DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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BDC portfolio
S•••••••• P•••••• C••••• F••• L••
Fair value
$6.6B
as of Jun 30, 2026
Principal held
$3.8B
debt pieces, the filer's figure
Cost
$3.8B
173c on cost
Unfunded
n/a
commitments not yet drawn
Positions
1,428
497 borrowers
First lien
56%
57% debt by fair value
Quarters on the tape
12
since Sep 30, 2023
Facilities held
935
69 sponsors financed
Portfolio through time
Fair value by quarter end$6.6B as of Jun 30, 2026
Sep 30, 2023$1.8B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $6.6B | 497 | 100c | 30 | 463 bp |
| Mar 31, 2026 | $5.4B | 471 | 100c | 30 | 457 bp |
| Dec 31, 2025 | $7.7B | 467 | 100c | 80 | 459 bp |
| Sep 30, 2025 | $3.0B | 426 | 100c | 82 | n/a |
| Jun 30, 2025 | $3.4B | 379 | 100c | 32 | n/a |
| Mar 31, 2025 | $7.8B | 328 | 100c | 20 | n/a |
| Dec 31, 2024 | $12B | 331 | 100c | 55 | 463 bp |
| Sep 30, 2024 | $7.2B | 283 | 100c | 14 | 488 bp |
| Jun 30, 2024 | $5.6B | 258 | 100c | 14 | 411 bp |
| May 1, 2024 | $11.2M | 0 | 100c | 0 | n/a |
| Mar 31, 2024 | $4.6B | 211 | 100c | 14 | 429 bp |
| Dec 31, 2023 | $7.0B | 163 | 100c | 5 | 607 bp |
| Sep 30, 2023 | $1.8B | 125 | 100c | 0 | 607 bp |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Sponsors financed
- T•• S••••••• G••••• L••• carried4 borrowers $34.0M
- C••••••••• C•••••• P•••••••• L•• carried3 borrowers $40.4M
- W••• P•••• P••••••• carried3 borrowers $22.8M
- 2 borrowers $35.4M
- A••••• I•••••••• carried2 borrowers $23.8M
- V•••• E••••• P••••••• M••••••••• L•• inferred2 borrowers $21.5M
- W• C•••••• P••••••• carried2 borrowers $20.3M
- 2 borrowers $17.4M
- J•• P••••••• L•• carried2 borrowers $15.7M
- S•••••• C•••••• M••••••••• L•• carried2 borrowers $13.4M
- T•• L• carried2 borrowers $8.8M
- H••••• C••••••• L•• carried2 borrowers $8.0M
- L•••••• G•••• • P•••••••• L••• carried2 borrowers $7.0M
- A••••• C•••••• P•••••••• L••• carried2 borrowers $6.2M
- G•••••• C•••••• carried2 borrowers $5.3M
Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
What changed
- Repeat sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
Largest facilities held, with co-lenders
- D••••• M•••• 2• L•• first lien term loan29 BDCs hold it · matures Aug 26, 2032 · C•••••••• C•••••• G••••• L•••$28.2M 100c
- I•••• P••••• H••••••• L•• first lien term loan3 BDCs hold it · matures Dec 23, 2031$22.7M 99c
- A••••••• I•• first lien term loan26 BDCs hold it · matures Jun 21, 2029$22.6M 99c
- C•••• P•••••• I•• first lien term loan19 BDCs hold it · matures Dec 18, 2031$22.5M 99c
- P••••••• P••••••••• A••••••••• L•• first lien term loan5 BDCs hold it · matures Aug 9, 2030 · T•• S••••••• G••••• L•••$22.3M 100c
- U••• H•••••••• I•• first lien term loan11 BDCs hold it · matures Sep 10, 2031$21.7M 99c
- P•••••• P•••• P•••••••• L• first lien term loan4 BDCs hold it · matures May 2, 2033$21.3M 100c
- S•••••••• B••••• L•• first lien term loan4 BDCs hold it · matures Jul 1, 2030$21.0M 100c
- A••••••• M•••••• M••••••••• L•• first lien term loan1 BDC hold it · matures Jun 18, 2028$21.0M 100c
- F••••••• E•••••••• P•••••• C••••• F••• L• equity1 BDC hold it$20.8M 119c
