DFX Intelligence
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P•••• C•••••• S•••••••• B•• C••••
Business development companymanaged by P•••••• I••••••••• M••••••••• C•••••• L••Non-traded· NEWPORT BEACH, CA
A non-traded business development company, managed by P•••••• I••••••••• M••••••••• C•••••• L••, holding $395M across 44 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $395M
- Borrowers
- 44
- Mark on cost
- 99.4¢
- First lien
- 34%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- 3 below 80¢$6.47M principal
3 positions across 3 borrowers marked below 80¢ on cost, $6.47M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 97.5¢ → 99.4¢book mark on cost
Marked its book up from 97.5¢ to 99.4¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked up.
- 3 → 5loans paying in kind
Loans paying in kind rose from 3 to 5 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.
- $1.2B → $395Mfair value, 4 quarters
Its portfolio shrank 67% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1905824 · file 814-01549ShowHide
Fair value
$395M
as of Jun 30, 2026
Principal held
$196M
debt pieces, the filer's figure
Cost
$405M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
93
44 borrowers
First lien
34%
47% debt by fair value
Quarters on the tape
13
since Dec 31, 2022
Facilities held
54
14 sponsors financed
Portfolio through time
Fair value by quarter end$395M as of Jun 30, 2026
Dec 31, 2022$1.1B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $395M | 44 | 99c | 5 | 494 bp |
| Mar 31, 2026 | $408M | 42 | 97c | 3 | 485 bp |
| Dec 31, 2025 | $390M | 40 | 99c | 3 | 480 bp |
| Nov 17, 2025 | Not disclosed | 1 | n/a | 0 | 425 bp |
All 14 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Sep 30, 2025 | $458M | 47 | 100c | 3 | 435 bp |
| Jun 30, 2025 | $1.2B | 45 | 98c | 0 | 463 bp |
| Mar 31, 2025 | $1.2B | 43 | 98c | 0 | 463 bp |
| Dec 31, 2024 | $1.7B | 46 | 99c | 0 | 447 bp |
| Sep 30, 2024 | $995M | 35 | 99c | 0 | 450 bp |
| Jun 30, 2024 | $859M | 28 | 99c | 0 | 469 bp |
| Mar 31, 2024 | $914M | 29 | 99c | 0 | 506 bp |
| Dec 31, 2023 | $1.4B | 27 | 99c | 0 | 512 bp |
| Sep 30, 2023 | $891M | 26 | 99c | 0 | 486 bp |
| Dec 31, 2022 | $1.1B | 29 | 90c | 0 | 430 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 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
- 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
Largest facilities held, with co-lenders
- W••• M••••••••• T••• H•••••••• I•• warrants1 BDC hold it · matures Sep 8, 2028$47.2M n/a
- V•••••• second lien term loan1 BDC hold it · matures Aug 21, 2029$13.0M 117c
- A•••••• I•• first lien term loan1 BDC hold it · matures Dec 21, 2027$11.1M 100c
- V•••••• first lien term loan1 BDC hold it · matures Jun 12, 2031$7.9M 100c
- K• P••• S•••••••• N•••• H•••••• 2• second lien term loan1 BDC hold it · matures Jan 30, 2029$6.2M 105c
- P•••• L•• first lien term loan4 BDCs hold it · matures Jun 30, 2031$5.8M 98c
- A••• S•••••• P•••••••• L•• first lien term loan26 BDCs hold it · matures Oct 24, 2030 · possible sponsor A••••• I••••••••$5.5M 101c
- N•••••• D•••••• H••••••• G••••• I•• first lien term loan1 BDC hold it · matures Apr 30, 2029 · possible sponsor C•••••••• C•••••• G••••• L•••$5.1M 80c
- A•••••• L•• first lien delayed draw term loan5 BDCs hold it · matures Sep 13, 2029$5.0M 99c
- A••••• E•••••• H•••••••• L•• first lien delayed draw term loan1 BDC hold it · matures Mar 27, 2027$5.0M 99c
- R••••••••• H•••••• C••• first lien term loan12 BDCs hold it · matures Dec 11, 2031 · possible sponsor F•••••••• P•••••••$4.9M 80c
- M•• S••••••• L•• first lien term loan31 BDCs hold it · matures Feb 29, 2028$4.6M 98c
Schedule of investments at Sep 30, 2023
44 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•••• N••••••••• N••••••••• I••••••••• | unstated lien unstated | Not disclosed | $231M 99c | ||
| T•••• D••• I••••••••• | unstated lien unstated | Not disclosed | $180M 98c | ||
| D••• I••••••••• • F•••• L••• S••••• S•••••• • T•••• F•••• L• | term loan first lien | Not disclosed | $137M 99c | ||
| D••• I••••••••• • T•••• S••••• U•••••••• | unstated unsecured or subordinated | Not disclosed | $39.8M 95c | ||
| D••• I••••••••• • S••••• U•••••••• • L••• H••• S•••••••• N•• C••••••• S••••••s | notes unsecured or subordinated | $32.2M | $29.9M 93c | 12.00% | Feb 26, 2027 |
