DFX Intelligence

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N••••• C•••••••• P•••••• C•••••• I••••• F•••

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

A non-traded business development company, managed by C•••••••• P••• A•••••• L••, holding $3.3B across 412 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: $3.3B
Borrowers: 412
Mark on cost: 98.8¢
First lien: 93%

Schedule of investments (874)Quarter by quarter Sponsors

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

What matters now

$33.9M
on non-accrual, 3 borrowers
3 borrowers on non-accrual, $33.9M principal; the largest is I•••• I••••••••• I••••••••• H••••• I•• L•• ($18.2M).
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 I•••• I••••••••• I••••••••• H••••• I•• L•• →
$26.8M
newly on non-accrual
2 borrowers newly placed on non-accrual in Q2 2026, $26.8M principal: I•••• I••••••••• I••••••••• H••••• I•• L•• ($18.2M), D••••• I••••••••• G•••• L•• ($8.54M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open I•••• I••••••••• I••••••••• H••••• I•• L•• →
12 below 80¢
$57.8M principal
12 positions across 9 borrowers marked below 80¢ on cost, $57.8M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
38 → 45
loans paying in kind
Loans paying in kind rose from 38 to 45 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 →
382 → 412
borrowers
Added a net 30 borrowers in the quarter to Jun 30, 2026, to 412.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1911066 · file 814-01494Show

Fair value

$3.3B

as of Jun 30, 2026

Principal held

$3.6B

debt pieces, the filer's figure

Cost

$3.3B

99c on cost, debt pieces

Unfunded

$383M

commitments not yet drawn

Positions

874

412 borrowers

First lien

93%

97% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

610

64 sponsors financed

Portfolio through time

Fair value by quarter end$3.3B as of Jun 30, 2026

Dec 31, 2022$350M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$3.3B	412	99c	45	443 bp
Mar 31, 2026	$2.4B	382	99c	38	440 bp
Dec 31, 2025	$2.2B	383	100c	38	447 bp
Sep 30, 2025	$2.0B	343	99c	22	454 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$2.0B	327	99c	27	461 bp
Mar 31, 2025	$1.9B	316	99c	28	463 bp
Dec 31, 2024	$3.4B	356	100c	53	469 bp
Sep 30, 2024	$1.1B	240	99c	22	469 bp
Jun 30, 2024	$946M	243	99c	19	466 bp
Mar 31, 2024	$634M	213	99c	19	485 bp
Dec 31, 2023	$523M	268	99c	15	524 bp
Sep 30, 2023	$446M	159	99c	12	494 bp
Jun 30, 2023	$390M	93	98c	10	581 bp
Mar 31, 2023	$378M	83	99c	10	581 bp
Dec 31, 2022	$350M	122	99c	10	566 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
Placed on non-accrualJun 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
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
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 borrower on a BDC scheduleJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

A•••••• I•• first lien term loan
2 BDCs hold it · matures Feb 3, 2032
$34.1M 100c
H••••• M••••••••• A••••••••• first lien term loan
3 BDCs hold it · matures Mar 30, 2029
$32.6M 100c
C••••••••• B••••••• C••• first lien term loan
2 BDCs hold it · matures Sep 25, 2029
$31.9M 100c
A••• B••••• L•• first lien term loan
4 BDCs hold it · matures Feb 18, 2033
$31.0M 101c
L••••• S•••••• P•••••••• L•• first lien term loan
6 BDCs hold it · matures Feb 17, 2033
$29.3M 100c
R•••• I••••••••• H•••••• C••••••• L•• first lien term loan
2 BDCs hold it · matures Apr 4, 2029
$29.0M 99c
H••••••••• B••••• L•• first lien term loan
7 BDCs hold it · matures Oct 16, 2030
$28.6M 100c
L•• C••••••••• first lien term loan
2 BDCs hold it · matures Dec 17, 2027
$26.6M 100c
R•••• L••••• I•• first lien term loan
2 BDCs hold it · matures Feb 6, 2032
$26.1M 100c
E••••••• I•• first lien term loan
4 BDCs hold it · matures Jun 1, 2027
$25.6M 99c
F•••• E••••••••• B••••••• L•• first lien term loan
3 BDCs hold it · matures Oct 21, 2032
$25.6M 97c
A• C•••••• A••••••••• C••••••••• first lien term loan
10 BDCs hold it · matures Jul 2, 2031
$25.5M 99c

