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, 2025

1,288 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
B••••• U• B•••• L••	term loan first lien	$9.4M	$9.4M 113c	S+525 bp	Sep 1, 2030
V•••• B••••• I•••	term loan first lien	$9.4M	$9.3M 109c	S+500 bp	Nov 1, 2031
M•• G••••• I••••••••• L••• F•••••• V•• I••••••••• L••• M•• T••••• L•• a•• R••••••••• P•••••• a•• S••••••• B••••••	term loan first lien	$9.3M	$9.3M 102c	S+625 bp	May 1, 2029
M••• 2••••••	term loan lien unstated	$59.4M	$9.2M 118c	17.60%	Jul 1, 2045
S•• F•••• I•••	term loan first lien	$9.0M	$9.1M 100c	S+300 bp	Apr 1, 2029
B•• 2••••••	term loan lien unstated	$8.4M	$9.0M 107c	12.50%	Jan 1, 2038
M•• C•••••• M••••••••• I••••••••• L••	term loan first lien	$9.0M	$9.0M 101c	S+475 bp	Aug 1, 2031
M•••• 2••••••	term loan lien unstated	$9.0M	$9.0M 100c	S+480 bp	Jul 1, 2038
R••••• S•••••••• I•••	term loan first lien	$8.9M	$8.9M 100c	S+425 bp	Nov 1, 2028
A••••••• L••	term loan first lien	$8.8M	$8.8M 100c	S+325 bp	Jul 1, 2027
R••• 2••••••	term loan lien unstated	$8.8M	$8.8M 101c	S+575 bp	Jul 1, 2038
B•••• H•••••••• I••• a•• B•••••• P•• C•••••••• L•	term loan first lien	$8.8M	$8.7M 100c	S+475 bp	Jul 1, 2032
C•••••• E••••••••• I••	term loan first lien	$8.7M	$8.7M 100c	S+225 bp	Feb 1, 2030
C•• H••••• L•••	term loan first lien	$8.6M	$8.6M 100c	S+200 bp	Dec 1, 2030
E•• C•••• H••••••• I• L••	term loan first lien	$8.5M	$8.5M 100c	S+350 bp	Oct 1, 2031
P••••••• M•• I••••••••• H••••• L•• a•• B••• P••••••• H•••••••• I•••	term loan first lien	$8.6M	$8.5M 100c	S+475 bp	Oct 1, 2030
C••• 2•••••	term loan lien unstated	$9.7M	$8.5M 100c	14.00%	Jul 1, 2038
C••••••••• A•••••••• L••	term loan first lien	$8.4M	$8.4M 100c	S+450 bp	Feb 1, 2028
E••••••• B•••• L•• a•• E••••••• T••••• I•••	term loan first lien	$8.4M	$8.4M 102c	S+425 bp	Aug 1, 2029
C••• B•••••••• L•• a•• C••• T••••• L•••	term loan first lien	$8.3M	$8.3M 104c	S+1000 bp PIK 14.50%	Dec 1, 2030
G••••••••• S••••••• H•••••••• L••	term loan first lien	$8.2M	$8.2M 101c	S+525 bp	Oct 1, 2029
I••••• L••	revolver first lien	$8.3M	$8.2M 100c	10.00%	Jan 1, 2031
R•• W••••• P•••••••• L••	term loan first lien	$8.1M	$8.1M 101c	S+475 bp	Nov 1, 2030
I•• M•••••• I•••	term loan first lien	$8.1M	$8.1M 100c	S+250 bp	Jan 1, 2029
S•••••••• B••••••• C••• I••• a•• S•• A••••••••• L•	equity equity	Not disclosed	$8.1M 111c
R••••••••• H••••••• P••••••• H•••••••• I•••	term loan first lien	$8.2M	$8.1M 98c	S+350 bp	May 1, 2031
Q••••••••• L•	term loan first lien	$8.1M	$8.1M 101c	S+350 bp	Nov 1, 2031
G•••••••• U• B••••• I••• a•• T•••• P•••• L••••••	term loan first lien	$8.0M	$8.0M 103c	S+525 bp	Jul 1, 2030
O••• 2••••••	term loan lien unstated	$14.5M	$7.9M 90c	9.60%	Apr 1, 2037
F• H••• I••••••••• H•••••••• I•••	term loan first lien	$7.8M	$7.8M 101c	S+450 bp	Feb 1, 2030
R••• 2••••••	term loan lien unstated	$13.1M	$7.7M 85c	S+679 bp	Jul 1, 2039
M••• 2••••••	term loan lien unstated	$14.9M	$7.6M 98c	13.30%	Jul 1, 2027
