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 Jun 30, 2024

642 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A••••••••• L••	term loan first lien	$17.1M	$17.1M 100c	S+250 bp	Feb 1, 2028
B••• I••••••• P••••••••• I•••	term loan first lien	$17.0M	$17.0M 102c	S+900 bp PIK 14.33%	Oct 1, 2030
S•••• P••••••••• I•••	term loan first lien	$17.3M	$17.0M 100c	S+550 bp	Apr 1, 2031
K•••• C•••••••••	term loan first lien	$16.8M	$16.8M 100c	S+350 bp	Apr 1, 2031
H•• F•••••• 2• L••••••	term loan first lien	$16.8M	$16.8M 100c	S+350 bp	Feb 1, 2031
T•••••••• I•••	term loan first lien	$16.6M	$16.6M 100c	S+275 bp	Mar 1, 2030
L•••••••• I••••••••• H•••••• L•• a•• L•••••••• H•••••••• L•••	term loan first lien	$16.5M	$16.5M 102c	S+750 bp	Dec 1, 2027
B•••••• I••••••••• H•••••• C••••	term loan first lien	$16.4M	$16.4M 101c	S+500 bp	May 1, 2028
S••••• M••••• H••••• L••	term loan first lien	$17.2M	$16.4M 100c	S+300 bp	Dec 1, 2025
2• H••••• L••••••	term loan unsecured or subordinated	$16.1M	$16.1M 103c	S+750 bp PIK 12.96%	Aug 1, 2033
A••••• S•••••••• L••	term loan first lien	$16.0M	$16.0M 100c	S+450 bp	Feb 1, 2031
N•• C•••••••• H••••• L•• a•• V•••••• T••••• L•	term loan first lien	$16.0M	$16.0M 102c	S+550 bp	Nov 1, 2029
C•••••• N••• G••••••••• I•••	term loan first lien	$15.9M	$15.9M 100c	S+350 bp	Dec 1, 2027
Z••• G•••• H•••••••• I•••	term loan first lien	$18.3M	$15.9M 100c	S+300 bp	Mar 1, 2027
D•• • B••••••••• C•••••••••	term loan first lien	$15.7M	$15.7M 100c	S+275 bp	Jan 1, 2029
C•••••• C•••••••••	term loan first lien	$15.8M	$15.6M 99c	S+350 bp	Dec 1, 2026
B••••• H•••••••• I•••	term loan first lien	$15.4M	$15.5M 101c	S+375 bp	Nov 1, 2030
Z•••• C••• M••••••••• B••••• I•••	term loan first lien	$15.4M	$15.4M 100c	S+275 bp	Sep 1, 2029
L•• A••••••••• L••	term loan first lien	$15.6M	$15.3M 99c	S+375 bp	Jun 1, 2031
L•••• I•••	term loan first lien	$15.4M	$15.2M 100c	S+500 bp	Oct 1, 2028
R••••• H•••••••• I•••	term loan first lien	$15.0M	$15.1M 100c	S+450 bp	Feb 1, 2030
3• S••• S••••• L••	term loan first lien	$16.5M	$15.1M 97c	S+800 bp PIK 1.50%	Oct 1, 2029
C•••• S••••••• G••••• I••• a•• P••••• P•••••• I•••	term loan first lien	$15.0M	$15.0M 101c	S+450 bp	Mar 1, 2031
H•••• I•••••••• M•••••• S•••••• L•••	term loan first lien	$15.0M	$15.0M 102c	S+500 bp	Feb 1, 2029
R••••••••• L••	term loan first lien	$15.0M	$15.0M 100c	S+375 bp	Jun 1, 2031
O•••• P•••••••• L••	term loan first lien	$14.9M	$14.9M 100c	S+325 bp	Jul 1, 2030
C••• H••••• I•••	term loan first lien	$14.9M	$14.9M 102c	S+700 bp	Apr 1, 2028
P•••••• B•••• P••••••••• L••	term loan first lien	$14.8M	$14.8M 101c	S+350 bp	Jun 1, 2026
A••• H•••••• C••••	term loan first lien	$14.8M	$14.7M 100c	S+350 bp PIK 0.25%	Mar 1, 2025
A•••••• H•••••• I•••	term loan first lien	$14.6M	$14.6M 100c	S+300 bp	May 1, 2030
M••••••• I••••••••• I•••	term loan first lien	$14.7M	$14.6M 99c	S+325 bp	Jun 1, 2031
M•••••• B•••••••• L•	term loan first lien	$14.5M	$14.5M 100c	S+275 bp	Oct 1, 2028
I••••••••• H•••••••• I•••	term loan first lien	$14.5M	$14.5M 100c	S+275 bp	Oct 1, 2028