Schedule of investments at Mar 31, 2024

318 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
G•• E•••••••••	term loan lien unstated	$2.0M	$2.0M 100c	S+250 bp	May 31, 2027
J••• P••••••••• p••	unstated lien unstated	$2.0M	$2.0M 100c	S+300 bp	May 5, 2028
S••••••••	unstated lien unstated	$2.0M	$2.0M 100c	S+550 bp	Sep 7, 2028
R••• S•••••••• G•••• L••	unstated lien unstated	$2.0M	$2.0M 100c	S+300 bp	Sep 15, 2031
I••••••••• L••	unstated lien unstated	$2.0M	$2.0M 100c	S+275 bp	Oct 27, 2028
G•••••• F••••••	revolver lien unstated	$2.0M	$2.0M 102c	S+660 bp	Dec 20, 2028
T•••• A••••••••• L••	unstated lien unstated	$2.0M	$2.0M 100c	S+275 bp	Aug 31, 2028
A••••••• L•• ••• A•••••• C•••••••••	unstated lien unstated	$2.0M	$2.0M 98c	S+325 bp	Dec 23, 2026
S••••• M•••••• C•••••••••	unstated lien unstated	$1.9M	$2.0M 100c	S+300 bp	Mar 6, 2027
T•••••• E••••• S••••••••• I••	unstated lien unstated	$2.0M	$1.9M 101c	S+950 bp	Mar 1, 2029
L••••• S•••••• P•••••••• L•• ••••••	delayed draw term loan lien unstated	$1.9M	$1.9M 101c	S+650 bp	Jan 9, 2029
I••••••• E••••••••• •••••••••	unstated lien unstated	$2.0M	$1.9M 99c	S+625 bp	Mar 2, 2028
S••••••• V••••••••• P•••••••	unstated lien unstated	$1.9M	$1.9M 100c	S+400 bp	Oct 5, 2027
A•••• D••• B••• L••	unstated lien unstated	$1.9M	$1.9M 100c	S+425 bp	Feb 1, 2031
U• R•••••••• S••••••••• I•••	unstated lien unstated	$1.9M	$1.9M 104c	S+525 bp	Dec 15, 2027
W••••••••• P•••••••••	delayed draw term loan lien unstated	$1.9M	$1.9M 99c	S+575 bp	Aug 22, 2028
W••••••• •••• W• M••••• S•• L•••	unstated lien unstated	$1.8M	$1.8M 100c	S+300 bp	Jan 31, 2031
M••••••••	unstated lien unstated	$1.9M	$1.8M 100c	S+525 bp	Feb 17, 2027
S•••• S•• P•••••••	delayed draw term loan lien unstated	$1.9M	$1.8M 100c	S+525 bp	Dec 23, 2028
I•••••• L••	delayed draw term loan lien unstated	$1.8M	$1.8M 101c	S+525 bp	Aug 8, 2028
N•••••• M•••• I••	unstated lien unstated	$1.8M	$1.8M 100c	S+250 bp	Sep 18, 2026
D••••• H••••••• L••	unstated lien unstated	$1.7M	$1.8M 101c	S+300 bp	Dec 17, 2028
C••••••• U•• I•••	unstated lien unstated	$1.7M	$1.8M 100c	S+375 bp	May 24, 2030
P•••••• C•••••• p••	unstated lien unstated	$1.7M	$1.7M 100c	S+225 bp	Apr 20, 2029
P•••• S••••••• S•••••••	unstated lien unstated	$1.7M	$1.7M 101c	S+250 bp	Oct 13, 2030
C••••• C•••• C••••••••• ••• C••••• C•••••	delayed draw term loan lien unstated	$1.7M	$1.7M 100c	S+600 bp	Apr 23, 2029
P•••••••• S•••••••• G••••• L••	delayed draw term loan lien unstated	$1.7M	$1.7M 101c	S+600 bp	Sep 7, 2029
U••••• S•••••••• U•• I•••	unstated lien unstated	$1.7M	$1.7M 100c	S+400 bp	Aug 1, 2030
W•• E••••••••• H••••••• I•••	delayed draw term loan lien unstated	$1.6M	$1.6M 100c	S+600 bp	Aug 31, 2029
P••••••••• I••••••••• P••••••• ••••••	unstated lien unstated	$1.6M	$1.6M 100c	S+400 bp	Dec 29, 2027
M••••• • C•••••• E•••••••••	delayed draw term loan lien unstated	$1.6M	$1.6M 101c	S+550 bp	Jun 1, 2028
A••••••• S•••••• T••••••••• P•••••••• I••	unstated lien unstated	$1.6M	$1.6M 98c	6.00% PIK 8.50%	Sep 11, 2029
I••••••••• S•••••• G••••	delayed draw term loan lien unstated	$2.3M	$1.6M 98c	S+625 bp	Dec 7, 2028
R••••••• ••••••• B•••• B••	unstated lien unstated	$1.6M	$1.6M 100c	S+375 bp	Jul 12, 2029
