DFX Intelligence
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T•• T••• B•••• C•••••• I••••• F•••
A non-traded business development company, managed by A••• F••• M••••••• L••, holding $4.9B across 304 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
- $4.9B
- Borrowers
- 304
- Mark on cost
- 99.7¢
- First lien
- 97%
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
- $13.6Mon non-accrual, 6 borrowers
6 borrowers on non-accrual, $13.6M principal; the largest is I••••••••• F••••••• L•• ($4.73M).
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••••••••• F••••••• L•• → - $4.73Mnewly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $4.73M principal: I••••••••• F••••••• L•• ($4.73M).
Q2 2026 · The newest credit problems in the book.
- 46 below 80¢$39.3M principal
46 positions across 18 borrowers marked below 80¢ on cost, $39.3M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 62 → 69loans paying in kind
Loans paying in kind rose from 62 to 69 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.
- 285 → 304borrowers
Added a net 19 borrowers in the quarter to Jun 30, 2026, to 304.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1913724 · file 814-01523ShowHide
Fair value
$4.9B
as of Jun 30, 2026
Principal held
$6.0B
debt pieces, the filer's figure
Cost
$4.9B
100c on cost, debt pieces
Unfunded
$760M
commitments not yet drawn
Positions
1,308
304 borrowers
First lien
97%
98% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
1,023
48 sponsors financed
Portfolio through time
Fair value by quarter end$5.1B as of Jun 30, 2026
Jan 26, 2022$0 then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $5.1B | 304 | 100c | 69 | 541 bp |
| Mar 31, 2026 | $4.6B | 285 | 100c | 62 | 552 bp |
| Dec 31, 2025 | $8.7B | 321 | 100c | 114 | 553 bp |
| Sep 30, 2025 | $4.0B | 278 | 100c | 53 | 556 bp |
All 19 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $3.7B | 264 | 100c | 50 | 562 bp |
| Mar 31, 2025 | $3.5B | 255 | 100c | 51 | 566 bp |
| Dec 31, 2024 | $3.4B | 312 | 100c | 41 | 572 bp |
| Sep 30, 2024 | $2.9B | 238 | 100c | 34 | 577 bp |
| Jun 30, 2024 | $2.4B | 227 | 100c | 36 | 600 bp |
| Mar 31, 2024 | $1.9B | 213 | 100c | 36 | 612 bp |
| Dec 31, 2023 | $1.5B | 258 | 100c | 36 | 602 bp |
| Sep 30, 2023 | $1.3B | 188 | 100c | 25 | 609 bp |
| Jun 30, 2023 | $1.0B | 60 | 100c | 3 | 601 bp |
| Mar 31, 2023 | $918M | 52 | 100c | 0 | 600 bp |
| Dec 31, 2022 | $855M | 199 | 100c | 0 | 600 bp |
| Sep 30, 2022 | $17.8M | 1 | n/a | 0 | n/a |
| Jun 30, 2022 | $2.2M | 1 | n/a | 0 | n/a |
| Mar 31, 2022 | $0 | 1 | n/a | 0 | n/a |
| Jan 26, 2022 | $0 | 1 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Placed on non-accrualJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- G••••••••• I•• first lien term loan1 BDC hold it · matures Jul 29, 2028$79.0M 100c
- C•••••• H•••••••• L•• first lien term loan6 BDCs hold it · matures Jun 28, 2030$60.0M 100c
- S••• D••••• M••••••••• L•• first lien term loan1 BDC hold it · matures Dec 15, 2031 · possible sponsor L••••• C•••••• P•••••••$57.4M 100c
