 602 bp |
| Dec 31, 2022 | $3.2B | 33 | 100c | 0 | 579 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 borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- PIK interest appearsMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
Largest facilities held, with co-lenders
- S•• D••••••••• first lien term loan8 BDCs hold it · matures Oct 3, 2029$66.6M 44c
- H••••••••• H•••••••• L•• first lien term loan5 BDCs hold it · matures Dec 16, 2028 · I••••••• C•••••• P•••••••• L••$49.6M 100c
- R•••••• B•••• L•• first lien term loan6 BDCs hold it · matures Dec 23, 2028$48.1M 100c
- A••••• C••••••••• first lien term loan11 BDCs hold it · matures Dec 21, 2029$43.6M 103c
- U• F•••••••• E••••••••• L•• first lien term loan15 BDCs hold it · matures Dec 30, 2032 · A••••• C•••••• P•••••••• L•••$37.5M 101c
- L••• A•• P•••••••• L•• first lien term loan2 BDCs hold it · matures Jan 9, 2029$35.6M 101c
- V•• C••••••••• L•• first lien term loan16 BDCs hold it · matures Jun 29, 2029 · W••••••••• C•••••• I••••••••$33.9M 100c
- V•• M•••••• U• B••••• L•• first lien term loan2 BDCs hold it · matures Dec 12, 2028$33.8M 101c
- A••••••• T•••••• R••••• G••••• L•• first lien delayed draw term loan2 BDCs hold it · matures Jun 1, 2028$33.5M 92c
- A•• A•••• B••••• L•• first lien term loan7 BDCs hold it · matures Oct 2, 2029$32.7M 101c
- S•••••••• F•••• first lien term loan3 BDCs hold it · matures Aug 22, 2029 · C••••• P••••••• M••••••••• L••$32.7M 100c
- P•••• • P•••••• P•••••••• P••••••• • M••••••• B••• B••••• L•• first lien term loan1 BDC hold it · matures Jan 13, 2029$32.0M 101c
Schedule of investments at Mar 31, 2026
384 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| ACP A•••• Midco LLC Application Software | term loan first lien | $463,323 | $463,323 101c | SOFR+500 bp | Oct 2, 2029 |
| U•• H•••••••• L•• Specialized Consumer S••••••s | equity equity | n/a | $458,094 64c | ||
| A•••• H•••••••• L• Education S••••••s | equity equity | n/a | $456,223 94c | ||
| S•• D••••••••• LLC Air Freight & Logistics | term loan first lien | $38.4M | $422,509 1c | SOFR+750 bp PIK 6.50% | Oct 3, 2029 |
| B••••••••• F•••••••• L•• H••••• Care S••••••s | revolver first lien | $402,145 | $402,145 104c | SOFR+475 bp | Nov 20, 2031 |
| P•••• • P•••••• P•••••••• P••••••• • M••••••• B••• B••••• L•• | revolver first lien | $400,000 | $400,000 117c | SOFR+575 bp | Jan 13, 2029 |
| P•••• • P•••••• P•••••••• P••••••• • M••••••• S•••••• F•••••••• C••••••••• | term loan first lien | $372,340 | $369,362 100c | SOFR+475 bp | Aug 15, 2029 |
| D•••••• C••••••••• L•• Air Freight & Logistics | term loan first lien | $514,047 | $367,678 102c | //www.fidelity.com/20260331#Canadian Overnight Repo Rate Average CORRA+550 bp | Nov 27, 2030 |
| P•••• H••••• I••••••••• I•• L•• H••••• Care T••••••••• | revolver first lien | $380,958 | $342,862 100c | SOFR+475 bp | Dec 31, 2031 |
| B••• C•••••••• B••••• L•• Construction & Engineering | term loan first lien | $354,186 | $342,498 98c | SOFR+550 bp | Apr 9, 2030 |
| I••••••• H••••••• L•• Diversified Support S••••••s | equity equity | n/a | $338,355 292c | ||
| K•••••• I••••••••• G••••• I••. Diversified Support S••••••s | revolver first lien | $350,765 | $331,633 100c | SOFR+550 bp | Mar 13, 2030 |
| M•••••• P•••••••• H•••••• L•• Specialized Consumer S••••••s | equity equity | n/a | $329,627 306c | ||
| C•••• I•• H••••• Care S••••••• | delayed draw term loan first lien | $332,593 | $328,602 100c | SOFR+575 bp | Mar 19, 2030 |