- A•• T••••••••• I•• first lien term loan3 BDCs hold it · matures Feb 13, 2032$20.0M 100c
- P•• P••••• L•• F•••• A•••••••• first lien term loan1 BDC hold it · matures Dec 31, 2031$19.7M 100c
Schedule of investments at Jun 30, 2026
1,428 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| B•••••••• Holdings LLC Highways & Railtracks | delayed draw term loan first lien | $5.4M | $5.4M 100c | SOFR+475 bp | Sep 30, 2030 |
| E•••••• B••••, LLC Specialized Finance | term loan first lien | $5.4M | $5.4M 100c | SOFR+525 bp | Jul 28, 2031 |
| I•• H••••• I•• C•••. Industrial Machinery & Supplies & Components | delayed draw term loan first lien | $5.3M | $5.3M 100c | SOFR+525 bp | Dec 17, 2026 |
| M•• L••••••• G••••• L•• Fifth A•••••••• Education S••••••s | term loan first lien | $5.4M | $5.3M 100c | SOFR+575 bp | Dec 30, 2027 |
| M•• L••••••• G••••• L•• Fifth A•••••••• Education S••••••s | term loan first lien | $5.4M | $5.3M 100c | SOFR+575 bp | Dec 30, 2027 |
| C••••••••• C••••••• R••••••••• O••••••••• IV, L.P. Fund Asset Management & Custody Banks | equity equity | $4.2M | $5.3M 125c | ||
| T••••••••• L•• Life Sciences T•••• & S••••••s | term loan first lien | $5.3M | $5.3M 100c | SOFR+475 bp | Nov 12, 2031 |
| T••••• P•••• R••••• C•. Trading Companies & Distributors | term loan first lien | $5.3M | $5.3M 100c | SOFR+550 bp | Dec 4, 2028 |
| P•••• Q•••• Group, Inc. H••••• C••• S••••••s | term loan first lien | $5.3M | $5.3M 100c | SOFR+475 bp | Nov 13, 2031 |
| V••••• B••••• L•• Building Products | term loan first lien | $5.3M | $5.3M 100c | SOFR+475 bp | Feb 3, 2032 |
| A••• P••••••• A•• L•• E••••• A•••••••• Housewares & Specialties | delayed draw term loan first lien | $5.3M | $5.2M 100c | SOFR+475 bp | Dec 31, 2030 |
| K••• M•••• I• L•• Advertising | term loan first lien | $5.3M | $5.2M 100c | SOFR+450 bp | Nov 19, 2031 |
| K••• M•••• I• L•• Advertising | term loan first lien | $5.3M | $5.2M 100c | SOFR+450 bp | Nov 19, 2031 |
| P•• P••••• L•• Construction & Engineering | term loan first lien | $5.3M | $5.2M 100c | SOFR+500 bp | Dec 31, 2031 |
| M•••••••• LLC Construction & Engineering | term loan first lien | $5.2M | $5.2M 100c | SOFR+600 bp | Dec 18, 2031 |
| I•• H••••• I•• C•••. Industrial Machinery & Supplies & Components | term loan first lien | $5.2M | $5.2M 100c | SOFR+525 bp | Dec 17, 2026 |
| K•••• I••••••••• L•• Construction & Engineering | term loan first lien | $5.2M | $5.1M 100c | SOFR+575 bp | Dec 30, 2029 |
| O••••••••• N•••• A•••••• I••. (USD) Application Software | term loan first lien | $5.2M | $5.1M 99c | SOFR+550 bp PIK 2.50% | Oct 30, 2031 |
| B•••••••• H••••••• L•• F•••• A•••••••• Highways & Railtracks | term loan first lien | $5.1M | $5.1M 100c | SOFR+475 bp | Sep 30, 2030 |
| S• N•••• 2• I••. Diversified Support S••••••s | term loan first lien | $5.1M | $5.1M 100c | SOFR+500 bp | Jun 2, 2031 |
| G• W•••• H•••••••• I••. 2024 Diversified Capital Markets | term loan first lien | $5.1M | $5.1M 100c | SOFR+450 bp | Oct 4, 2030 |
| E•••• F•••••• C••••••••• L•• 2••• R•••••••• Leisure Facilities | term loan first lien | $5.1M | $5.1M 101c | SOFR+475 bp | Apr 29, 2030 |
