DFX Intelligence

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K•• F• I••••• T••••

Business development companymanaged by F••••• A••••••• L••Non-traded· PHILADELPHIA, PA

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

Fair value: $3.2B
Borrowers: 167
Mark on cost: 99.4¢

Schedule of investments (673)Quarter by quarter Sponsors

As of 2026-06-30 · 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 → 7
loans 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.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
$2.0B → $3.3B
fair 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.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1930679 · file 814-01620Show

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

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 quarters

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
••• 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

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 appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Returned to accrualJun 30, 2026
••• Locked
New borrower on a BDC scheduleMar 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
Lender left a facilityMar 31, 2026
••• Locked
New borrower on a BDC scheduleMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

M••••• S•••••• R••••••••• M••••••• L••• T•••• 2•••••••• other
2 BDCs hold it
$118M 104c
M••••• S•••••• R••••••••• M••••••• L••• T•••• 2•••••••• other
2 BDCs hold it
$116M 105c
A••• S•••••• P•••••••• L•• other
5 BDCs hold it · matures Oct 24, 2030 · possible sponsor A••••• I••••••••
$62.9M 101c
W••••••• I•• other
6 BDCs hold it · matures Apr 5, 2032 · possible sponsor L••• P•••• C••••••• I••
$58.4M 98c
K••••••• A••••• P••••••• L•• other
3 BDCs hold it · matures Aug 1, 2032 · possible sponsor W•••••• P••••• L••
$58.0M 100c
I•••••••• M•••••••• A••••••••• L•• other
10 BDCs hold it · matures Aug 25, 2028 · possible sponsor S••••• L••• T••••••••• M••••••••• L••
$57.1M 100c
S••••• S•••••••• I•• other
4 BDCs hold it · matures Sep 24, 2032
$56.9M 95c
I••••••••• P•••• S••••••• H•••••••• I•• other
3 BDCs hold it · matures Nov 1, 2031 · possible sponsor S••••••••• C•••••• P•••••••
$54.6M 98c
H•••••• C•• B•••• L•• other
5 BDCs hold it · matures Mar 29, 2032
$51.9M 100c
F•••••• S••••••• L•• other
7 BDCs hold it · matures Aug 16, 2032
$51.5M 96c
C•••••••• T••••••••• L•• other
4 BDCs hold it · matures Feb 13, 2032 · possible sponsor L•••••• G•••• • P•••••••• L•••
$50.8M 100c
N••••••• T••••••••• I•• other
6 BDCs hold it · matures Aug 25, 2031
$50.5M 99c

Schedule of investments at Mar 31, 2024

153 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
R•••••• I••••••••• L••••• Capital G••••	unstated lien unstated	$293,000	$293,000 109c	S+675 bp	Apr 1, 2028
S••••• G•••• A••••••••• M••••••• T•••• 2•••••••• S•••••••••	subordinated debt unsecured or subordinated	$251,000	$248,000 99c	8.00%	Jul 25, 2030
S••••••• F••••••••• P•••••• E••••• Financial S••••••s	unstated lien unstated	Not disclosed	$193,000 120c
L•••• L•••••••• I•• T•••••••••	unstated lien unstated	$166,000	$166,000 111c	S+625 bp	May 4, 2029
G••••• P••••••• H••••••• L•• I••••••••	unstated lien unstated	$148,000	$148,000 100c	S+525 bp	Sep 30, 2027
D•••• R••••• P•••••• E••••• Financial S••••••s	unstated lien unstated	Not disclosed	$124,000 101c
S••••• G•••• A••••••••• M••••••• T•••• 2•••••••• S•••••••••	subordinated debt unsecured or subordinated	$147,000	$115,000 111c	18.00%	Jul 25, 2030
T•• L••• P•••••• E••••• Financial S••••••s	unstated lien unstated	Not disclosed	$86,000 99c
A••••••• I• I•• W• B••••••• D••	revolver lien unstated	$71,000	$71,000 100c	S+1000 bp	Jan 12, 2030
A••••••• I• I•• W• B••••••• D••	revolver lien unstated	$71,000	$71,000 100c	S+1000 bp	Jan 12, 2030
C•••••••• T••••••••• L•• Capital G••••	unstated lien unstated	$68,000	$67,000 116c	S+575 bp	Feb 13, 2030
G••••••• I•• S••••••• & S••••••s	unstated lien unstated	$48,000	$48,000 100c	S+350 bp PIK 2.50%	Jan 17, 2031
G••••••• I•• S••••••• & S••••••s	unstated lien unstated	$46,000	$45,000 98c	S+525 bp	Jan 17, 2031
A••• S•••••• P••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
Z••• I••••••••• P••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
M•••• L•••• S••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
H••••••• E••••••••• S••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
W••••• E••••••••• G•••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• I• I•• W• B••••••• D••	revolver lien unstated	Not disclosed	Not disclosed	S+1000 bp
C•••••••• T••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
D••• I•••••••• H••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
G••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
H••••••• H••••• I••	unstated lien unstated	Not disclosed	Not disclosed
S•• G•••• I••	unstated lien unstated	Not disclosed	Not disclosed
B••••• H••••• C•• I••	revolver lien unstated	Not disclosed	Not disclosed	S+665 bp
Z••• I••••••••• P••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
S••• D••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
L•••• L•••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• F•••••••••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• G•••• L••••••	unstated lien unstated	Not disclosed	Not disclosed
D••• I•••••••• H••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•••• L•••• S••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
W••••••••• P••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
G••••• P••••••• H••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
L•••• L•••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
S•• G•••• I••	unstated lien unstated	Not disclosed	Not disclosed
C•••• G•••••	unstated lien unstated	Not disclosed	Not disclosed
I•••••••• M•••••••• G•••• L••	unstated lien unstated	Not disclosed	Not disclosed
C•••• G••••• I••	revolver lien unstated	Not disclosed	Not disclosed	S+625 bp
R•••••• I••••••••• L•••••	unstated lien unstated	Not disclosed	Not disclosed
G•••••• I•• S••••••• & S••••••s	unstated lien unstated	Not disclosed	Not disclosed	S+575 bp	Mar 9, 2029
G••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
M•• D••••• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• F•••••••••	unstated lien unstated	Not disclosed	Not disclosed
C•••••••• T••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••• S•••••• P••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S••••••• B••••• L••	unstated lien unstated	Not disclosed	Not disclosed
C•••• G•••••	unstated lien unstated	Not disclosed	Not disclosed
T••••••• T•••••• G•••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+700 bp
L••••• F•••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•• D••••• S•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed

Page 2 of 2Previous

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.