| I••••••• R•••••••• L•• Diversified Support S••••••s | term loan first lien | $324,515 | $324,515 101c | SOFR+475 bp | Nov 1, 2029 |
| S•••••••• S•••• H••••••• L•• Packaged F•••• & Meats | equity equity | n/a | $323,750 83c | ||
| E•••••••• B••••• I••••••••• H•••••• C•••••• Diversified Support S••••••s | delayed draw term loan first lien | $322,500 | $322,500 101c | SOFR+500 bp | Jun 17, 2030 |
| D•••••• C••••••••• L•• Air Freight & Logistics | delayed draw term loan first lien | $323,326 | $320,208 100c | SOFR+550 bp | Nov 27, 2030 |
| A••••••• S••••••• L•• Diversified Support S••••••s | revolver first lien | $308,219 | $308,219 106c | SOFR+625 bp | Sep 19, 2028 |
| D•••••••• U••••••• H••••••• L•• Environmental & Facilities S••••••s | equity equity | n/a | $305,170 146c | ||
| CCI Packaged F•••• & Meats | delayed draw term loan first lien | $348,746 | $298,178 87c | SOFR+725 bp PIK 5.50% | Oct 18, 2029 |
| U•••••• S•••••• P•••••••• L•• Specialized Consumer S••••••s | term loan first lien | $360,745 | $288,596 81c | SOFR+800 bp PIK 4.00% | Apr 14, 2030 |
| C•••••• P••••••• Holdings, LLC P•••• & P•••••• P•••••••• P••••••• & M•••••••s | equity equity | n/a | $287,093 105c | ||
| G•••• E••• B•••••• L•• Life Sciences Tools & S••••••s | equity equity | n/a | $274,706 100c | ||
| P•••• • P•••••• P•••••••• P••••••• • M••••••• F••••••• I••••••••• L•• | delayed draw term loan first lien | $276,201 | $273,439 100c | SOFR+525 bp | Feb 4, 2031 |
| E•••••••• PT T••••••••• Holdings LLC Industrial Machinery & S••••••• & Components | equity equity | n/a | $265,468 434c | ||
| R•••••• S••••••s S•••••••• Holdings, LLC Specialized Consumer S••••••s | preferred equity equity | n/a | $248,894 109c | ||
| U•••••• S•••••• P•••••••• L•• Specialized Consumer S••••••s | delayed draw term loan first lien | $307,408 | $245,926 81c | SOFR+800 bp PIK 4.00% | Apr 14, 2030 |
| A••••••••• P•••••• L••. Electronic Components | equity equity | n/a | $230,025 15c | ||
| D••••• E• E•••••• L••. Industrial Machinery & S••••••• & Components | equity equity | n/a | $216,230 22c | ||
| L••• S•••••••• H••••••• L•• Specialized Finance | preferred equity equity | n/a | $205,491 100c | ||
| P••••••• M••• • D•• C•••••• Aerospace & Defense | revolver first lien | $209,623 | $194,338 100c | Prime+400 bp | Mar 30, 2032 |
| T•••••• Holdings LLC Specialized Consumer S••••••s | equity equity | n/a | $192,149 93c | ||
| S•••• G••••• S•••••••• A••••••••• I•• Specialized Consumer S••••••s | term loan first lien | $193,065 | $191,327 100c | SOFR+500 bp | May 6, 2029 |
| R••••••••• I•• Application Software | revolver first lien | $204,545 | $190,227 97c | SOFR+525 bp | Sep 18, 2031 |
| L••••••• I••••••••• I•• L•• H••••• Care S••••••s | delayed draw term loan first lien | $199,500 | $188,503 99c | SOFR+525 bp | May 20, 2030 |
| A•••• B••••• L•• Aerospace & Defense | revolver first lien | $185,185 | $185,185 122c | Prime+425 bp | Jan 2, 2032 |
| M••••••• U••••••• Holdings, LLC Trading Companies & Distributors | equity equity | n/a | $184,235 158c | ||
| D•• M••••••••• L•• H••••• Care S••••••s | revolver first lien | $189,167 | $177,917 95c | SOFR+550 bp | Dec 18, 2027 |
| A•• F•••••••• I• L• P•••• & P•••••• P•••••••• P••••••• & M•••••••s | equity equity | n/a | $164,751 86c | ||
| Vp D•••••• Holdings Packaged F•••• & Meats | equity equity | n/a | $164,211 78c | ||
