DFX Intelligence

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B•••••••• P•••••• C••••• F•••

Business development companymanaged by B•••••••• C•••••• I••••••••• A•••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by B•••••••• C•••••• I••••••••• A•••••••• L••, holding $2.5B across 295 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: $2.5B
Borrowers: 295
Mark on cost: 98.5¢
First lien: 100%

Schedule of investments (480)Quarter by quarter Sponsors

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

What matters now

$3.42M
on non-accrual, 1 borrower
1 borrower on non-accrual, $3.42M principal; the largest is S••••••••• M•••• M•••• L•• ($3.42M).
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 S••••••••• M•••• M•••• L•• →
16 below 80¢
$21.3M principal
16 positions across 16 borrowers marked below 80¢ on cost, $21.3M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
287 → 295
borrowers
Added a net 8 borrowers in the quarter to Jun 30, 2026, to 295.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$1.7B → $2.5B
fair value, 4 quarters
Its portfolio grew 44% 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 1902649 · file 814-01485Show

Fair value

$2.5B

as of Jun 30, 2026

Principal held

$2.6B

debt pieces, the filer's figure

Cost

$2.6B

98c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

480

295 borrowers

First lien

100%

100% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

425

46 sponsors financed

Portfolio through time

Fair value by quarter end$2.5B as of Jun 30, 2026

Dec 31, 2022$1.1B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$2.5B	295	98c	26	420 bp
Mar 31, 2026	$2.4B	287	98c	26	422 bp
Dec 31, 2025	$2.2B	271	100c	16	435 bp
Sep 30, 2025	$2.1B	259	100c	22	441 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.7B	257	100c	21	453 bp
Mar 31, 2025	$6.7B	234	100c	23	448 bp
Dec 31, 2024	$5.2B	200	101c	31	473 bp
Sep 30, 2024	$3.9B	182	100c	14	499 bp
Jun 30, 2024	$2.5B	148	100c	13	544 bp
Mar 31, 2024	$2.2B	152	101c	11	529 bp
Dec 31, 2023	$2.1B	148	100c	12	530 bp
Sep 30, 2023	$1.7B	146	100c	9	525 bp
Jun 30, 2023	$1.3B	138	100c	8	494 bp
Mar 31, 2023	$1.2B	137	99c	8	480 bp
Dec 31, 2022	$1.1B	131	98c	6	457 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

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
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 lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

A•••• B•••• I••••••••• L•• first lien term loan
6 BDCs hold it · matures Jan 31, 2033 · possible sponsor I••••••• C•••••• L••••••
$52.0M 97c
S••••••• H••••••• C••••••••• first lien term loan
11 BDCs hold it · matures May 14, 2031
$47.1M 100c
A•• T••••••••• I•• first lien term loan
3 BDCs hold it · matures Feb 13, 2032 · possible sponsor D••• C•••••• M••••••••• L••
$46.3M 97c
P•• P••••• H•••••••• L•• first lien term loan
15 BDCs hold it · matures Jan 31, 2031
$45.0M 99c
M••••• T••••••••• I•• first lien term loan
3 BDCs hold it · matures Apr 8, 2027
$44.9M 100c
S••••••• A••••••••• first lien term loan
1 BDC hold it · matures Aug 13, 2031
$44.3M 100c
O••••••••• I•• first lien term loan
3 BDCs hold it · matures Jun 11, 2029
$43.6M 100c
S••••••••• B•••• I•• first lien term loan
2 BDCs hold it · matures Nov 5, 2032
$43.1M 97c
A••••• B•••••• S•••••• I••••••••• L•• first lien term loan
7 BDCs hold it · matures Oct 31, 2030
$41.5M 101c
R•• B•••• I•• first lien term loan
2 BDCs hold it · matures Jul 31, 2031
$40.4M 104c
m••••• M•••••• I•• first lien term loan
10 BDCs hold it · matures Feb 25, 2033
$39.9M 98c
I•• H•••••• C••• first lien delayed draw term loan
2 BDCs hold it · matures May 2, 2029
$39.0M 99c