P•••••••• F••••• O••••• L•• a•• K•••• X• T••••••• C••••••••• L•••	term loan first lien	$14.5M	$14.5M 103c	S+500 bp	May 1, 2029
G••••••• A••••••••• C••••	term loan first lien	$14.8M	$14.3M 99c	S+400 bp	Oct 1, 2027
H•••• A••••••••• H•••••••• I•••	term loan first lien	$14.2M	$14.2M 103c	S+700 bp	Mar 1, 2030
C••••••• A•••••• A•••••• L••	term loan first lien	$14.0M	$14.1M 100c	S+325 bp	Nov 1, 2028
P•••••• E•• A••••••• L•	term loan first lien	$14.0M	$14.0M 100c	S+475 bp	Aug 1, 2029
S•••••• L•••	term loan first lien	$13.9M	$14.0M 101c	S+350 bp	Oct 1, 2029
A••••••• H••••••• ••• C•••• a•• C••••••••• C•••••• A• S••• L•	term loan first lien	$13.8M	$13.8M 102c	S+625 bp	Jul 1, 2030
E•••••• D••• M••••• S•• L••	term loan first lien	$13.5M	$13.5M 100c	S+275 bp	Jun 1, 2031
C•••• I••••••••• I•••	term loan first lien	$13.3M	$13.3M 101c	S+325 bp	Mar 1, 2030
B••••• P••••••••• L•• a•• B••••• T••••• L•••	term loan first lien	$13.3M	$13.3M 102c	S+475 bp	Jun 1, 2030
F••••••• A••••••••• I•••	term loan first lien	$13.3M	$13.3M 103c	S+650 bp	May 1, 2030
C•••• G•••••• I•••	term loan first lien	$14.1M	$13.3M 99c	S+375 bp	Aug 1, 2026
R•••••••• I•••	term loan first lien	$13.6M	$13.2M 98c	S+300 bp	Apr 1, 2028
G•••••• A•• B•••• I••• • A•• B•••• H••••••• I•••	term loan first lien	$13.3M	$13.2M 100c	S+525 bp	Mar 1, 2031
A•••••• S••••••• I•••	term loan first lien	$13.0M	$13.1M 101c	S+350 bp	Feb 1, 2031
B••••• U• B•••• L••	term loan first lien	$13.1M	$13.1M 103c	S+675 bp PIK 3.38%	Sep 1, 2030
L• G•••• O••• A••••••••• L•• •• G•••• P••••• A••••••••• L•••	term loan first lien	$13.1M	$13.1M 100c	S+300 bp	Apr 1, 2031
S••••• H••••• H•••••••• L••	term loan first lien	$13.0M	$13.0M 100c	S+325 bp	May 1, 2031
W••••••••• L••	term loan first lien	$12.9M	$12.9M 100c	S+275 bp	Aug 1, 2028
P••••••••• ••• N•••• L••	term loan first lien	$12.8M	$12.8M 100c	S+375 bp	Sep 1, 2029
F•••••• S••••••• L••	term loan first lien	$12.8M	$12.8M 100c	S+350 bp	Mar 1, 2028
S•••••• C••••• H•••••••• I•••	term loan first lien	$12.5M	$12.6M 100c	S+275 bp	Dec 1, 2030
G••••••••• L••	term loan first lien	$12.6M	$12.5M 101c	S+350 bp	Mar 1, 2031
P•••••• B•••• P••••••••• L••	term loan first lien	$12.5M	$12.5M 100c	S+350 bp	May 1, 2026
I••••••• I•••	term loan first lien	$12.5M	$12.5M 100c	S+350 bp	Oct 1, 2030
K••••••• A••••• P••••••• L••	term loan first lien	$12.4M	$12.4M 104c	S+550 bp	May 1, 2027
S••• T••••••••• H•••••••• I•••	term loan first lien	$12.3M	$12.3M 100c	S+200 bp	May 1, 2031
E•••••• P••••••• I•••••••• L••	term loan first lien	$12.3M	$12.1M 100c	S+525 bp	Mar 1, 2031
A••••••••• I•••	term loan first lien	$12.0M	$12.1M 100c	S+350 bp	Feb 1, 2031
Q•••• Q•••• C•• W••• H•••••••• L•• a•• K•• G••• C•••••• C•••••••• F••••• I• L•••	equity equity	Not disclosed	$12.0M 100c
U••••• T••••• A••••• L••	term loan first lien	$12.0M	$12.0M 101c	S+375 bp	Jul 1, 2028
A••••••• L••	term loan first lien	$12.1M	$12.0M 101c	S+325 bp	Dec 1, 2026
F•••• F•••••••• P•••••••• L••	term loan first lien	$12.0M	$12.0M 100c	S+275 bp	Jun 1, 2028
G••• M••••• ••••••• L••••••	term loan first lien	$11.8M	$11.8M 100c	S+475 bp	Jul 1, 2026
