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 Sep 30, 2025

1,515 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
D••• 2•••••	term loan lien unstated	$2.4M	$2.1M 105c	13.90%	Oct 1, 2037
P••••••••• E••••• P••••••• V•••• L•••	equity equity	Not disclosed	$2.1M 99c
O••• 2•••••	term loan lien unstated	$2.0M	$2.1M 101c	S+550 bp	Oct 1, 2037
G•• R••••• F••• I• L•	equity equity	Not disclosed	$2.1M 100c		Mar 1, 2031
B•••• 2••••••	term loan lien unstated	$2.5M	$2.1M 91c	11.91%	Oct 1, 2037
S•••• 2••••••	term loan lien unstated	$2.0M	$2.1M 101c	S+575 bp	Oct 1, 2037
F•••••••• R••• S••••• O••••••••• L••	revolver first lien	$2.0M	$2.0M 106c	S+475 bp	Mar 1, 2032
H•••• 2•••••	term loan lien unstated	$2.0M	$2.0M 101c	S+540 bp	Oct 1, 2037
V••••• C•••••• P••••••• V••• L•••	equity equity	Not disclosed	$2.0M 103c
E•••• 2•••••	term loan lien unstated	$2.0M	$2.0M 101c	S+625 bp	Apr 1, 2037
C••• 2•••••	term loan lien unstated	$2.0M	$2.0M 101c	S+640 bp	Apr 1, 2037
A•••• 2•••••	term loan lien unstated	$2.0M	$2.0M 101c	S+520 bp	Apr 1, 2036
B•• 2••••••	term loan lien unstated	$2.0M	$2.0M 101c	S+545 bp	Apr 1, 2038
V••• 2•••••	term loan lien unstated	$2.0M	$2.0M 100c	S+450 bp	Oct 1, 2036
O••• 2••••••	term loan lien unstated	$2.0M	$2.0M 100c	S+400 bp	Oct 1, 2036
E•••• 2•••••	term loan lien unstated	$2.0M	$2.0M 100c	S+510 bp	Jan 1, 2038
K•• 4•	term loan lien unstated	$2.0M	$2.0M 100c	S+430 bp	Oct 1, 2036
W••••••••• M••••••••• H•••••••• L••	term loan first lien	$2.0M	$2.0M 100c	S+225 bp	Jun 1, 2032
S••••• L••• P••••••• I•• L•••	equity equity	Not disclosed	$2.0M 131c
A••••••• I•••	term loan first lien	$2.0M	$2.0M 100c	S+325 bp	Mar 1, 2032
O••• 2•••••••	term loan lien unstated	$2.0M	$2.0M 99c	S+440 bp	Apr 1, 2038
A•••••••• I•••	revolver first lien	$2.0M	$2.0M 104c	S+350 bp	Jan 1, 2031
T•• B•••• L•• a•• T•• H•••••••• L•	equity equity	Not disclosed	$2.0M 117c
O••• 2••••••	term loan lien unstated	$2.9M	$2.0M 86c	S+575 bp	Oct 1, 2037
M••• 2••••••	term loan lien unstated	$2.0M	$2.0M 100c	S+525 bp	Oct 1, 2034
H•••••• • F••••••• C•••••• P••••••• V•••• L•••	equity equity	Not disclosed	$2.0M 109c
G••• 9•	term loan lien unstated	$2.0M	$2.0M 99c	S+635 bp	Jan 1, 2038
E•••• 2•••••	term loan lien unstated	$2.5M	$2.0M 92c	12.95%	Oct 1, 2037
A••• S•••••• P•••••••• L•• a•• A••• S•••••• P••••••• H•••••••• L••• S••••• B•	equity equity	Not disclosed	$2.0M 157c
S••••• B••• L••• P•••••• a••••••••• i•••••••••	unstated lien unstated	$2.0M	$2.0M 100c	S+717 bp	Aug 1, 2027
B•••• 2•••••	term loan lien unstated	$2.6M	$1.9M 93c	13.20%	Oct 1, 2037
S• N•••• 2• I••• a•• S••• 2••• I•••••••••	term loan first lien	$1.9M	$1.9M 101c	S+375 bp	Jun 1, 2031
R••••• B••••• L••	term loan first lien	$1.9M	$1.9M 100c	S+500 bp	Dec 1, 2031
