DFX Intelligence

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S•••••• P•••••• C••••• B••

Business development companymanaged by S•••••• P•••••• B•• A••••••• L••Non-traded· HOUSTON, TX

A non-traded business development company, managed by S•••••• P•••••• B•• A••••••• L••, holding $421M across 87 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: $421M
Borrowers: 87
Mark on cost: 100.0¢
First lien: 2%

Schedule of investments (337)Quarter by quarter Sponsors

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

What matters now

3 below 80¢
$4.56M principal
3 positions across 1 borrower marked below 80¢ on cost, $4.56M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
7 → 15
loans paying in kind
Loans paying in kind rose from 7 to 15 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
98.9¢ → 100.0¢
book mark on cost
Marked its book up from 98.9¢ to 100.0¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked up.
Derivedthe schedule's fair value over cost, quarter on quarterQuarter by quarter →
80 → 87
borrowers
Added a net 7 borrowers in the quarter to Jun 30, 2026, to 87.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$340M → $421M
fair value, 4 quarters
Its portfolio grew 24% 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 1901037 · file 814-01475Show

Fair value

$421M

as of Jun 30, 2026

Principal held

$384M

debt pieces, the filer's figure

Cost

$410M

100c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

337

87 borrowers

First lien

93% debt by fair value

Quarters on the tape

since Sep 30, 2022

Facilities held

195

20 sponsors financed

Portfolio through time

Fair value by quarter end$421M as of Jun 30, 2026

Sep 30, 2022$127M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$421M	87	100c	15	560 bp
Mar 31, 2026	$405M	80	99c	7	571 bp
Dec 31, 2025	$541M	83	100c	6	573 bp
Sep 30, 2025	$376M	78	100c	10	585 bp

All 16 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$340M	72	100c	12	593 bp
Mar 31, 2025	$335M	69	100c	10	616 bp
Dec 31, 2024	$575M	66	100c	15	604 bp
Sep 30, 2024	$257M	58	100c	13	618 bp
Jun 30, 2024	$254M	55	100c	8	658 bp
Mar 31, 2024	$216M	47	100c	8	669 bp
Dec 31, 2023	$410M	46	100c	12	667 bp
Sep 30, 2023	$212M	41	101c	3	634 bp
Jun 30, 2023	$188M	38	100c	0	628 bp
Mar 31, 2023	$165M	35	100c	0	614 bp
Dec 31, 2022	$188M	30	100c	0	612 bp
Sep 30, 2022	$127M	27	99c	0	606 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

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
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Full timeline · 20 events

PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
PIK interest appearsMar 31, 2026
••• Locked
PIK interest appearsMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

C•••••• P••••••• S•••••• S•••••••• L•• term loan
2 BDCs hold it · matures Nov 22, 2027 · possible sponsor Q•• C••••••• L•••
$9.2M 101c
P•••• P•••• G•••• A••••••••• I•• term loan
2 BDCs hold it · matures Dec 18, 2030
$9.0M 101c
A•• R•••••••• I•• term loan
2 BDCs hold it · matures Jun 22, 2029
$8.3M 99c
A•••• O••• L•• first lien term loan
1 BDC hold it · matures Jul 1, 2029
$8.2M 101c
M•••••••• C••••• A••••••••• I•• term loan
2 BDCs hold it · matures Sep 2, 2027 · possible sponsor E•••••••• C••••••• L•
$8.1M 100c
V••••••••• P••••••••• L•• term loan
2 BDCs hold it · matures Apr 3, 2031 · possible sponsor I•••••••• E••••• L•
$7.8M 100c
A••• P••••••• A••• L•• delayed draw term loan
2 BDCs hold it · matures Dec 31, 2030
$7.8M 100c
G•••••• C••• term loan
2 BDCs hold it · matures Mar 12, 2029
$7.5M 102c
D•• E••••••••• L•• term loan
2 BDCs hold it · matures Sep 22, 2030
$7.3M 102c
S•••••• H••••• P••••••• M••• L•• term loan
2 BDCs hold it · matures Mar 6, 2031
$7.3M 100c
C••••••• S••••••• A•••••••• L•• term loan
2 BDCs hold it · matures Sep 19, 2030
$7.2M 99c
I••••••• T•••• G•••• S••••••••• I•• term loan
2 BDCs hold it · matures Feb 28, 2030 · possible sponsor K•••••••• C•••••• M••••••••• L•••
$7.0M 101c