Schedule of investments at Sep 30, 2023

232 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• ••• I••••••••	delayed draw term loan first lien	$0	$20,589 -62c	S+650 bp	Jul 19, 2030
Z•••••• I••• S•••••••	delayed draw term loan first lien	Not disclosed	$5,498 105c	S+650 bp PIK 3.50%	Nov 22, 2028
A••••• C••••••••• L••• S••••••• T•••• & Services	delayed draw term loan first lien	$0	$832 -33c	S+700 bp	Dec 21, 2028
O•••• P•••••••• L•• P••••••••• Services	delayed draw term loan first lien	Not disclosed	$60 49c	S+425 bp	Jul 18, 2030
A••••• C••••••••• L••• S••••••• T•••• & Services	revolver first lien	$0	$0 0c	S+700 bp	Dec 21, 2028
A••••••• I••• I••••••••	revolver first lien	$0	$0 0c	S+725 bp	Oct 19, 2028
O••••• H•••••• I••• •••••••• I••••••• S••••••• and Services	revolver first lien	$0	-$181 5c	S+775 bp	Feb 1, 2029
G•• T••••••••• H••••••• I••• S•••••••	revolver first lien	Not disclosed	-$185 -4c	S+625 bp	Jul 9, 2029
B••••• B••••• I••• ••••••••• I••••••• S••••••• and Services	revolver first lien	$0	-$821 -18c	S+725 bp	Jan 26, 2029
I••••••••• H•••••••• L•• H••••• C••• P•••••••• & Services	delayed draw term loan first lien	Not disclosed	-$856 16c	S+525 bp	Apr 27, 2028
D•••• P•••••• I••• •••• C•••• T••••••••• S•••••••	revolver first lien	Not disclosed	-$1,396 -26c	S+750 bp	Mar 30, 2029
L• A••••• H•••••••• L•• •••••••• C••••••••• & E•••••••••	revolver first lien	$0	-$1,969 60c	S+650 bp	Feb 1, 2029
S••••••• A••••••••• L••••• ••••• C•••••• H•••••, R••••••••• & L••••••	delayed draw term loan first lien	$0	-$2,897 138c	S+750 bp	Aug 7, 2028
B••••• B•••• B••• ••••••••• I••••••• S••••••• and Services	revolver first lien	$0	-$2,978 -237c	S+725 bp	Jan 26, 2029
V•••••• E••••••• S•••••••• I••• P••••••••• Services	delayed draw term loan first lien	Not disclosed	-$3,017 -82c	S+475 bp	Feb 28, 2027
S•••••• P•••••• L•• •••• L••••• IT Services	revolver first lien	Not disclosed	-$3,279 -34c	S+650 bp	May 13, 2030
M•••••• L•••• H•••••••• I•• IT Services	revolver first lien	$0	-$3,424 -82c	S+700 bp	Dec 30, 2027
S••••••• A••••••••• L••••• ••••• C•••••• H•••••, R••••••••• & L••••••	revolver first lien	$0	-$3,622 69c	S+750 bp	Aug 7, 2028
F••••• H•••••• C•••• ••••••••• D••••••••• C••••••• Services	revolver first lien	$0	-$5,419 82c	S+625 bp	Sep 15, 2027
L•••• U• B•••••• L•• •••••• P•••••••• C••••••• Finance	revolver first lien	$0	-$7,413 60c	S+750 bp	Mar 30, 2029
F••••• R••• M••••••••• I••• S•••••••	revolver first lien	Not disclosed	-$8,237 -62c	S+700 bp	May 22, 2029
e••••••••• A••••••••• L•• ••••••• I••••••• S••••••• and Services	revolver first lien	$0	-$19,498 -101c	S+650 bp	Aug 29, 2029
I•••••••• M•••••••• A••••••••• L•• I••••••••	delayed draw term loan first lien	$0	-$20,427 144c	S+600 bp	Aug 19, 2026
B•••••• H••••••• L•• ••••••• S•••••••	revolver first lien	Not disclosed	-$29,767 -101c	S+725 bp	Sep 12, 2030
R•• A••••••••• I••• •••• S••••••••• I••••••••	delayed draw term loan first lien	$0	-$56,788 90c	S+600 bp	Oct 30, 2026
G• W•••• H•••••••• I••• ••••••• D••••••••• Financial Services	delayed draw term loan first lien	Not disclosed	-$78,096 25c	S+610 bp	Aug 11, 2028
M•••••••• L•• ••• P••••• M••••••••• a•• C•••••••• L••• C••••••••• Services & S•••••••	delayed draw term loan first lien	$0	-$126,279 130c	S+600 bp	Sep 19, 2028
G••••• B••••••• L•• I••••••••	delayed draw term loan first lien	$0	-$135,000 271c	S+575 bp	Sep 29, 2028
O••• B•••••••• L•• •••••• H••• H••••• C••• P•••••••• & Services	revolver first lien	Not disclosed	Not disclosed n/a	S+650 bp	Aug 19, 2027
I•••••••• M•••••••• A••••••••• L•• I••••••••	revolver first lien	$0	Not disclosed n/a	S+650 bp	Aug 31, 2030
A•••••••• P••••••• L•• D••••••••• Financial Services	revolver first lien	Not disclosed	Not disclosed n/a	S+625 bp	Aug 31, 2028
Z•••••• I••• S•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+650 bp	Nov 22, 2028

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 17reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-338073reported