| H••••• Holdings, LLC Diversified Support S••••••s | equity equity | n/a | $163,888 111c | ||
| N• O•••• H•••••••, LLC T••• Class B H••••• Care S••••••s | equity equity | n/a | $158,173 119c | ||
| S•••• G••••• S•••••••• Investment LLC Specialized Consumer S••••••s | equity equity | n/a | $156,362 91c | ||
| D•••••• C••••••••• L•• Air Freight & Logistics | term loan first lien | $157,361 | $155,945 100c | SOFR+550 bp | Nov 27, 2030 |
| K••••• Holdings, LP Insurance Brokers | equity equity | n/a | $155,555 96c | ||
| S•••••••• F••••, LLC Packaged F•••• & Meats | delayed draw term loan first lien | $154,422 | $146,562 112c | SOFR+500 bp | Aug 22, 2029 |
| D••••• E• E•••••• L••. Industrial Machinery & S••••••• & Components | preferred equity equity | n/a | $141,551 114c | ||
| P•••••••• S•••••••• Holdings, LP Diversified Support S••••••s | equity equity | n/a | $138,605 99c | ||
| R•• R• C••••••• I••• Air Freight & Logistics | equity equity | n/a | $136,000 17c | ||
| NAM Group Holdings LLC Specialized Consumer S••••••s | equity equity | n/a | $135,783 161c | ||
| H•••• P••••• L•• Aerospace & Defense | equity equity | n/a | $131,104 119c | ||
| P•••• H••••• Holdings, LP H••••• Care T••••••••• | preferred equity equity | n/a | $130,191 102c | ||
| M•••••••, LLC Trading Companies & Distributors | revolver first lien | $131,393 | $128,766 112c | SOFR+500 bp | Jun 7, 2031 |
| E•••••• Holdings, LLC Environmental & Facilities S••••••s | equity equity | n/a | $128,310 96c | ||
| S•• R•••• P•••••••• H•••••• L•• P•••• & P•••••• P•••••••• P••••••• & M•••••••s | equity equity | n/a | $127,486 102c | ||
| A••••••••• P•••••• L••. Electronic Components | equity equity | n/a | $119,124 155c | ||
| A••••••••• P•••••• L••. Electronic Components | equity equity | n/a | $113,124 145c | ||
| M•• A••••••••• I•• Office S••••••s & S••••••• | preferred equity equity | n/a | $111,871 39c | ||
| T••• C••••••••• P••••••••• Specialized Consumer S••••••s | notes unsecured or subordinated | $106,949 | $106,949 100c | 18.00% PIK 18.00% | Dec 31, 2029 |
| T••••••• I••••••••• Inc Aerospace & Defense | delayed draw term loan first lien | $95,238 | $95,238 101c | SOFR+475 bp | Jan 13, 2031 |
| B••••••• M••• L•• H••••• Care S••••••s | term loan first lien | $90,455 | $89,731 100c | SOFR+525 bp | Jun 3, 2030 |
| U•••••• S•••••• P•••••••• L•• Specialized Consumer S••••••s | revolver first lien | $89,286 | $71,429 81c | SOFR+800 bp | Apr 14, 2030 |
| T•••• H••••••••• B••••• L•• H••••• Care S••••••s | delayed draw term loan first lien | $73,574 | $69,528 96c | SOFR+600 bp | Feb 27, 2030 |
| T••••••• I••••••••• Inc Aerospace & Defense | revolver first lien | $66,667 | $66,667 102c | SOFR+475 bp | Jan 13, 2031 |
| A••••••••• P•••••• L••. Electronic Components | equity equity | n/a | $62,210 162c | ||
| H••••• Holdings, LLC Diversified Support S••••••s | preferred equity equity | n/a | $61,287 100c | ||
| S•• M••••••••• S••••••• B••••• L•• Environmental & Facilities S••••••s | revolver first lien | $192,308 | $59,615 34c | SOFR+475 bp | Aug 20, 2031 |
| P•••• • P•••••• P•••••••• P••••••• • M••••••• F••••••• I••••••••• L•• | revolver first lien | $62,189 | $55,970 100c | SOFR+525 bp | Feb 4, 2031 |
| C•••••• P••••••• Holdings, LLC P•••• & P•••••• P•••••••• P••••••• & M•••••••s | equity equity | n/a | $49,216 1640533c | ||
| W•••••• O••• LLC Electrical Components & Equipment | revolver first lien | $66,610 | $47,723 75c | SOFR+600 bp | Mar 27, 2030 |
