DFX Intelligence

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A••• S•••••••• I••••• F•••

Business development companymanaged by A••• C•••••• M••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by A••• C•••••• M••••••••• L••, holding $22B across 792 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $22B
Borrowers: 792
Mark on cost: 98.3¢
First lien: 77%

Schedule of investments (1,719)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$45.6M
on non-accrual, 1 borrower
1 borrower on non-accrual, $45.6M principal; the largest is A••••••• P••••••• M••••••••• I•• ($45.6M).
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 A••••••• P••••••• M••••••••• I•• →
$45.6M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $45.6M principal: A••••••• P••••••• M••••••••• I•• ($45.6M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open A••••••• P••••••• M••••••••• I•• →
23 below 80¢
$426M principal
23 positions across 15 borrowers marked below 80¢ on cost, $426M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
83 → 91
loans paying in kind
Loans paying in kind rose from 83 to 91 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.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
$16B → $23B
fair value, 4 quarters
Its portfolio grew 41% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1918712 · file 814-01512Show

Fair value

$22B

as of Jun 30, 2026

Principal held

$20B

debt pieces, the filer's figure

Cost

$22B

98c on cost, debt pieces

Unfunded

$3.5B

commitments not yet drawn

Positions

1,719

792 borrowers

First lien

77%

94% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

1,471

77 sponsors financed

Portfolio through time

Fair value by quarter end$23B as of Jun 30, 2026

Dec 31, 2022$133M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$23B	792	98c	91	493 bp
Mar 31, 2026	$22B	801	99c	83	495 bp
Dec 31, 2025	$22B	825	100c	68	490 bp
Sep 30, 2025	$20B	793	101c	70	481 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$16B	714	101c	54	485 bp
Mar 31, 2025	$14B	638	100c	41	477 bp
Dec 31, 2024	$12B	575	100c	31	466 bp
Sep 30, 2024	$7.4B	449	100c	30	470 bp
Jun 30, 2024	$5.4B	392	101c	23	453 bp
Mar 31, 2024	$3.5B	320	101c	19	467 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

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
Placed on non-accrualJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

A••• L•• unsecured or subordinated subordinated debt
1 BDC hold it · matures Oct 1, 2035
$755M 100c
D••••• M•••• 2• L•• first lien term loan
23 BDCs hold it · matures Aug 26, 2032
$228M 96c
C••••• H•••••• L• unsecured or subordinated term loan
2 BDCs hold it · matures Mar 1, 2031
$224M 100c
R••••••• V•••••• D••• C•••••• I••••••••• H•••••• L• unsecured or subordinated term loan
2 BDCs hold it · matures Dec 1, 2031
$204M 102c
W••••••• I••••••••• I•• L•• first lien term loan
2 BDCs hold it · matures Sep 1, 2032
$180M 99c
P••• C••• first lien term loan
13 BDCs hold it · matures Dec 20, 2032
$175M 99c
H••••••• T•••• L•• first lien term loan
5 BDCs hold it · matures Jun 1, 2032 · possible sponsor R•••••••• P••••••• L•
$163M 100c
R•••• I•• L•• first lien term loan
2 BDCs hold it · matures Apr 1, 2029 · possible sponsor M•••••• C•••••• M••••••••• L••
$156M 100c
B•• M••••••• I•• first lien term loan
6 BDCs hold it · matures Mar 31, 2032
$148M 85c
G••• B•••• I•• first lien term loan
3 BDCs hold it · matures Oct 25, 2031
$148M 101c
N•••••• H•••••••• I•• first lien term loan
15 BDCs hold it · matures Feb 3, 2033
$145M 100c
C•••••• C••• first lien term loan
7 BDCs hold it · matures Mar 5, 2032
$139M 101c

