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, 2025

1,615 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A•••• 2••••••	term loan lien unstated	$1.6M	$1.7M 101c	S+700 bp	Jul 1, 2037
M••• 2••••••	term loan lien unstated	$1.7M	$1.7M 98c	S+650 bp	Oct 1, 2037
P••• A•••••• H••••••• L••	revolver first lien	$1.7M	$1.7M 100c	S+475 bp	Aug 1, 2032
O•••••••• I•••••••• A••••• L•• a•• M•••• A••••••••• H•••••••• L•	term loan first lien	$1.7M	$1.7M 101c	S+500 bp	Nov 1, 2029
T•• P••••••• V•••• L•••	equity equity	Not disclosed	$1.6M 105c
C••••• G•••• L••••••	term loan first lien	$1.6M	$1.6M 107c	S+529 bp	Aug 1, 2031
A••• 1•	term loan lien unstated	$1.6M	$1.6M 97c	S+650 bp	Jul 1, 2037
R•• G••••• I••••• •• A•	equity equity	Not disclosed	$1.6M 116c
O•• 2••••••	term loan lien unstated	$3.1M	$1.6M 100c	S+625 bp	Oct 1, 2037
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	12.00%	Jul 1, 2038
O•• 2••••••	term loan lien unstated	$1.6M	$1.6M 101c	S+625 bp	Oct 1, 2037
C•••••••• P••••••• V••• L•••	equity equity	Not disclosed	$1.6M 110c
O•••• 2•••••	term loan lien unstated	$1.5M	$1.5M 106c	S+789 bp	Apr 1, 2038
O•••• 2•••••	term loan lien unstated	$1.5M	$1.5M 99c	S+750 bp	Apr 1, 2038
A••••• A••••••••• H••••••• L•• a•• A••••• A••••••••• H••••••• P••••• L••	term loan first lien	$1.5M	$1.5M 100c	S+550 bp PIK 9.30%	Feb 1, 2030
C••• 2•••••	term loan lien unstated	$1.5M	$1.5M 101c	S+565 bp	Oct 1, 2036
O••• 2••••••	term loan lien unstated	$3.4M	$1.5M 83c	7.17%	Jan 1, 2030
C••• 2•••••	term loan lien unstated	$1.5M	$1.5M 101c	S+685 bp	Apr 1, 2037
W••••••••• C•••••• P••••••• V• ••••••••• L•••	equity equity	Not disclosed	$1.5M 81c
B•••• 2••••••	term loan lien unstated	$1.5M	$1.5M 101c	S+610 bp	Jul 1, 2037
E•••• 2•••••	term loan lien unstated	$1.5M	$1.5M 100c	S+450 bp	Apr 1, 2038
S••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	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
P•••••• I• L••• 2•	equity equity	Not disclosed	$1.5M 120c
G•••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	S+465 bp	Apr 1, 2038
M••• 2••••••	term loan lien unstated	$1.5M	$1.5M 100c	S+625 bp	Jul 1, 2037
M••••••••• B•••• O• a•• M••••••••• U•• L••	revolver first lien	$1.5M	$1.5M 101c	S+500 bp	Nov 1, 2030
M••• H•••••••• I••• a•• M• P•••••••• P•••••• L•	equity equity	Not disclosed	$1.5M 110c
A•••• C•• 3•• L••• S••••••••• finance (CLO)	term loan lien unstated	$1.5M	$1.5M 100c	21.00%	Nov 1, 2030
M••••• T•••• L• a•• M••••• H••••••• L•	equity equity	Not disclosed	$1.5M 100c
E•••• 2•••••	term loan lien unstated	$1.5M	$1.5M 99c	S+590 bp	Oct 1, 2037
T•••• B•••• S•••••• O••••••••• F••• I•••• L•••	equity equity	Not disclosed	$1.5M 128c
A•••• 2•••••••	term loan lien unstated	$1.4M	$1.4M 100c	S+625 bp	Apr 1, 2037
S•••••• T••••••••• o• A••••••• I•••	term loan first lien	$1.4M	$1.4M 100c	S+300 bp	Jun 1, 2032