| G•• P•••••• I••. T••• A L••• Food Distributors | term loan first lien | $5.1M | $5.0M 100c | SOFR+450 bp | Dec 20, 2032 |
| NS and Associates LLC New T••• A L••• H••••• C••• S••••••s | term loan first lien | $5.1M | $5.0M 100c | SOFR+500 bp | Aug 6, 2030 |
| P••••••• E••••••• A••••••••• L•• 2025 Human Resource & Employment S••••••s | term loan first lien | $5.0M | $5.0M 100c | SOFR+450 bp | Jan 14, 2030 |
| P•• F•••••, LLC T••• A L••• | term loan first lien | $5.0M | $5.0M 99c | SOFR+600 bp | Dec 15, 2026 |
| B••••• C••••••• T•••••, LLC H••••• C••• S••••••s | term loan first lien | $5.0M | $5.0M 100c | SOFR+500 bp | Dec 20, 2027 |
| H••• I••••••••• L•• Specialized C••••••• S••••••s | term loan first lien | $5.0M | $5.0M 100c | SOFR+475 bp | Feb 2, 2033 |
| G••••• L•••••• G••••• I••. Research & Consulting S••••••s | term loan first lien | $5.0M | $5.0M 101c | SOFR+500 bp | Dec 13, 2027 |
| G• W•••• H•••••••• I••. 2024 Diversified Capital Markets | delayed draw term loan first lien | $4.9M | $4.9M 101c | SOFR+450 bp | Oct 4, 2030 |
| K••• H•••••• L•• Tranche D-1 Packaged F•••• & Meats | term loan first lien | $4.9M | $4.9M 100c | SOFR+575 bp | Oct 22, 2029 |
| V••••• C••••••••• L•• A•••••••• No. 4 Incremental Delay Draw Environmental & Facilities S••••••s | term loan first lien | $4.9M | $4.9M 100c | SOFR+500 bp | Sep 4, 2029 |
| B•••• 2• M•••• H••••••• L•• A•••••••• N•• 1• H••••• C••• Technology | term loan first lien | $5.0M | $4.9M 100c | SOFR+450 bp | Jun 30, 2032 |
| T••••••• Inc. Application Software | term loan first lien | $5.0M | $4.9M 99c | SOFR+475 bp | Jan 28, 2033 |
| A•••••• L•• Auto Parts & Equipment | term loan first lien | $4.9M | $4.9M 100c | SOFR+475 bp | Nov 13, 2030 |
| A••••• I••••••••• H•••••••• L•• Seventh A•••••••• I•••••••• Brokers | delayed draw term loan first lien | $4.9M | $4.9M 100c | SOFR+500 bp | May 28, 2027 |
| C•••••• S••••••• G••••• L•• IT Consulting & Other S••••••s | term loan first lien | $5.0M | $4.9M 99c | SOFR+475 bp | Jan 3, 2031 |
| M••••••• L•• Second A•••••••• H••••• C••• S••••••s | term loan first lien | $4.9M | $4.9M 100c | SOFR+600 bp | Oct 20, 2029 |
| NS and Associates LLC New T••• A L••• H••••• C••• S••••••s | term loan first lien | $4.9M | $4.9M 100c | SOFR+500 bp | Aug 6, 2030 |
| P•• A••• B••••• I••. A•••space & Defense | term loan first lien | $4.9M | $4.9M 100c | SOFR+500 bp | Feb 15, 2029 |
| P••• I••••••••• L•• Trading Companies & Distributors | delayed draw term loan first lien | $4.9M | $4.9M 100c | SOFR+450 bp | Jun 30, 2027 |
| B••••• B••••• I••. T••• A L••• H••••• C••• Equipment | term loan first lien | $4.8M | $4.8M 100c | SOFR+475 bp | Mar 28, 2028 |
| P•••••• F•••• B••••• I••. Packaged F•••• & Meats | term loan first lien | $4.9M | $4.8M 100c | SOFR+525 bp | Dec 24, 2029 |
| V••••••••• L•• Diversified Support S••••••s | term loan first lien | $4.9M | $4.8M 100c | SOFR+625 bp | Nov 8, 2029 |
| R•••••• B••••, LLC Delayed Soft Drinks & Non-alcoholic Beverages | term loan first lien | $4.8M | $4.8M 100c | SOFR+475 bp | Dec 23, 2028 |
| U•••••• H••••• I••• T••• B• L••• IT Consulting & Other S••••••s | term loan first lien | $4.8M | $4.8M 100c | SOFR+500 bp | Aug 25, 2031 |