| Scp M••••••••• S••••••s H•••••, LLC Specialized Consumer S••••••s | equity equity | n/a | $42,686 47c | ||
| L••• S•••••••• H••••••• L•• Specialized Finance | equity equity | n/a | $40,685 | ||
| L•••• I••••••••• I•• Industrial Machinery & S••••••• & Components | revolver first lien | $38,023 | $38,023 127c | Prime+400 bp | Jul 2, 2030 |
| C•••• I•• H••••• Care S••••••• | revolver first lien | $33,898 | $32,271 99c | SOFR+575 bp | Mar 19, 2030 |
| E••••••••• I••••••••• A••••••••• L• Packaged F•••• & Meats | equity equity | n/a | $22,890 132c | ||
| M•• G•••• H••••••• L•• Packaged F•••• & Meats | equity equity | n/a | $21,752 112c | ||
| D•• M••••••••• L•• H••••• Care S••••••s | preferred equity equity | n/a | $17,742 53c | ||
| I•••••• T••••••••• E••••••••• L•• IT Consulting & Other S••••••s | preferred equity equity | n/a | $16,802 108c | ||
| P•••• F••• I••••••••• P•••••• L•• Specialty Chemicals | preferred equity equity | n/a | $16,709 102c | ||
| Q•••• R•••••• A••••••••• L•• Specialized Consumer S••••••s | delayed draw term loan first lien | $20,101 | $12,426 77c | SOFR+575 bp | Dec 22, 2029 |
| D•••••• C••••••••• L•• Air Freight & Logistics | revolver first lien | $11,547 | $10,508 103c | SOFR+550 bp | Nov 27, 2030 |
| T••• T•••• L• Building P••••••• | equity equity | n/a | $9,392 170c | ||
| D•••••• E••••••••• S•••••••• L•• IT Consulting & Other S••••••s | revolver first lien | $14,423 | $9,038 75c | Prime+400 bp | Apr 25, 2030 |
| S•• 3•• T••••• L•• Air Freight & Logistics | equity equity | n/a | $7,537 115c | ||
| B••• C•••••••• Holdings, LLC Construction & Engineering | equity equity | n/a | $6,738 43c | ||
| W•••••• H•••••••• L•• Electrical Components & Equipment | preferred equity equity | n/a | $6,559 78c | ||
| P•••• H••••• Holdings, LP H••••• Care T••••••••• | equity equity | n/a | $4,342 | ||
| CCI Packaged F•••• & Meats | preferred equity equity | n/a | $3,118 41c | ||
| S•• 3•• T••••• L•• Air Freight & Logistics | equity equity | n/a | $2,215 101c | ||
| F•• P••••••• L•• Human Resource & Employment S••••••s | equity equity | n/a | $8 200c | ||
| T•••• H••••••••• Holdings, LLC H••••• Care S••••••s | equity equity | n/a | $1 0c | ||
| S•• H•••••••• I•• Packaged F•••• & Meats | revolver first lien | n/a | $0 0c | Jan 22, 2030 | |
| N•••••• A••••••••• L•• Packaged F•••• & Meats | delayed draw term loan first lien | n/a | $-206 16c | May 23, 2030 | |
| N•••••• A••••••••• L•• Packaged F•••• & Meats | revolver first lien | n/a | $-347 16c | May 23, 2030 | |
| P•••• • P•••••• P•••••••• P••••••• • M••••••• S•••••• F•••••••• C••••••••• | delayed draw term loan first lien | n/a | $-383 62c | Aug 15, 2029 | |
| B••••••• M••• L•• H••••• Care S••••••s | delayed draw term loan first lien | n/a | $-2,479 69c | Jun 3, 2030 | |
| N••••••• P••••• L•• Diversified Support S••••••s | revolver first lien | n/a | $-2,615 97c | Oct 20, 2029 | |
| N••••••• P••••• L•• Diversified Support S••••••s | delayed draw term loan first lien | n/a | $-2,929 97c | Oct 20, 2029 | |
| P•••• • P•••••• P•••••••• P••••••• • M••••••• C•••••• P••••••• A••••••••• L•• | revolver first lien | n/a | $-3,064 17c | Sep 19, 2031 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2023 to 2026reported
- Filings listed
- 12reported10-Q and 10-K since 2022
- Former names
- F••••••• P•••••• Credit Central Fund LLC; F••••••• Direct Lending Fund, LPreported
- Latest schedule
- 0001193125-26-214221reported