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.
BDC portfolio
Ares Strategic Income Fund
Fair value
$22B
as of Jun 30, 2026
Principal held
$20B
debt pieces, the filer's figure
Cost
$22B
99c on cost
Unfunded
$3.5B
commitments not yet drawn
Positions
1,719
792 borrowers
First lien
77%
94% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
1,472
77 sponsors financed
Portfolio through time
Fair value by quarter end$22B as of Jun 30, 2026
Dec 31, 2022$133M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $22B | 792 | 98c | 91 | 490 bp |
| Mar 31, 2026 | $21B | 801 | 99c | 83 | 491 bp |
| Dec 31, 2025 | $22B | 825 | 100c | 68 | 486 bp |
| Sep 30, 2025 | $20B | 793 | 101c | 70 | 476 bp |
| Jun 30, 2025 | $16B | 714 | 101c | 54 | 482 bp |
| Mar 31, 2025 | $14B | 639 | 100c | 41 | 472 bp |
| Dec 31, 2024 | $12B | 575 | 100c | 31 | 462 bp |
| Sep 30, 2024 | $7.3B | 449 | 100c | 30 | 467 bp |
| Jun 30, 2024 | $5.4B | 392 | 101c | 23 | 451 bp |
| Mar 31, 2024 | $3.5B | 320 | 101c | 19 | 466 bp |
| Dec 31, 2023 | $2.6B | 259 | 101c | 17 | 458 bp |
| Sep 30, 2023 | $1.9B | 218 | 100c | 6 | 451 bp |
| Jun 30, 2023 | $942M | 155 | 100c | 0 | 442 bp |
| Mar 31, 2023 | $334M | 126 | 100c | 0 | 387 bp |
| Dec 31, 2022 | $133M | 105 | 100c | 0 | 364 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 borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 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 lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 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
- 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
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
Largest facilities held, with co-lenders
- ADLP LLC unsecured or subordinated subordinated debt1 BDC hold it · matures Oct 1, 2035$755M 100c
- Denali Midco 2, LLC first lien term loan29 BDCs hold it · matures Aug 26, 2032 · Clearlake Capital Group, L.P.$228M 96c
- Covert HoldCo, LP unsecured or subordinated term loan2 BDCs hold it · matures Mar 1, 2031$224M 100c
- Retained Vantage Data Centers Intermediate Holdco, LP unsecured or subordinated term loan2 BDCs hold it · matures Dec 1, 2031$204M 102c
- WorkWave Intermediate II, LLC first lien term loan2 BDCs hold it · matures Sep 1, 2032$180M 99c
- Pike Corp first lien term loan14 BDCs hold it · matures Dec 20, 2032$175M 99c
- Himalaya Topco LLC first lien term loan5 BDCs hold it · matures Jun 1, 2032 · Recognize Partners LP$163M 100c
- Reddy Ice LLC first lien term loan2 BDCs hold it · matures Apr 1, 2029$156M 100c
- BVI Medical, Inc first lien term loan5 BDCs hold it · matures Mar 31, 2032$148M 85c
- Gula Buyer Inc first lien term loan2 BDCs hold it · matures Oct 1, 2031$148M 101c
- Neptune Holdings, Inc first lien term loan22 BDCs hold it · matures Feb 3, 2033$145M 100c
- Cambrex Corp first lien term loan8 BDCs hold it · matures Mar 5, 2032$139M 101c
Schedule of investments at Jun 30, 2026
1,719 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| ADLP LLC | subordinated debt unsecured or subordinated | $755M | $755M 100c | S+950 bp | Oct 1, 2035 |
| Covert HoldCo, LP | term loan unsecured or subordinated | $224M | $220M 100c | S+575 bp | Mar 1, 2031 |
| Denali Intermediate Holdings, Inc. and Denali Parent Holdings, L.P. | term loan first lien | $228M | $217M 96c | S+550 bp | Aug 1, 2032 |
| Retained Vantage Data Centers Intermediate Holdco, LP and Retained Vantage Data Centers Assets, LP | term loan unsecured or subordinated | $204M | $204M 102c | 9.50% | Dec 1, 2031 |
| FEH Group, LLC. | equity equity | n/a | $203M 148c | ||
