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 Jun 30, 2024

364 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
U••••• H••••• H•••••••• L••	unstated lien unstated	$1.3M	$1.3M 102c	11.00% PIK 1.50%	Mar 12, 2029
S••••••••• R•••••••• G••••• I••• •••••••••	delayed draw term loan lien unstated	$1.3M	$1.3M 101c	S+500 bp	Sep 23, 2027
V••••• M•••• B•••••• L••	unstated lien unstated	$1.4M	$1.3M 97c	S+325 bp	Jan 31, 2029
E•••••••• L•••	delayed draw term loan lien unstated	$1.3M	$1.3M 100c	S+575 bp	Jun 30, 2028
U• F••••• I••	unstated lien unstated	$1.3M	$1.3M 100c	S+200 bp	Nov 22, 2028
I••••••••• S•••••• G••••	delayed draw term loan lien unstated	$1.3M	$1.3M 99c	S+575 bp	Dec 7, 2028
D••••	term loan lien unstated	$1.3M	$1.3M 100c	S+225 bp	Jan 15, 2030
O••••• P••••••••	unstated lien unstated	$1.3M	$1.2M 95c	10.00% PIK 1.00%	Jan 6, 2029
I••••••••• H••••••• I••	unstated lien unstated	$1.2M	$1.2M 100c	S+275 bp	Oct 30, 2028
I••••••••• P•••• S••••••• •••••••••	unstated lien unstated	$1.2M	$1.2M 100c	S+450 bp	Nov 22, 2028
V••••• S•••••• P•••••••	delayed draw term loan lien unstated	$1.2M	$1.2M 100c	S+550 bp	Nov 8, 2030
A••• I••••••••• P•••••••	unstated lien unstated	Not disclosed	$1.2M 146c
S•••• F••••	delayed draw term loan lien unstated	$1.2M	$1.2M 101c	S+600 bp	Oct 2, 2030
G••••••• S•••••	unstated lien unstated	$1.2M	$1.2M 100c	S+300 bp	May 29, 2031
S•••••••• A••••••• ••• B•••• G•••• H•••••• L•••	unstated lien unstated	$1.1M	$1.1M 100c	S+300 bp	Jul 2, 2031
S•••••	unstated lien unstated	$1.1M	$1.1M 100c	S+375 bp	Mar 2, 2028
C•••••• G••••• L• ••••• J•••••• C••••••• I•••	unstated lien unstated	$998,000	$1.0M 100c	S+300 bp	May 6, 2030
H•••••••• V••••••••• P••••••• L•• •••••••••	delayed draw term loan lien unstated	$1.0M	$1.0M 100c	7.50% PIK 7.00%	Dec 10, 2027
E•••••••••	unstated lien unstated	Not disclosed	$1.0M 99c
A•••••••• T•••••••• G••••	unstated lien unstated	$1.0M	$997,000 100c	17.00%	Jun 30, 2027
O••••• L••••• G••••	delayed draw term loan lien unstated	$974,000	$974,000 101c	S+525 bp	Dec 19, 2029
I••••• E••••••••• G••••	delayed draw term loan lien unstated	$965,000	$965,000 100c	S+500 bp	Mar 23, 2029
E•••••••• S••••••• G••••	delayed draw term loan lien unstated	$959,000	$957,000 101c	S+625 bp	Jun 15, 2029
C•• E••••••••• I••••••••• L••	unstated lien unstated	Not disclosed	$938,000 109c
A•••••••• F•••••••• H••••••• •••• E•••••• B••••••• L•••	unstated lien unstated	$880,000	$882,000 100c	S+300 bp	Jun 3, 2031
B••••• F•••••• U• L••	unstated lien unstated	$869,000	$871,000 100c	S+200 bp	Apr 13, 2028
I•••• U• P•••••••• L••	unstated lien unstated	$872,000	$871,000 100c	S+425 bp	Apr 2, 2029
M•••• L••	unstated lien unstated	Not disclosed	$849,000 100c
N•••••••• 1•• B•••• L•• ••••• 1••• I••••	unstated lien unstated	$812,000	$778,000 97c	S+525 bp	Aug 31, 2028
W•• E••••••••• H••••••• I•••	delayed draw term loan lien unstated	$1.1M	$748,000 99c	S+600 bp	Aug 31, 2029
I••••••• A••••••••• I•••	delayed draw term loan lien unstated	$727,000	$727,000 101c	S+550 bp	Jun 14, 2028