Schedule of investments at Dec 31, 2022

151 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
L•••••••• I••••••••• H•••••• L•• a•• L•••••••• H•••••••• L•••	term loan first lien	$9.8M	$9.5M 100c	S+750 bp	Dec 1, 2027
A••••• C••••••••• a•• A••	term loan first lien	$4.1M	$3.9M 100c	S+700 bp	Dec 1, 2028
I••••••• H••• S••••••• H•••••• I••• a•• I•• P••••• H•••••••• L•••	term loan first lien	$3.4M	$3.3M 100c	S+675 bp	Dec 1, 2028
I••••••• H••• S••••••• H•••••• I••• a•• I•• P••••• H•••••••• L•••	unstated lien unstated	$3.4M	$3.3M 100c	S+675 bp	Dec 1, 2028
S••• F•••• H••••••• L••	term loan first lien	$1.6M	$1.5M 100c	S+375 bp	Feb 1, 2029
B••••••••• W•• H••••••• I•••	term loan first lien	$1.5M	$1.5M 100c	S+275 bp	Aug 1, 2025
W•••••• T••••••••• I•••	term loan first lien	$1.5M	$1.5M 99c	S+400 bp	Oct 1, 2026
P•••••• B•••• P••••••••• L••	term loan first lien	$1.5M	$1.4M 99c	S+350 bp	Jun 1, 2026
P•••••• B•••• P••••••••• L••	unstated lien unstated	$1.5M	$1.4M 99c	S+350 bp	Jun 1, 2026
S•••••• L•••• A••••••••• I••• a•• M•••• I•••	term loan first lien	$1.5M	$1.4M 99c	S+400 bp	Oct 1, 2027
S•••••• L•••• A••••••••• I••• a•• M•••• I•••	unstated lien unstated	$1.5M	$1.4M 99c	S+400 bp	Oct 1, 2027
V•••• M•••••• H•••••••• I•••	term loan first lien	$1.6M	$1.4M 99c	S+375 bp	Jul 1, 2025
C•••••• R••••• C••••••••• L••	unstated lien unstated	$1.4M	$1.4M 100c	S+275 bp	Dec 1, 2024
C•••••• R••••• C••••••••• L••	term loan first lien	$1.4M	$1.4M 100c	S+275 bp	Dec 1, 2024
P••••••••• T••••••••• I•••	term loan first lien	$1.4M	$1.3M 99c	S+300 bp	Dec 1, 2027
W•••••••• L••	term loan first lien	$1.4M	$1.3M 100c	S+325 bp	Dec 1, 2026
S••••••• C••••• M••••••••• S•••••••• I••• ••••••••• C••••• M••••• S••• L••••	term loan first lien	$1.3M	$1.3M 100c	S+325 bp	Dec 1, 2025
C•••• I••••••••• I•••	term loan first lien	$1.3M	$1.3M 101c	S+375 bp	Dec 1, 2029
I•• H•••••• C••••	term loan first lien	$1.3M	$1.3M 100c	S+275 bp	Feb 1, 2025
I•• H•••••• C••••	unstated lien unstated	$1.3M	$1.3M 100c	S+275 bp	Feb 1, 2025
A•••••• M••••••• C••••••	unstated lien unstated	$1.3M	$1.3M 100c	S+350 bp	Aug 1, 2028
A•••••• M••••••• C••••••	term loan first lien	$1.3M	$1.3M 100c	S+350 bp	Aug 1, 2028
B•••• G•••• H••••••• L••	term loan first lien	$1.3M	$1.3M 99c	S+250 bp	Jun 1, 2028
U••• I•••	term loan first lien	$1.3M	$1.3M 100c	S+375 bp	Nov 1, 2029
E••••• S••••••• C•••••••••	unstated lien unstated	$1.3M	$1.2M 99c	S+325 bp	Jul 1, 2027
E••••• S••••••• C•••••••••	term loan first lien	$1.3M	$1.2M 99c	S+325 bp	Jul 1, 2027
M•••• P••••••••• I•••	term loan first lien	$1.3M	$1.2M 99c	S+350 bp	Oct 1, 2028
T•••••• T•• H•••••••• I•••	term loan first lien	$1.2M	$1.2M 99c	S+325 bp	Oct 1, 2024
W••• N•••• 3• I•••	term loan first lien	$1.3M	$1.2M 99c	S+300 bp	Feb 1, 2026
T•• T• A••••••••• C••••••	term loan first lien	$1.3M	$1.2M 99c	S+650 bp	Dec 1, 2025
M••••• P•••••••• S•••••••• H•••••• C••••••	term loan first lien	$1.2M	$1.2M 100c	S+325 bp	Apr 1, 2024
E•• M••••••••• H••••••• L••	unstated lien unstated	$1.2M	$1.2M 99c	S+375 bp	Nov 1, 2027
E•• M••••••••• H••••••• L••	term loan first lien	$1.2M	$1.2M 99c	S+375 bp	Nov 1, 2027
