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A business development company

Business development companyNon-traded· NEW YORK, NY

A non-traded business development company, holding $396M across 204 borrowers at Jun 30, 2026.

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

Fair value
$396M
Borrowers
204
Mark on cost
99.4¢
First lien
99%
Schedule of investments (695)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $75K
    on non-accrual, 1 borrower

    1 borrower on non-accrual, $75K principal; the largest is Panzura, LLC ($75K).

    Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.

    FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen Panzura, LLC →
  2. 9 below 80¢
    $1.36M principal

    9 positions across 7 borrowers marked below 80¢ on cost, $1.36M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
Every headline figure, and the identifiersCIK 1901606 · file 814-01505Show
Fair value
$396M
as of Jun 30, 2026
Principal held
$398M
debt pieces, the filer's figure
Cost
$398M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
695
204 borrowers
First lien
99%
99% debt by fair value
Quarters on the tape
15
since Sep 30, 2022
Facilities held
244
15 sponsors financed
Portfolio through time
Fair value by quarter end$396M as of Jun 30, 2026
Sep 30, 2022$54.0M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$396M20499c75506 bp
Mar 31, 2026$395M20699c75506 bp
Dec 31, 2025$392M201101c64510 bp
Sep 30, 2025$779M182101c115520 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$362M159101c54529 bp
Mar 31, 2025$342M148101c46540 bp
Dec 31, 2024$327M140101c42547 bp
Sep 30, 2024$296M128101c44557 bp
Jun 30, 2024$267M115101c34578 bp
Mar 31, 2024$205M96101c32610 bp
Dec 31, 2023$176M88100c30617 bp
Sep 30, 2023$111M66100c29628 bp
Jun 30, 2023$92.3M54100c22646 bp
Mar 31, 2023$84.9M50100c16635 bp
Sep 30, 2022$54.0M3699c5611 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
  • Marked down (one lender)Jun 30, 2026
  • Spread increasedJun 30, 2026
  • PIK interest appearsJun 30, 2026
  • Lender left a facilityMar 31, 2026
  • New lender joined a facilityMar 31, 2026

+15 additional dated changes on this BDC

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Every position change, including routine ones
Largest facilities held, with co-lenders

+241 additional facilities held

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Schedule of investments at Jun 30, 2025
546 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Wealth Enhancement Group, LLCterm loan first lien$0$0S+500 bp
WPEngine, Inc.term loan first lien$0$0S+575 bp
Panzura, LLCequity equityNot disclosed$0
0c
Biscuit Parent, LLCterm loan first lien$0$0
0c
S+475 bp
PPW Aero Buyer, Inc.term loan first lien$0$0
0c
S+550 bp

546 positions on this schedule

Every borrower on the schedule with its instrument, principal, fair value, rate and maturity, as filed.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Registration
Fiscal year end
0930reported
Incorporated
MDreported
On the SEC BDC report
2026 to 2026reported
Filings listed
17reported10-Q and 10-K since 2022
Latest schedule
0001901606-26-000026reported
Across the graphs

This record is the same institution as 1 record in Independent Sponsors.

Independent Sponsors1

DFX found 1 relationship across 1 dataset

Which record it is in each graph, what it is called there, and what the two were joined on.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Checking your plan…

Capital chain

This record sits on 12 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

DFX traced 12 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

949 field-level changes across filed schedules, latest first

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph
Show 1 connection across 1 kind
Manages (1)