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 Mar 31, 2023

162 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
H•••• A••••••••• H•••••••• I•••	term loan first lien	$15.0M	$14.6M 100c	S+700 bp	Mar 1, 2030
V••••••• H•••••• C••••	term loan first lien	$12.5M	$12.4M 100c	S+400 bp	Aug 1, 2025
U••••• D•••••••• M•• P•••••• L•• a•• K••• C•••••••• U••••••••• L•	term loan first lien	$10.8M	$10.4M 100c	S+675 bp	Mar 1, 2029
G••••••••• L••	term loan first lien	$10.7M	$10.4M 100c	S+650 bp	Mar 1, 2030
P••••• H•••••••• L•• a•• P•••••• L••	term loan first lien	$9.9M	$9.6M 100c	S+675 bp	Feb 1, 2028
L•••••••• I••••••••• H•••••• L•• a•• L•••••••• H•••••••• L•••	term loan first lien	$9.8M	$9.5M 100c	S+750 bp	Dec 1, 2027
T•• E•••••• F•••••••• C•••••• L••	term loan second lien	$9.4M	$8.8M 96c	S+675 bp	Jul 1, 2026
A••• S•••••• P•••••••• L••	term loan first lien	$7.4M	$6.8M 99c	S+550 bp	Jul 1, 2025
W•••••••• P•••••• A••••••••• L•• a•• R•• W•• C••••••• I•• L•••	term loan first lien	$7.0M	$6.8M 100c	S+625 bp	Jan 1, 2029
A•••••• S••••••• I•••	term loan first lien	$5.5M	$5.5M 100c	S+300 bp	Sep 1, 2024
H•• I••••••••• L••••••	term loan first lien	$4.8M	$4.8M 100c	S+300 bp	Apr 1, 2025
C•••• H•••••••• L•• a•• C•••• S••••••• I•••••••••	term loan first lien	$4.6M	$4.5M 100c	S+750 bp	Feb 1, 2030
W•••••• M••••• E••••••• E••••••••• L•• ••• W•••••••• H•••••••• L•••	term loan first lien	$4.1M	$4.1M 100c	S+275 bp	May 1, 2025
A••••• C••••••••• a•• A••	term loan first lien	$4.1M	$4.0M 102c	S+700 bp	Dec 1, 2028
O••• T••• C•••••••••	term loan first lien	$3.7M	$3.7M 100c	S+350 bp	Jan 1, 2030
T•••••• T•• H•••••••• I•••	term loan first lien	$3.7M	$3.7M 99c	S+325 bp	Oct 1, 2024
N•••••••• I•••	term loan first lien	$3.6M	$3.6M 100c	S+400 bp	Oct 1, 2027
B••••••••• W•• H••••••• I•••	term loan first lien	$3.6M	$3.5M 100c	S+275 bp	Aug 1, 2025
M•••••• I••••••••• H•••••••• L••	term loan first lien	$3.5M	$3.5M 100c	S+300 bp	Oct 1, 2027
I••••••• H••• S••••••• H•••••• I••• a•• I•• P••••• H•••••••• L•••	term loan first lien	$3.6M	$3.4M 100c	S+675 bp	Dec 1, 2028
C•• G•••••• I•••	term loan first lien	$3.4M	$3.4M 100c	S+450 bp	Jul 1, 2029
I•• H•••••• C••••	term loan first lien	$3.4M	$3.3M 99c	S+300 bp	Dec 1, 2027
C•••••• N••• G••••••••• I•••	term loan first lien	$3.2M	$3.2M 100c	S+375 bp	Dec 1, 2027
W•••••• T••••••••• I•••	term loan first lien	$3.2M	$3.2M 100c	S+400 bp	Oct 1, 2026
D•• • B••••••••• C•••••••••	term loan first lien	$3.1M	$3.1M 100c	S+325 bp	Feb 1, 2026
U••• I•••	term loan first lien	$3.1M	$3.0M 100c	S+375 bp	Nov 1, 2029
C•• I••••••••• S•••••••• I•••	term loan first lien	$3.0M	$3.0M 99c	S+225 bp	Sep 1, 2028
B•••• G•••• H••••••• L••	term loan first lien	$3.0M	$3.0M 100c	S+250 bp	Jun 1, 2028
W•••• W••• T••••••••• H•••••• C••• L••	term loan first lien	$3.0M	$3.0M 100c	S+325 bp	Mar 1, 2030
M• S•• I• L•• ••••• H•••••• C•••••	term loan first lien	$3.0M	$3.0M 100c	S+375 bp	Sep 1, 2024
T•• T• A••••••••• C••••••	term loan first lien	$3.0M	$2.9M 100c	S+650 bp	Dec 1, 2025
