DFX Intelligence

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N•• M••••••• G••••••• I• B••• L•••••

Business development companymanaged by N•• M••••••• F•••••• A•••••••• L•••••Non-traded· NEW YORK, NY

A non-traded business development company, managed by N•• M••••••• F•••••• A•••••••• L•••••, holding $2.1B across 140 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: $2.1B
Borrowers: 140
Mark on cost: 98.8¢
First lien: 95%

Schedule of investments (445)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

3 below 80¢
$31.7M principal
3 positions across 3 borrowers marked below 80¢ on cost, $31.7M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
21 → 26
loans paying in kind
Loans paying in kind rose from 21 to 26 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 →
$1.6B → $2.1B
fair value, 4 quarters
Its portfolio grew 28% 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 1925531 · file 814-01528Show

Fair value

$2.1B

as of Jun 30, 2026

Principal held

$2.5B

debt pieces, the filer's figure

Cost

$2.1B

99c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

445

140 borrowers

First lien

95%

99% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

153

33 sponsors financed

Portfolio through time

Fair value by quarter end$2.1B as of Jun 30, 2026

Dec 31, 2022$123M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$2.1B	140	99c	26	480 bp
Mar 31, 2026	$2.0B	138	99c	21	490 bp
Dec 31, 2025	$2.1B	135	100c	17	496 bp
Sep 30, 2025	$1.6B	125	100c	19	499 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.6B	120	100c	17	511 bp
Mar 31, 2025	$1.6B	114	101c	16	514 bp
Dec 31, 2024	$3.0B	115	101c	27	520 bp
Sep 30, 2024	$1.2B	109	101c	10	532 bp
Jun 30, 2024	$974M	96	101c	11	555 bp
Mar 31, 2024	$696M	84	102c	8	588 bp
Dec 31, 2023	$1.1B	75	102c	15	582 bp
Sep 30, 2023	$349M	59	102c	9	580 bp
Jun 30, 2023	$241M	46	101c	7	593 bp
Mar 31, 2023	$192M	37	101c	1	614 bp
Dec 31, 2022	$123M	30	100c	1	588 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 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

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
PIK interest increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

D•••••• B•••• first lien term loan
2 BDCs hold it · matures Dec 1, 2032
$58.5M 97c
V•••• B••••• I•• first lien term loan
12 BDCs hold it · matures Nov 1, 2031
$49.5M 98c
C•••• H•••••••• L•• first lien term loan
27 BDCs hold it · matures Aug 2, 2030
$44.9M 99c
B••••••••• I•• first lien term loan
13 BDCs hold it · matures Dec 3, 2032
$43.6M 100c
O••••••••• L•• first lien term loan
25 BDCs hold it · matures Dec 23, 2032 · possible sponsor F•••••••• P•••••••
$43.4M 99c
P••• C••• first lien term loan
13 BDCs hold it · matures Dec 20, 2032
$43.1M 100c
N• T••••• L•• first lien term loan
10 BDCs hold it · matures Sep 2, 2031
$42.7M 99c
M••• B•••• L•• first lien term loan
8 BDCs hold it · matures Dec 22, 2031
$42.5M 100c
A•• T••••• L•• first lien term loan
13 BDCs hold it · matures Dec 31, 2027 · possible sponsor B•••••• P•••• C•••••• A•••••••• L••
$41.9M 100c
S••••• B••••••• H••••••• L•• first lien term loan
7 BDCs hold it · matures Dec 19, 2032
$41.0M 99c
A••••••• I•• first lien term loan
21 BDCs hold it · matures Jun 21, 2029
$40.3M 98c
V••••• M•••• H•••••••• L•• first lien term loan
25 BDCs hold it · matures Nov 3, 2032
$40.0M 100c