P••••• F•••••• T•••• N•••• P•••••• a••••••••• i•••••••••	unstated lien unstated	$1.4M	$1.4M 103c	S+785 bp	Feb 1, 2027
C••• 2•••••	term loan lien unstated	$2.3M	$1.4M 102c	17.99%	Oct 1, 2038
B••••• • L••• C•••••••••	term loan first lien	$1.4M	$1.4M 101c	S+375 bp	Jan 1, 2031
C•••• 2•••••	term loan lien unstated	$1.4M	$1.4M 101c	S+600 bp	Jul 1, 2037
B• E••••••• C•••••• X• • 2• L•	equity equity	Not disclosed	$1.4M 112c
W••• C••••••• • C••• L•• a•• W•• U••••••• H•••••••• L••	preferred equity equity	Not disclosed	$1.4M 100c	PIK 10.00%
Z••••••• U• B•••• I••• a•• P••••••••• E••••• P••••••• I••• L•••	equity equity	Not disclosed	$1.4M 99c
P••• P•••••• L•• a•• P••• U••••••• H•••••••• L•	equity equity	Not disclosed	$1.4M 120c	PIK 9.00%
A•••• 2••••••	term loan lien unstated	$1.4M	$1.4M 101c	S+625 bp	Mar 1, 2038
S••••• R••••••••• T•••• I•• P•••••• a••••••••• i•••••••••	unstated lien unstated	$1.4M	$1.4M 101c	S+700 bp	Apr 1, 2029
J••• H••••••• L• a•• J••• B•••• L••	preferred equity equity	Not disclosed	$1.3M 131c
L•••••• H••••••••• H•••••• C••••••• L•• a•• S•••••• C••••••• ••••••• L•••	term loan first lien	$1.3M	$1.3M 101c	S+500 bp	Aug 1, 2031
C••• B•••••••• L•• a•• C••• T••••• L•••	preferred equity equity	Not disclosed	$1.3M 100c	PIK 8.00%
O•••• 2•••••	term loan lien unstated	$2.4M	$1.3M 93c	10.03%	Jul 1, 2037
M••• 2••••••	term loan lien unstated	$3.1M	$1.3M 84c	14.19%	Jan 1, 2033
W••••••• I••••••••• I•• L••	revolver first lien	$1.5M	$1.3M 99c	S+575 bp	Sep 1, 2032
O••• P••••••• I•• L•	equity equity	Not disclosed	$1.3M 130c
S•••• M•••• I•••	revolver first lien	$1.3M	$1.3M 115c	S+525 bp	Dec 1, 2030
K•••• I••••••••• A••••••••• I•• L•••	equity equity	Not disclosed	$1.3M 87c
B••••••••• C•••••• P••••••• V• L•••	equity equity	Not disclosed	$1.3M 122c
P••• 2••••••	term loan lien unstated	$1.3M	$1.3M 101c	S+575 bp	Apr 1, 2038
B•• 2••••••	term loan lien unstated	$1.3M	$1.3M 101c	S+610 bp	Apr 1, 2037
E•••• 2••••••	term loan lien unstated	$1.7M	$1.3M 85c	11.18%	Oct 1, 2037
B•••• 2•••••	term loan lien unstated	$1.3M	$1.2M 98c	S+565 bp	Jul 1, 2038
M•••• F•••••••• G••••• L•• a•• C•• F••• I• C•••••••• •••• L•	revolver first lien	$1.3M	$1.2M 100c	S+500 bp	Aug 1, 2032
A•••• 2••••••	term loan lien unstated	$1.8M	$1.2M 100c	13.96%	Oct 1, 2038
O••• 2••••••	term loan lien unstated	$1.2M	$1.2M 101c	S+575 bp	Oct 1, 2037
A•••••• I••• a•• A••••• A••••••• I•••	revolver first lien	$1.2M	$1.2M 102c	S+475 bp	Jan 1, 2031
C••• 2•••••	term loan lien unstated	$1.2M	$1.2M 103c	S+660 bp	Jul 1, 2038
P••••• G••••• I••••• •• A•	equity equity	Not disclosed	$1.2M 115c
D••••••	revolver first lien	$1.2M	$1.2M 103c	S+500 bp	Oct 1, 2030
F•••• L•••• I•••	term loan first lien	$1.2M	$1.2M 101c	10.50%	Nov 1, 2028
S••• 2••••••	term loan lien unstated	$1.3M	$1.2M 96c	S+535 bp	Jan 1, 2038