Schedule of investments at Sep 30, 2025

298 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
B••• a••• A••••••••• L••	term loan lien unstated	$1.3M	$1.3M 102c	SOFR+525 bp	Aug 16, 2030
C••••• H•••••••• L••	revolver lien unstated	$1.3M	$1.3M 99c	SOFR+650 bp PIK 0.25%	Dec 31, 2028
C•••••• B••••• L••	term loan lien unstated	$1.2M	$1.2M 102c	SOFR+500 bp	Mar 15, 2029
F••••••• H•••••••• L••	term loan lien unstated	$1.2M	$1.2M 102c	SOFR+675 bp	Apr 1, 2029
M••••• E••••••••• G•••• I••••••••• H•••••••• I••	term loan lien unstated	$1.2M	$1.2M 101c	SOFR+625 bp	Aug 3, 2029
T••••••••• A••••••••• H••••••• L••	term loan lien unstated	$1.2M	$1.2M 102c	SOFR+525 bp	May 31, 2029
R•• A••••••• B•••••••• L••	term loan lien unstated	$1.1M	$1.1M 101c	SOFR+550 bp	Aug 2, 2027
A•••• O••• L••• I••••• C••••••••• L•	equity equity	Not disclosed	$1.1M 757c
2• L•• I•••••••• L• C•••• A• U••••	unstated lien unstated	Not disclosed	$1.1M 721c
E••••• L••	term loan lien unstated	$1.1M	$1.1M 101c	SOFR+625 bp	Mar 16, 2027
F••••••• H•••••••• L••	delayed draw term loan lien unstated	$1.1M	$1.1M 101c	SOFR+675 bp	Apr 1, 2029
R•• A••••••• B•••••••• L••	revolver lien unstated	$1.1M	$1.1M 100c	SOFR+550 bp	Aug 2, 2027
F••••••••• B••••• L••	term loan lien unstated	$1.1M	$1.1M 101c	SOFR+525 bp	Mar 12, 2029
S•••••• M•••• C••••••• L••	delayed draw term loan lien unstated	$1.6M	$1.1M 65c	12.50%	Feb 7, 2028
M•••••• F••••••• L••	term loan lien unstated	$1.1M	$1.1M 100c	SOFR+575 bp	Apr 3, 2028
T••••••• L••	term loan lien unstated	$1.1M	$1.0M 101c	SOFR+675 bp	Nov 30, 2028
M••••••••• G••••• L••	term loan lien unstated	$1.1M	$1.0M 100c	SOFR+575 bp	Dec 30, 2027
H• W•••••••• H•••••••• L••	revolver lien unstated	$1.2M	$1.0M 83c	12.00%	Dec 17, 2026
E••••• N••••••• L••	term loan lien unstated	$1.0M	$1.0M 102c	SOFR+650 bp	May 22, 2028
E•• B••••• I••• E•• G•••• H•••••••• L•••	equity equity	Not disclosed	$989,942 561c
A•••••• I•••	delayed draw term loan lien unstated	$979,506	$974,608 100c	SOFR+600 bp	Aug 8, 2028
M••••••••• G••••• L••	delayed draw term loan lien unstated	$986,891	$972,088 99c	SOFR+575 bp	Dec 30, 2027
2• L••	revolver lien unstated	$968,508	$963,665 99c	SOFR+500 bp	Jun 5, 2028
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$962,325	$962,325 100c	SOFR+550 bp	Dec 31, 2030
C••••• H•••••••• L••	term loan lien unstated	$966,238	$956,576 100c	SOFR+650 bp PIK 0.25%	Dec 31, 2028
I•••••• B•••• L••	revolver lien unstated	$948,767	$944,023 99c	SOFR+575 bp	Aug 15, 2028
L••••• S••••••••• L••	term loan lien unstated	$909,263	$909,263 101c	SOFR+525 bp	Dec 1, 2027
H•••••••• B••••••• S••••••• L••	delayed draw term loan lien unstated	$907,631	$907,631 101c	SOFR+625 bp	Aug 26, 2027
P•••• M•••• H•••••••• L••	term loan lien unstated	$899,487	$881,497 99c	SOFR+625 bp	Aug 31, 2027
H•••••••• B••••••• S••••••• L••	term loan lien unstated	$874,270	$874,270 101c	SOFR+625 bp	Aug 26, 2027
C•••••••• I••••••••• I• I••• G•••• C•••••••• L•	equity equity	Not disclosed	$850,271 175c
C• A••• H••••••• L••	equity equity	Not disclosed	$834,047 190c
M••••••• A••••••••• L••	delayed draw term loan lien unstated	$833,672	$825,335 100c	SOFR+500 bp	Jun 7, 2031
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$805,800	$805,800 101c	SOFR+550 bp	Dec 31, 2030