V••• 2•••••	term loan lien unstated	$1.9M	$1.9M 102c	S+590 bp	Apr 1, 2038
C••• 2•••••	term loan lien unstated	$5.0M	$1.9M 92c	S+525 bp	Jan 1, 2038
B•••• H•••••••• I••• a•• B•••••• P•• C•••••••• L•	equity equity	Not disclosed	$1.9M 100c
G•••••••• U• B••••• I••• a•• T•••• P•••• L••••••	term loan first lien	$1.8M	$1.8M 101c	S+525 bp	Jul 1, 2030
G••• 6•	term loan lien unstated	$1.8M	$1.8M 101c	S+725 bp	Oct 1, 2037
C••• 2•••••	term loan lien unstated	$1.8M	$1.8M 101c	S+600 bp	Jul 1, 2037
B•• 2••••••	term loan lien unstated	$1.8M	$1.8M 100c	S+450 bp	Apr 1, 2038
C••••• 2•••••	term loan lien unstated	$1.8M	$1.8M 101c	S+550 bp	Apr 1, 2038
T•••• 2•••••	term loan lien unstated	$1.8M	$1.8M 102c	S+495 bp	Jul 1, 2038
O•• 2••••••	term loan lien unstated	$1.8M	$1.8M 100c	S+480 bp	Oct 1, 2038
E•••• 2•••••	term loan lien unstated	$1.8M	$1.8M 101c	S+525 bp	Mar 1, 2038
S•••• 2••••••	term loan lien unstated	$1.8M	$1.8M 101c	S+525 bp	Jan 1, 2038
O•••• 2••••••	term loan lien unstated	$1.8M	$1.8M 100c	S+535 bp	Jul 1, 2038
F•••• L•••• I•••	equity equity	Not disclosed	$1.7M 124c
M••• 2••••••	term loan lien unstated	$1.7M	$1.7M 101c	S+650 bp	Oct 1, 2037
V••••• S•••••• P•••••••• L•• a•• V••••• S•••••• P••••••• H•••••••• L••	term loan first lien	$2.5M	$1.7M 71c	S+525 bp	Nov 1, 2030
V••• 2•••••	term loan lien unstated	$1.7M	$1.7M 98c	S+665 bp	Apr 1, 2037
P••• S••••• L•• a•• A•• R•••• A••••••••• L••	preferred equity equity	Not disclosed	$1.7M 129c
S•••• 2•••••	term loan lien unstated	$1.7M	$1.7M 100c	S+615 bp	Oct 1, 2037
W••• X•••• L•••	equity equity	Not disclosed	$1.7M 188c
O•••• 2•••••	term loan lien unstated	$1.7M	$1.7M 101c	12.00%	Jul 1, 2038
P•••••• I• L••• 2•	equity equity	Not disclosed	$1.7M 133c
S•••••• A•••••••• G••••• I••• a•• G• H••••• H•••••••• L•••• S••••• A•	equity equity	Not disclosed	$1.7M 167c
M•••••• V• ••• L•••	equity equity	Not disclosed	$1.7M 124c
A•••• 2••••••	term loan lien unstated	$1.6M	$1.7M 100c	S+700 bp	Jul 1, 2037
C••• 2•••••	term loan lien unstated	$1.6M	$1.7M 100c	S+440 bp	Apr 1, 2038
B• E••••••• C•••••• X• • 2• L•	equity equity	Not disclosed	$1.6M 124c
T•••••• V• P••••••• F•••• L•••	equity equity	Not disclosed	$1.6M 124c
O••• 2••••••	term loan lien unstated	$3.4M	$1.6M 88c	7.49%	Jan 1, 2030
P••••••• M•• I••••••••• H••••• L•• a•• B••• P••••••• H•••••••• I•••	revolver first lien	$1.7M	$1.6M 95c	S+525 bp	Oct 1, 2030
C•••••••• P••••••• V••• L•••	equity equity	Not disclosed	$1.6M 113c
R•• G••••• I••••• •• A•	equity equity	Not disclosed	$1.6M 116c
E•••• 2•••••	term loan lien unstated	$1.6M	$1.6M 99c	S+525 bp	Jul 1, 2037
O•• 2••••••	term loan lien unstated	$1.6M	$1.6M 100c	S+625 bp	Oct 1, 2037
O•••• 2•••••	term loan lien unstated	$1.5M	$1.6M 108c	S+789 bp	Apr 1, 2038
