DFX Intelligence
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T•• S••• D••••• L•••••• L••
A non-traded business development company, managed by T•• A•••• M••••••••• C•••••• L••, holding $225M across 33 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
- $225M
- Borrowers
- 33
- Mark on cost
- 96.0¢
- First lien
- 4%
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
- 98.3¢ → 96.0¢book mark on cost
Marked its book down from 98.3¢ to 96.0¢ on the dollar in the quarter to Jun 30, 2026.
Q2 2026 · The whole portfolio was marked down; net asset value follows.
- 2 below 80¢$17.3M principal
2 positions across 2 borrowers marked below 80¢ on cost, $17.3M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - $7.1B → $225Mfair value, 4 quarters
Its portfolio shrank 97% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1916608 · file 814-01566ShowHide
Fair value
$225M
as of Jun 30, 2026
Principal held
$220M
debt pieces, the filer's figure
Cost
$220M
96c on cost, debt pieces
Unfunded
Not disclosed
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
10 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 | 717 bp |
| Mar 31, 2026 | $544M | 30 | 98c | 7 | 699 bp |
| Dec 31, 2025 | $220M | 30 | 98c | 9 | 705 bp |
| Sep 30, 2025 | $215M | 28 | 97c | 5 | 725 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| 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 | 101c | 3 | 762 bp |
| Mar 31, 2023 | $771M | 6 | 100c | 1 | 807 bp |
| Dec 31, 2022 | $163M | 3 | 100c | 0 | 688 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
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
Full timeline · 20 eventsShow fewer
- 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 · possible sponsor P••••••••• E••••• P••••••• L•••••$10.6M 102c
- E•••••• M•••• S••••• B•••••••• L•• term loan3 BDCs hold it · matures Jan 6, 2031 · possible sponsor 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 loan6 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 · possible sponsor S•• I••••• C••••••$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 · possible sponsor 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 Sep 30, 2023
36 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•••• I••••••••• ••••••• | unstated lien unstated | Not disclosed | $164M 100c | ||
| D••• I••••••••• 9•••• | unstated lien unstated | Not disclosed | $112M 101c | ||
| S••••••••• I••••••••• U••• T••••••• B•••• Y•••• 5•••• N•• A• | unstated lien unstated | Not disclosed | $39.3M 100c | ||
| T•••• S••••••••• I••••••••• N•• A••••• 3•••• | unstated lien unstated | Not disclosed | $39.3M 100c | ||
| D••• I••••••••• F••• P••••••• • o• N•• A••••• • 1•••• F••• P••••••• | unstated lien unstated | Not disclosed | $23.2M 100c | ||
| D••• I••••••••• C••••••••• • P•••••••• • o• N•• A••••• • 1• C••••••••• & P•••••••• | unstated lien unstated | Not disclosed | $19.9M 101c | ||
| D••• I••••••••• C••••••••• S••••••• • S••••••• • o• N•• A••• C••••••••• Services & S••••••• | unstated lien unstated | Not disclosed | $15.4M 102c | ||
| C••• E••••••••• F•••• A••••••• G••••••••• O••••••••• F•••• Y | unstated lien unstated | Not disclosed | $12.4M 100c | ||
| T•••• C••• E••••••••• N•• A••••• 1•••• | unstated lien unstated | Not disclosed | $12.4M 100c | ||
| D••• I••••••••• P••••••••• S••••••• • o• N•• A••••• • 8••• P••••••••• Services | unstated lien unstated | Not disclosed | $10.1M 101c | ||
| A•••••• I••• P••••••••• Services | term loan lien unstated | $10.2M | $10.1M 101c | S+688 bp | Dec 21, 2027 |
| D••• I••••••••• M••••• T••••••••• • o• N•• A••••• • 8••• M••••• T••••••••• | unstated lien unstated | Not disclosed | $9.8M 101c | ||
| F•••••• M••••• T••••••••• L•• M••••• T••••••••• | term loan lien unstated | $10.0M | $9.8M 101c | S+800 bp | Mar 17, 2028 |
| T•• H• C••••••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $9.7M | $9.5M 100c | S+725 bp | Aug 1, 2028 |
| D••• I••••••••• C••••••••• • E••••••••• • o• N•• A••••• • 7 C••••••••• & E••••••••• | unstated lien unstated | Not disclosed | $9.2M 101c | ||
| S•••••••• B•••••• L•• F••• P••••••• | term loan lien unstated | $8.3M | $8.2M 100c | S+800 bp PIK 1.00% | May 4, 2028 |
| J•••• I••••••••• H•••••••• I••• C••••••••• Services & S••••••• | term loan lien unstated | $7.9M | $7.7M 102c | S+850 bp | Jul 31, 2028 |
| C••• H•••••••• L•• C••••••••• Services & S••••••• | term loan lien unstated | $7.9M | $7.7M 101c | S+750 bp | Jun 30, 2028 |
| B•••••• N•••• A••••••• I••• F••• P••••••• | term loan lien unstated | $8.1M | $7.6M 97c | S+700 bp | May 31, 2028 |
| D•• R•••• L•• F••• P••••••• | term loan lien unstated | $7.4M | $7.4M 102c | S+725 bp | Mar 28, 2028 |
| H••••••••• G••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $6.6M | $6.7M 103c | S+750 bp | Feb 24, 2028 |
| D••• I••••••••• M•••••••• • o• N•• A••••• • 5••• M•••••••• | unstated lien unstated | Not disclosed | $6.7M 99c | ||
| M••• A•••• I••• M•••••••• | term loan lien unstated | $7.0M | $6.7M 99c | S+750 bp | Jun 16, 2028 |
| D••• I••••••••• H•••••• R••••••••• • L•••••• • o• N•• A•••• H•••••, R••••••••• & L•••••• | unstated lien unstated | Not disclosed | $6.3M 100c | ||
| R•• P••••••••• I••• G••••• T••••••••• | term loan lien unstated | $6.4M | $6.3M 101c | S+625 bp | Sep 11, 2028 |
| D••• I••••••••• G••••• T••••••••• • o• N•• A••••• • 5••• G••••• T••••••••• | unstated lien unstated | Not disclosed | $6.3M 101c | ||
| F••• S••• B••••• I••• H•••••, R••••••••• & L•••••• | term loan lien unstated | $6.3M | $6.1M 101c | S+700 bp | Feb 23, 2028 |
| D••• I••••••••• T••••••••• I••••••••• • o• N•• A••••• 4••• T••••••••• I••••••••• | unstated lien unstated | Not disclosed | $5.1M 100c | ||
| C• B••••• L•• T••••••••• I••••••••• | term loan lien unstated | $5.2M | $5.1M 100c | S+650 bp | Jul 19, 2028 |
| S•••••• A•••••• • C••••••••• L•• C••••••••• & E••••••••• | term loan lien unstated | $5.0M | $4.9M 102c | S+750 bp PIK 0.50% | Jun 16, 2028 |
| P••••••••• A••••••••• L•• C••••••••• & E••••••••• | term loan lien unstated | $4.3M | $4.3M 100c | S+650 bp | Jul 31, 2026 |
| P••••••••• I••••••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $3.7M | $3.7M 100c | S+825 bp | Jun 30, 2027 |
| F••• S••• B••••• I••• H•••••, R••••••••• & L•••••• | delayed draw term loan lien unstated | $213,054 | $206,450 97c | S+700 bp | Feb 23, 2028 |
| N•• u••••••••• d••••••••• o• u••••••• c••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| L••••••••• i• E••••• o• O•••• A••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| N•• A••••• ••••••• | unstated lien unstated | Not disclosed | Not disclosed |
Page 1 of 1
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