DFX Intelligence
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V•••• C••••• S•••••••• L•••••• C••••
Business development companymanaged by V•••• C••••• B•• M••••••••• L•••Non-traded· SAN FRANCISCO, CA
A non-traded business development company, managed by V•••• C••••• B•• M••••••••• L•••, holding $1.9B across 62 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
As of · the latest schedule of investments read for this BDC
- Fair value
- $1.9B
- Borrowers
- 62
- Mark on cost
- 98.6¢
- First lien
- 95%
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- 2 below 80¢$51.3M principal
2 positions across 2 borrowers marked below 80¢ on cost, $51.3M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - $737M → $1.9Bfair value, 4 quarters
Its portfolio grew 153% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
- 57 → 62borrowers
Added a net 5 borrowers in the quarter to Jun 30, 2026, to 62.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1919369 · file 814-01651ShowHide
Fair value
$1.9B
as of Jun 30, 2026
Principal held
$1.8B
debt pieces, the filer's figure
Cost
$1.9B
99c on cost, debt pieces
Unfunded
$324M
commitments not yet drawn
Positions
127
62 borrowers
First lien
95%
95% debt by fair value
Quarters on the tape
11
since Dec 31, 2023
Facilities held
118
12 sponsors financed
Portfolio through time
Fair value by quarter end$1.9B as of Jun 30, 2026
Dec 31, 2023$105M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.9B | 62 | 99c | 2 | 533 bp |
| Mar 31, 2026 | $1.6B | 57 | 99c | 2 | 519 bp |
| Dec 31, 2025 | $1.6B | 55 | 100c | 2 | 525 bp |
| Sep 30, 2025 | $1.1B | 48 | 100c | 1 | 543 bp |
All 11 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $737M | 41 | 100c | 1 | 538 bp |
| Mar 31, 2025 | $2.2B | 37 | 100c | 1 | 542 bp |
| Dec 31, 2024 | $2.5B | 34 | 100c | 3 | 552 bp |
| Sep 30, 2024 | $359M | 29 | 100c | 1 | 559 bp |
| Jun 30, 2024 | $270M | 24 | 100c | 1 | 536 bp |
| Mar 31, 2024 | $180M | 19 | 100c | 1 | 535 bp |
| Dec 31, 2023 | $105M | 16 | 100c | 0 | 532 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
Largest facilities held, with co-lenders
- C•••• G•••• S•• first lien term loan1 BDC hold it · matures Jan 31, 2030$100M 100c
- D••••• M•••• 2• L•• first lien term loan23 BDCs hold it · matures Aug 26, 2032$85.9M 100c
- A•••••• S••••••••• I•• first lien term loan3 BDCs hold it · matures Aug 12, 2032 · possible sponsor N••••• C••••••$75.0M 100c
- M••••••••• T••••••••• I•• first lien term loan7 BDCs hold it · matures Nov 3, 2032$74.6M 100c
- M••••••••• S•• H•••••••• L•• first lien term loan1 BDC hold it · matures Dec 24, 2029$72.1M 101c
- A•••• L•• B•••• S• R• first lien term loan1 BDC hold it · matures Dec 19, 2032$67.7M 100c
- S••• P•••••••• L•• first lien term loan1 BDC hold it · matures Jun 6, 2030$62.3M 100c
- M••••••• B•••• I•• first lien term loan9 BDCs hold it · matures Dec 2, 2031$59.6M 100c
- G••••• U• O••• I•• first lien term loan3 BDCs hold it · matures Jan 12, 2033$54.3M 100c
- G• F••• A••••••••• L•• first lien term loan1 BDC hold it · matures Jan 30, 2032$53.3M 100c
- D•••••••• I•• first lien term loan11 BDCs hold it · matures Sep 12, 2030 · possible sponsor C•••••••• C•••••• G••••• L•••$52.4M 101c
- T••••••••• I•• first lien term loan1 BDC hold it · matures Jun 12, 2031$49.1M 100c
Schedule of investments at Mar 31, 2024
37 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A•••••• I••••••••• | unstated lien unstated | $20.0M | $19.7M 100c | S+685 bp PIK 1.00% | Apr 1, 2027 |
