DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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BDC portfolio
T•• S••• D••••• L•••••• L••
Fair value
$225M
as of Jun 30, 2026
Principal held
$220M
debt pieces, the filer's figure
Cost
$220M
102c on cost
Unfunded
n/a
commitments not yet drawn
Positions
53
33 borrowers
First lien
4%
93% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
47
8 sponsors financed
Portfolio through time
Fair value by quarter end$225M as of Jun 30, 2026
Dec 31, 2022$163M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $225M | 33 | 96c | 8 | 713 bp |
| Mar 31, 2026 | $544M | 30 | 98c | 7 | 704 bp |
| Dec 31, 2025 | $220M | 30 | 98c | 9 | 710 bp |
| Sep 30, 2025 | $215M | 28 | 97c | 5 | 720 bp |
| Jun 30, 2025 | $7.1B | 27 | 104c | 5 | 743 bp |
| Mar 31, 2025 | $1.0B | 29 | 99c | 5 | 703 bp |
| Dec 31, 2024 | $807M | 27 | 100c | 4 | 705 bp |
| Sep 30, 2024 | $714M | 23 | 100c | 4 | 718 bp |
| Jun 30, 2024 | $792M | 24 | 101c | 3 | 725 bp |
| Mar 31, 2024 | $632M | 21 | 100c | 3 | 731 bp |
| Dec 31, 2023 | $677M | 19 | 101c | 4 | 747 bp |
| Sep 30, 2023 | $604M | 18 | 101c | 2 | 732 bp |
| Jun 30, 2023 | $144B | 11 | 92c | 3 | 738 bp |
| Mar 31, 2023 | $771M | 6 | 118c | 1 | 807 bp |
| Dec 31, 2022 | $163M | 3 | 100c | 0 | 688 bp |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 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
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Lender left a facilityDec 31, 2025
Largest facilities held, with co-lenders
- S•••••••• B•••••• L•• term loan3 BDCs hold it · matures May 4, 2028$12.2M 66c
- T•• H• C••••••••• I•• term loan3 BDCs hold it · matures Aug 1, 2028$10.9M 92c
- D• • D• B•••• L•• term loan3 BDCs hold it · matures Oct 4, 2029 · P••••••••• E••••• P••••••• L•••••$10.6M 102c
- E•••••• M•••• S••••• B•••••••• L•• term loan3 BDCs hold it · matures Jan 6, 2031 · W••••••••• C••••••• L•••$10.6M 100c
- L•••• H••••••• U• A••••••••• C• term loan3 BDCs hold it · matures Aug 5, 2030$10.1M 101c
- C•••••• A••••••••• L•• first lien term loan4 BDCs hold it · matures Oct 11, 2029$9.3M 93c
- A•••••• I•• term loan3 BDCs hold it · matures Dec 21, 2027$9.2M 100c
- M••••••• S••••••• C••••••••• term loan3 BDCs hold it · matures Mar 14, 2030$9.1M 100c
- A•••• I••••••••• L•• term loan3 BDCs hold it · matures Mar 24, 2031$9.0M 101c
- V••• 5• G••••• L•• term loan3 BDCs hold it · matures May 21, 2030$8.6M 100c
- T•• V•••••• S•••••• L•• term loan3 BDCs hold it · matures Mar 23, 2031 · K•••••••• C•••••• M••••••••• L•••$8.5M 100c
- A••••• L•• term loan3 BDCs hold it · matures Dec 31, 2030$8.5M 101c
Schedule of investments at Jun 30, 2026
53 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| E•••••••• L••• L•• Energy Equipment & Services | equity equity | n/a | $14.9M 34151c | ||
| D&D B••••, LLC Specialty Retail | term loan lien unstated | $10.6M | $10.7M 102c | SOFR+575 bp | Oct 4, 2029 |
| E•••••• M•••• S••••• B•••••••• L•• Building Products | term loan lien unstated | $10.6M | $10.4M 100c | SOFR+600 bp | Jan 6, 2031 |
| L•••• H••••••• U• A••••••••• C•. (Life Fitness) Leisure Products | term loan lien unstated | $10.1M | $10.1M 101c | SOFR+550 bp | Aug 5, 2030 |
