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 Jun 30, 2025
51 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| H••••••••• L••••••••• L•• E••••• E•••••••• & Services | term loan lien unstated | $6.8B | $6.8B 104c | SOFR+850 bp | Apr 4, 2029 |
| S••••••• I••••••••• I••••••••• I•• A••••••••• C••••••••• | delayed draw term loan lien unstated | $72.5M | $72.5M 100c | SOFR+800 bp | Jun 4, 2026 |
| A•• D•• A••••••••• L•• •• H••• F••••••• L•••••• F••••••••• | term loan lien unstated | $9.8M | $9.7M 101c | SOFR+650 bp | Apr 30, 2030 |
| A•••••• I••• P••••••••• Services | term loan lien unstated | $9.4M | $9.2M 99c | SOFR+688 bp | Dec 21, 2027 |
| M••••••• S••••••• C••••••••• M••••• & M••••• | term loan lien unstated | $9.2M | $9.0M 100c | SOFR+625 bp | Mar 14, 2030 |
| V••• 5• G••••• L•• P••••••• C••• P••••••• | term loan lien unstated | $9.1M | $8.9M 100c | SOFR+650 bp | May 21, 2030 |
| M••• M••••• L•• P••••••• C••• P••••••• | term loan lien unstated | $9.2M | $8.9M 100c | SOFR+750 bp | Mar 18, 2030 |
| C••••••••• L••• H••••• C••• E•••••••• & S••••••• | term loan first lien | $9.1M | $8.9M 99c | SOFR+550 bp | Oct 11, 2029 |
| T•• H• C••••••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $9.3M | $8.5M 93c | SOFR+750 bp | Aug 1, 2028 |
| C••• H••••••• L•• C••••••••• Services & S••••••• | term loan lien unstated | $7.7M | $7.4M 98c | SOFR+1050 bp PIK 2.25% | Jun 30, 2028 |
| B•••••• N•••• A••••••• I••• F••• P••••••• | term loan lien unstated | $7.4M | $7.3M 100c | SOFR+688 bp | May 31, 2028 |
| C••••••••• L•••••••• C••• L•• C••••••••• Services & S••••••• | term loan lien unstated | $6.7M | $6.6M 99c | SOFR+750 bp | Mar 26, 2026 |
| G•••• K••••••• F••• C••••••• I••• F••• P••••••• | term loan lien unstated | $6.5M | $6.4M 101c | SOFR+600 bp | May 31, 2029 |
| R•• P••••••••• I••• G••••• T••••••••• | term loan lien unstated | $6.3M | $6.4M 103c | SOFR+625 bp | Sep 11, 2028 |
| M••• A•••• I••• M•••••••• | term loan lien unstated | $7.0M | $6.3M 92c | SOFR+875 bp PIK 1.00% | Jun 16, 2028 |
| H••••••••• G••••• I•• C••••••••• & P•••••••• | term loan lien unstated | $6.2M | $6.2M 101c | SOFR+625 bp | Feb 24, 2028 |
| P•••• A••••••••• L•• C••••••••• Services & S••••••• | term loan lien unstated | $6.2M | $6.1M 100c | SOFR+575 bp | Jan 22, 2030 |
| S•••••••• B•••••• L•• F••• P••••••• | term loan lien unstated | $9.0M | $5.9M 66c | SOFR+950 bp | May 4, 2028 |
| D•• B••••• L•• S•••••••• R••••• | term loan lien unstated | $5.8M | $5.9M 103c | SOFR+650 bp | Oct 4, 2028 |
| F•••• I••••••••• L•• A••••••••• C••••••••• | term loan lien unstated | $6.1M | $5.8M 98c | SOFR+675 bp | Mar 28, 2029 |
| V••••••••• L•• E••••••••• E•••••••• | term loan lien unstated | $5.7M | $5.7M 103c | SOFR+650 bp | Feb 28, 2029 |
| F••• S••• B••••• I•• H•••••, R••••••••• & L•••••• | term loan lien unstated | $6.0M | $5.6M 96c | SOFR+800 bp PIK 1.00% | Feb 23, 2028 |
| C• B••••• L•• T••••••••• I••••••••• | term loan lien unstated | $5.3M | $5.2M 101c | SOFR+700 bp | Jul 19, 2028 |
| H••••••••• L••••••••• L•• E••••• E•••••••• & Services | term loan lien unstated | $5.2M | $5.2M 102c | SOFR+850 bp | Apr 4, 2029 |
| S•••••• A•••••• • C••••••••• L••• C••••••••• & E••••••••• | term loan lien unstated | $5.0M | $5.1M 104c | SOFR+700 bp | Jun 16, 2028 |
| P••••• L•••••••• o• A••••••• L•• P•••• & F••••• P••••••• | term loan lien unstated | $4.2M | $4.0M 99c | SOFR+650 bp | Nov 22, 2029 |