| WorkWave Intermediate II, LLC | term loan first lien | $180M | $177M 99c | S+575 bp | Sep 1, 2032 |
| Pike Corporation | term loan first lien | $175M | $173M 99c | S+425 bp | Dec 1, 2032 |
| Himalaya TopCo LLC and BCPE Hyperlink Holdings, LP | term loan first lien | $163M | $159M 100c | S+525 bp PIK 2.25% | Jun 1, 2032 |
| Reddy Ice LLC | term loan first lien | $156M | $156M 100c | S+525 bp | Apr 1, 2029 |
| Gula Buyer Inc. and Gula Co-Invest II, L.P. | term loan first lien | $148M | $148M 101c | S+450 bp | Oct 1, 2031 |
| Neptune Bidco US Inc. and Elliott Metron Co-Investor Aggregator L.P. | term loan first lien | $145M | $144M 100c | S+500 bp | Feb 1, 2033 |
| Cambrex Corporation | term loan first lien | $139M | $139M 101c | S+475 bp | Mar 1, 2032 |
| Global Music Rights, LLC | term loan first lien | $136M | $138M 102c | S+425 bp | Dec 1, 2031 |
| Silk Holdings III LLC and Silk Holdings I Corp. | term loan first lien | $138M | $137M 100c | S+450 bp | Dec 1, 2032 |
| EMB Purchaser, Inc. | term loan first lien | $127M | $125M 99c | S+450 bp | Mar 1, 2032 |
| Creek Parent, Inc. and Creek Feeder, L.P. | term loan first lien | $122M | $122M 101c | S+500 bp | Dec 1, 2031 |
| BVI Medical, Inc. and BVI Group Limited | term loan first lien | $144M | $121M 85c | S+625 bp PIK 5.00% | Mar 1, 2032 |
| Valcourt Holdings II, LLC and Jobs Holdings, Inc. | term loan first lien | $119M | $119M 101c | S+475 bp | May 1, 2033 |
| Auctane, Inc. | term loan first lien | $119M | $118M 100c | S+575 bp | Jun 1, 2033 |
| Badia Spices, LLC | term loan first lien | $116M | $116M 101c | S+425 bp | Nov 1, 2030 |
| Invited, Inc. and KSL Longdrive Co-Invest, L.P. | term loan first lien | $112M | $111M 100c | S+525 bp | Jun 1, 2032 |
| Flexera Software LLC | term loan first lien | $111M | $109M 99c | S+475 bp | Aug 1, 2032 |
| Severin Acquisition, LLC | term loan first lien | $112M | $109M 98c | S+500 bp PIK 2.25% | Oct 1, 2031 |
| Fiber Intermediate Holdings, LLC | term loan unsecured or subordinated | $112M | $108M 100c | S+675 bp | May 1, 2031 |
| HighPeak Energy, Inc. | term loan first lien | $107M | $107M 100c | S+750 bp | Sep 1, 2028 |
| AeriTek Global US Acquisition Inc., AeriTek Global Holdings LLC, and Minus Forty QBD Corp. | term loan first lien | $107M | $107M 101c | S+675 bp | Aug 1, 2030 |
| Eclipse Topco, Inc., Eclipse Investor Parent, L.P. and Eclipse Buyer | term loan first lien | $108M | $107M 100c | S+450 bp | Sep 1, 2031 |
| Adonis Bidco Inc. | term loan first lien | $110M | $105M 96c | S+575 bp PIK 2.88% | Feb 1, 2032 |
| Quirch Foods Holdings, LLC | term loan first lien | $102M | $102M 101c | S+650 bp | Nov 1, 2030 |
| Nexus Buyer LLC | term loan second lien | $106M | $102M 98c | S+575 bp | Feb 1, 2032 |
| Carrera Bidco Limited | term loan unsecured or subordinated | $102M | $102M 100c | S+525 bp | Nov 1, 2032 |
| Surescripts, LLC | term loan first lien | $101M | $101M 100c | S+475 bp | Nov 1, 2031 |
| Aston Bidco (Holding) Limited | term loan first lien | $99.2M | $99.2M 103c | S+600 bp | Jul 1, 2032 |
| Truck-Lite Co., LLC, ECCO Holdings Corp., and Clarity Technologies Holdings, LP | term loan first lien | $97.3M | $97.3M 101c | S+475 bp | Feb 1, 2032 |
| Spruce Bidco II Inc. | term loan first lien | $96.9M | $96.9M 101c | S+475 bp | Jan 1, 2032 |
| GHX Ultimate Parent Corporation and Nexus TopCo LP | term loan first lien | $96.5M | $95.6M 99c | S+500 bp PIK 2.50% | Feb 1, 2033 |
| Doxim Inc. | term loan first lien | $95.6M | $95.6M 101c | S+650 bp | Nov 1, 2027 |
| Frontline Road Safety Operations, LLC | term loan first lien | $96.8M | $94.9M 99c | S+500 bp PIK 2.00% | Mar 1, 2032 |