- A•• G••••• L•• first lien term loan1 BDC hold it · matures Aug 1, 2029$56.6M 95c
- H•• P•••••••• C••• first lien term loan4 BDCs hold it · matures Jun 17, 2029$53.1M 100c
- C• S••••••• A••••••••• L•• first lien delayed draw term loan1 BDC hold it · matures Apr 25, 2028$47.7M 100c
- E•••••• D••••••••• S••••••••• L•• first lien term loan1 BDC hold it · matures Dec 30, 2028$47.5M 100c
- R••••• E•••••••• I••••••••• C••• first lien term loan1 BDC hold it · matures Oct 8, 2030 · possible sponsor S••••••••• C•••••• L•$46.8M 100c
- S•••• E•••••••• H•••••••• L•• first lien term loan1 BDC hold it · matures Dec 15, 2028$46.7M 100c
- A••••• P••••••• I•• L•• first lien term loan1 BDC hold it · matures Aug 15, 2031$46.1M 100c
- S••••••• I•••••••• P••••••• L•• first lien delayed draw term loan1 BDC hold it · matures Oct 25, 2029$45.3M 101c
- V•••••• D•••••••• O•••••••• C••• first lien term loan1 BDC hold it · matures May 27, 2027$44.7M 100c
Schedule of investments at Dec 31, 2023
781 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| S•••• C••• W•••• L•• | term loan first lien | $786,000 | $777,000 100c | S+600 bp | Dec 27, 2026 |
| S••••••• B••••••••• A••••••••• L•• | term loan first lien | $799,000 | $753,000 99c | S+525 bp | Apr 30, 2027 |
| V•••• C••• B••••• L•• | term loan first lien | $742,000 | $738,000 100c | S+525 bp | Oct 19, 2025 |
| S•• B••••• L•• | term loan first lien | $749,000 | $737,000 100c | S+650 bp | Jan 20, 2026 |
| F••••••• R••••••• A••••••••• L•• | delayed draw term loan first lien | $3.4M | $734,000 102c | S+650 bp | Apr 28, 2026 |
| A•• I••••••••• I•• | revolver first lien | $7.9M | $727,000 108c | S+525 bp | Jul 29, 2027 |
| S••• H•••••• C••••••• L•• | term loan first lien | $726,000 | $720,000 100c | S+525 bp | Oct 29, 2026 |
| G••• M•••• H•••••••• I•• | term loan first lien | $717,000 | $710,000 100c | S+700 bp | Mar 17, 2027 |
| E••••••• B••••• C•• L•• | term loan first lien | $706,000 | $702,000 100c | S+550 bp | Feb 28, 2025 |
| M•••••• L•• | term loan first lien | $708,000 | $701,000 100c | S+625 bp | Nov 4, 2025 |
| I••••••••• L•• | term loan first lien | $707,000 | $699,000 100c | S+650 bp | Jul 30, 2026 |
| B••••••••• L•• | term loan first lien | $685,000 | $681,000 100c | S+600 bp | Dec 14, 2026 |
| M•••••• L•• | delayed draw term loan first lien | $668,000 | $662,000 100c | S+625 bp | Nov 4, 2025 |
| N•••• H•••••• C••••••• L•• | term loan first lien | $659,000 | $649,000 100c | S+650 bp | Aug 5, 2028 |
| S•••• B••••• I•• | term loan first lien | $649,000 | $645,000 100c | S+550 bp | Apr 14, 2025 |
| S••••••• S••••• M••••••• P•••••••• L•• | term loan first lien | $674,000 | $642,000 99c | S+400 bp PIK 4.00% | Feb 23, 2027 |
| S•••• M••••• S•• L•• | term loan first lien | $651,000 | $641,000 100c | S+650 bp | Apr 7, 2027 |
| H••• I••••••••• L•• | term loan first lien | $645,000 | $640,000 101c | S+650 bp | Mar 31, 2028 |
| R••• P•••••• L•• | revolver first lien | $5.1M | $639,000 101c | S+550 bp | Nov 7, 2028 |
| P• a•• R• D••••• S••••••••• L•• | term loan first lien | $627,000 | $620,000 100c | S+600 bp | Dec 22, 2026 |
