DFX Intelligence
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K•• F• I••••• T••••
A non-traded business development company, managed by F••••• A••••••• L••, holding $3.2B across 167 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
- $3.2B
- Borrowers
- 167
- Mark on cost
- 99.4¢
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
- 3 below 80¢$25.9M principal
3 positions across 2 borrowers marked below 80¢ on cost, $25.9M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 3 → 7loans paying in kind
Loans paying in kind rose from 3 to 7 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.
- $2.0B → $3.3Bfair value, 4 quarters
Its portfolio grew 66% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 1930679 · file 814-01620ShowHide
Fair value
$3.2B
as of Jun 30, 2026
Principal held
$3.1B
debt pieces, the filer's figure
Cost
$3.2B
99c on cost, debt pieces
Unfunded
$511M
commitments not yet drawn
Positions
673
167 borrowers
First lien
not established
93% debt by fair value
Quarters on the tape
14
since Dec 31, 2022
Facilities held
176
30 sponsors financed
Portfolio through time
Fair value by quarter end$3.3B as of Jun 30, 2026
Dec 31, 2022$8.3M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $3.3B | 167 | 99c | 7 | 488 bp |
| Mar 31, 2026 | $3.3B | 168 | 100c | 3 | 487 bp |
| Dec 31, 2025 | $3.3B | 168 | 101c | 3 | 491 bp |
| Sep 30, 2025 | $2.5B | 153 | 101c | 7 | 506 bp |
All 14 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $2.0B | 138 | 101c | 6 | 513 bp |
| Mar 31, 2025 | $1.7B | 118 | 101c | 17 | 525 bp |
| Dec 31, 2024 | $2.7B | 103 | 101c | 15 | 544 bp |
| Sep 30, 2024 | $1.1B | 88 | 101c | 9 | 588 bp |
| Jun 30, 2024 | $777M | 65 | 101c | 11 | 589 bp |
| Mar 31, 2024 | $547M | 50 | 101c | 7 | 598 bp |
| Dec 31, 2023 | $356M | 34 | 101c | 2 | 672 bp |
| Sep 30, 2023 | $213M | 23 | 101c | 0 | 686 bp |
| Jun 30, 2023 | $144M | 18 | 101c | 0 | 681 bp |
| Dec 31, 2022 | $8.3M | 14 | 100c | 0 | 637 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 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
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Returned to accrualJun 30, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New lender joined a facilityMar 31, 2026
Largest facilities held, with co-lenders
- $118M 104c
- $116M 105c
- A••• S•••••• P•••••••• L•• other5 BDCs hold it · matures Oct 24, 2030 · possible sponsor A••••• I••••••••$62.9M 101c
- W••••••• I•• other6 BDCs hold it · matures Apr 5, 2032 · possible sponsor L••• P•••• C••••••• I••$58.4M 98c
- K••••••• A••••• P••••••• L•• other3 BDCs hold it · matures Aug 1, 2032 · possible sponsor W•••••• P••••• L••$58.0M 100c
- I•••••••• M•••••••• A••••••••• L•• other10 BDCs hold it · matures Aug 25, 2028 · possible sponsor S••••• L••• T••••••••• M••••••••• L••$57.1M 100c
- S••••• S•••••••• I•• other4 BDCs hold it · matures Sep 24, 2032$56.9M 95c
- I••••••••• P•••• S••••••• H•••••••• I•• other3 BDCs hold it · matures Nov 1, 2031 · possible sponsor S••••••••• C•••••• P•••••••$54.6M 98c
- H•••••• C•• B•••• L•• other5 BDCs hold it · matures Mar 29, 2032$51.9M 100c
- F•••••• S••••••• L•• other7 BDCs hold it · matures Aug 16, 2032$51.5M 96c
- C•••••••• T••••••••• L•• other4 BDCs hold it · matures Feb 13, 2032 · possible sponsor L•••••• G•••• • P•••••••• L•••$50.8M 100c
