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, 2024

991 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A•••• 2••••••	term loan lien unstated	$7.0M	$7.0M 100c	S+700 bp	Jan 1, 2038
A•••• G••••••••• L••	term loan first lien	$7.0M	$7.0M 101c	S+275 bp	Sep 1, 2031
V•••• P•••••••• L••	term loan first lien	$7.0M	$7.0M 101c	S+450 bp	Nov 1, 2030
S•••••••• B••••••• P••••••• H•••••••• L••	term loan first lien	$7.0M	$6.9M 100c	S+375 bp	Oct 1, 2028
D••••••• H•••• C•••••• L••	term loan first lien	$6.9M	$6.8M 100c	S+500 bp	Oct 1, 2031
G•• E••••••••• I•••	term loan first lien	$6.8M	$6.8M 100c	S+200 bp	Jul 1, 2031
B••••• B•••• L••••••	term loan first lien	$6.6M	$6.6M 100c	S+675 bp	Oct 1, 2030
B•••••• P•••••••• I•••	term loan first lien	$6.6M	$6.6M 101c	S+425 bp	Jun 1, 2031
P••• 2•••••	term loan lien unstated	$6.5M	$6.6M 101c	S+500 bp	Jan 1, 2037
L••••• B•••• L••••••	term loan first lien	$6.5M	$6.6M 101c	S+400 bp	Oct 1, 2031
G••• 2••••••	term loan lien unstated	$7.2M	$6.5M 103c	12.60%	Jan 1, 2038
R•••• 2•••••	term loan lien unstated	$6.5M	$6.5M 100c	S+480 bp	Jan 1, 2038
C•••• I••••••••• I•••	term loan first lien	$6.4M	$6.4M 101c	S+250 bp	Mar 1, 2030
G•••••••• U• B••••• I•••	term loan first lien	$6.4M	$6.4M 97c	S+525 bp	Jul 1, 2030
R••• 2••••••	term loan lien unstated	$7.0M	$6.4M 99c	12.46%	Jul 1, 2036
M••••••••• B•••• O• a•• M••••••••• U•• L••	term loan first lien	$6.5M	$6.4M 98c	S+550 bp	Nov 1, 2031
E•••••• A•• B•••• P•• L••	term loan first lien	$6.3M	$6.3M 96c	S+625 bp	Nov 1, 2029
L••••••••• H••••• L••	term loan first lien	$6.3M	$6.3M 100c	S+575 bp	Jan 1, 2027
C••• 2•••••	term loan lien unstated	$6.0M	$6.1M 102c	S+390 bp	Jan 1, 2037
E•••• 2•••••	term loan lien unstated	$6.0M	$6.1M 102c	S+375 bp	Apr 1, 2037
B••• 2•••••	term loan lien unstated	$6.1M	$6.1M 100c	S+650 bp	Sep 1, 2030
A••• B••••• I•••	term loan first lien	$6.0M	$6.1M 101c	S+325 bp	Sep 1, 2031
G••••••••• S••••••• H•••••••• L••	term loan first lien	$6.1M	$6.1M 102c	S+600 bp	Oct 1, 2029
C••••••••• S•••••• C••••••	term loan first lien	$6.0M	$6.0M 100c	S+250 bp	Nov 1, 2029
D••••• B••••• I•••	term loan first lien	$6.1M	$6.0M 100c	S+450 bp	Sep 1, 2031
M•••• 2••••••	term loan lien unstated	$5.9M	$6.0M 102c	S+555 bp	Oct 1, 2037
E•• C•••• H••••••• I• L••	term loan first lien	$6.0M	$6.0M 101c	S+350 bp	Oct 1, 2031
C•••••• C•••	term loan first lien	$6.0M	$6.0M 100c	S+175 bp	Dec 1, 2027
F•••• L•••• I•••	revolver first lien	$6.0M	$6.0M 102c	11.00%	Nov 1, 2028
Z•••• C••• M••••••••• B••••• I•••	term loan first lien	$6.0M	$6.0M 100c	S+275 bp	Sep 1, 2029
L••••••• C••• G•••• ••• N•• 2• I•••	term loan first lien	$5.9M	$6.0M 101c	S+400 bp	Aug 1, 2028
U•••• C•••• H•••••••• I•••	term loan first lien	$5.9M	$5.9M 101c	S+325 bp	Feb 1, 2028
C• A•••• B•••• I••	term loan first lien	$6.1M	$5.9M 99c	S+375 bp	Nov 1, 2027
C•• F•••••• L••• L•••	equity equity	Not disclosed	$5.8M 105c	PIK 9.75%
D•••• 2•••••••	term loan lien unstated	$5.8M	$5.8M 101c	S+740 bp	Aug 1, 2034