| A•••••• I••• | unstated lien unstated | $19.8M | $19.6M 100c | S+525 bp | Jan 30, 2031 |
| E•••••• H•••••••• I••• | unstated lien unstated | $16.7M | $16.4M 100c | S+550 bp | Dec 24, 2029 |
| R•••••• S••••••• G••••• L•• | delayed draw term loan lien unstated | $15.1M | $15.0M 102c | S+625 bp | Jun 15, 2029 |
| S••••••• I••• | unstated lien unstated | $12.5M | $12.3M 101c | S+575 bp | Nov 20, 2030 |
| A•• I••• L•• | unstated lien unstated | $10.8M | $10.5M 100c | S+650 bp | Oct 31, 2029 |
| C•••••• P•••••• I••• | unstated lien unstated | $10.0M | $10.0M 100c | S+400 bp | Jul 6, 2029 |
| R••••••••• H•••••• C•••• | unstated lien unstated | $10.0M | $10.0M 100c | S+425 bp | |
| P••••••• S•••••••• I••• | unstated lien unstated | $10.0M | $9.9M 100c | S+475 bp | Mar 21, 2031 |
| M• S•• I• L•• | unstated lien unstated | $10.0M | $9.9M 101c | S+425 bp | Dec 31, 2031 |
| R••••• S•••••••• I••• | unstated lien unstated | $10.0M | $9.9M 100c | S+475 bp | Nov 28, 2028 |
| A••••••••• G••••• I••• | term loan first lien | $10.0M | $9.9M 100c | S+325 bp | Feb 15, 2029 |
| W•••••• T••••••••• I••• | unstated lien unstated | $8.0M | $8.0M 100c | S+400 bp | |
| A•••••• I••••••••• H•••••••• I••• | unstated lien unstated | $5.4M | $5.1M 98c | S+650 bp | Mar 19, 2031 |
| Z•••• H••••••••• C••••••••• | unstated lien unstated | $5.0M | $5.0M 101c | S+275 bp | Nov 26, 2031 |
| Q••••• A••••••••• L•• | unstated lien unstated | $5.0M | $5.0M 100c | S+350 bp | |
| B•••• M••••• S••• I••• | unstated lien unstated | $4.0M | $4.0M 102c | S+425 bp | Jul 30, 2031 |
| I•••••••• M•••••••• A••••••••• L•• | delayed draw term loan lien unstated | $348,000 | $311,000 92c | S+600 bp | Aug 25, 2028 |
| M•• S•••••••• L•• | unstated lien unstated | $0 | -$99,000 152c | S+550 bp | Feb 10, 2027 |
| A•••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| I•••••••• M•••••••• A••••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+600 bp | |
| E•••••• H•••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| E•••••• H•••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| A•••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| M•• S•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| A•• I••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+650 bp | |
| A•• I••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+650 bp | |
| A•••••• I••••••••• A•• I••• L•• a•• M•• S•••••••• L•• a•• A•••••• I••••••••• H•••••••• I•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| M•• S•••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| I•••••••• M•••••••• A••••••••• L••• E•••••• H•••••••• I•••• R•••••• S••••••• G••••• S••••••• I••• a•• A••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| A•••••• I••••••••• H•••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+650 bp | |
| A••••••••• G••••• I•••• M• S•• I• L••• C•••••• P•••••• R••••••••• H•••••• C•••• a•• R••••• S••••••• | term loan first lien | Not disclosed | Not disclosed | ||
| R•••••• S••••••• G••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+625 bp | |
| A•••••• I••••••••• H•••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+650 bp | |
| S••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp |
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Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2026 to 2026reported
- Filings listed
- 12reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-339655reported