I•••• U• F•••••• L••	unstated lien unstated	$1.5M	$1.5M 101c	S+375 bp	Feb 7, 2031
S••••••••	unstated lien unstated	$1.5M	$1.5M 102c	S+575 bp	Sep 7, 2028
A•• G•••• D• I•••	unstated lien unstated	$1.5M	$1.5M 100c	S+250 bp	Jan 3, 2029
O•••• P•••••••	delayed draw term loan lien unstated	$1.5M	$1.5M 101c	S+375 bp	Jul 25, 2030
P•••••••• S•••••••• G••••• L••	delayed draw term loan lien unstated	$1.5M	$1.5M 100c	S+600 bp	Sep 7, 2029
N•••••• F•••••• B•••	unstated lien unstated	$1.5M	$1.5M 100c	S+400 bp	Apr 3, 2028
Q••••••• H•••••••• I•••	unstated lien unstated	$1.5M	$1.5M 100c	S+225 bp	Mar 19, 2029
M••	unstated lien unstated	$1.5M	$1.5M 100c	S+250 bp	Aug 17, 2029
T•••••• C••••••• B••••• C•••	unstated lien unstated	$1.5M	$1.5M 100c	S+300 bp	Mar 15, 2030
N••••••• P••••	delayed draw term loan lien unstated	$1.5M	$1.5M 100c	S+600 bp	Oct 22, 2029
W•••••• A•••••••	unstated lien unstated	$1.4M	$1.4M 101c	S+375 bp	Feb 14, 2031
B•• K••••• L•• ••••••• E••••• S••••••••• I•••	unstated lien unstated	Not disclosed	$1.4M 122c
C••••••••• C•••••••••	delayed draw term loan lien unstated	$1.4M	$1.4M 103c	S+575 bp	Jun 1, 2029
I••••• M•••• I••	term loan lien unstated	$1.4M	$1.4M 100c	S+300 bp	Jun 30, 2028
R•• V••••••• L••	unstated lien unstated	$1.4M	$1.4M 100c	S+300 bp	Mar 3, 2030
P••••••••• I••••••••• P••••••• ••••••	unstated lien unstated	$1.3M	$1.4M 105c	S+500 bp	Dec 29, 2027
S••••••••• R•••••••• G••••• I••• •••••••••	delayed draw term loan lien unstated	$1.3M	$1.3M 101c	S+500 bp	Sep 23, 2027
U••••• H••••• H•••••••• L••	unstated lien unstated	$1.3M	$1.3M 102c	11.00% PIK 1.50%	Mar 12, 2029
I••••••••• S•••••• G••••	delayed draw term loan lien unstated	$1.3M	$1.3M 101c	S+625 bp	Dec 7, 2028
E•••••••• L•••	delayed draw term loan lien unstated	$1.3M	$1.3M 99c	S+575 bp	Jun 30, 2028
U• F••••• I••	unstated lien unstated	$1.3M	$1.3M 100c	S+200 bp	Nov 22, 2028
O••••• P••••••••	unstated lien unstated	$1.3M	$1.3M 96c	10.00% PIK 1.00%	Jan 6, 2029
D••••	term loan lien unstated	$1.3M	$1.3M 100c	S+225 bp	Jan 15, 2030
H•••••• I••••••••• I•••	unstated lien unstated	$1.2M	$1.2M 101c	S+275 bp	May 30, 2028
U•• F•••••• P•••••••••	unstated lien unstated	$1.3M	$1.2M 100c	S+300 bp	Jan 31, 2029
V••••• M•••• B•••••• L••	unstated lien unstated	$1.3M	$1.2M 101c	S+325 bp	Jan 31, 2029
B••••••••• H••••• ••• P•••••• G••••••• I••••	unstated lien unstated	$1.3M	$1.2M 100c	S+325 bp	Feb 21, 2031
I•••• I•••	unstated lien unstated	$1.2M	$1.2M 100c	S+275 bp	Jul 2, 2029
S••• L••	unstated lien unstated	$1.2M	$1.2M 100c	S+175 bp	May 18, 2028
V••••• S•••••• P•••••••	delayed draw term loan lien unstated	$1.2M	$1.2M 100c	S+550 bp	Nov 8, 2030
S•••• F••••	delayed draw term loan lien unstated	$1.2M	$1.2M 100c	S+600 bp	Oct 2, 2030
A••• I••••••••• P•••••••	unstated lien unstated	Not disclosed	$1.1M 100c
T••••• F•••••• L••	unstated lien unstated	$1.1M	$1.1M 101c	S+350 bp	Aug 16, 2028
V••••• S•••••• P•••••••	delayed draw term loan lien unstated	$2.4M	$1.0M 97c	S+550 bp	Nov 8, 2030
C•••••• G••••• L• ••••• J•••••• C••••••• I•••	unstated lien unstated	$998,000	$1.0M 100c	S+300 bp	May 6, 2030