S••••• H••••• H•••••••• L••	term loan first lien	$5.8M	$5.8M 101c	S+325 bp	May 1, 2031
P•• P•••••• I•••	revolver first lien	$5.8M	$5.8M 101c	S+525 bp	Apr 1, 2030
M••• 2••••••	term loan lien unstated	$5.6M	$5.7M 102c	S+650 bp	Oct 1, 2037
N••• H•••••• L••	term loan first lien	$5.7M	$5.7M 101c	S+575 bp	Nov 1, 2030
A••• 1•	term loan lien unstated	$5.6M	$5.7M 102c	S+650 bp	Oct 1, 2037
A••• C•••• A••••••••• C••••••• L••	term loan first lien	$5.7M	$5.7M 101c	S+475 bp	Jun 1, 2028
K•• 2••••••	term loan lien unstated	$6.1M	$5.7M 103c	S+650 bp	Jan 1, 2038
B•• 2••••••	term loan lien unstated	$5.5M	$5.6M 102c	S+615 bp	Oct 1, 2037
8•• A••••• F••• • P••••••••• I•••	term loan first lien	$5.8M	$5.6M 101c	S+475 bp	Oct 1, 2025
H••••• S•••••• P•••••••• L•• a•• A•••• S•••••• P•••••••• L••	term loan first lien	$5.6M	$5.6M 101c	S+500 bp	Mar 1, 2027
M•••••• P•••••••• H•••••• L••• M•••••• P•••••••• P••••••••• L•• a•• S••••• A••••••••• I•••	term loan first lien	$5.5M	$5.5M 101c	S+500 bp	Jun 1, 2031
C••• 2•••••	term loan lien unstated	$5.5M	$5.5M 101c	S+490 bp	Jan 1, 2040
S••••• M•••••• C•••••••••	term loan first lien	$5.5M	$5.5M 100c	S+200 bp	Nov 1, 2031
T•••••• H•••••••• I•••	term loan first lien	$5.4M	$5.4M 100c	S+275 bp	Jul 1, 2028
C•• H••••• B• L••	term loan first lien	$5.3M	$5.3M 101c	S+200 bp	May 1, 2031
S•••••• C•••••• L••	term loan first lien	$5.3M	$5.3M 100c	S+200 bp	Mar 1, 2031
M••••••• C•• E••••• F••• I• L• S••••••••• finance (CLO)	equity equity	Not disclosed	$5.3M 100c	9.00%
D•••• 2• •••• S•••	term loan first lien	$5.2M	$5.2M 100c	S+200 bp	Sep 1, 2031
M••••• T••••••••• I•••	term loan first lien	$5.1M	$5.2M 100c	S+225 bp	Oct 1, 2028
E•••• 2•••••	term loan lien unstated	$5.0M	$5.1M 101c	S+625 bp	Apr 1, 2037
C•••••••• B•••• L••••••	term loan first lien	$5.1M	$5.1M 103c	S+650 bp	May 1, 2031
T••• 2•••••••• C••••••••• m••••••••• s•••••••	term loan lien unstated	$5.0M	$5.0M 101c	10.40%	Dec 1, 2034
C•• H••••• L•••	term loan first lien	$5.0M	$5.0M 100c	S+200 bp	Dec 1, 2030
A••• 1•	term loan lien unstated	$8.2M	$5.0M 102c	S+650 bp	Oct 1, 2037
M••• 2••••••	term loan lien unstated	$4.8M	$4.9M 102c	S+640 bp	Jul 1, 2037
H••••••• P••••••• A•••••••• L••	term loan first lien	$4.9M	$4.9M 101c	S+375 bp	May 1, 2031
H•••• I•••••••• M•••••• S•••••• L•••	term loan first lien	$4.8M	$4.8M 102c	S+450 bp	Feb 1, 2029
O••••• C••• H••••• I••	term loan first lien	$4.8M	$4.8M 100c	S+225 bp	Oct 1, 2028
T•• I• C•••••• C• I•• L•••	equity equity	Not disclosed	$4.8M 99c
H••••• M•••• B•••	term loan first lien	$4.7M	$4.7M 97c	S+725 bp	Jul 1, 2030
H•••• D••••••••• I•••• H•••• I••••••••• F• H•••••••• L•• a•• G•• H••••• L•	term loan first lien	$4.6M	$4.6M 101c	S+600 bp	Nov 1, 2029
K•• G••••• L•• a•• C••• G•••• L••	term loan first lien	$4.7M	$4.6M 100c	S+475 bp	Sep 1, 2030
M••••••••• B•••• O• a•• M••••••••• U•• L••	term loan first lien	$4.7M	$4.6M 100c	S+550 bp	Nov 1, 2031