| EdgeConneX MCN US Finance Co 1, LLC | term loan unsecured or subordinated | $96.7M | $94.7M 100c | S+600 bp | Jun 1, 2032 |
| Banyan Software Holdings, LLC and Banyan Software Intermediate, Inc. | preferred equity equity | n/a | $94.7M 103c | PIK 14.00% | |
| ML Holdco, Inc. | term loan first lien | $95.1M | $93.2M 98c | S+425 bp | Oct 1, 2032 |
| Werner Finco LP | term loan first lien | $92.3M | $92.3M 101c | S+525 bp | Jun 1, 2031 |
| Netsmart, Inc. and Netsmart Technologies, Inc. | term loan first lien | $93.4M | $91.6M 99c | S+520 bp PIK 2.70% | Aug 1, 2031 |
| Oak Funding LLC | term loan first lien | $88.6M | $88.6M 101c | S+450 bp | Dec 1, 2032 |
| Goose Borrower, L.P. | term loan first lien | $89.0M | $88.1M 100c | S+475 bp | Mar 1, 2033 |
| Phoenix Operating LLC | term loan first lien | $87.0M | $87.0M 102c | S+700 bp | Oct 1, 2028 |
| AI Aqua Merger Sub, Inc. | term loan first lien | $86.9M | $86.8M 100c | S+250 bp | Jul 1, 2028 |
| QF Holdings, Inc. | term loan first lien | $88.0M | $86.3M 98c | S+450 bp | Dec 1, 2032 |
| Arrow Borrower 2025, Inc. | term loan first lien | $85.9M | $85.0M 99c | S+425 bp | Oct 1, 2032 |
| Edition Holdings, Inc. and Enverus, Inc. | term loan first lien | $86.7M | $84.9M 98c | S+450 bp | Dec 1, 2032 |
| Moderna, Inc. | term loan first lien | $85.2M | $84.0M 100c | S+550 bp | Nov 1, 2030 |
| 365RM Holdco, LLC | term loan first lien | $83.6M | $82.7M 100c | S+475 bp | May 1, 2033 |
| Diamond | term loan first lien | $81.8M | $81.8M 101c | S+450 bp | Oct 1, 2030 |
| Global Medical Response, Inc. and GMR Buyer Corp. | term loan first lien | $79.6M | $79.8M 100c | S+325 bp | Oct 1, 2032 |
| ID.me, LLC and ID.me, Inc. | term loan first lien | $82.6M | $79.0M 103c | 10.25% PIK 5.25% | Jan 1, 2031 |
| Horizon Avionics Buyer, LLC and Horizon CTS Buyer, LLC | term loan first lien | $79.0M | $79.0M 101c | S+475 bp | Mar 1, 2032 |
| Knight AcquireCo, LLC and Knight Holdings, LP | term loan first lien | $79.7M | $78.9M 99c | S+450 bp | Nov 1, 2032 |
| Capnor Connery Bidco A/S | term loan first lien | $74.2M | $78.1M 104c | S+615 bp | Oct 1, 2030 |
| Project Ruby Ultimate Parent Corp. | term loan first lien | $77.7M | $77.6M 100c | S+275 bp | Mar 1, 2028 |
| HPCC Parent, Inc. and Patriot Container Corp. | term loan first lien | $77.1M | $77.1M 102c | 13.00% PIK 7.00% | Sep 1, 2030 |
| Spaceship Purchaser, Inc. | term loan first lien | $77.1M | $77.1M 101c | S+375 bp | Oct 1, 2031 |
| Birdie Bidco, Inc. | term loan first lien | $77.0M | $77.0M 101c | S+475 bp PIK 2.25% | Nov 1, 2032 |
| Team Health Holdings, Inc. | term loan first lien | $74.3M | $74.3M 100c | S+400 bp | Jun 1, 2028 |
| Proofpoint, Inc. | term loan first lien | $76.6M | $73.8M 96c | S+300 bp | Aug 1, 2028 |
| Apex Service Partners, LLC and Apex Service Partners Holdings, LLC | term loan first lien | $73.6M | $73.6M 101c | S+500 bp | Oct 1, 2030 |
| Quick Quack Car Wash Holdings, LLC and KKR Game Changer Co-Invest Feeder II L.P. | term loan first lien | $73.1M | $73.1M 101c | S+500 bp | Jun 1, 2031 |
| Redwood Services LP | term loan first lien | $71.2M | $71.2M 101c | S+425 bp | Jun 1, 2032 |
| Zenith AcquisitionCo, LLC | term loan first lien | $70.6M | $69.9M 100c | S+450 bp | Jan 1, 2033 |
| WEC US Holdings Ltd. | term loan first lien | $69.7M | $69.7M 100c | S+200 bp | Jan 1, 2031 |
| GAPCO AIV Interholdco (CP), L.P. | term loan unsecured or subordinated | $68.8M | $68.8M 102c | S+675 bp PIK 10.48% | Mar 1, 2033 |
| Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. | term loan first lien | $108M | $68.3M 66c | S+375 bp | Oct 1, 2028 |
