DFX Intelligence
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P•••••• S••••• B•• L••
A non-traded business development company, managed by G•••••• S•••• A•••• M••••••••• L••, holding $994M across 99 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
- $994M
- Borrowers
- 99
- Mark on cost
- 99.2¢
- First lien
- 99%
Schedule of investments, 10-Q and 10-K
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
- 1 below 80¢$1.49M principal
1 position across 1 borrower marked below 80¢ on cost, $1.49M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 11 → 15loans paying in kind
Loans paying in kind rose from 11 to 15 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.
- $735M → $994Mfair value, 4 quarters
Its portfolio grew 35% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 1948368 · file 814-01579ShowHide
Fair value
$994M
as of Jun 30, 2026
Principal held
$1.2B
debt pieces, the filer's figure
Cost
$995M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
291
99 borrowers
First lien
99%
99% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
103
28 sponsors financed
Portfolio through time
Fair value by quarter end$994M as of Jun 30, 2026
Oct 5, 2022$0 then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $994M | 99 | 99c | 15 | 506 bp |
| Mar 31, 2026 | $942M | 99 | 99c | 11 | 504 bp |
| Dec 31, 2025 | $942M | 99 | 100c | 12 | 507 bp |
| Sep 30, 2025 | $785M | 88 | 100c | 7 | 518 bp |
All 16 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $735M | 80 | 100c | 8 | 541 bp |
| Mar 31, 2025 | $4.2B | 75 | 100c | 11 | 553 bp |
| Dec 31, 2024 | $3.7B | 69 | 100c | 8 | 565 bp |
| Sep 30, 2024 | $2.8B | 65 | 100c | 7 | 570 bp |
| Jun 30, 2024 | $2.1B | 48 | 100c | 1 | 608 bp |
| Mar 31, 2024 | $1.2B | 36 | 101c | 3 | 641 bp |
| Dec 31, 2023 | $1.1B | 33 | 100c | 3 | 657 bp |
| Sep 30, 2023 | $551M | 21 | 100c | 7 | 688 bp |
| Jun 30, 2023 | $98.1M | 12 | n/a | 0 | 682 bp |
| Mar 31, 2023 | $67.1M | 5 | n/a | 0 | 695 bp |
| Dec 31, 2022 | $530M | 5 | 100c | 0 | 707 bp |
| Oct 5, 2022 | $0 | 1 | n/a | 0 | n/a |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- Spread increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New lender joined a facilityMar 31, 2026
Full timeline · 20 eventsShow fewer
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- PIK interest appearsMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Spread increasedDec 31, 2025
Largest facilities held, with co-lenders
- K• T••••• I••• L•• first lien term loan4 BDCs hold it · matures May 2, 2029 · possible sponsor S••••••• C•••••• A•••••••• L••$31.4M 99c
- S••••• A••••••••• I•• first lien term loan9 BDCs hold it · matures Oct 25, 2032$27.3M 99c
- F•••••••• R••• S••••• O••••••••• L•• first lien term loan7 BDCs hold it · matures Mar 4, 2032$23.1M 97c
- E•••••• P•••••••• C••••••• L•• first lien term loan3 BDCs hold it · matures Jun 2, 2031$22.5M 100c
- P•••• A••••••••• B••••• I•• first lien term loan10 BDCs hold it · matures Dec 31, 2032 · possible sponsor A•••• C•••••• P•••••••• L•$22.5M 99c
- A•• D••• C••••••• L•• first lien term loan6 BDCs hold it · matures Nov 27, 2030$22.5M 97c
- G•• T•••• C••••••••• first lien term loan7 BDCs hold it · matures Oct 15, 2031$22.5M 100c
- O•••• M•••••• B••••• L•• first lien term loan3 BDCs hold it · matures Dec 31, 2031 · possible sponsor R•••••• C•••••• P••••••• L•$22.4M 100c