C•••••••• S• S••••• L••	term loan first lien	$4.6M	$4.6M 102c	S+550 bp	Jan 1, 2030
D••• I•••••••• H••••••• L•• a•• R••••• C••••••••• S••	equity equity	Not disclosed	$4.6M 134c
G•••• 2••••••	term loan lien unstated	$4.5M	$4.6M 102c	S+510 bp	Feb 1, 2037
C•••• H•••••••• L•• a•• C•••• S••••••• I•••••••••	term loan first lien	$4.6M	$4.6M 102c	S+550 bp	Feb 1, 2030
B•••••• U• B•••• I•••	term loan first lien	$4.5M	$4.6M 100c	S+275 bp	Oct 1, 2030
C••• 2•••••	term loan lien unstated	$4.4M	$4.5M 103c	S+700 bp	Oct 1, 2037
W•••••• P••••••••• L•• a•• W•••••• I••••••••• H•••••••• L•••	term loan first lien	$4.4M	$4.4M 102c	S+625 bp	Nov 1, 2030
A••••• C•••••••••	term loan first lien	$4.3M	$4.3M 104c	S+700 bp	Dec 1, 2028
C••• 2•••••	term loan lien unstated	$4.2M	$4.3M 103c	S+710 bp	Oct 1, 2037
P••••••• W•••• H••••••• L••• P••••••• W•••• H••••••• I•••••• L•• a•• P••••••• W•••• S•••• H•••••••• L••	warrants equity	Not disclosed	$4.3M 953c		Aug 1, 2036
D••••• E•••• L•	equity equity	Not disclosed	$4.3M 100c
P•• G••••• A••••••••	term loan first lien	$4.3M	$4.3M 100c	S+200 bp	Jul 1, 2031
C•••• P•••••• I••• a•• C•••• F•••••• L•••	equity equity	Not disclosed	$4.2M 100c
S•••• F•••••• M••••••••• L••	equity equity	Not disclosed	$4.1M 100c
C••••• G•••• L••••••	term loan first lien	$4.1M	$4.1M 100c	S+500 bp	Aug 1, 2031
N•••• H•••• F•••••• B••••• L••• F•••••• L••••• L•• a•• C•••••• P••• C••••••	term loan first lien	$4.1M	$4.1M 102c	S+650 bp	May 1, 2028
T•••• D••• C•••••• C•• 2•••••• L•• S••••••••• finance (CLO)	term loan lien unstated	$4.1M	$4.1M 100c	S+525 bp	Jan 1, 2037
A•••••••• R••• M••••••••• G••••• I••• a•• R•• I•••••••• B••••••••• I•••	term loan first lien	$4.1M	$4.1M 101c	S+475 bp	Nov 1, 2029
D••••• B•••• I••• • D••••• A••••••••• L•	equity equity	Not disclosed	$4.1M 153c
O•• B••••••• S•••••••• L••	term loan first lien	$4.1M	$4.1M 101c	S+300 bp	Jun 1, 2031
F•••••••• H•••••••• L••	equity equity	Not disclosed	$4.1M 100c
G••• 9•	term loan lien unstated	$4.0M	$4.0M 100c	S+635 bp	Jan 1, 2038
C••• 2•••••	term loan lien unstated	$4.0M	$4.0M 101c	S+515 bp	Jan 1, 2038
I••••• G•••• S•••••	term loan first lien	$4.0M	$4.0M 102c	S+425 bp	Sep 1, 2028
N•• C•••••••• H••••• L•• a•• V•••••• T••••• L•	equity equity	Not disclosed	$4.0M 171c
I••• B•••• S•••••	term loan first lien	$3.8M	$3.9M 98c	9.93%	Sep 1, 2031
L•••• U• M•••• 3• L••••••	term loan first lien	$4.0M	$3.9M 99c	S+350 bp	Apr 1, 2027
R•••• B•••••••• L•• a•• R•••• P•••••• L•	preferred equity equity	Not disclosed	$3.9M 175c	PIK 10.00%
S•••• 2••••••	term loan lien unstated	$4.0M	$3.9M 112c	13.48%	Jul 1, 2037
H••• P•••••• I••• a•• P•••••• C•••••••• C••••	equity equity	Not disclosed	$3.9M 100c
P•••••• Y• B••••• I••• a•• P•••••• Y• P•••••• I•••	equity equity	Not disclosed	$3.8M 178c	PIK 8.00%
L•••••• P••••••••• I•••	term loan first lien	$3.8M	$3.8M 100c	S+450 bp	Nov 1, 2031

Page 5 of 10Previous Next

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