| P•• A••••••••• L•• | term loan first lien | $635,000 | $620,000 100c | S+650 bp | May 12, 2028 |
| D••••••• A••• L•• | term loan first lien | $627,000 | $618,000 100c | S+625 bp | Oct 22, 2026 |
| E•••••• D••••••••• S••••••••• L•• | revolver first lien | $2.2M | $611,000 102c | S+650 bp | Dec 30, 2027 |
| A••• D••••• P•••••••• L•• | term loan first lien | $615,000 | $610,000 100c | S+475 bp PIK 2.00% | Nov 23, 2025 |
| N•• A••••••••• C••• | revolver first lien | $1.8M | $601,000 100c | S+675 bp | Jun 18, 2026 |
| C••••••• O••••••••• P••••••• C••• | revolver first lien | $829,000 | $599,000 98c | S+700 bp | Mar 19, 2026 |
| C••••••• O••••••••• P••••••• C••• | revolver first lien | $829,000 | $599,000 98c | S+700 bp | Mar 19, 2026 |
| M••• M••••••••• L•• | revolver first lien | $1.9M | $583,000 100c | S+600 bp | Feb 14, 2028 |
| P••• D••••• S•••••••• L•• | term loan first lien | $579,000 | $574,000 100c | S+675 bp | Dec 31, 2025 |
| P•• A••••••••• L•• | term loan first lien | $603,000 | $563,000 96c | S+425 bp PIK 2.50% | Sep 30, 2026 |
| B••••••• F••••••••• L•• | term loan first lien | $576,000 | $562,000 101c | S+625 bp | May 21, 2026 |
| B••••• B••••• L•• | delayed draw term loan first lien | $563,000 | $561,000 99c | S+575 bp | Oct 31, 2025 |
| J•••••• L••••••••• H••••••• L•• | delayed draw term loan first lien | $7.1M | $560,000 110c | S+625 bp | Dec 29, 2026 |
| A•• G••••• A••••••••• L•• | delayed draw term loan first lien | $557,000 | $548,000 99c | S+650 bp | Jan 21, 2026 |
| Q•••• B••••••• L•• | term loan first lien | $531,000 | $523,000 100c | S+600 bp | May 5, 2027 |
| P••• D••••• S•••••••• L•• | delayed draw term loan first lien | $519,000 | $514,000 100c | S+675 bp | Dec 31, 2025 |
| G••••••• D•••••••• P••••••• M••••••••• L•• | term loan first lien | $515,000 | $511,000 100c | S+650 bp | Aug 20, 2026 |
| A•• O•••• M••••••••• C••••••• L•• | term loan first lien | $514,000 | $506,000 100c | S+600 bp | Dec 31, 2026 |
| W•••••• V••••••••• P••••••• L•• | delayed draw term loan first lien | $503,000 | $498,000 100c | S+600 bp | Oct 29, 2026 |
| A•••••• L•• | term loan first lien | $498,000 | $491,000 100c | S+200 bp PIK 5.00% | Nov 12, 2026 |
| G••••••• D•••••••• P••••••• M••••••••• L•• | delayed draw term loan first lien | $494,000 | $490,000 100c | S+650 bp | Aug 20, 2026 |
| D••••• E•••••••• C••••••• L•• | term loan first lien | $506,000 | $467,000 94c | S+625 bp PIK 0.25% | Apr 1, 2026 |
| A• B••••• L•• | term loan first lien | $465,000 | $462,000 100c | S+675 bp | May 1, 2025 |
| F••••••••• B••••• L•• | term loan first lien | $456,000 | $451,000 100c | S+525 bp | Sep 22, 2026 |
| C• S••••••• I••••••••• L•• | term loan first lien | $455,000 | $445,000 100c | S+625 bp | Jul 28, 2028 |
| R•• H••••• C••• M••••••••• L•• | revolver first lien | $920,000 | $441,000 100c | S+675 bp | Oct 6, 2026 |
| A••• D••••• P•••••••• L•• | delayed draw term loan first lien | $441,000 | $437,000 100c | S+475 bp PIK 2.00% | Nov 23, 2025 |
| A••• D••••• P•••••••• L•• | delayed draw term loan first lien | $441,000 | $437,000 100c | S+475 bp PIK 2.00% | Nov 23, 2025 |