S•••••• L•••	term loan first lien	$2.9M	$2.9M 101c	S+350 bp	Oct 1, 2027
C•••••• G••••• L•	term loan first lien	$2.9M	$2.9M 100c	S+325 bp	Apr 1, 2026
C••••• C••••••••• F•••••• ••••• L•	term loan first lien	$2.8M	$2.8M 100c	S+200 bp	Jan 1, 2025
C•••• I••••••••• I•••	term loan first lien	$2.8M	$2.8M 100c	S+375 bp	Dec 1, 2029
S••• F•••• H••••••• L••	term loan first lien	$2.8M	$2.7M 100c	S+375 bp	Feb 1, 2029
V•••• M•••••• H•••••••• I•••	term loan first lien	$2.9M	$2.7M 103c	S+375 bp	Jul 1, 2025
S••• S••• H••••••• I•••	term loan first lien	$2.8M	$2.7M 99c	S+400 bp	Mar 1, 2027
W••• N•••• 3• I•••	term loan first lien	$2.7M	$2.7M 101c	S+300 bp	Feb 1, 2026
P••••••••• I•••	term loan first lien	$2.7M	$2.7M 100c	S+325 bp	Aug 1, 2028
P•••••• B•••• P••••••••• L••	term loan first lien	$2.7M	$2.7M 101c	S+350 bp	Jun 1, 2026
S••••••• C••••• M••••••••• S•••••••• I••• ••••••••• C••••• M••••• S••• L••••	term loan first lien	$2.6M	$2.6M 100c	S+375 bp	Feb 1, 2028
O••••• A••••••••• C••••	term loan first lien	$2.6M	$2.5M 100c	S+350 bp	Nov 1, 2027
M••••• C•• W••• H•••••••• I•••	term loan first lien	$2.5M	$2.5M 100c	S+300 bp	May 1, 2026
M•••• P••••••••• I•••	term loan first lien	$2.5M	$2.5M 101c	S+350 bp	Oct 1, 2028
C••••••• A•••••• A•••••• L••	term loan first lien	$2.5M	$2.5M 100c	S+350 bp	Nov 1, 2028
W•••••••• L••	term loan first lien	$2.6M	$2.5M 100c	S+325 bp	Dec 1, 2026
U••••• T••••• A••••• L••	term loan first lien	$2.5M	$2.5M 100c	S+400 bp	Jul 1, 2028
I••••••••• H•••••••• I•••	term loan first lien	$2.5M	$2.5M 100c	S+275 bp	Oct 1, 2028
F••••••• E••••••••• L••	term loan first lien	$2.5M	$2.5M 102c	S+400 bp	Jan 1, 2029
B••••• D••••••• I•• L••	term loan first lien	$2.5M	$2.4M 98c	S+375 bp	Feb 1, 2030
A•••••• H•••••• I•••	term loan first lien	$2.4M	$2.4M 101c	S+275 bp	Jan 1, 2026
P••••• T•••• L••	term loan first lien	$2.5M	$2.4M 99c	S+375 bp	Jul 1, 2026
E••••• S••••••• C•••••••••	term loan first lien	$2.4M	$2.4M 100c	S+325 bp	Jul 1, 2027
E••••••• B•••• I•••	term loan first lien	$2.4M	$2.3M 100c	S+300 bp	Nov 1, 2028
D•• A••••••••• C••••	term loan first lien	$2.4M	$2.3M 100c	S+450 bp	Sep 1, 2026
H••••• S•••••••• I•••	term loan first lien	$2.3M	$2.3M 99c	S+350 bp	Jul 1, 2024
R• R•• I•••	term loan first lien	$2.3M	$2.3M 100c	S+300 bp	Jun 1, 2029
L• G•••• O••• A••••••••• L•• •• G•••• P••••• A••••••••• L•••	term loan first lien	$2.2M	$2.2M 99c	S+325 bp	Nov 1, 2027
a••••••••• G•••• I•••	term loan first lien	$2.4M	$2.2M 101c	S+350 bp	Feb 1, 2029
A•••••• S••••••• I•••	term loan first lien	$2.0M	$2.0M 100c	S+450 bp	Sep 1, 2026
C•••••• E••••••••• I••	term loan first lien	$2.0M	$2.0M 100c	S+325 bp	Feb 1, 2030
B•••••• U• B•••• I•••	term loan first lien	$2.0M	$2.0M 100c	S+450 bp	Oct 1, 2026
A••••••••• L••	term loan first lien	$2.0M	$2.0M 100c	S+275 bp	Feb 1, 2028
N••••• H•••••••• L••	term loan first lien	$2.0M	$2.0M 100c	S+250 bp	Oct 1, 2026
L•••••••• L••••••• M••••••••• L••	term loan first lien	$2.0M	$2.0M 99c	S+350 bp	Sep 1, 2028