| A•••••• I••. Professional Services | term loan lien unstated | $9.2M | $9.2M 100c | SOFR+688 bp | Dec 21, 2027 |
| A•••• I••••••••• L•• (DQS) Commercial Services & Supplies | term loan lien unstated | $9.0M | $9.0M 101c | SOFR+625 bp | Mar 24, 2031 |
| M••••••• S••••••• C••••••••• M••••s & Mining | term loan lien unstated | $9.1M | $8.9M 100c | SOFR+625 bp | Mar 14, 2030 |
| C•••••• A••••••••• L•• Health Care Equipment & Supplies | term loan first lien | $9.3M | $8.6M 93c | SOFR+675 bp PIK 4.00% | Oct 11, 2029 |
| T•• H• C••••••••• I••. Containers & Packaging | term loan lien unstated | $9.4M | $8.5M 92c | SOFR+850 bp PIK 1.00% | Aug 1, 2028 |
| V••• 5• G••••• L•• Personal Care Products | term loan lien unstated | $8.6M | $8.5M 100c | SOFR+650 bp | May 21, 2030 |
| A••••• L•• (24 Hour Fitness) Hotels, Restaurants & Leisure | term loan lien unstated | $8.5M | $8.4M 101c | SOFR+575 bp | Dec 31, 2030 |
| T•• V•••••• S•••••• L•• Personal Care Products | term loan lien unstated | $8.5M | $8.3M 100c | SOFR+625 bp | Mar 23, 2031 |
| C•• E••••••••• L•• Hotels, Restaurants & Leisure | term loan lien unstated | $8.0M | $7.7M 99c | SOFR+600 bp | Sep 26, 2030 |
| B•••••• N•••• A••••••• I••. Food Products | term loan lien unstated | $7.2M | $7.2M 101c | SOFR+650 bp | May 31, 2028 |
| R•• P••••••••• I••. Ground Transportation | term loan lien unstated | $6.2M | $6.2M 101c | SOFR+625 bp | Sep 11, 2028 |
| H••••••••• M••••••••• L•• Oil, Gas & Consumable Fuels | term loan lien unstated | $6.3M | $6.1M 99c | SOFR+1100 bp | Apr 30, 2031 |
| H••••••••• G••••• I••. Containers & Packaging | term loan lien unstated | $6.1M | $6.0M 100c | SOFR+500 bp | May 24, 2028 |
| P•••• A••••••••• LLC Commercial Services & Supplies | term loan lien unstated | $6.1M | $5.8M 98c | SOFR+700 bp | Jan 22, 2030 |
| S•••••••• B•••••• L•• Food Products | term loan lien unstated | $10.1M | $5.8M 58c | SOFR+950 bp PIK 3.00% | May 4, 2028 |
| F••• S••• B••••• I••. Hotels, Restaurants & Leisure | term loan lien unstated | $5.9M | $5.6M 95c | SOFR+900 bp PIK 2.00% | Feb 23, 2028 |
| F•••• I••••••••• LLC Automobile Components | term loan lien unstated | $6.1M | $5.5M 92c | SOFR+700 bp | Mar 28, 2029 |
| C• B••••• L•• Transportation Infrastructure | term loan lien unstated | $5.3M | $5.3M 101c | SOFR+600 bp | Jul 19, 2028 |
| S•••••• A•••••• • C••••••••• L•• C••••••••• & Engineering | term loan lien unstated | $5.0M | $5.1M 102c | SOFR+700 bp | Jun 16, 2028 |
| M••• A•••, LLC. Machinery | term loan lien unstated | $7.2M | $4.5M 63c | SOFR+875 bp PIK 5.75% | Jun 16, 2028 |
| H•••• S••••• I•• C••••••• Discretionary | term loan lien unstated | $4.1M | $4.1M 101c | SOFR+550 bp | Nov 7, 2030 |
| P••••• L•••••••• o• A••••••• L•• Paper & Forest Products | term loan lien unstated | $4.1M | $4.0M 98c | SOFR+700 bp PIK 0.50% | Nov 22, 2029 |
| C• N••••• I••. Software | term loan lien unstated | $3.8M | $3.8M 101c | SOFR+600 bp | Dec 10, 2029 |
| C••••••••• L•• Trading Companies & Distributors | term loan lien unstated | $3.5M | $3.4M 100c | SOFR+750 bp | Jul 31, 2030 |
| C••••••• D••••••• • A••••••, Hy Cite Enterprises, LLC | term loan lien unstated | $3.2M | $3.1M 99c | SOFR+800 bp | Apr 21, 2031 |