| I••••••••• F••••••• L•• | revolver first lien | $627,000 | $428,000 87c | S+700 bp | Jan 23, 2025 |
| S••• D••••• P••••••• L•• | delayed draw term loan first lien | Not disclosed | $418,000 100c | S+575 bp | Dec 22, 2028 |
| C•••••••• C•••••••• G•••• A••••••••• C••• | term loan first lien | $420,000 | $416,000 100c | S+600 bp | May 17, 2027 |
| K••••• A••• C•••• L•• | delayed draw term loan first lien | $448,000 | $397,000 89c | S+600 bp PIK 0.50% | Dec 22, 2026 |
| S••••••• S••••••••• L•• | term loan first lien | $503,000 | $397,000 90c | S+275 bp | Mar 5, 2026 |
| N••••••••• I••••••••• L•• | term loan first lien | $390,000 | $385,000 99c | S+700 bp | Apr 21, 2026 |
| N•••••• P••••••• A••••••••• L•• | term loan first lien | $388,000 | $384,000 100c | S+600 bp | Dec 30, 2026 |
| M••••••• P•••• G•••• C•••• | delayed draw term loan first lien | $408,000 | $361,000 100c | S+625 bp | Apr 22, 2026 |
| C••••••• S••••••••• L•• | delayed draw term loan first lien | $367,000 | $351,000 98c | 12.11% PIK 6.50% | Oct 17, 2025 |
| C••••••• S•••••••• L•• | delayed draw term loan first lien | $367,000 | $351,000 98c | 12.11% PIK 6.50% | Oct 17, 2025 |
| U••••• L••• S••••••• O••• P•••••• L•• | term loan first lien | $356,000 | $351,000 100c | S+650 bp | Mar 23, 2026 |
| A••••••• H•••••• C••• | delayed draw term loan first lien | $348,000 | $342,000 100c | S+625 bp | Apr 9, 2027 |
| A••••••• H•••••• C••• | delayed draw term loan first lien | $334,000 | $328,000 100c | S+625 bp | Apr 9, 2027 |
| C••••••••• G••••• I••• | revolver first lien | $462,000 | $321,000 100c | S+600 bp | Mar 31, 2026 |
| A•• O•••• M••••••••• C••••••• L•• | delayed draw term loan first lien | $356,000 | $319,000 100c | S+600 bp | Dec 31, 2026 |
| A••••••• E•••••••• S•••••• L•• | term loan first lien | $320,000 | $313,000 100c | S+600 bp | Nov 5, 2026 |
| D••••••••• M•••••• P••••••• O••• L•• | term loan first lien | $317,000 | $312,000 100c | S+650 bp | Oct 29, 2026 |
| S•••••••• P•••••• C••• P•••••••• L•• | delayed draw term loan first lien | $295,000 | $291,000 100c | S+625 bp | Dec 30, 2025 |
| S•• B••••• L•• | delayed draw term loan first lien | $278,000 | $274,000 100c | S+650 bp | Jan 20, 2026 |
| I••••••••• F••••••• L•• | term loan first lien | $384,000 | $262,000 90c | S+700 bp PIK 20.00% | Jan 23, 2025 |
| C•• H••• G••••• L•• | term loan first lien | $269,000 | $254,000 96c | S+675 bp | Dec 15, 2026 |
| I••••• H•••••••• L•• | revolver first lien | $1.1M | $248,000 100c | S+650 bp | Oct 26, 2027 |
| D••••••• A••• L•• | delayed draw term loan first lien | $335,000 | $243,000 100c | S+625 bp | Oct 22, 2026 |
| A•••••• L•• | delayed draw term loan first lien | $233,000 | $229,000 100c | S+200 bp PIK 5.00% | Nov 12, 2026 |
| A•••••• I••••••••• I•• | term loan first lien | $240,000 | $229,000 98c | S+675 bp | Apr 15, 2026 |
| F••••••••• B••••• L•• | delayed draw term loan first lien | $298,000 | $222,000 100c | S+525 bp | Sep 22, 2026 |