E•• M••••••••• H••••••• L••	term loan first lien	$1.9M	$1.8M 100c	S+375 bp	Nov 1, 2027
C••• • C••• L••	term loan first lien	$1.8M	$1.8M 100c	S+375 bp	Dec 1, 2028
G•• D•••••• I•••	term loan first lien	$1.8M	$1.7M 100c	S+200 bp	Sep 1, 2029
A••••• G••••• I•••	term loan first lien	$1.7M	$1.7M 100c	S+275 bp	Feb 1, 2028
N•••• H•••• F•••••• B••••• L••• F•••••• L••••• L•• a•• C•••••• P••• C••••••	term loan first lien	$1.8M	$1.7M 100c	S+650 bp	May 1, 2028
I••••••• I••	term loan first lien	$1.8M	$1.7M 99c	S+375 bp	Dec 1, 2027
C•••••• U•••	term loan first lien	$1.7M	$1.7M 100c	S+300 bp	Oct 1, 2026
H•••• I•••••••• M•••••• S•••••• L•••	term loan first lien	$1.7M	$1.6M 99c	S+300 bp	Mar 1, 2025
A••••••••• L••••••• I• L••• •••••••• A•••••••• I••••	term loan first lien	$1.6M	$1.6M 100c	S+475 bp	Apr 1, 2028
C••••• U•••• S••••••• S•• r•••	term loan first lien	$1.6M	$1.6M 99c	S+375 bp	Aug 1, 2029
P••• C•••••••••	term loan first lien	$1.6M	$1.5M 99c	S+300 bp	Jan 1, 2028
P•••••• A••••••••• P•••••• L••	term loan first lien	$1.6M	$1.5M 100c	S+425 bp	Jan 1, 2025
U••• T••••••••• I•••	term loan first lien	$1.5M	$1.5M 100c	S+275 bp	Mar 1, 2030
T•••••••• I•••	term loan first lien	$1.5M	$1.5M 100c	S+225 bp	May 1, 2025
S•••••••• F•••• B••	term loan first lien	$1.5M	$1.5M 101c	S+400 bp	Mar 1, 2028
C•••• F•••••••• C••••	term loan first lien	$1.5M	$1.5M 101c	S+400 bp	Sep 1, 2027
V••••• M•••• B•••••• L••	term loan first lien	$1.5M	$1.5M 99c	S+325 bp	Mar 1, 2031
T••••••• M•••••••• P••••••• L••	term loan first lien	$1.5M	$1.4M 99c	S+425 bp	Feb 1, 2028
C••••••••• S•••••• C••••••	term loan first lien	$1.4M	$1.4M 100c	S+325 bp	Nov 1, 2029
A••••••• L••	term loan first lien	$1.5M	$1.4M 95c	S+425 bp	Aug 1, 2028
P••••••• L••••••••• S•••••••	term loan first lien	$1.5M	$1.4M 100c	S+525 bp	Feb 1, 2027
A••••••••• I•••	term loan first lien	$1.4M	$1.4M 101c	S+350 bp	Feb 1, 2027
A•••••••• L••	term loan first lien	$1.4M	$1.4M 101c	S+425 bp	Feb 1, 2027
U•••••••• C••••••••• I•••	term loan first lien	$1.4M	$1.4M 100c	S+325 bp	Mar 1, 2026
T•••••••• I•••	term loan first lien	$1.3M	$1.3M 100c	S+225 bp	Dec 1, 2025
T•••••••• I•••	term loan first lien	$1.3M	$1.3M 100c	S+325 bp	Aug 1, 2028
P••• C•••••••••	term loan first lien	$1.3M	$1.3M 100c	S+350 bp	Jan 1, 2028
A•••••• M••••••• C••••••	term loan first lien	$1.3M	$1.3M 100c	S+350 bp	Aug 1, 2028
A••••• G••••• I•••	term loan first lien	$1.3M	$1.3M 100c	S+225 bp	Feb 1, 2028
F•••• F•••••••• P•••••••• L••	term loan first lien	$1.3M	$1.3M 99c	S+325 bp	Jun 1, 2028
T•••••• C••••••• B••••• C••••	term loan first lien	$1.3M	$1.2M 100c	S+350 bp	Mar 1, 2030
B••••• • L••• C•••••••••	term loan first lien	$1.3M	$1.2M 99c	S+325 bp	May 1, 2027
M••••• P•••••••• S•••••••• H•••••• C••••••	term loan first lien	$1.2M	$1.2M 101c	S+450 bp	Aug 1, 2026
N•• C••••	term loan first lien	$1.2M	$1.2M 100c	S+325 bp	Feb 1, 2027

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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