Schedule of investments at Dec 31, 2023

266 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
P•••••• P•••• B••••• L••	term loan first lien	$3.6M	$3.6M 101c	S+700 bp	May 1, 2026
P•••••• P•••• B••••• L••	term loan first lien	$3.6M	$3.6M 101c	S+700 bp	May 1, 2026
N••• H•••••• L••	term loan first lien	$3.5M	$3.5M 100c	S+600 bp	Nov 1, 2030
N••• H•••••• L••	term loan first lien	$3.5M	$3.5M 100c	S+600 bp	Nov 1, 2030
B••••••••• I•••	term loan first lien	$3.5M	$3.5M 100c	S+550 bp	Dec 1, 2027
B••••••••• I•••	term loan first lien	$3.5M	$3.5M 100c	S+550 bp	Dec 1, 2027
W•• S•• I••••••••• H•••••••• L••	term loan first lien	$3.5M	$3.5M 100c	15.00%	May 1, 2033
W•• S•• I••••••••• H•••••••• L••	subordinated debt unsecured or subordinated	$3.5M	$3.5M 100c	15.00% PIK 15.00%	May 1, 2033
A•••• A• B•••• P•• L••	term loan first lien	$3.5M	$3.5M 101c	S+725 bp	Dec 1, 2029
A• A••••• U• B••••• I•••	term loan first lien	$3.3M	$3.3M 101c	S+508 bp	Dec 1, 2028
I••••••• C•••••••••	subordinated debt unsecured or subordinated	$3.1M	$3.1M 101c	S+825 bp	Jul 1, 2029
I• I••••••••• L••	subordinated debt unsecured or subordinated	$3.1M	$3.1M 101c	S+825 bp	Jul 1, 2029
G••••••••• L••	term loan first lien	$3.0M	$3.0M 100c	S+650 bp	Mar 1, 2030
G••••••••• L••	term loan first lien	$3.0M	$3.0M 100c	S+650 bp	Mar 1, 2030
A••••••• I•••	term loan first lien	$3.0M	$3.0M 101c	S+650 bp	Jun 1, 2029
A••••••• I•••	term loan first lien	$3.0M	$3.0M 101c	S+650 bp	Jun 1, 2029
D•••• M••• L••	term loan first lien	$3.0M	$2.9M 98c	S+575 bp	Jun 1, 2028
D•••• M••• L••	term loan first lien	$3.0M	$2.9M 98c	S+575 bp	Jun 1, 2028
i••••• I•••	term loan first lien	$2.9M	$2.9M 102c	S+338 bp PIK 3.88%	Aug 1, 2028
B•••••••• P•••••• L••	term loan first lien	$3.0M	$2.9M 99c	S+450 bp	Aug 1, 2029
B•••••••• P•••••• L••	term loan first lien	$3.0M	$2.9M 99c	S+450 bp	Aug 1, 2029
I• I••••••••• L••	term loan first lien	$2.7M	$2.7M 101c	S+550 bp	Jul 1, 2028
I••••••• C•••••••••	term loan first lien	$2.7M	$2.7M 101c	S+550 bp	Jul 1, 2028
Z••• C•••••• S•••••••• I•••	term loan first lien	$2.5M	$2.5M 100c	S+575 bp	Mar 1, 2028
Z••• C•••••• S•••••••• I•••	term loan first lien	$2.5M	$2.5M 100c	S+575 bp	Mar 1, 2028
W••••• E••••••••• G••••• L••	term loan first lien	$2.2M	$2.2M 100c	S+575 bp	Oct 1, 2027
A•••••••• M••••• L••	term loan first lien	$2.1M	$2.1M 100c	S+550 bp	Jun 1, 2028
A•••••••• M••••• L••	term loan first lien	$2.1M	$2.1M 100c	S+550 bp	Jun 1, 2028
A•• G•••• H•••••••• I•••	term loan first lien	$2.0M	$2.0M 100c	S+550 bp	Dec 1, 2029
A•• G•••• H•••••••• I•••	term loan first lien	$2.0M	$2.0M 100c	S+550 bp	Dec 1, 2029
K••• A••••••••• I•••	term loan first lien	$1.9M	$1.9M 101c	S+525 bp	Dec 1, 2028
K••• A••••••••• I•••	term loan first lien	$1.9M	$1.9M 101c	S+525 bp	Dec 1, 2028
E••••• A••••••• G•••• L••	term loan first lien	$1.9M	$1.9M 101c	S+525 bp	Jul 1, 2028
K••• A••••••••• I•••	term loan first lien	$1.9M	$1.8M 100c	S+625 bp	Aug 1, 2029
K••• A••••••••• I•••	term loan first lien	$1.9M	$1.8M 100c	S+625 bp	Aug 1, 2029