V• B••••• L••	term loan first lien	$7.5M	$7.6M 101c	S+275 bp	Apr 1, 2031
C•• F••• I• C•••••••• ••••• L•	equity equity	Not disclosed	$7.5M 113c
S••••• P•••••••• C••••	term loan first lien	$7.5M	$7.5M 100c	S+485 bp	Jul 1, 2030
M••••••••• B•••• O• a•• M••••••••• U•• L••	term loan first lien	$7.4M	$7.4M 113c	S+525 bp	Nov 1, 2031
A••• C•••• A••••••••• C••••••• L••	term loan first lien	$7.4M	$7.4M 101c	S+475 bp	Jun 1, 2028
L•••••• P••••••••• I•••	term loan first lien	$7.4M	$7.4M 101c	S+450 bp	Nov 1, 2031
W•••••••• P•••••• A••••••••• L•• a•• R•• W•• C••••••• I•• L•••	term loan first lien	$7.8M	$7.4M 97c	S+775 bp PIK 5.25%	Jan 1, 2029
A••••• S•••••••• L••	term loan first lien	$8.8M	$7.3M 85c	S+450 bp	Feb 1, 2031
B••••• B•••• L••••••	term loan first lien	$7.3M	$7.3M 109c	S+675 bp	Oct 1, 2030
H•••••••• E••••••••• C••••••• L••	term loan first lien	$7.0M	$7.0M 101c	S+325 bp	May 1, 2032
D••••••• H•••• C•••••• L••	term loan first lien	$7.0M	$7.0M 102c	S+500 bp	Oct 1, 2031
Q••••• H•••••• C••••••	term loan first lien	$7.0M	$7.0M 100c	S+325 bp	Oct 1, 2028
D••••• B••••• I•••	term loan first lien	$7.0M	$7.0M 101c	S+450 bp	Sep 1, 2031
O•• 2••••••	term loan lien unstated	$13,300	$6.9M 104c	13.50%	Jul 1, 2031
A•••• 2••••••	term loan lien unstated	$7.0M	$6.9M 99c	S+700 bp	Jan 1, 2038
G••• 2••••••	term loan lien unstated	$7.2M	$6.9M 108c	12.60%	Jan 1, 2038
A•••• 2••••••	term loan lien unstated	$8.4M	$6.8M 98c	11.20%	Apr 1, 2038
E•••••• A•• B•••• P•• L••	term loan first lien	$6.7M	$6.7M 102c	S+625 bp	Nov 1, 2029
P••• 2•••••	term loan lien unstated	$6.5M	$6.6M 101c	S+500 bp	Jan 1, 2037
C•••••••• S• S••••• L••	term loan first lien	$6.6M	$6.6M 101c	S+475 bp	Jan 1, 2030
B••• 2•••••	term loan lien unstated	$6.5M	$6.5M 100c	S+350 bp	Jul 1, 2037
R•••• 2•••••	term loan lien unstated	$6.5M	$6.5M 100c	S+480 bp	Jan 1, 2038
O••• 2•••••	term loan lien unstated	$6.4M	$6.4M 101c	S+490 bp	Jul 1, 2038
M••••••• C•• E••••• F••• I• L•• P•••••• a••••••••• i••••••••• S••••••••• finance (CLO)	unstated lien unstated	$6.3M	$6.3M 100c	9.00%
C••••••••• A••••••••• L••	term loan first lien	$6.3M	$6.3M 100c	S+225 bp	Apr 1, 2032
S•••••• A••••••••• L••	revolver first lien	$6.4M	$6.3M 100c	S+475 bp	Oct 1, 2031
A••••••••• H•••••• 3• O•	term loan first lien	$6.3M	$6.2M 101c	S+425 bp	May 1, 2030
M••••• T••••••••• •• H••••••••• I•••	term loan first lien	$6.2M	$6.2M 100c	S+225 bp	Oct 1, 2032
I••••• L••	warrants equity	Not disclosed	$6.1M 102c		Jan 1, 2035
C•• F•••••• L••• L•••	equity equity	Not disclosed	$6.1M 105c	PIK 9.75%
C••• 2•••••	term loan lien unstated	$6.0M	$6.0M 101c	S+390 bp	Jan 1, 2037
E•••• 2•••••	term loan lien unstated	$6.0M	$6.0M 101c	S+375 bp	Apr 1, 2037
H••••••• P••••••• A•••••••• L••	term loan first lien	$6.0M	$6.0M 101c	S+250 bp	May 1, 2031
W••• C••••••• • C••• L•• a•• W•• U••••••• H•••••••• L••	revolver first lien	$6.0M	$6.0M 102c	S+400 bp	May 1, 2030