M•••••••• L••	term loan lien unstated	$804,705	$804,705 101c	SOFR+600 bp	Dec 21, 2028
C•••••• B••••• L••	term loan lien unstated	$797,055	$797,055 102c	SOFR+500 bp	Mar 15, 2029
W•• H•••••••• L••	term loan lien unstated	$781,906	$777,996 101c	SOFR+550 bp	Apr 11, 2030
M••••• E••••••••• G•••• I••••••••• H•••••••• I••	delayed draw term loan lien unstated	$771,067	$763,356 100c	SOFR+625 bp	Aug 3, 2029
M••••• E••••••••• G•••• I••••••••• H•••••••• I••	term loan lien unstated	$760,689	$753,082 101c	SOFR+625 bp	Aug 3, 2029
E•••• C••• O••• L••• R••••••• E•••• C••• C••••••••• L•	equity equity	Not disclosed	$745,269 100c
I•••••• B••••• L•• I•••••• H•••••••• L••	preferred equity equity	Not disclosed	$739,634 136c
M•••••••• H••••••• L••	revolver lien unstated	$666,418	$719,016 99c	SOFR+625 bp	May 30, 2029
C•••••• P••••••• S•••••• S•••••••• L• L• C• Q•• P•••••• C•••••••• B••••••• I•••	equity equity	Not disclosed	$717,647 132c
M•••••••• H••••••• L••	revolver lien unstated	$666,418	$715,503 99c	SOFR+625 bp	May 24, 2027
T•• H••••••••• G••••• I•••	term loan lien unstated	$692,351	$692,351 102c	SOFR+650 bp	Aug 7, 2028
A•••• O••• L••	term loan first lien	$690,701	$690,701 102c	SOFR+575 bp	Jul 1, 2029
2• L••	term loan lien unstated	$687,498	$684,061 101c	SOFR+500 bp	Jun 5, 2028
T••••••• L••	term loan lien unstated	$674,220	$670,849 101c	SOFR+675 bp	Nov 30, 2028
M••••••••• G••••• L••	term loan lien unstated	$675,153	$665,026 100c	SOFR+575 bp	Dec 30, 2027
I•••••• B••••• L••	delayed draw term loan lien unstated	$645,859	$642,630 100c	SOFR+575 bp	Aug 15, 2028
A•••••• I•••	delayed draw term loan lien unstated	$626,242	$623,111 100c	SOFR+600 bp	Aug 8, 2028
C•••••• 3•• A••••••••• L••	delayed draw term loan lien unstated	$662,373	$622,631 95c	SOFR+650 bp PIK 1.50%	Aug 2, 2028
A••• P••••••• A•• L••• A••• A•• P•••••• L••	preferred equity equity	Not disclosed	$620,742 407c
G•••••• C•••• T•••• M•••• T•••• L•	equity equity	Not disclosed	$619,368 139c
M••••••••• G••••• L••	term loan lien unstated	$618,937	$609,653 100c	SOFR+575 bp	Dec 30, 2027
L••••• S••••••••• L••	term loan lien unstated	$605,677	$605,677 101c	SOFR+525 bp	Dec 1, 2027
I••••• H••• S••••••• L••	revolver lien unstated	$607,105	$594,963 98c	SOFR+650 bp	Apr 28, 2028
B••• a••• A••••••••• L••• B••••• P••••••• H••••••	preferred equity equity	Not disclosed	$594,509 110c
O•••••• I••••••••• S•••••••• L•• S•••••••• T••••• L••	equity equity	Not disclosed	$591,542 176c
I••••••• T•••• G•••• S••••••••• I•••• I•• P•••••• L••	equity equity	Not disclosed	$585,994 177c
S•••••• M•••• C••••••• L••	revolver lien unstated	$290,964	$581,928 200c	12.50%	Feb 7, 2028
B•• B••••• I••• B• P••••••• P•••••• L•••	equity equity	Not disclosed	$561,451 127c
F••••••• H•••••••• L••	term loan lien unstated	$556,694	$556,694 102c	SOFR+675 bp	Apr 1, 2029
M•••••• L•••• H•••••••• I•••	term loan lien unstated	$579,146	$547,293 96c	SOFR+700 bp PIK 11.66%	Dec 30, 2028
M•••••••• C••••• A••••••••• I••• M••••••••• I••••••••• L•	equity equity	Not disclosed	$527,030 169c
T••••••• L••	revolver lien unstated	$527,869	$525,230 100c	SOFR+675 bp	Nov 30, 2028
A••• P••••••• A••• L••	delayed draw term loan lien unstated	$515,183	$515,183 101c	SOFR+550 bp	Dec 31, 2030