- N• T••••• L•• first lien term loan10 BDCs hold it · matures Sep 2, 2031$22.4M 99c
- S••••••••• S•••••••• L•• first lien term loan3 BDCs hold it · matures May 10, 2030$22.4M 100c
- V•••• B••••• I•• first lien term loan17 BDCs hold it · matures Jan 31, 2032$22.4M 99c
- S••••••••• I•• first lien term loan7 BDCs hold it · matures Dec 18, 2029$22.3M 99c
Schedule of investments at Jun 30, 2025
222 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| N• T••••• L•• ••• N••••••••• S••••••• | term loan first lien | $1.8M | -$18,000 113c | SOFR+450 bp | Sep 1, 2031 |
| V•••• B••••• I••• ••• V••• S••••••• | term loan first lien | $1.8M | -$18,000 106c | SOFR+475 bp | Jan 30, 2032 |
| U••••• F••• T••••••••• I••••••••• H••••• I•• L•• T•••••• Companies & D••••••••• | term loan first lien | $1.5M | -$19,000 100c | SOFR+525 bp | Jun 21, 2030 |
| C• •••••••• I••••••••• H•••••••• L•• ••• S•••••••• D••••••••• C••••••• Services | term loan first lien | $4.3M | -$21,000 95c | SOFR+500 bp | Jun 6, 2031 |
| T•• I••••••••• L•• ••• T••••••••• E••••••••• C••••••••• Services & S••••••• | term loan first lien | $2.6M | -$26,000 217c | SOFR+475 bp | Dec 15, 2031 |
| R••••• B••••• L•• ••• R•••••• S•••••••). | term loan first lien | $3.4M | -$26,000 163c | SOFR+500 bp | Dec 17, 2031 |
| T••••••• L•• E••••••••• E•••••••• | term loan first lien | $2.3M | -$29,000 290c | SOFR+450 bp | Aug 6, 2031 |
| E•••• F••••• F•••• G•••• L•• F••• P••••••• | term loan first lien | $2.3M | -$34,000 179c | SOFR+500 bp | Aug 12, 2030 |
| F•••••••• O••••••••• L•• Financial Services | term loan first lien | $2.6M | -$38,000 224c | SOFR+825 bp | Nov 27, 2029 |
| M••••••• B••••• I••• ••• M•••••••• M•••••••• | term loan first lien | $3.1M | -$38,000 146c | SOFR+475 bp | Aug 20, 2030 |
| O••••• P•••••••• a•• E•••••••• C••••••• L•• ••• B•••••• M••••• S••• L••• C••••••••• & P•••••••• | term loan first lien | $2.3M | -$41,000 132c | SOFR+525 bp | Nov 1, 2030 |
| S••••• B••••• L•• ••• C•••••• C••••••••• S•••••••• R••••• | term loan first lien | $8.2M | -$41,000 205c | SOFR+500 bp | Jun 2, 2031 |
| N• T••••• L•• ••• N••••••••• S••••••• | term loan first lien | $4.6M | -$46,000 230c | SOFR+450 bp | Sep 1, 2031 |
| U• S••••• C••••••• L•• IT Services | term loan first lien | $4.7M | -$47,000 121c | SOFR+550 bp | Sep 4, 2029 |
| V•••• B••••• I••• ••• V••• S••••••• | term loan first lien | $6.1M | -$61,000 210c | SOFR+475 bp | Jan 30, 2032 |
| T• R••••••••• G•••• L•• H•••••, R••••••••• & L•••••• | term loan first lien | $1.3M | -$87,000 621c | SOFR+725 bp | Jul 26, 2028 |
| T• R••••••••• G•••• L•• H•••••, R••••••••• & L•••••• | term loan first lien | $3.0M | -$202,000 721c | SOFR+725 bp | Jul 26, 2028 |
| 6• M•••• | unstated lien unstated | Not disclosed | Not disclosed | S+415 bp | |
| 1• M•••• B••• M••••• | unstated lien unstated | Not disclosed | Not disclosed | S+361 bp | |
| 6• M•••• | unstated lien unstated | Not disclosed | Not disclosed | S+205 bp | |
| 3• M•••• | unstated lien unstated | Not disclosed | Not disclosed | S+429 bp | |
| 1• M•••• | unstated lien unstated | Not disclosed | Not disclosed | S+432 bp |
Page 3 of 3Previous
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2024 to 2026reported
- Filings listed
- 15reported10-Q and 10-K since 2022
- Former names
- P•••••• S••••• Middle Market Lending Fund LLCreported
- Latest schedule
- 0001193125-26-344614reported