M•••••• W••••• A•••••••• L••	term loan first lien	$6.0M	$6.0M 100c	S+250 bp	Dec 1, 2030
M•••• 2••••••	term loan lien unstated	$5.9M	$5.9M 100c	S+500 bp	Jul 1, 2038
M•••• 2••••••	term loan lien unstated	$5.9M	$5.9M 101c	S+555 bp	Oct 1, 2037
R••• 2••••••	term loan lien unstated	$7.0M	$5.9M 95c	S+632 bp	Jul 1, 2036
S•••••• L•••	term loan second lien	$5.8M	$5.9M 102c	S+475 bp	Nov 1, 2032
D•••• 2•••••••	term loan lien unstated	$5.8M	$5.8M 101c	S+740 bp	Aug 1, 2034
F•••••• C••••• H•••••••• L•	term loan first lien	$6.1M	$5.8M 100c	S+625 bp	Aug 1, 2029
N••• H•••••• L••	term loan first lien	$5.7M	$5.7M 101c	S+525 bp	Nov 1, 2030
R••••• C••••	term loan first lien	$5.7M	$5.7M 101c	S+450 bp	Dec 1, 2031
M••• 2••••••	term loan lien unstated	$5.6M	$5.7M 101c	S+650 bp	Oct 1, 2037
B••••••• F••• A••••••••• I••• a•• B••••••• F••• H••••••• L••	term loan first lien	$5.7M	$5.7M 100c	S+475 bp	Jan 1, 2031
L•••••••• H••••• I••	term loan first lien	$5.7M	$5.6M 99c	S+375 bp	May 1, 2031
A••• 1•	term loan lien unstated	$5.6M	$5.6M 100c	S+650 bp	Oct 1, 2037
O••• 2•••••	term loan lien unstated	$5.7M	$5.6M 100c	S+450 bp	Feb 1, 2038
C•••••••• B•••• L••••••	term loan first lien	$5.6M	$5.6M 113c	S+650 bp	May 1, 2031
B•• 2••••••	term loan lien unstated	$5.5M	$5.5M 101c	S+615 bp	Oct 1, 2037
G••••• S•••• F•••• L••	term loan first lien	$5.5M	$5.5M 101c	S+425 bp	Dec 1, 2031
C••• 2•••••	term loan lien unstated	$5.5M	$5.5M 100c	S+490 bp	Jan 1, 2040
I•• F•••••••• G••••• I•••	term loan first lien	$5.5M	$5.5M 100c	S+350 bp	Nov 1, 2028
C•••• P•••••• I••• a•• C•••• F•••••• L•••	equity equity	Not disclosed	$5.5M 130c
T•••••• H•••••••• I•••	term loan first lien	$5.3M	$5.3M 100c	S+275 bp	Jul 1, 2028
T•• I• C•••••• D••• H••••• I• L••• T•• I• C•••••• D••• H••••• I•• T•• I• C•••••• C• I• L•••• a•• T•• I• C•••••• C• I•	equity equity	Not disclosed	$5.3M 109c
I••••••• H••• S••••••• H•••••• I•••• D•• A••••• a•• I•• P••••• H•••••••• L•••	term loan first lien	$5.3M	$5.3M 102c	S+550 bp	Dec 1, 2028
H••••• M•••• B•••	term loan first lien	$5.4M	$5.3M 107c	S+725 bp	Jul 1, 2030
W••••••••• F••••••• L••	term loan first lien	$5.1M	$5.2M 101c	S+700 bp	Dec 1, 2028
V••• 2•••••	term loan lien unstated	$5.2M	$5.2M 100c	S+460 bp	Apr 1, 2038
K•• 2••••••	term loan lien unstated	$6.1M	$5.2M 99c	S+650 bp	Jan 1, 2038
D••••• E•••• L•	equity equity	Not disclosed	$5.1M 105c
O•• 2••••••	term loan lien unstated	$5.1M	$5.1M 100c	S+525 bp	Jul 1, 2038
A•••• 2••••••	term loan lien unstated	$5.0M	$5.1M 100c	S+650 bp	Apr 1, 2037
N•• C•••••••• H••••• L•• a•• V•••••• T••••• L•	equity equity	Not disclosed	$5.1M 217c
T••• 2•••••••• C••••••••• m••••••••• s•••••••	term loan lien unstated	$5.0M	$5.0M 101c	10.40%	Dec 1, 2034
A•••• 2••••••	term loan lien unstated	$5.0M	$5.0M 101c	S+650 bp	Apr 1, 2038
I•• H•••••• I• A•	term loan first lien	$5.0M	$5.0M 101c	S+350 bp	Sep 1, 2031

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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