A•••••• A•• P••••• L••	unstated lien unstated	$996,000	$1.0M 100c	S+375 bp	Aug 18, 2030
S•••••••• A••••••• ••• B•••• G•••• H•••••• L•••	unstated lien unstated	$1.0M	$1.0M 100c	S+300 bp	Jul 2, 2029
U••• T••••••••• I••	unstated lien unstated	$991,000	$997,000 100c	S+275 bp	Mar 3, 2030
I••••••••• H••••••• I••	unstated lien unstated	$994,000	$995,000 100c	S+275 bp	Oct 30, 2028
H•••••••• V••••••••• P••••••• L•• •••••••••	delayed draw term loan lien unstated	$1.0M	$975,000 99c	7.50% PIK 7.00%	Dec 10, 2027
O••••• L••••• G••••	delayed draw term loan lien unstated	$977,000	$972,000 101c	S+525 bp	Dec 19, 2029
I••••• E••••••••• G••••	delayed draw term loan lien unstated	$967,000	$969,000 101c	S+600 bp	Mar 23, 2029
E•••••••• S••••••• G••••	delayed draw term loan lien unstated	$961,000	$948,000 99c	S+625 bp	Jun 15, 2029
C•• E••••••••• I••••••••• L••	unstated lien unstated	Not disclosed	$928,000 108c
A••••• U• L••	unstated lien unstated	$875,000	$878,000 100c	S+275 bp	Jan 31, 2031
I•••• U• P•••••••• L••	unstated lien unstated	$874,000	$873,000 100c	S+425 bp	Apr 2, 2029
B••••• F•••••• U• L••	unstated lien unstated	$871,000	$873,000 100c	S+200 bp	Apr 13, 2028
M•••• L••	unstated lien unstated	Not disclosed	$849,000 100c
N•••••••• 1•• B•••• L•• ••••• 1••• I••••	unstated lien unstated	$814,000	$784,000 97c	S+525 bp	Aug 31, 2028
W•• E••••••••• H••••••• I•••	delayed draw term loan lien unstated	$1.1M	$750,000 99c	S+600 bp	Aug 31, 2029
I••••••• A••••••••• I•••	delayed draw term loan lien unstated	$729,000	$727,000 100c	S+550 bp	Jun 14, 2028
C•••••• H•••••• C•••	unstated lien unstated	$692,000	$692,000 100c	S+250 bp	Nov 30, 2028
I••••• E••••••••• G••••	delayed draw term loan lien unstated	$1.7M	$688,000 102c	S+600 bp	Mar 23, 2029
K•••••	unstated lien unstated	$685,000	$686,000 100c	S+325 bp	Mar 17, 2028
A••••••• C••••	unstated lien unstated	$665,000	$665,000 100c	S+250 bp	Aug 16, 2030
C•• E••••••••• A••••••••• I•••	delayed draw term loan lien unstated	$653,000	$637,000 100c	9.00% PIK 4.00%	Jan 28, 2030
F••••••••• H•••••••• L•• ••••• l••••	unstated lien unstated	Not disclosed	$627,000 105c
R•••• T••• H••••	delayed draw term loan lien unstated	$624,000	$613,000 100c	S+625 bp	Apr 4, 2029
B••••••••• H•••••• L••	unstated lien unstated	Not disclosed	$606,000 93c
V••••• O••••••••• C•	unstated lien unstated	$600,000	$600,000 101c	S+275 bp	Mar 20, 2031
W•• H••••••• L••	unstated lien unstated	Not disclosed	$599,000 112c
T••••• G••••• L••	delayed draw term loan lien unstated	$594,000	$588,000 100c	S+625 bp	May 25, 2029
O•••••• H•••••••• I•••	delayed draw term loan lien unstated	$701,000	$574,000 101c	S+625 bp	Feb 5, 2029
F•••• E•••	preferred equity equity	Not disclosed	$526,000 116c
M•••• B••••• •••• H••••• I• L•••	unstated lien unstated	$500,000	$503,000 101c	S+350 bp	Mar 21, 2031
C••••••• A•••••• A•••••• L••	unstated lien unstated	$500,000	$501,000 100c	S+325 bp	Nov 27, 2028

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Registration

Fiscal year end: 1231reported
Incorporated: unknownreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 17reported10-Q and 10-K since 2022
Latest schedule: 0001628280-26-055912reported