| C•••••••• B•••• • T•••• C•••••••• B•••• | notes lien unstated | Not disclosed | $28.8M 102c | ||
| R••••• H••••••••• L•• 1••• A••••••••• | notes lien unstated | $28.6M | $28.8M 102c | S+563 bp | Oct 15, 2026 |
| S••••••••• I••••••••• • T•••• U••• T••••••• B•••• | unstated lien unstated | Not disclosed | $19.2M 100c | ||
| T•••• S••••••••• I••••••••• | unstated lien unstated | Not disclosed | $19.2M 100c | ||
| A•••••• I•• IT S••••••s | term loan first lien | $12.3M | $12.2M 100c | S+688 bp | Dec 21, 2027 |
| P•••• H••••••• L•• E••••••••• | term loan first lien | $11.1M | $10.7M 97c | S+826 bp | Mar 22, 2026 |
| G••• T••••••••• | unstated unsecured or subordinated | $12.7M | $9.9M 99c | 17.00% | Feb 16, 2029 |
| M•••••• S•••••• I•• T••••••••• | term loan first lien | $9.8M | $7.9M 80c | S+501 bp | Aug 18, 2028 |
| S••••••••• I••••••••• • U••• T••••••• B•••• • U••• T••••••• | unstated lien unstated | $7.6M | $7.6M 100c | 5.05% | Nov 9, 2023 |
| W••••••••• S••••••• L•• | term loan first lien | $7.0M | $6.9M 103c | S+410 bp | Feb 23, 2027 |
| P••••••• L•• | term loan first lien | $6.9M | $6.9M 104c | S+385 bp | Feb 11, 2028 |
| S••••• L• P• T••••••••• | term loan first lien | $6.9M | $6.9M 103c | S+360 bp | Oct 7, 2027 |
| A•••••• P••••••• I•• 2••• F••••••• R••••••••• | term loan first lien | $6.9M | $6.9M 104c | S+361 bp | Feb 12, 2027 |
| U•••••••• C••••••••• I•• B••••••••• | term loan first lien | $6.9M | $6.8M 102c | S+336 bp | Jan 31, 2029 |
| P••••••• P••••• I•• T••••••••• | term loan first lien | $6.9M | $6.8M 101c | S+426 bp | Dec 17, 2027 |
| C••••••••• A••••••••• H••••••• I•• S•••• Y••• P•••••••• | term loan first lien | $6.9M | $6.8M 103c | S+428 bp | Apr 13, 2029 |
| T••• H••••• H••••••• I•• N•• E••••••• H••••••••• | term loan first lien | $6.9M | $6.8M 100c | S+275 bp | Feb 6, 2024 |
| M••••• C••• T••••••••• | term loan first lien | $6.9M | $6.8M 103c | S+385 bp | Mar 1, 2029 |
| E•••••••• I••••••••• G•••• H••••••• I•• T••••••••• | term loan first lien | $6.9M | $6.7M 102c | S+350 bp | Feb 10, 2028 |
| P•••••• N•••• L•• D••••• T••••••••• | term loan first lien | $6.9M | $6.6M 99c | S+411 bp | Jun 2, 2028 |
| S••••••••• I••••••••• • U••• T••••••• B•••• • U••• T••••••• | unstated lien unstated | $6.6M | $6.6M 100c | 4.99% | Nov 2, 2023 |
| I•••••••• M•••••••• A••••••••• L•• | term loan first lien | $5.5M | $5.5M 101c | S+600 bp | Aug 27, 2026 |
| G••••••• A••••••••• C••• T••• B• L••• P••••••••• | term loan first lien | $4.9M | $4.8M 99c | S+410 bp | Oct 1, 2027 |
| L•• A••••••••• L•• | term loan first lien | $4.7M | $4.6M 99c | S+385 bp | Dec 17, 2027 |
| R••••• T••• H••••••• I•• F••• | term loan first lien | $4.6M | $4.4M 100c | S+900 bp | Jun 1, 2026 |
| A• C••• H••••••• I• L•• T••• B• L••• E••••••••• | term loan first lien | $3.5M | $3.5M 100c | S+561 bp | Sep 1, 2027 |
| S••••••••• I••••••••• • U••• T••••••• B•••• • U••• T••••••• | unstated lien unstated | $3.4M | $3.4M 100c | 4.21% | Oct 10, 2023 |
| A• C••• H••••••• I• L•• T••• B• L••• E••••••••• | term loan first lien | $3.5M | $3.4M 99c | S+561 bp | Sep 1, 2027 |
| A•••• B•••• I•• T••••••••• | term loan second lien | $2.9M | $2.8M 98c | S+560 bp | Feb 1, 2030 |
| D••• I••••••••• • S••••• L••• S••••• S•••••• • T•••• S••••• | term loan second lien | Not disclosed | $2.8M 98c | ||
| V•••••••• S••••• • C• | term loan first lien | $2.9M | $2.8M 99c | S+351 bp | Aug 2, 2028 |
| T•••• W••••••• | warrants equity | Not disclosed | $2.5M 100c | ||
| G••• T••••••••• | warrants equity | Not disclosed | $2.5M 100c | Aug 11, 2033 | |
| S••••••••• I••••••••• • U••• T••••••• B•••• • U••• T••••••• | unstated lien unstated | $1.7M | $1.7M 100c | 5.32% | Jan 23, 2024 |
| I•••••••• M•••••••• A••••••••• L•• | delayed draw term loan first lien | $3.7M | $1.4M 99c | S+600 bp | Aug 27, 2026 |
| U• S• R•••• C••• I•• H••••••••• | term loan first lien | $1.6M | $1.1M 111c | S+526 bp | Jun 20, 2028 |
| W••• M••••••••• T••• H••••••• I••• | equity equity | Not disclosed | $262,000 73c | ||
| C••••• S••••• • T•••• C••••• S••••• | equity equity | Not disclosed | $262,000 73c | ||
| W••• M••••••••• T••• H••••••• I•• | warrants equity | $47.2M | Not disclosed | Sep 8, 2028 |
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2023 to 2026reported
- Filings listed
- 16reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-344935reported