I••••• E••••••••• G••••	delayed draw term loan lien unstated	$1.7M	$724,000 101c	S+500 bp	Mar 23, 2029
C•••••• H•••••• C•••	unstated lien unstated	$691,000	$691,000 100c	S+250 bp	Nov 30, 2028
K•••••	unstated lien unstated	$683,000	$688,000 101c	S+375 bp	Mar 12, 2028
R•••• T••• H••••	delayed draw term loan lien unstated	$661,000	$662,000 101c	S+525 bp	Apr 4, 2029
C•• E••••••••• A••••••••• I•••	delayed draw term loan lien unstated	$660,000	$647,000 100c	9.00% PIK 4.00%	Jan 28, 2030
F••••••••• H•••••••• L•• ••••• l••••	unstated lien unstated	Not disclosed	$639,000 107c
R•••• T••• H••••	delayed draw term loan lien unstated	$623,000	$612,000 101c	S+525 bp	Apr 4, 2029
O•••••• H•••••••• I•••	delayed draw term loan lien unstated	$700,000	$572,000 101c	S+625 bp	Feb 5, 2029
W•• H••••••• L••	unstated lien unstated	Not disclosed	$561,000 105c
N••••••	unstated lien unstated	Not disclosed	$552,000 108c
P••••••• S••••• P•••••••• L••	delayed draw term loan lien unstated	$1.5M	$547,000 100c	S+625 bp	Apr 3, 2030
B••••••••• H•••••• L••	unstated lien unstated	Not disclosed	$528,000 81c
K••••• P••••••• L••	unstated lien unstated	$495,000	$493,000 101c	S+325 bp	Mar 15, 2029
Z•••• F•••••••• P•••••••••	unstated lien unstated	$500,000	$484,000 99c	S+250 bp	Apr 30, 2028
P•••••• M•••••••	delayed draw term loan lien unstated	$1.2M	$478,000 101c	S+625 bp	Jan 31, 2029
F•••• E•••	preferred equity equity	Not disclosed	$462,000 102c
K••• A••••••••• I••• •••••• G•••• H•••••••• L•••	delayed draw term loan lien unstated	$2.3M	$462,000 99c	S+600 bp	Aug 1, 2029
N•••• H•••• S•••• B••••• L••	delayed draw term loan lien unstated	$3.7M	$453,000 107c	S+500 bp	Jul 16, 2027
U•• W••••	unstated lien unstated	Not disclosed	$453,000 107c
S•• E•• C••• H•••••• L•• ••• E••••••• P••••••••	delayed draw term loan lien unstated	$731,000	$451,000 97c	S+575 bp	Oct 5, 2029
F••••••••• H•••••••• L•• ••••• l••••	unstated lien unstated	Not disclosed	$450,000 116c
P••••••• A••••••••• I•••	delayed draw term loan lien unstated	$1.2M	$430,000 96c	S+575 bp	Sep 18, 2029
I••••• E••••••••• G•••• •••••••••	delayed draw term loan lien unstated	$423,000	$423,000 102c	S+500 bp	Mar 23, 2029
C•••• V••••••••	unstated lien unstated	$444,000	$419,000 95c	11.00%	Sep 30, 2026
C•••••• I••••••••• I•••	unstated lien unstated	Not disclosed	$418,000 107c
C•• E••••••••• A••••••••• I•••	delayed draw term loan lien unstated	$505,000	$411,000 99c	9.00% PIK 4.00%	Jan 28, 2030
P•••••••• A••••••• G••••	delayed draw term loan lien unstated	$2.5M	$385,000 102c	S+575 bp	Dec 21, 2029
N••••• L••• L•••	unstated lien unstated	$368,000	$367,000 100c	S+175 bp	Sep 12, 2029
I•••••• L••	unstated lien unstated	Not disclosed	$336,000 282c
A••• S•••••	unstated lien unstated	$299,000	$301,000 101c	S+325 bp	Feb 17, 2031
H••••• M••••••••• A•••••••••	delayed draw term loan lien unstated	$606,000	$299,000 103c	S+625 bp	Mar 30, 2029
O••••• P••••••••	unstated lien unstated	Not disclosed	$287,000 43c