- N••••••• T••••••••• I•• other6 BDCs hold it · matures Aug 25, 2031$50.5M 99c
Schedule of investments at Dec 31, 2022
24 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| S••••• G•••• A••••••••• M••••••• T•••• 2••••••• | term loan lien unstated | $1.5M | $1.5M 99c | 7.30% | Jul 25, 2030 |
| B•••••• H••••••••• G•••• L•• | term loan lien unstated | $985,000 | $993,000 101c | S+393 bp | Nov 8, 2027 |
| R•••••• I••••••••• L••••• Capital G•••• | unstated lien unstated | $930,000 | $930,000 100c | S+675 bp | Apr 1, 2029 |
| L•••••• I•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $788,000 | $776,000 98c | S+675 bp | May 18, 2029 |
| L••••• F•••• L•• F••• & S•••••• R•••••••• | unstated lien unstated | $772,000 | $763,000 100c | S+650 bp | Oct 31, 2028 |
| K•• A••••••• I• O••••••• A••••••••• L• | equity equity | Not disclosed | $648,000 100c | ||
| M•••• L•••• S••••••• L•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $463,000 | $456,000 100c | S+650 bp | Nov 22, 2029 |
| S••••• G•••• A••••••••• M••••••• T•••• 2•••••••• S••••••••• | subordinated debt unsecured or subordinated | $251,000 | $248,000 99c | 8.00% | Jul 25, 2030 |
| L••••• F•••• L•• F••• & S•••••• R•••••••• | unstated lien unstated | $220,000 | $217,000 99c | S+650 bp | Oct 31, 2028 |
| I••••••••• F••••••••• Capital G•••• | unstated lien unstated | $188,000 | $188,000 100c | S+675 bp | Nov 22, 2025 |
| L•••••• I•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $189,000 | $186,000 106c | S+675 bp | May 18, 2029 |
| I•••••••• M•••••••• G•••• L•• I•••••••• | unstated lien unstated | $179,000 | $178,000 108c | S+650 bp | Aug 27, 2025 |
| I•••••••• M•••••••• G•••• L•• I•••••••• | unstated lien unstated | $179,000 | $178,000 101c | S+650 bp | Aug 27, 2025 |
| S• R••••••••• M••••••• T•••• 2•••••• S••••••••• | subordinated debt unsecured or subordinated | $201,000 | $162,000 97c | 5.40% | |
| C••••••••• A••••• S••••••••• T•••• 2•••••••• S••••••••• | subordinated debt unsecured or subordinated | $152,000 | $160,000 103c | S+680 bp | Jun 25, 2042 |
| I••••••••• F••••••••• Capital G•••• | unstated lien unstated | $150,000 | $151,000 101c | S+675 bp | Nov 22, 2025 |
| F•••••• M•• S••••••••• A••••• C••••• R••• D••• | notes unsecured or subordinated | $147,000 | $145,000 99c | S+600 bp | Jul 25, 2042 |
| M•••• L•••• S••••••• L•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $129,000 | $127,000 98c | S+650 bp | Nov 22, 2029 |
| S••••• G•••• A••••••••• M••••••• T•••• 2•••••••• S••••••••• | subordinated debt unsecured or subordinated | $147,000 | $106,000 106c | 18.00% | Jul 25, 2030 |
| C••••••••• A••••• S••••••••• T•••• 2•••••••• S••••••••• | subordinated debt unsecured or subordinated | $103,000 | $104,000 101c | S+560 bp | Jul 25, 2042 |
| R•••••• I••••••••• L••••• Capital G•••• | unstated lien unstated | $70,000 | $70,000 100c | S+675 bp | Apr 1, 2028 |
| M•••• L•••• S••••••• L•• C••••••••• & P••••••••• S••••••s | unstated lien unstated | $54,000 | $53,000 98c | S+650 bp | Nov 22, 2028 |
| A•••••••• M••••••• I• | equity equity | Not disclosed | $0 | ||
| K•• A••••••• I• O••••••• A••••••••• L• | equity equity | Not disclosed | $0 |
Page 1 of 1
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2024 to 2024reported
- Filings listed
- 13reported10-Q and 10-K since 2022
- Latest schedule
- 0001628280-26-056131reported
Not yet on record: first lien.