| A••••••• G•••• H•••••••• L•• Specialized C••••••• S••••••s | term loan first lien | $4.8M | $4.8M 100c | SOFR+450 bp | Dec 25, 2028 |
| C••••••• M••••••••• L•• Specialized C••••••• S••••••s | term loan first lien | $4.9M | $4.8M 99c | SOFR+550 bp | Mar 27, 2030 |
| W•••• S••••• R•••••• A••••••••• L•• Financial Exchanges & Data | term loan first lien | $4.8M | $4.8M 100c | SOFR+450 bp | Sep 16, 2032 |
| B•• U••, P.C. Research & Consulting S••••••s | term loan first lien | $4.9M | $4.8M 100c | SOFR+500 bp | Aug 31, 2028 |
| R• H•••••••• L•• Highways & Railtracks | term loan first lien | $4.8M | $4.8M 99c | SOFR+675 bp | Dec 29, 2028 |
| V••••••• B••••• L•• Construction & Engineering | term loan first lien | $4.9M | $4.8M 100c | SOFR+525 bp | May 6, 2031 |
| A••• C•••••• T•••• C•••. Building Products | term loan first lien | $4.8M | $4.8M 99c | SOFR+475 bp | Apr 30, 2028 |
| W••• K•••••• and Company, LLC Diversified Support S••••••s | term loan first lien | $4.8M | $4.8M 100c | SOFR+588 bp | Apr 22, 2030 |
| A••••••• F••••• C•••• L•• H••••• C••• Facilities | term loan first lien | $4.8M | $4.8M 100c | SOFR+475 bp | Feb 28, 2029 |
| R•• N••• P••••••••• L•• A•••••••• No. 1 H••••• C••• S••••••s | term loan first lien | $4.8M | $4.8M 100c | SOFR+500 bp | Mar 19, 2032 |
| A•••••• A••••••••• L•• Building Products | term loan first lien | $4.8M | $4.7M 98c | SOFR+550 bp | May 4, 2028 |
| S•••••••• T••, LLC Initial T••• A L••• Research & Consulting S••••••s | term loan first lien | $4.8M | $4.7M 98c | SOFR+575 bp | Apr 6, 2028 |
| V Global Holdings LLC Diversified C•••••••s | term loan first lien | $4.9M | $4.7M 96c | SOFR+575 bp | Jan 2, 2029 |
| G••••••••• A••••••••• L•• Packaged F•••• & Meats | term loan first lien | $4.7M | $4.7M 100c | SOFR+500 bp | Nov 18, 2027 |
| T••• H•••••• C•••. Industrial Machinery & Supplies & Components | delayed draw term loan first lien | $4.9M | $4.7M 97c | SOFR+600 bp | Mar 31, 2028 |
| The V••••• Companies, Inc. Construction & Engineering | delayed draw term loan first lien | $4.7M | $4.7M 100c | SOFR+500 bp | Aug 31, 2028 |
| E•• A••••••••• I••. Construction & Engineering | term loan first lien | $4.8M | $4.7M 100c | SOFR+525 bp | Jul 24, 2028 |
| C••• W••••• L•• Interactive Media & S••••••s | term loan first lien | $4.7M | $4.7M 100c | SOFR+525 bp | Oct 1, 2029 |
| A••••••• I••. Fourth A•••••••• Application Software | term loan first lien | $4.9M | $4.7M 95c | SOFR+450 bp | Jun 21, 2029 |
| R•• H••••••• I•• C•••. Environmental & Facilities S••••••s | term loan first lien | $4.7M | $4.7M 101c | SOFR+500 bp | Nov 4, 2028 |
| Q••• U• M•••• 2• L•••••• F••••••• B• (USD) Life Sciences T•••• & S••••••s | term loan first lien | $4.7M | $4.7M 100c | SOFR+500 bp | Jun 30, 2029 |
| Q••• U• M•••• 2• L•••••• F••••••• B• (USD) Life Sciences T•••• & S••••••s | term loan first lien | $4.7M | $4.7M 100c | SOFR+500 bp | Jun 30, 2029 |
| T••• H•••••• C•••. Industrial Machinery & Supplies & Components | term loan first lien | $4.8M | $4.6M 96c | SOFR+575 bp | Mar 31, 2028 |
| M•• I••••• H•••••••, LLC 2025-1 Research & Consulting S••••••s | term loan first lien | $4.7M | $4.6M 100c | SOFR+525 bp | Apr 10, 2029 |
