DFX Intelligence

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G•••• C•••••• P•••••• C••••• F•••

Business development companymanaged by G• A••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by G• A••••••• L••, holding $9.5B across 448 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: $9.5B
Borrowers: 448
Mark on cost: 98.8¢
First lien: 96%

Schedule of investments (1,052)Quarter by quarter Sponsors

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

What matters now

$9.88M
on non-accrual, 5 borrowers
5 borrowers on non-accrual, $9.88M principal; the largest is P••••••••• L•• ($4.05M).
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 P••••••••• L•• →
$1.98M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $1.98M principal: F•••••••• S••••••• I••••••••• H••••••• I•• ($1.98M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open F•••••••• S••••••• I••••••••• H••••••• I•• →
19 below 80¢
$105M principal
19 positions across 19 borrowers marked below 80¢ on cost, $105M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
56 → 67
loans paying in kind
Loans paying in kind rose from 56 to 67 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 →
$6.7B → $9.5B
fair value, 4 quarters
Its portfolio grew 43% 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 1930087 · file 814-01555Show

Fair value

$9.5B

as of Jun 30, 2026

Principal held

$9.7B

debt pieces, the filer's figure

Cost

$9.7B

99c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

1,052

448 borrowers

First lien

96%

99% debt by fair value

Quarters on the tape

since Sep 30, 2023

Facilities held

491

58 sponsors financed

Portfolio through time

Fair value by quarter end$9.5B as of Jun 30, 2026

Sep 30, 2023$1.2B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$9.5B	448	99c	67	468 bp
Mar 31, 2026	$9.8B	453	99c	56	464 bp
Dec 31, 2025	$9.8B	452	101c	57	465 bp
Sep 30, 2025	$17B	423	101c	111	472 bp

All 13 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$6.7B	346	101c	34	477 bp
Mar 31, 2025	$4.9B	307	100c	31	489 bp
Dec 31, 2024	$4.1B	269	100c	29	499 bp
Sep 30, 2024	$3.4B	249	100c	33	504 bp
Jun 30, 2024	$2.5B	223	100c	16	523 bp
Mar 31, 2024	$1.8B	206	100c	13	524 bp
Dec 31, 2023	$1.4B	172	100c	12	538 bp
Sep 30, 2023	$1.2B	153	100c	7	525 bp
Jun 30, 2023	Not disclosed	0	n/a	0	n/a

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
Placed on non-accrualJun 30, 2026
••• Locked

Full timeline · 20 events

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 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
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

M••• I••••• C• P•• L•• first lien term loan
5 BDCs hold it · matures Jun 6, 2030
$178M 105c
D••••• M•••• 2• L•• first lien term loan
23 BDCs hold it · matures Aug 26, 2032
$165M 100c
S•••• B•••• L•••••• first lien term loan
4 BDCs hold it · matures Oct 1, 2032
$149M 97c
N••••••• T••••••••• I•• first lien term loan
6 BDCs hold it · matures Aug 25, 2031
$149M 98c
G•• U••••••• P••••• C••••••••• first lien term loan
10 BDCs hold it · matures Feb 1, 2033 · possible sponsor V•••••• C•••••• F••• M••••••••• L•••••
$140M 101c
D••••••• A••••••••• H•••••••• L•• first lien term loan
6 BDCs hold it · matures Nov 30, 2032 · possible sponsor T•••••• I•••••••• F••• A•••••••• L••
$132M 100c
M••••••••• M•••••••• I•• first lien term loan
15 BDCs hold it · matures Apr 30, 2032
$129M 101c
C••••• E••••••••• L•• first lien term loan
6 BDCs hold it · matures May 5, 2032
$115M 100c
Z•••••• I•• first lien term loan
4 BDCs hold it · matures Oct 1, 2032
$112M 100c
J••••••• H•••••••• L•• first lien term loan
25 BDCs hold it · matures Nov 1, 2032
$110M 98c
C•• P••••• I•• first lien term loan
7 BDCs hold it · matures Jan 1, 2033
$108M 100c
R•• G•••• H•••••••• I•• first lien term loan
5 BDCs hold it · matures Nov 1, 2031
$106M 100c