P•••••••• S••••••• I•••••••• L••	unstated lien unstated	Not disclosed	$271,000 138c
G•••••• F••••••	unstated lien unstated	Not disclosed	$246,000 167c
I••••••••• P•••• S•••••••	delayed draw term loan lien unstated	Not disclosed	$246,000 105c	S+450 bp	Nov 22, 2028
M••••• C••••••• L•	unstated lien unstated	Not disclosed	$234,000 117c
S•••• P•• H••••••• L••	unstated lien unstated	Not disclosed	$230,000 115c
R••••• H•••••••• I••	delayed draw term loan lien unstated	$1.3M	$229,000 93c	S+625 bp	Nov 1, 2028
L••••• S•••••• P•••••••• L•• ••••••	unstated lien unstated	Not disclosed	$228,000 116c
F•••• U••• B•••• I••• ••••• M••••)	unstated lien unstated	$225,000	$226,000 101c	S+325 bp	Feb 21, 2031
T•••••	unstated lien unstated	Not disclosed	$216,000 108c
S••••••• S••••••	unstated lien unstated	Not disclosed	$209,000 83c
L•• R•••••••••	unstated lien unstated	Not disclosed	$206,000 193c
H••••• M••••••••• A•••••••••	unstated lien unstated	Not disclosed	$201,000 124c
U••••• H••••• H•••••••• L••	unstated lien unstated	Not disclosed	$184,000 142c
G•••••• F••••••	unstated lien unstated	Not disclosed	$183,000 173c
K••• A••••••••• I••	unstated lien unstated	Not disclosed	$177,000 89c
E•••••••• L•••	delayed draw term loan lien unstated	$599,000	$177,000 100c	S+575 bp	Jun 30, 2028
D•••••• ••• D•••••• F•••••••• L•••	unstated lien unstated	$170,000	$171,000 101c	S+500 bp	Aug 2, 2027
S•••• W••••	unstated lien unstated	Not disclosed	$141,000 112c
I•••• F••••	delayed draw term loan lien unstated	$126,000	$126,000 101c	S+425 bp	Apr 27, 2028
E•• H•••••••• L••	unstated lien unstated	Not disclosed	$126,000 111c
P••••••• S••••• P•••••••• L••	unstated lien unstated	Not disclosed	$121,000 108c
A••• C•••••• S•••••••• C••••••	unstated lien unstated	Not disclosed	$121,000 157c
E•• H•••••••• L••	unstated lien unstated	Not disclosed	$118,000 257c
P• A••••••••• L••	unstated lien unstated	Not disclosed	$113,000 104c
K•••••• I•••	unstated lien unstated	Not disclosed	$107,000 99c
R••• A••••••••• L• •••••••• S••••••••	unstated lien unstated	Not disclosed	$102,000 104c
I••• P••••••••• L••	unstated lien unstated	$101,000	$102,000 101c	S+200 bp	Jul 3, 2028
S•••• S•••••	unstated lien unstated	Not disclosed	$98,000 117c
N••••	unstated lien unstated	Not disclosed	$89,000 63c
C•••••• I••••••••• I•••	unstated lien unstated	Not disclosed	$83,000 109c
I••••••	unstated lien unstated	Not disclosed	$82,000 106c
W•••••••• C••••••• T•••••	unstated lien unstated	Not disclosed	$75,000 101c
A••• H••••••• C••••••••• L•	unstated lien unstated	Not disclosed	$68,000 85c
A••••••••	delayed draw term loan lien unstated	$1.0M	$64,000 105c	S+625 bp	Oct 8, 2029
M••••• C••••••••• A•••••• I••	delayed draw term loan lien unstated	Not disclosed	$62,000 98c	S+600 bp	Oct 16, 2029
I•••••• L••	delayed draw term loan lien unstated	$95,000	$59,000 102c	S+525 bp	Aug 8, 2028
T••••• P•••• R••••• C••	unstated lien unstated	Not disclosed	$57,000 45c		Dec 3, 2026

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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