| Blazing Star Parent, LLC | term loan first lien | $68.1M | $68.1M 102c | S+700 bp | Aug 1, 2030 |
| IRB Holding Corp. | term loan first lien | $68.0M | $68.0M 100c | S+250 bp | Dec 1, 2030 |
| Nordic Ferry Infrastructure AS | term loan unsecured or subordinated | $67.0M | $67.0M 113c | S+500 bp | Nov 1, 2031 |
| SageSure Holdings, LLC and SageSure LLC | term loan first lien | $66.5M | $66.5M 101c | S+450 bp | Jan 1, 2030 |
| Victors Purchaser, LLC and WP Victors Co-Investment, L.P. | term loan first lien | $67.0M | $66.4M 100c | S+450 bp | Dec 1, 2032 |
| Paris US Holdco, Inc. and Trimaster Manufacturing Inc. | term loan first lien | $65.9M | $65.9M 101c | S+475 bp | Dec 1, 2031 |
| Livewire Acquisition, Inc. and Livewire Co-Invest Holdings, LP | term loan first lien | $65.9M | $65.3M 100c | S+425 bp | Dec 1, 2032 |
| Endurance PT Technology Buyer Corporation and Endurance PT Technology Holdings LLC | term loan first lien | $64.7M | $64.7M 102c | S+650 bp | Oct 1, 2031 |
| Slaine Holdings LLC | term loan unsecured or subordinated | $64.4M | $64.4M 102c | S+650 bp | May 1, 2030 |
| ConnectWise, LLC | term loan first lien | $70.1M | $64.2M 92c | S+350 bp | Sep 1, 2028 |
| Grit Buyer, Inc. and Integrum Grit Co-Invest LP | term loan first lien | $63.8M | $63.8M 101c | S+450 bp | Jul 1, 2032 |
| Nordic Ferry Infrastructure AS | term loan unsecured or subordinated | $63.8M | $63.8M 110c | S+500 bp | Nov 1, 2031 |
| Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP | term loan first lien | $63.2M | $63.1M 100c | S+300 bp | May 1, 2028 |
| Quintain Investments Holdings Limited | unstated lien unstated | n/a | $63.1M 120c | Aug 1, 2031 | |
| Burgess Point Purchaser Corporation | term loan first lien | $68.7M | $63.1M 94c | S+525 bp | Jul 1, 2029 |
| Hologic Inc | term loan first lien | $64.0M | $62.6M 99c | S+225 bp | Apr 1, 2033 |
| Excelitas Technologies Corp. | term loan first lien | $62.3M | $62.3M 100c | S+525 bp | Aug 1, 2029 |
| NAMSA Holdco, LLC, North American Science Associates, LLC and Cardinal Topco Holdings L.P. | term loan first lien | $62.8M | $62.2M 100c | S+475 bp | Mar 1, 2033 |
| Titan BW Borrower L.P. | term loan first lien | $62.7M | $62.0M 100c | S+538 bp PIK 2.88% | Jul 1, 2032 |
| Dayforce, Inc. | term loan first lien | $67.4M | $61.2M 91c | S+300 bp | Feb 1, 2033 |
| SCIH Salt Holdings Inc. | term loan first lien | $60.8M | $60.8M 100c | S+275 bp | Jan 1, 2029 |
| LHS Borrower, LLC, LH Equity Investors, L.P., Leaf Home, LLC and GC Fund IV Blocker LLC | term loan first lien | $62.3M | $60.4M 98c | S+525 bp | Sep 1, 2031 |
| First Student Bidco Inc. | term loan first lien | $59.6M | $59.6M 100c | S+225 bp | Aug 1, 2030 |
| Expereo USA, Inc. and Ristretto Bidco B.V. | term loan first lien | $61.6M | $59.1M 97c | S+650 bp PIK 3.50% | Dec 1, 2030 |
| Sunvair Aerospace Group, Inc. and GB Helios Holdings, L.P. | term loan first lien | $58.6M | $58.6M 101c | S+500 bp | May 1, 2031 |
| Sophia, L.P. | term loan first lien | $60.0M | $57.8M 96c | S+250 bp | Oct 1, 2029 |
| Polaris Newco, LLC | term loan first lien | $66.6M | $57.6M 88c | S+400 bp | Jun 1, 2028 |
| AlixPartners, LLP | term loan first lien | $57.4M | $57.1M 99c | S+200 bp | Aug 1, 2032 |
| Cloud Software Group, Inc. and Picard Parent, Inc. | term loan first lien | $66.2M | $57.0M 86c | S+325 bp | Aug 1, 2032 |
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- NYreported
- On the SEC BDC report
- 2022 to 2026reported
- Filings listed
- 14reported10-Q and 10-K since 2022
- Latest schedule
- 0001628280-26-054923reported