H• R•• B••••• I•••	term loan first lien	$11.8M	$11.8M 101c	S+500 bp	Dec 1, 2029
R••••••••• B••••• I••••••••• I•••	term loan first lien	$11.7M	$11.7M 100c	S+175 bp	Sep 1, 2030
D•••••• B•••••••• L••	term loan first lien	$11.6M	$11.6M 102c	S+625 bp	Dec 1, 2029
M••••• B•••• G•••	term loan first lien	$11.6M	$11.6M 101c	S+400 bp	Nov 1, 2030
G• S••• G•••• B••••••• L•• a•• G• S••• G•••• H••••••• L••	term loan first lien	$11.5M	$11.5M 103c	S+675 bp	Apr 1, 2030
G••• F• B•••• C•••• a•• G••• •• I•••••••• L•	term loan first lien	$11.5M	$11.5M 102c	S+575 bp	Sep 1, 2030
S•••••••• B••••••• P••••••• H•••••••• L••	term loan first lien	$11.5M	$11.4M 100c	S+375 bp	Oct 1, 2028
N••••••••• H••••••• I••• a•• N••••••••• S••••••• G•••• L••	term loan first lien	$11.4M	$11.4M 103c	S+675 bp	May 1, 2029
M••••• C•• W••• H•••••••• I•••	term loan first lien	$11.3M	$11.3M 100c	S+300 bp	Mar 1, 2031
L••••••• I•••• M•••••	preferred equity equity	Not disclosed	$11.3M 113c
B•• P••••••••• I•••	revolver first lien	$11.5M	$11.2M 100c	S+400 bp	May 1, 2030
H•• F•••••• 2• L••••••	term loan first lien	$11.2M	$11.2M 100c	S+400 bp	Apr 1, 2030
X•••• T•• L••	term loan first lien	$11.2M	$11.1M 100c	S+425 bp	Jun 1, 2031
C••••••••• L••	term loan first lien	$11.0M	$11.0M 102c	S+550 bp	Oct 1, 2030
I•••••• P•••••• I•••	term loan first lien	$11.1M	$10.9M 100c	S+650 bp	Jan 1, 2030
Z•••• G•••••••• L••	term loan first lien	$10.9M	$10.9M 100c	S+275 bp	Apr 1, 2026
N•••• S••• A••••••••• L•• a•• T••••• B•••• L••••••	term loan first lien	$10.9M	$10.9M 100c	S+500 bp	May 1, 2029
W•••••• T••••••••• I•••	term loan first lien	$10.8M	$10.8M 100c	S+275 bp	Oct 1, 2029
M••••• C•••••• I••••• P••• C••••••••• C••••••••	notes lien unstated	$10.0M	$10.6M 106c	9.42%	Nov 1, 2028
U••••• D•••••••• M•• P•••••• L•• a•• K••• C•••••••• U••••••••• L•	term loan first lien	$10.6M	$10.6M 102c	S+650 bp	Mar 1, 2029
S•• F•••• I•••	term loan first lien	$10.4M	$10.4M 100c	S+350 bp	Apr 1, 2029
S•••••• A••••••••• L••	term loan first lien	$10.4M	$10.4M 100c	S+300 bp	Aug 1, 2027
P••••• H•••••••• L•• a•• P•••••• L••	term loan first lien	$10.4M	$10.4M 103c	S+600 bp	Feb 1, 2028
E••••••• B•••• I•••	term loan first lien	$10.4M	$10.4M 101c	S+300 bp	Nov 1, 2028
P•• M••••• I••• a•• P•• P•••••• L•••	term loan first lien	$10.6M	$10.3M 100c	S+575 bp	Mar 1, 2030
B•• I••••••••• H•••••• L••	term loan first lien	$10.2M	$10.2M 100c	S+375 bp	Apr 1, 2031
S••••• M•••••• C•••••••••	term loan first lien	$10.2M	$10.2M 100c	S+300 bp	Mar 1, 2027
G•••••• C•••• S••••••• H••••••• I• L••	term loan first lien	$10.0M	$10.0M 101c	S+375 bp	Dec 1, 2027
P••• H•••••• I•• B•••	term loan first lien	$10.0M	$10.0M 100c	S+300 bp	Jun 1, 2031
F•••• O•••• L••	term loan first lien	$9.9M	$9.9M 102c	S+525 bp	Aug 1, 2030
L•••••••• H••••• I••	term loan first lien	$9.9M	$9.9M 103c	S+475 bp	Nov 1, 2028
L•••••••• H••••• I••	term loan first lien	$9.9M	$9.9M 100c	S+400 bp	May 1, 2031
S•••• M•••• L••	term loan first lien	$9.8M	$9.8M 101c	S+375 bp	Dec 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