A•••••• H•••••• I•••	term loan first lien	$1.2M	$1.2M 100c	S+275 bp	Jan 1, 2026
P••••• T•••• L••	term loan first lien	$1.2M	$1.2M 99c	S+375 bp	Jul 1, 2026
M•••••• I•• L••	term loan first lien	$1.2M	$1.2M 100c	S+325 bp	Jun 1, 2028
G•••••• P•••• S••••••• I•••	term loan first lien	$1.1M	$1.1M 99c	S+175 bp	Dec 1, 2026
F•••••• I••••••••• L••••••	term loan first lien	$1.1M	$1.1M 100c	S+225 bp	Jan 1, 2027
W•••••• M••••• E••••••• E••••••••• L•• ••• W•••••••• H•••••••• L•••	term loan first lien	$1.1M	$1.1M 100c	S+275 bp	May 1, 2025
H••••••• P••••••• A•••••••• L••	term loan first lien	$1.1M	$1.0M 100c	S+450 bp	Jun 1, 2027
C••• • C••• L••	unstated lien unstated	$1.0M	$1.0M 100c	S+375 bp	Dec 1, 2028
C••• • C••• L••	term loan first lien	$1.0M	$1.0M 100c	S+375 bp	Dec 1, 2028
A•••••• S••••••• I•••	term loan first lien	$1.0M	$994,300 100c	S+450 bp	Sep 1, 2026
A•••••• S••••••• I•••	unstated lien unstated	$1.0M	$994,300 100c	S+450 bp	Sep 1, 2026
A••••••••• L••	term loan first lien	$997,500	$987,800 100c	S+275 bp	Feb 1, 2028
C•• I••••••••• S•••••••• I•••	unstated lien unstated	$997,500	$987,500 100c	S+225 bp	Sep 1, 2028
C•• I••••••••• S•••••••• I•••	term loan first lien	$997,500	$987,500 100c	S+225 bp	Sep 1, 2028
C••••••••• S•••••• C••••••	term loan first lien	$1.0M	$987,500 100c	S+325 bp	Nov 1, 2029
B••••• H•••••••• I•••	term loan first lien	$997,400	$987,400 99c	S+400 bp	Apr 1, 2026
B••••• H•••••••• I•••	unstated lien unstated	$997,400	$987,400 99c	S+400 bp	Apr 1, 2026
H•• I••••••••• L••••••	term loan first lien	$997,400	$985,300 100c	S+300 bp	Apr 1, 2025
E••••••• R••• L••	term loan first lien	$997,400	$984,500 101c	S+375 bp	Aug 1, 2026
A•••••• H••••••• I••••••••• L••	term loan first lien	$997,400	$983,200 100c	S+325 bp	May 1, 2025
H••••• S•••••••• I•••	term loan first lien	$997,400	$982,700 100c	S+350 bp	Jul 1, 2024
H••••• S•••••••• I•••	unstated lien unstated	$997,400	$982,700 100c	S+350 bp	Jul 1, 2024
C•••••• G••••• L•	term loan first lien	$1.0M	$977,900 99c	S+325 bp	Apr 1, 2026
A••••••••• L••••••• I• L••• •••••••• A•••••••• I••••	term loan first lien	$983,000	$977,700 100c	S+475 bp	Apr 1, 2028
E•••• P••••• C••••	term loan first lien	$997,500	$977,500 100c	S+425 bp	Apr 1, 2029
A••••••• L•••••• S•••••• L••	term loan first lien	$997,400	$976,700 100c	S+350 bp	Oct 1, 2027
S••••••• B•••• L••	term loan first lien	$1.0M	$973,500 99c	S+225 bp	Jul 1, 2029
E••••••• B•••• I•••	term loan first lien	$997,500	$969,800 99c	S+300 bp	Nov 1, 2028
H••••••• R•••••••• S•• r•••	term loan first lien	$997,500	$969,800 100c	S+325 bp	Nov 1, 2027
C•••••• N••• G••••••••• I•••	term loan first lien	$1.0M	$969,700 99c	S+375 bp	Dec 1, 2027
M• S•• I• L•• ••••• H•••••• C•••••	term loan first lien	$997,400	$967,600 99c	S+375 bp	Sep 1, 2024
O••••• A••••••••• C••••	term loan first lien	$997,500	$963,800 100c	S+350 bp	Nov 1, 2027
A•••••••• L••	term loan first lien	$997,500	$963,400 100c	S+425 bp	Feb 1, 2027
S•••••• L•••	term loan first lien	$997,500	$960,700 100c	S+350 bp	Oct 1, 2027
P•• M••• G••••• I•••	term loan first lien	$1.0M	$960,000 101c	S+500 bp	Aug 1, 2028