Schedule of investments at Jun 30, 2025

754 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
S•• H•••••• L••	term loan first lien	$0	$0 0c	S+475 bp	Jun 1, 2031
C•••••• R•••••••• M••••• L••	term loan first lien	$0	$0	S+450 bp	Jul 1, 2028
Q•••• Q•••• C•• W••• H•••••••• L••	term loan first lien	$0	-$1,000 50c	S+475 bp	Jun 1, 2031
K••• B••••• L••	term loan first lien	$0	-$2,000	S+450 bp	Jul 1, 2031
P••••••••• L••	term loan first lien	$0	-$3,000	S+450 bp	Aug 1, 2029
T••••••••• I••	term loan first lien	$0	-$4,000 100c	S+425 bp	Jun 1, 2032
D•••• L••	term loan first lien	$0	-$4,000 100c	S+475 bp	Jun 1, 2032
Z•••••• L••	term loan first lien	$0	-$4,000 100c	S+475 bp	Jun 1, 2031
Q•• A••••••••• C•	term loan first lien	$0	-$5,000 100c	S+425 bp	Jun 1, 2032
C••••• H•••••••• L••	term loan first lien	$0	-$6,000 100c	S+475 bp	Sep 1, 2031
P••••••••• L••	term loan first lien	$0	-$7,000	S+450 bp	Aug 1, 2029
K••• B••••• L••	term loan first lien	$0	-$8,000 62c	S+700 bp	Jul 1, 2031
W• H•••••• I•••	term loan first lien	$0	-$8,000 100c	S+475 bp	Apr 1, 2032
D•••• L••	term loan first lien	$0	-$10,000 100c	S+475 bp	Jun 1, 2032
Y•• L••	term loan first lien	$0	-$12,000 71c	S+575 bp	Dec 1, 2029
K••• B••••• L••	term loan first lien	$0	-$13,000	S+450 bp	Jul 1, 2031
Q•• A••••••••• C•	term loan first lien	$0	-$13,000 100c	S+425 bp	Jun 1, 2032
K••• B••••• L••	term loan first lien	$0	-$14,000	S+450 bp	Jul 1, 2031
Z•••••• L••	term loan first lien	$0	-$15,000 100c	S+475 bp	Jun 1, 2031
R••••••••• H•••••••• L••	term loan first lien	$0	-$17,000 74c	S+600 bp	Apr 1, 2031
T••••••••• I••	term loan first lien	$0	-$18,000 100c	S+425 bp	Jun 1, 2032
C••••••• M•••• L••••••	subordinated debt unsecured or subordinated	$0	-$18,000	S+475 bp	Apr 1, 2033
K••• B••••• L••	term loan first lien	$0	-$19,000	S+450 bp	Jul 1, 2031
W••••• L•••• H•••••• L••	term loan first lien	$0	-$23,000 100c	S+450 bp	Jun 1, 2032
F•••• E•••• I••••••••• M•••••••••	term loan first lien	$0	-$23,000	S+350 bp	Jun 1, 2032
Q•••• Q•••• C•• W••• H•••••••• L••	term loan first lien	$0	-$24,000 100c	S+475 bp	Jun 1, 2031
B••••••••• B••••• L••	term loan first lien	$0	-$25,000 52c	S+450 bp	Apr 1, 2032
W• H•••••• I•••	term loan first lien	$0	-$26,000 200c	S+475 bp	Apr 1, 2032
M•• T•••• G•••••• G•••	term loan first lien	$0	-$29,000 107c	S+500 bp	Nov 1, 2031
L••••• B•••• L••••••	term loan first lien	$0	-$30,000 83c	S+525 bp	Aug 1, 2030
S••••• F••••••• L••	term loan first lien	$0	-$32,000 200c	S+525 bp	Jun 1, 2031
O•• H••••••• P••••••••• L••	term loan first lien	$0	-$34,000 100c	S+475 bp	Dec 1, 2029
C••••••• M•••• L••••••	term loan first lien	$0	-$36,000	S+475 bp	Apr 1, 2032
E••••••• P•••••• I•••	term loan first lien	$0	-$42,000 54c	S+650 bp	Jan 1, 2031
E••••• M••••••• L••	term loan first lien	$0	-$44,000 102c	S+475 bp	Apr 1, 2032
R••••••••• H•••••••• L••	term loan first lien	$0	-$49,000 98c	S+550 bp	Apr 1, 2031
T••••••••• H•••••••• L••	term loan first lien	$0	-$53,000 156c	S+500 bp	May 1, 2031
B•••• T•••• A••••••• G••••• L•	term loan first lien	$0	-$54,000 102c	S+450 bp	Jun 1, 2030
C••••••• M•••• L••••••	term loan first lien	$0	-$54,000	S+475 bp	Apr 1, 2032
B•••• T•••• A••••••• G••••• L•	term loan first lien	$0	-$54,000 200c	S+450 bp	Jun 1, 2031
E••••• M••••••• L••	term loan first lien	$0	-$56,000 104c	S+475 bp	Apr 1, 2032
B••••••••• B••••• L••	term loan first lien	$0	-$62,000 103c	S+450 bp	Apr 1, 2032
O•••••••• I•••••••• A••••• L••	term loan first lien	$0	-$68,000 200c	S+500 bp	Nov 1, 2029
P••••• C••• C•••••• L••	term loan first lien	$0	-$74,000 370c	S+600 bp	Nov 1, 2029
E•••••••• S••••••• H••••••• C•••••••••	term loan first lien	$0	-$80,000 235c	S+500 bp	Jun 1, 2031
A• A•••••••• H•••••••• L••	term loan first lien	$0	-$92,000 103c	S+475 bp	Apr 1, 2032
M•• T•••• G•••••• G•••	term loan first lien	$0	-$109,000	S+500 bp	May 1, 2032
B•• H•••••••• L••	term loan first lien	$0	-$114,000 103c	S+550 bp	Apr 1, 2032
B••• B•••• L••••••	term loan first lien	$0	-$114,000 204c	S+500 bp	Jun 1, 2032
M••••••••• M•••••••• I••	term loan first lien	$0	-$118,000 103c	S+475 bp	Apr 1, 2032
A•••••• T••••••••• L••	term loan first lien	$0	-$225,000 274c	S+500 bp	Mar 1, 2028
B•• H•••••••• L••	term loan first lien	$0	-$258,000 103c	S+550 bp	Apr 1, 2032
P•••••••• G••••• B•••• G•••	term loan first lien	$0	-$487,000 215c	S+525 bp	Jan 1, 2031
M••••• S•••••• I••••••••• L•••••••• F•••• • T••••••• P••••••	unstated lien unstated	Not disclosed	Not disclosed	4.16%

Page 8 of 8Previous

Registration

Fiscal year end: 0930reported
Incorporated: unknownreported
On the SEC BDC report: 2023 to 2026reported
Filings listed: 13reported10-Q and 10-K since 2022
Latest schedule: 0001930087-26-000099reported