M•••••••• L••	term loan lien unstated	$514,483	$514,483 101c	SOFR+600 bp	Dec 21, 2028
M•• M••••••••• L••• M•• P•••••• L••	equity equity	Not disclosed	$514,037 139c
A••• P••••••• A••• L••	term loan lien unstated	$512,385	$512,385 101c	SOFR+550 bp	Dec 31, 2030
P•••••• S•••••• H•••••••• L••• P•• U••••••• H••••••• L•	equity equity	Not disclosed	$511,206 119c
M••••••••• G••••• L••	term loan lien unstated	$505,427	$497,846 100c	SOFR+575 bp	Dec 30, 2027
T•••• 2•• L•• T•••• 2• B••••••• I•••	equity equity	$376	$493,179 131c
M•••••• B••••••••• T••••••• L••	delayed draw term loan lien unstated	$469,254	$466,908 100c	SOFR+500 bp	Jun 6, 2030
2• L••	term loan lien unstated	$465,535	$463,207 101c	SOFR+500 bp	Jun 5, 2028
H•••••••• B••••••• S••••••• L•• A••• H•• H•••••••• L•	equity equity	Not disclosed	$452,664 490c
B•••• M••••••••• C••••••• L••• B•• B••• W•••• H••••••• L••	equity equity	Not disclosed	$444,906 134c
A•••• O••• L••	term loan first lien	$441,596	$441,596 102c	SOFR+575 bp	Jul 1, 2029
2• L••	delayed draw term loan lien unstated	$443,155	$440,939 100c	SOFR+500 bp	Jun 5, 2028
C•••••• P••••••• I••••••••• L••	revolver lien unstated	$420,118	$420,118 100c	SOFR+675 bp	Feb 7, 2027
F••••••••• B••••• L••	term loan lien unstated	$418,617	$414,431 101c	SOFR+525 bp	Mar 12, 2029
S•••••• M•••• C••••••• L••	revolver lien unstated	$200,442	$400,884 200c	12.50%	Feb 7, 2028
T•• H••••••••• G••••• I•••• B• H•• H•••••••• L•••	equity equity	$413,052	$393,735 95c
M••••••••• G••••• L••	term loan lien unstated	$395,714	$389,778 100c	SOFR+575 bp	Dec 30, 2027
C•••••• P••••••• I••••••••• L••	term loan lien unstated	$388,313	$388,313 100c	SOFR+675 bp	Feb 7, 2027
L••••• S••••••••• L••	term loan lien unstated	$387,236	$387,236 101c	SOFR+525 bp	Dec 1, 2027
N•••••• M•••••• A••••••••• I••• N•••••• M•••••• P•••••• L•	preferred equity equity	Not disclosed	$376,739 88c
E••••• N•••••• L••	delayed draw term loan lien unstated	$365,601	$365,601 100c	SOFR+650 bp	May 22, 2028
T•• H••••••••• G••••• I•••	term loan lien unstated	$362,591	$362,591 102c	SOFR+650 bp	Aug 7, 2028
W•• H•••••••• L••	delayed draw term loan lien unstated	$359,824	$358,025 100c	SOFR+550 bp	Apr 11, 2030
M•••••• L•••• H•••••••• I•••	term loan lien unstated	$370,273	$349,908 96c	SOFR+700 bp PIK 11.66%	Dec 30, 2028
A••••••••• L••• A••••••••• H•••••••• L••	equity equity	Not disclosed	$348,760 80c
S•••••• M•••• C••••••• L••	revolver lien unstated	$537,411	$346,630 64c	12.50%	Feb 7, 2028
W•• H•••••••• L••	delayed draw term loan lien unstated	$332,745	$331,081 100c	SOFR+550 bp	Apr 11, 2030
A••• P••••••• A••• L••	term loan lien unstated	$327,591	$327,591 101c	SOFR+550 bp	Dec 31, 2030
G•••••• C••••	revolver lien unstated	$324,070	$324,070 100c	SOFR+650 bp	Mar 12, 2029
D•• E••••••••• L••• D•• U••••••• H••••••• L•	equity equity	Not disclosed	$321,180 100c
T••••• D••••••••• I•••	term loan lien unstated	$332,521	$320,883 97c	SOFR+600 bp	Dec 31, 2026
M••••••••• G••••• L••	term loan lien unstated	$323,142	$318,295 100c	SOFR+575 bp	Dec 30, 2027
A•••• O••• L••• O•••• C••••••••• L•	equity equity	Not disclosed	$316,301 390c

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2026 to 2026reported
Filings listed: 18reported10-Q and 10-K since 2022
Latest schedule: 0001104659-26-094771reported