O••• 2•••••	term loan lien unstated	$1.5M	$1.2M 85c	S+550 bp	Oct 1, 2037
W••••••••• B•••• I••• a•• W••••••••• T•••• L•	revolver first lien	$1.2M	$1.2M 106c	S+475 bp	Jun 1, 2030
O•••• 2•••••	term loan lien unstated	$1.2M	$1.2M 105c	S+650 bp	Jul 1, 2037
M••••••• T••••	term loan first lien	$1.2M	$1.2M 109c	S+625 bp	Oct 1, 2031
I••••••• H••• S••••••• H•••••• I•••• D•• A••••• a•• I•• P••••• H•••••••• L•••	term loan first lien	$1.2M	$1.2M 102c	S+600 bp	Dec 1, 2028
F•• G••••• L•••	equity equity	Not disclosed	$1.2M 117c
D••••••• C•••••••••	revolver first lien	$1.2M	$1.2M 98c	S+500 bp	Aug 1, 2030
U• I••••••••• I• L•• a•• U••• B•••••• L••• S•••••	preferred equity equity	Not disclosed	$1.2M 100c	PIK 15.00%
E•••• 2•••••	term loan lien unstated	$1.1M	$1.1M 100c	S+440 bp	Apr 1, 2038
A••••• I••••••••• G•• V•••• L•••••• P•••••••••	equity equity	Not disclosed	$1.1M 121c
A•••••• H•••••••• I••• a•• A•••••• T••••••••• I•••	revolver first lien	$1.7M	$1.1M 68c	S+650 bp	Dec 1, 2028
B• E••••••• C•••••• I• • 2• L•	equity equity	Not disclosed	$1.1M 153c
W••••• 2•••••	term loan lien unstated	$1.1M	$1.1M 101c	S+575 bp	Oct 1, 2037
C••• 2•••••	term loan lien unstated	$1.1M	$1.1M 99c	S+692 bp	Apr 1, 2037
O••• 2•••••	term loan lien unstated	$1.1M	$1.1M 101c	S+525 bp	Oct 1, 2037
A•••• 2••••••	term loan lien unstated	$1.1M	$1.1M 101c	S+575 bp	Jan 1, 2036
E•• C•••• H••••••• I• L••	term loan first lien	$1.1M	$1.1M 101c	S+300 bp	Oct 1, 2031
A•••• M•••••• I•••	preferred equity equity	Not disclosed	$1.1M 99c
M••• 2••••••	term loan lien unstated	$1.1M	$1.1M 99c	S+640 bp	Jul 1, 2037
H•••••• A••••••• B••••• L•• a•• H•••••• C•• B••••• L••	revolver first lien	$1.1M	$1.1M 104c	S+350 bp	Mar 1, 2032
B••••••• F••• A••••••••• I••• a•• B••••••• F••• H••••••• L••	equity equity	Not disclosed	$1.1M 95c
I•••••• C•••••• L••• P•••••• a••••••••• i•••••••••	unstated lien unstated	$1.1M	$1.1M 101c	9.50%	Jun 1, 2030
M••• 2•••••••	term loan lien unstated	$1.7M	$1.1M 95c	14.77%	Jul 1, 2038
R••• 2••••••	term loan lien unstated	$1.1M	$1.1M 100c	S+465 bp	Apr 1, 2038
E•••••••• P• T••••••••• B•••• C••••••••• a•• E•••••••• P• T••••••••• H••••••• L••	equity equity	Not disclosed	$1.1M 100c
L•••••• H••••••••• H•••••• C••••••• L•• a•• S•••••• C••••••• ••••••• L•••	revolver first lien	$1.0M	$1.0M 105c	S+500 bp	Aug 1, 2030
C••• 2•••••	term loan lien unstated	$1.2M	$1.0M 103c	18.74%	Oct 1, 2038
L•• W•••••••• P•••••••• L•• a•• L•• W•••••••• H••••••• L•	equity equity	Not disclosed	$1.0M 73c
B• E••••••• C•••••• I• • 2• L•	equity equity	Not disclosed	$1.0M 154c
C••• 2•••••	term loan lien unstated	$1.0M	$1.0M 101c	S+620 bp	Jul 1, 2037
T•••• B•••• F••• X•••• L•••	equity equity	Not disclosed	$1.0M 128c

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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