O•••• 2•••••	term loan lien unstated	$1.5M	$1.5M 100c	S+750 bp	Apr 1, 2038
Z•••• P••••••• B••••• I•••	term loan first lien	$1.5M	$1.5M 100c	S+275 bp	Sep 1, 2029
W••• H••••• L••••••	term loan first lien	$1.5M	$1.5M 107c	S+525 bp	Sep 1, 2031
C••• 2•••••	term loan lien unstated	$1.5M	$1.5M 102c	S+685 bp	Apr 1, 2037
M••• H•••••••• I••• a•• M• P•••••••• P•••••• L•	equity equity	Not disclosed	$1.5M 112c
B•••• 2••••••	term loan lien unstated	$1.5M	$1.5M 101c	S+610 bp	Jul 1, 2037
M••• 2••••••	term loan lien unstated	$1.5M	$1.5M 101c	S+625 bp	Jul 1, 2037
C••• 2•••••	term loan lien unstated	$1.5M	$1.5M 101c	S+565 bp	Oct 1, 2036
T•••• B•••• S•••••• O••••••••• F••• I•••• L•••	equity equity	Not disclosed	$1.5M 133c
S••• 2••••••	term loan lien unstated	$1.5M	$1.5M 101c	S+525 bp	Jan 1, 2038
O••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	8.00%	Apr 1, 2037
G•••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	S+485 bp	Jan 1, 2038
G•••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	S+465 bp	Apr 1, 2038
E•••• 2•••••	term loan lien unstated	$1.5M	$1.5M 100c	S+450 bp	Apr 1, 2038
M••• 2••••••	term loan lien unstated	$3.1M	$1.5M 95c	15.18%	Jan 1, 2033
W••••••••• C•••••• P••••••• V• ••••••••• L•••	equity equity	Not disclosed	$1.5M 80c
B•• 2•••••	term loan lien unstated	$4.1M	$1.5M 89c	21.96%	Apr 1, 2035
F••••••• A••••••••• C•••• I•••	term loan first lien	$1.5M	$1.5M 101c	S+450 bp	Feb 1, 2032
E•••• 2•••••	term loan lien unstated	$1.5M	$1.5M 100c	S+590 bp	Oct 1, 2037
S••••• R••••••••• T•••• I•• P•••••• a••••••••• i•••••••••	unstated lien unstated	$1.5M	$1.5M 101c	S+700 bp	Apr 1, 2029
P••••••• W•••• H••••••• L••• P••••••• W•••• H••••••• I•••••• L•• a•• P••••••• W•••• S•••• H•••••••• L••	warrants equity	Not disclosed	$1.5M 327c		Aug 1, 2036
M••••• T•••• L• a•• M••••• H••••••• L•	equity equity	Not disclosed	$1.5M 100c
A•••• 2•••••••	term loan lien unstated	$1.4M	$1.5M 100c	S+625 bp	Apr 1, 2037
C•••• 2•••••	term loan lien unstated	$1.4M	$1.4M 101c	S+600 bp	Jul 1, 2037
O•••• 2•••••	term loan lien unstated	$2.4M	$1.4M 98c	10.86%	Jul 1, 2037
P••••• F•••••• T•••• N•••• P•••••• a••••••••• i•••••••••	unstated lien unstated	$1.4M	$1.4M 102c	S+785 bp	Feb 1, 2027
O••• P••••••• I•• L•	equity equity	Not disclosed	$1.4M 134c
C••• 2•••••	term loan lien unstated	$2.3M	$1.4M 102c	12.60%	Oct 1, 2038
O••• 2•••••	term loan lien unstated	$1.5M	$1.4M 96c	S+550 bp	Oct 1, 2037
A•••• 2••••••	term loan lien unstated	$1.4M	$1.4M 102c	S+625 bp	Mar 1, 2038
B••••••••• C•••••• P••••••• V• L•••	equity equity	Not disclosed	$1.4M 131c
W••• C••••••• • C••• L•• a•• W•• U••••••• H•••••••• L••	preferred equity equity	Not disclosed	$1.4M 100c	PIK 10.00%

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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