| C• N••••• I••• S••••••• | term loan lien unstated | $3.9M | $3.9M 100c | SOFR+625 bp | Dec 10, 2029 |
| P••••••••• I••••••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $3.1M | $3.0M 101c | SOFR+825 bp | Jun 30, 2027 |
| S••••••• I••••••••• I••••••••• I•• A••••••••• C••••••••• | term loan lien unstated | $3.6M | $2.3M 66c | SOFR+750 bp | Dec 15, 2028 |
| V••••••••• L•• E••••••••• E•••••••• | delayed draw term loan lien unstated | $2.3M | $2.3M 99c | SOFR+625 bp | Feb 28, 2029 |
| S•••••• A•••••• • C••••••••• L••• C••••••••• & E••••••••• | delayed draw term loan lien unstated | $2.1M | $2.1M 102c | SOFR+700 bp | Jun 16, 2028 |
| S•••••••• B•••••• L•• F••• P••••••• | term loan lien unstated | $1.8M | $1.8M 104c | SOFR+1750 bp | May 4, 2028 |
| D•• B••••• L•• S•••••••• R••••• | delayed draw term loan lien unstated | $1.5M | $1.5M 101c | SOFR+650 bp | Oct 4, 2028 |
| T•• H• C••••••••• I••• C••••••••• & P•••••••• | term loan lien unstated | $1.6M | $1.5M 93c | SOFR+750 bp | Aug 1, 2028 |
| H••••••••• L••••••••• L•• E••••• E•••••••• & Services | warrants equity | Not disclosed | $1.3M 2255c | ||
| R•• P••••••••• I••• G••••• T••••••••• | delayed draw term loan lien unstated | $893,615 | $893,615 100c | SOFR+625 bp | Sep 11, 2028 |
| H••••••••• G••••• I•• C••••••••• & P•••••••• | term loan lien unstated | $776,524 | $778,077 102c | SOFR+625 bp | Feb 24, 2028 |
| M••• M••••• L•• P••••••• C••• P••••••• | revolver lien unstated | $788,781 | $765,906 97c | SOFR+750 bp | Mar 18, 2030 |
| C••••••••• L•••••••• C••• L•• C••••••••• Services & S••••••• | revolver lien unstated | $622,564 | $610,113 98c | SOFR+750 bp | Mar 26, 2026 |
| V••••••••• L•• E••••••••• E•••••••• | delayed draw term loan lien unstated | $576,296 | $572,839 99c | SOFR+650 bp | Feb 28, 2029 |
| C••• H••••••• L•• C••••••••• Services & S••••••• | revolver lien unstated | $552,131 | $532,255 96c | SOFR+1050 bp PIK 2.25% | Jun 30, 2028 |
| D•• B••••• L•• S•••••••• R••••• | revolver lien unstated | $528,672 | $528,672 100c | SOFR+650 bp | Oct 4, 2028 |
| S•••••••• B•••••• L•• F••• P••••••• | delayed draw term loan lien unstated | $509,291 | $509,291 100c | SOFR+950 bp | May 4, 2028 |
| H••••••••• L••••••••• L•• E••••• E•••••••• & Services | revolver lien unstated | $457,767 | $457,767 100c | SOFR+850 bp | Apr 4, 2029 |
| F•••• I••••••••• L•• A••••••••• C••••••••• | delayed draw term loan lien unstated | $366,420 | $350,664 96c | SOFR+675 bp | Mar 28, 2029 |
| C• N••••• I••• S••••••• | revolver lien unstated | $213,016 | $210,885 99c | SOFR+625 bp | Dec 10, 2029 |
| F••• S••• B••••• I•• H•••••, R••••••••• & L•••••• | delayed draw term loan lien unstated | $214,020 | $200,323 94c | SOFR+800 bp PIK 1.00% | Feb 23, 2028 |
| V••• 5• G••••• L•• P••••••• C••• P••••••• | revolver lien unstated | $199,080 | $195,098 98c | SOFR+650 bp | May 21, 2030 |
| P••••• L•••••••• o• A••••••• L•• P•••• & F••••• P••••••• | revolver lien unstated | $131,098 | $126,640 97c | SOFR+650 bp | Nov 29, 2029 |
| C• B••••• L•• T••••••••• I••••••••• | delayed draw term loan lien unstated | $115,668 | $114,742 99c | SOFR+700 bp | Jul 19, 2028 |
| C••• H••••••• L•• C••••••••• Services & S••••••• | warrants equity | Not disclosed | $72,853 54c |
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