K•••• A••••••••• I•••	term loan first lien	$1.8M	$1.7M 99c	S+525 bp	Oct 1, 2028
K•••• A••••••••• I•••	term loan first lien	$1.8M	$1.7M 99c	S+525 bp	Oct 1, 2028
S•••••• L••	term loan second lien	$1.5M	$1.5M 134c	S+800 bp	Dec 1, 2028
T•••••• A•• C••••••••• H••••••• C•••••••••	term loan first lien	$1.4M	$1.4M 101c	S+575 bp	Jun 1, 2027
T•••••• A•• C••••••••• H••••••• C•••••••••	term loan first lien	$1.4M	$1.4M 101c	S+575 bp	Jun 1, 2027
A•••••••• M••••• L••	term loan first lien	$1.4M	$1.4M 100c	S+550 bp	Jun 1, 2028
A•••••••• M••••• L••	term loan first lien	$1.4M	$1.4M 100c	S+550 bp	Jun 1, 2028
A•••• A• B•••• P•• L••	term loan first lien	$1.3M	$1.3M 100c	S+675 bp	Dec 1, 2029
W••••• E••••••••• G••••• L••	term loan first lien	$1.3M	$1.3M 100c	S+575 bp	Oct 1, 2027
S•••• D•••••• L••	term loan first lien	$1.1M	$1.1M 100c	S+590 bp	Dec 1, 2028
A•••••••• M••••• L••	term loan first lien	$933,000	$933,000 101c	S+550 bp	Jun 1, 2028
A•••••••• M••••• L••	term loan first lien	$933,000	$933,000 101c	S+550 bp	Jun 1, 2028
K••••••• I••••••••• H••••••• I• I•••	preferred equity equity	Not disclosed	$886,000 101c	11.75% PIK 11.75%
K••••••• I••••••••• H••••••• I• I•••	preferred equity equity	Not disclosed	$886,000 101c	11.75% PIK 11.75%
A••••••• F•••••••• G••••• L•••	term loan first lien	$771,000	$771,000 101c	S+550 bp	Dec 1, 2026
A••••••• F•••••••• G••••• L•••	term loan first lien	$771,000	$771,000 101c	S+550 bp	Dec 1, 2026
A••••••• F•••••••• G••••• L•••	term loan first lien	$771,000	$771,000 101c	S+550 bp	Dec 1, 2026
U••• H•••••••• I•••	term loan first lien	$605,000	$605,000 102c	S+575 bp	Jul 1, 2027
U••• H•••••••• I•••	term loan first lien	$605,000	$605,000 102c	S+575 bp	Jul 1, 2027
A•••••••• R••• M••••••••• G••••• I•••	term loan first lien	$563,000	$563,000 100c	S+600 bp	Nov 1, 2029
A•••••••• R••• M••••••••• G••••• I•••	term loan first lien	$563,000	$563,000 100c	S+600 bp	Nov 1, 2029
K••• A••••••••• I•••	term loan first lien	$560,000	$560,000 101c	S+525 bp	Dec 1, 2028
K••• A••••••••• I•••	term loan first lien	$560,000	$560,000 101c	S+525 bp	Dec 1, 2028
P•••••• H•••••••• L••	equity equity	Not disclosed	$480,000 100c
G• W•••• H•••••••• I•••	term loan first lien	$456,000	$456,000 100c	S+600 bp	Aug 1, 2028
G• W•••• H•••••••• I•••	term loan first lien	$456,000	$456,000 100c	S+600 bp	Aug 1, 2028
I•• I••••••• H•••••••• I•••	term loan first lien	$403,000	$400,000 100c	S+600 bp	May 1, 2029
F••••• S•••••••• G••••• L••	term loan first lien	$381,000	$379,000 99c	S+550 bp	Oct 1, 2028
M••• c•••••• I• L••	term loan first lien	$319,000	$316,000 99c	S+600 bp	Sep 1, 2029
M••• c•••••• I• L••	term loan first lien	$319,000	$316,000 99c	S+600 bp	Sep 1, 2029
K••••• I•••	term loan first lien	$290,000	$290,000 101c	S+550 bp	Jun 1, 2029
A•••••••• R••• M••••••••• G••••• I•••	term loan first lien	$251,000	$251,000 100c	S+600 bp	Nov 1, 2029
A•••••••• R••• M••••••••• G••••• I•••	term loan first lien	$251,000	$251,000 100c	S+600 bp	Nov 1, 2029
