DFX Intelligence

The names on this page are hidden. Create a free account to reveal 5 records a month, or get Private Credit Intelligence at $249 a month for every name. Every figure, date and source on this page is public either way.

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 2026-06-30 · 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 (127)Quarter by quarter Sponsors

As of 2026-06-30 · 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 → $1.9B
fair 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.
Factthe schedule's fair value, a year apartQuarter by quarter →
57 → 62
borrowers
Added a net 5 borrowers in the quarter to Jun 30, 2026, to 62.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1919369 · file 814-01651Show

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

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 quarters

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
••• 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

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

C•••• G•••• S•• first lien term loan
1 BDC hold it · matures Jan 31, 2030
$100M 100c
D••••• M•••• 2• L•• first lien term loan
23 BDCs hold it · matures Aug 26, 2032
$85.9M 100c
A•••••• S••••••••• I•• first lien term loan
3 BDCs hold it · matures Aug 12, 2032 · possible sponsor N••••• C••••••
$75.0M 100c
M••••••••• T••••••••• I•• first lien term loan
7 BDCs hold it · matures Nov 3, 2032
$74.6M 100c
M••••••••• S•• H•••••••• L•• first lien term loan
1 BDC hold it · matures Dec 24, 2029
$72.1M 101c
A•••• L•• B•••• S• R• first lien term loan
1 BDC hold it · matures Dec 19, 2032
$67.7M 100c
S••• P•••••••• L•• first lien term loan
1 BDC hold it · matures Jun 6, 2030
$62.3M 100c
M••••••• B•••• I•• first lien term loan
9 BDCs hold it · matures Dec 2, 2031
$59.6M 100c
G••••• U• O••• I•• first lien term loan
3 BDCs hold it · matures Jan 12, 2033
$54.3M 100c
G• F••• A••••••••• L•• first lien term loan
1 BDC hold it · matures Jan 30, 2032
$53.3M 100c
D•••••••• I•• first lien term loan
11 BDCs hold it · matures Sep 12, 2030 · possible sponsor C•••••••• C•••••• G••••• L•••
$52.4M 101c
T••••••••• I•• first lien term loan
1 BDC hold it · matures Jun 12, 2031
$49.1M 100c

Schedule of investments at Sep 30, 2024

61 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
Z••••• C•••••••• H•••••••• L••	unstated lien unstated	$26.5M	$25.9M 100c	S+800 bp	Aug 30, 2029
C•••• S•••••••• I•••	unstated lien unstated	$22.6M	$22.1M 100c	S+575 bp	Jul 18, 2030
A•••••• I•••	unstated lien unstated	$20.6M	$20.7M 101c	S+525 bp	Jan 30, 2031
A•••••• I•••••••••	unstated lien unstated	$20.1M	$20.1M 101c	S+685 bp PIK 1.00%	Apr 1, 2027
O••••••••• L••	unstated lien unstated	$19.4M	$19.4M 101c	S+525 bp
E•••••• H•••••••• I•••	unstated lien unstated	$16.6M	$16.6M 101c	S+550 bp	Dec 24, 2029
M••••••••• T••••••••• I•••	term loan first lien	$15.9M	$15.6M 100c	S+600 bp
R•••••• S••••••• G••••• L••	delayed draw term loan lien unstated	$15.0M	$15.0M 102c	S+625 bp	Jun 15, 2029
R••••• S•••••••• I•••	unstated lien unstated	$14.9M	$14.9M 101c	S+475 bp	Nov 28, 2028
D••••••• C•••••••••	unstated lien unstated	$15.0M	$14.8M 100c	S+500 bp	Aug 2, 2030
C• B•••• I•••	unstated lien unstated	$14.4M	$14.2M 100c	S+525 bp	Jul 1, 2031
M•• S•••••••• L••	unstated lien unstated	$13.9M	$13.7M 100c	S+475 bp	Feb 10, 2027
A•••••• I••••••••• H•••••••• I•••	unstated lien unstated	$13.2M	$12.9M 100c	S+650 bp	Mar 19, 2031
S••••••• I•••	unstated lien unstated	$12.4M	$12.2M 101c	S+575 bp	Nov 20, 2030
G••• G••••• I•••	unstated lien unstated	$14.1M	$11.7M 89c	S+475 bp	Apr 28, 2028
A•• I••• L••	unstated lien unstated	$11.9M	$11.6M 100c	S+650 bp	Oct 31, 2029
S•••• H••••••• M•••• S•• r••	unstated lien unstated	$10.1M	$10.0M 100c	S+650 bp	May 23, 2031
P••••••• S•••••••• I•••	unstated lien unstated	$10.0M	$10.0M 100c	S+475 bp	Mar 21, 2031
R••••••••• H•••••• C••••	unstated lien unstated	$9.9M	$9.9M 100c	S+425 bp
C•••••• P•••••• I•••	unstated lien unstated	$10.0M	$9.9M 99c	S+325 bp	Jul 6, 2029
A••••••••• G••••• I•••	term loan first lien	$9.9M	$9.9M 100c	S+325 bp	Feb 15, 2029
M• S•• I• L••	unstated lien unstated	$9.9M	$9.9M 101c	S+425 bp	Dec 31, 2031
D••••• B•••• I••	unstated lien unstated	$7.0M	$7.0M 100c	S+325 bp	Sep 30, 2031
M••• S•••••• B•••	unstated lien unstated	$7.9M	$6.6M 100c	S+900 bp	Sep 14, 2029
B•••• M••••• S••• I•••	unstated lien unstated	$6.5M	$6.5M 100c	S+375 bp	Jul 30, 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+275 bp
M••••••••• T••••••••• I•••	preferred equity equity	$4.8M	$4.7M 100c	16.00%
I•••••••• M•••••••• A••••••••• L••	delayed draw term loan lien unstated	$1.8M	$1.7M 98c	S+600 bp	Aug 25, 2028
M••• S•••••• B•••	equity equity	$0	$1.2M 93c		Sep 14, 2029
M••••••••• T••••••••• I•••	equity equity	$0	$20,000 100c		May 16, 2034
O••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+525 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
M•• S•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
S••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
C• B••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
O••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
A••••••••• G••••• I•••• M• S•• I• L••• P••••••• S•••••••• R••••••••• H•••••• C••••• a•• R••••• S•••••••	term loan first lien	Not disclosed	Not disclosed
A•••••• I••••••••• H•••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+650 bp
M••• S•••••• B•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+900 bp
R•••••• S••••••• G••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+625 bp
S••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
S•••• H•••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
A•••••• I••••••••• A•• I••• L••• M•• S•••••••• L•• a•• M•• S•••••• B•••	unstated lien unstated	Not disclosed	Not disclosed
A•••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
S••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
E•••••• H•••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
C•••• S•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
C• B••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
D••••••• C•••••••••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
E•••••• H•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+550 bp
C•••• S•••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
C•••• S•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+575 bp
M••• S•••••• B•••	revolver lien unstated	Not disclosed	Not disclosed	S+900 bp
O••••••••• L••• I•••••••• M•••••••• A••••••••• L••• R•••••• S••••••• G••••• E•••••• H•••••••• I•••• D••••••• C••••••••• A•••••• S••••••• C• B•••• I•••• A•••••• I••••••••• H•••••••• I••• a•• C•••• S•••••••	unstated lien unstated	Not disclosed	Not disclosed
D••••••• C•••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
I•••••••• M•••••••• A••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
Z••••• C•••••••• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+800 bp
A•••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
A•••••• I••••••••• H•••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+650 bp

Page 1 of 1

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