N•••••••• I•••	term loan first lien	$997,500	$958,800 99c	S+400 bp	Oct 1, 2027
N•••••••• I•••	unstated lien unstated	$997,500	$958,800 99c	S+400 bp	Oct 1, 2027
P••••••••• I•••	term loan first lien	$997,500	$957,000 100c	S+325 bp	Aug 1, 2028
A••• H•••••• C••••	term loan first lien	$997,700	$912,500 100c	S+350 bp	Mar 1, 2025
C•• G•••••• I•••	term loan first lien	$900,000	$890,800 100c	S+450 bp	Jul 1, 2029
C•• G•••••• I•••	unstated lien unstated	$900,000	$890,800 100c	S+450 bp	Jul 1, 2029
P••• C•••••••••	term loan first lien	$897,800	$889,100 100c	S+350 bp	Jan 1, 2028
S••• S••• H••••••• I•••	term loan first lien	$892,200	$865,200 100c	S+400 bp	Mar 1, 2027
V••••••• H•••••• C••••	term loan first lien	$847,800	$840,700 99c	S+400 bp	Aug 1, 2025
A• A••• M••••• S••• I•••	term loan first lien	$868,200	$816,100 99c	S+375 bp	Jul 1, 2028
P•••••• A••••••••• P•••••• L••	term loan first lien	$847,800	$792,700 99c	S+425 bp	Jan 1, 2025
A••••••• L••	term loan first lien	$797,900	$773,300 100c	S+300 bp	Nov 1, 2024
O••• T••• C•••••••••	unstated lien unstated	$777,600	$758,700 100c	S+350 bp	Nov 1, 2029
O••• T••• C•••••••••	term loan first lien	$777,600	$758,700 100c	S+350 bp	Nov 1, 2029
M•••••• B•••••••• L•	term loan first lien	$798,000	$757,300 100c	S+325 bp	Oct 1, 2028
N•••• H•••• F•••••• B••••• L••• F•••••• L••••• L•• a•• C•••••• P••• C••••••	term loan first lien	$774,400	$751,200 100c	S+650 bp	May 1, 2028
G••• M••••• ••••••• L••••••	term loan first lien	$750,000	$742,100 99c	S+500 bp	Jul 1, 2026
V••••• O••••••••• C•••••• L••	term loan first lien	$747,900	$740,600 100c	S+175 bp	Dec 1, 2025
L• G•••• O••• A••••••••• L•• •• G•••• P••••• A••••••••• L•••	term loan first lien	$748,100	$735,900 100c	S+325 bp	Nov 1, 2027
L•••••••• L••••••• M••••••••• L••	term loan first lien	$748,100	$729,400 99c	S+350 bp	Sep 1, 2028
a••••••••• G•••• I•••	term loan first lien	$767,400	$690,900 99c	S+350 bp	Feb 1, 2029
F•••• F•••••••• P•••••••• L••	term loan first lien	$698,300	$688,900 99c	S+325 bp	Jun 1, 2028
N•••• H•••• F•••••• B••••• L••• F•••••• L••••• L•• a•• C•••••• P••• C••••••	term loan first lien	$705,700	$684,500 109c	S+650 bp	Nov 1, 2032
S•• D••••••••• I•••	term loan first lien	$690,700	$659,000 100c	S+350 bp	Jun 1, 2028
D•••••• A••••••••• C••• I•••	term loan first lien	$648,700	$617,100 99c	S+350 bp	Apr 1, 2026
T•• D•• • B••••••••• C•••••••••	term loan first lien	$575,700	$569,500 100c	S+325 bp	Feb 1, 2026
G••••••• A••••••••• C••••	unstated lien unstated	$598,500	$560,300 99c	S+400 bp	Oct 1, 2027
G••••••• A••••••••• C••••	term loan first lien	$598,500	$560,300 99c	S+400 bp	Oct 1, 2027
S•••••• C•••••• L••	unstated lien unstated	$567,400	$552,900 100c	S+225 bp	Feb 1, 2027
S•••••• C•••••• L••	term loan first lien	$567,400	$552,900 100c	S+225 bp	Feb 1, 2027
S••••• M••••••••• L••	term loan first lien	$500,000	$499,400 101c	S+300 bp	Dec 1, 2027
P•••••• N••••• L••	term loan first lien	$548,600	$499,400 99c	S+400 bp	Jun 1, 2028

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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