K••• A••••••••• I•••	term loan first lien	$231,000	$228,000 100c	S+625 bp	Aug 1, 2029
K••• A••••••••• I•••	term loan first lien	$231,000	$228,000 100c	S+625 bp	Aug 1, 2029
C••••••• S•••••••• F•••• L••• 3• C••••••• Services	term loan first lien	$226,000	$223,000 101c	S+650 bp	Mar 1, 2030
W••••• E••••••••• G••••• L••	term loan first lien	$178,000	$178,000 100c	S+575 bp	Oct 1, 2027
F••••• S•••••••• G••••• L••	term loan first lien	$169,000	$168,000 101c	S+550 bp	Oct 1, 2028
i••••• I•••	term loan first lien	$152,000	$152,000 99c	S+675 bp	Aug 1, 2028
i••••• I•••	term loan first lien	$152,000	$152,000 99c	S+675 bp	Aug 1, 2028
F••••••• F•••••••• G••••• L••	term loan first lien	$107,000	$107,000 101c	S+550 bp	Sep 1, 2027
F••••••• F•••••••• G••••• L••	term loan first lien	$107,000	$107,000 101c	S+550 bp	Sep 1, 2027
B••••••••• I•••	term loan first lien	$97,000	$97,000 100c	S+550 bp	Dec 1, 2027
A•• G•••• H•••••••• I•••	term loan first lien	$88,000	$87,000 99c	S+550 bp	Dec 1, 2029
A•• G•••• H•••••••• I•••	term loan first lien	$88,000	$87,000 99c	S+550 bp	Dec 1, 2029
R•••••• P•••••• L••	term loan first lien	$83,000	$83,000 100c	S+675 bp	Apr 1, 2028
R•••••• P•••••	term loan first lien	$83,000	$83,000 100c	S+675 bp	Apr 1, 2028
K••••• I•••	term loan first lien	$71,000	$71,000 111c	S+350 bp PIK 2.50%	Jun 1, 2029
K••• A••••••••• I•••	term loan first lien	$56,000	$56,000 100c	S+625 bp	Aug 1, 2029
A•• G•••• H•••••••• I•••	term loan first lien	$51,000	$51,000 100c	S+550 bp	Dec 1, 2029
A•• G•••• H•••••••• I•••	term loan first lien	$51,000	$51,000 100c	S+550 bp	Dec 1, 2029
Z••• C•••••• S•••••••• I•••	term loan first lien	$39,000	$39,000 100c	S+450 bp	Mar 1, 2028
Z••• C•••••• S•••••••• I•••	term loan first lien	$39,000	$39,000 100c	S+450 bp	Mar 1, 2028
F••••••• F•••••••• G••••• L••	term loan first lien	$37,000	$37,000 106c	S+550 bp	Sep 1, 2027
I•• I••••••• H•••••••• I•••	term loan first lien	$22,000	$22,000 96c	S+600 bp	May 1, 2028
K•••• A••••••••• I•••	term loan first lien	$19,000	$19,000 100c	S+575 bp	Oct 1, 2028
K•••• A••••••••• I•••	term loan first lien	$19,000	$19,000 100c	S+575 bp	Oct 1, 2028
C•••• H•••••••• L••	term loan first lien	$1.8M	$18,000	S+750 bp	Aug 1, 2024
P••••• C••• C••••••• L••	term loan first lien	$2.4M	$1,000	S+600 bp	Nov 1, 2025
C•••• H•••••••• L••	term loan first lien	$1.3M	$0 0c	S+750 bp	Feb 1, 2029
Z••• C•••••• S•••••••• I•••	term loan first lien	$406,000	$0 0c		Mar 1, 2028
P•• I••••••••• H•••••••• L••	term loan first lien	$426,000	$0 0c	S+575 bp	Aug 1, 2029
i••••• I•••	term loan first lien	$761,000	$0 0c		Aug 1, 2028
O••••• H•••••• I•••	term loan first lien	$1.5M	$0 0c	S+750 bp	Feb 1, 2029
D•••• P•••••• I•••	term loan first lien	$890,000	$0 0c	S+750 bp	Mar 1, 2029

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 17reported10-Q and 10-K since 2022
Former names: N•• M••••••• G••••••• I• B•• L.L.C.reported
Latest schedule: 0001925531-26-000014reported