| S•••••••• B•••••• L•• Food Products | term loan lien unstated | $2.1M | $2.1M 102c | 17.50% | May 4, 2028 |
| S•••••• A•••••• • C••••••••• L•• C••••••••• & Engineering | delayed draw term loan lien unstated | $2.1M | $2.1M 101c | SOFR+700 bp | Jun 16, 2028 |
| R•• P••••••••• I••. Ground Transportation | delayed draw term loan lien unstated | $1.9M | $1.9M 100c | SOFR+625 bp | Sep 11, 2028 |
| C• N••••• I••. Software | term loan lien unstated | $1.7M | $1.7M 102c | SOFR+625 bp | Dec 10, 2029 |
| S•• P••••• H•••••••• L•• Automobile Components | equity equity | n/a | $1.6M 53c | ||
| T•• H• C••••••••• I••. Containers & Packaging | term loan lien unstated | $1.6M | $1.5M 92c | SOFR+850 bp PIK 1.00% | Aug 1, 2028 |
| S••••••• I••••••••• I••••••••• I••. Automobile Components | term loan lien unstated | $1.5M | $1.4M 99c | SOFR+1000 bp | Dec 8, 2030 |
| D&D B••••, LLC Specialty Retail | delayed draw term loan lien unstated | $1.4M | $1.4M 100c | SOFR+575 bp | Oct 4, 2029 |
| V••• 5• G••••• L•• Personal Care Products | revolver lien unstated | $1.1M | $1.1M 98c | SOFR+650 bp | May 21, 2030 |
| H••••••••• M••••••••• L•• Oil, Gas & Consumable Fuels | delayed draw term loan lien unstated | $1.1M | $1.0M 97c | SOFR+1100 bp | Apr 30, 2031 |
| H••••••••• G••••• I••. Containers & Packaging | term loan lien unstated | $768,680 | $763,530 100c | SOFR+500 bp | May 24, 2028 |
| S•••••••• B•••••• L•• Food Products | delayed draw term loan lien unstated | $552,811 | $552,811 101c | SOFR+650 bp | May 4, 2028 |
| H••••••••• M••••••••• L•• Oil, Gas & Consumable Fuels | term loan lien unstated | $474,963 | $471,164 101c | SOFR+1050 bp | Apr 30, 2031 |
| P•••• A••••••••• LLC Commercial Services & Supplies | term loan lien unstated | $471,913 | $452,564 97c | SOFR+700 bp | Jan 22, 2030 |
| A••••• L•• (24 Hour Fitness) Hotels, Restaurants & Leisure | revolver lien unstated | $361,585 | $357,969 99c | SOFR+575 bp | Dec 31, 2030 |
| F•••• I••••••••• LLC Automobile Components | delayed draw term loan lien unstated | $363,620 | $330,167 91c | SOFR+700 bp | Mar 28, 2029 |
| P••••• L•••••••• o• A••••••• L•• Paper & Forest Products | revolver lien unstated | $327,744 | $314,634 96c | SOFR+700 bp | Nov 29, 2029 |
| C• N••••• I••. Software | revolver lien unstated | $262,577 | $262,052 100c | SOFR+600 bp | Dec 10, 2029 |
| F••• S••• B••••• I•• Hotels, Restaurants & Leisure | delayed draw term loan lien unstated | $212,026 | $198,456 94c | SOFR+900 bp PIK 2.00% | Feb 23, 2028 |
| H••••••••• M••••••••• L•• Oil, Gas & Consumable Fuels | revolver lien unstated | $142,489 | $136,932 96c | SOFR+1050 bp | Apr 30, 2031 |
| C• B••••• L•• Transportation Infrastructure | delayed draw term loan lien unstated | $114,501 | $114,501 100c | SOFR+600 bp | Jul 19, 2028 |
| H••••••••• H•••••••• L•• Oil, Gas & Consumable Fuels | warrants equity | n/a | $111,494 | ||
| C••••••••• L••. Trading Companies & Distributors | warrants equity | n/a | $52,654 80c | ||
| C••• I••••••••• H••••••• L•• Commercial Services & Supplies | warrants equity | n/a | $30,399 |
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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
- Former names
- N Middle Market Lending, LLCreported
- Latest schedule
- 0001193125-26-346666reported