| S•••••••• P•••••• C••• P•••••••• L•• | delayed draw term loan first lien | $223,000 | $220,000 100c | S+625 bp | Dec 30, 2025 |
| 6•• H••••••• E••••• L•• | delayed draw term loan first lien | $313,000 | $220,000 100c | S+600 bp | Feb 14, 2028 |
| E•••••••• C•••••••• L•• | delayed draw term loan first lien | $223,000 | $219,000 100c | S+600 bp | Dec 9, 2026 |
| E•••• A••••••••• L•• | delayed draw term loan first lien | $214,000 | $211,000 100c | S+650 bp | Mar 30, 2026 |
| B••• I•• | revolver first lien | $233,000 | $209,000 98c | S+675 bp | Jan 8, 2026 |
| R•••••• L•• | revolver first lien | $1.6M | $209,000 100c | S+550 bp | Jun 7, 2027 |
| R••••••••• S••••••• L•• | revolver first lien | $2.0M | $204,000 103c | S+600 bp | Jan 23, 2028 |
| S••••••• O••••••••• P••••••• M••••••••• L•• | delayed draw term loan first lien | $189,000 | $189,000 100c | S+625 bp | Jan 27, 2026 |
| S•••• M••••• S•• L•• | delayed draw term loan first lien | $186,000 | $180,000 99c | S+650 bp | Apr 7, 2027 |
| S•••••••• D••••• P••••••• L•• | delayed draw term loan first lien | $178,000 | $175,000 99c | S+625 bp | Oct 29, 2026 |
| G••••• B••• P• P•••••••• L•• | delayed draw term loan first lien | $174,000 | $170,000 100c | S+675 bp PIK 1.00% | Oct 22, 2026 |
| E••••••••• P••••••• P•••••••• L•• | revolver first lien | $2.0M | $166,000 102c | S+600 bp | Nov 2, 2027 |
| C••••• A••••••••• H•••••••• L•• | revolver first lien | $2.4M | $165,000 102c | S+650 bp | Aug 30, 2027 |
| C•••••••• C••• P•••••••• L•• | delayed draw term loan first lien | $165,000 | $162,000 98c | S+600 bp | Jun 10, 2026 |
| S•• E•• a•• A•••••• S•••••••• L•• | delayed draw term loan first lien | $157,000 | $156,000 101c | S+600 bp | Sep 25, 2025 |
| H••• I••••••••• L•• | delayed draw term loan first lien | $355,000 | $153,000 103c | S+650 bp | Mar 31, 2028 |
| S•••• C••• W•••• L•• | delayed draw term loan first lien | $141,000 | $140,000 100c | S+600 bp | Dec 27, 2026 |
| S••••• F•••• M••• L•• | revolver first lien | $235,000 | $140,000 96c | S+675 bp | Aug 30, 2025 |
| 5••••••• L•• | revolver first lien | $199,000 | $138,000 95c | S+775 bp | Dec 31, 2025 |
| P••• D••••• S•••••••• L•• | revolver first lien | $133,000 | $131,000 99c | S+675 bp | Dec 31, 2025 |
| S•• B••••• L•• | revolver first lien | $133,000 | $130,000 99c | S+650 bp | Jan 20, 2026 |
| J•••••• L••••••••• H••••••• L•• | revolver first lien | $820,000 | $127,000 105c | S+625 bp | Dec 29, 2026 |
| B••• L••• I••••••••• L•• | delayed draw term loan first lien | $127,000 | $125,000 100c | S+675 bp | Nov 15, 2027 |
| C• S••••••• I••••••••• L•• | delayed draw term loan first lien | $188,000 | $120,000 100c | S+625 bp | Jul 28, 2028 |
| E•••• A••••••••• L•• | revolver first lien | $134,000 | $119,000 100c | S+650 bp | Mar 30, 2026 |
| N••••• N••• P•••• C•••••• | delayed draw term loan first lien | $118,000 | $116,000 99c | S+550 bp | Oct 18, 2026 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2022 to 2026reported
- Filings listed
- 15reported10-Q and 10-K since 2022
- Former names
- AG T••• B•••• Capital Income Fundreported
- Latest schedule
- 0001913724-26-000024reported