| T••• H•••••• C•••. Industrial Machinery & Supplies & Components | term loan first lien | $4.8M | $4.6M 105c | SOFR+575 bp | Mar 31, 2028 |
| P••••• H••••• I••••••••• H••••••• I••• A•• C••• P•• Life & H••••• I•••••••• | term loan first lien | $4.7M | $4.6M 100c | SOFR+500 bp | Jun 1, 2030 |
| D•••• Environmental & Facilities S••••••s | term loan first lien | $4.6M | $4.6M 100c | SOFR+475 bp | Jul 20, 2029 |
| O•• A•••••••••, LLC Effective Date H••••• C••• S••••••s | term loan first lien | $4.6M | $4.6M 100c | SOFR+550 bp | Oct 19, 2027 |
| B•• O••• I••. IT Consulting & Other S••••••s | term loan first lien | $4.6M | $4.6M 100c | SOFR+450 bp | Nov 17, 2027 |
| A••••••• P••• S•••••••• L•• Environmental & Facilities S••••••s | term loan first lien | $4.6M | $4.6M 100c | SOFR+450 bp | Dec 1, 2031 |
| A••• S•••••• P•••••••• L•• 2024 Specialized C••••••• S••••••s | term loan first lien | $4.6M | $4.5M 101c | SOFR+500 bp | Oct 24, 2030 |
| M•• E•••••••• L•• Construction & Engineering | term loan first lien | $4.6M | $4.5M 99c | SOFR+650 bp | May 31, 2029 |
| F•• H••••••• I••. T••• B L••• (FLS Transportation S••••••s) Diversified Support S••••••s | term loan first lien | $5.0M | $4.5M 91c | SOFR+575 bp PIK 0.50% | Dec 15, 2028 |
| G••• W•••• I••••••••• A•••••••••, LLC Air Freight & Logistics | term loan first lien | $4.9M | $4.5M 92c | SOFR+700 bp | Dec 16, 2028 |
| P• P••••••••• L•• Construction & Engineering | term loan first lien | $4.7M | $4.5M 96c | SOFR+550 bp | Sep 19, 2029 |
| D•••••••• S• M••••••••• L•• A•••••••• No. 8 H••••• C••• Facilities | term loan first lien | $4.5M | $4.5M 100c | SOFR+500 bp | Mar 18, 2030 |
| A••••• I••••••••• H•••••••• L•• Eleventh A•••••••• I•••••••• Brokers | delayed draw term loan first lien | $4.4M | $4.4M 100c | SOFR+500 bp | May 28, 2027 |
| M••••••• L•• Second A•••••••• H••••• C••• S••••••s | term loan first lien | $4.5M | $4.4M 100c | SOFR+600 bp | Oct 20, 2029 |
| T•• B••••• L•• T••• B L••• Application Software | term loan first lien | $4.4M | $4.4M 100c | SOFR+500 bp PIK 2.50% | Feb 2, 2032 |
| C••••• M••••••••• L•• H••••• C••• S••••••s | term loan first lien | $4.4M | $4.4M 100c | SOFR+525 bp | May 22, 2029 |
| V••••••• R••••• B•••••• L•• Real Estate S••••••s | term loan first lien | $4.4M | $4.4M 101c | SOFR+525 bp | May 6, 2032 |
| T••• T••••• A••••••• B••••••• L•• Human Resource & Employment S••••••s | term loan first lien | $4.4M | $4.3M 100c | SOFR+525 bp | Jan 10, 2033 |
| S••••••• H•••••••• L•• A•••••••• No. 1 I•••••••• Brokers | delayed draw term loan first lien | $4.3M | $4.3M 101c | SOFR+450 bp | Jan 28, 2030 |
| C••• F•••••• 2••••• S•• Diversified Financial S••••••s | notes unsecured or subordinated | $5.7M | $4.3M 89c | Jan 22, 2038 | |
| A•••• I•••••••• S••••••• L•• T••• A• L••• I•••••••• Brokers | term loan first lien | $4.3M | $4.3M 100c | SOFR+500 bp | Nov 26, 2030 |
| R•• F•• C• A••••••••• C••••••••• A•••••••• N•• 2• Trading Companies & Distributors | delayed draw term loan first lien | $4.4M | $4.3M 99c | SOFR+600 bp | Mar 4, 2030 |
| A•• T••••••••• I••. Automotive Retail | term loan first lien | $4.3M | $4.3M 100c | SOFR+475 bp | Feb 13, 2032 |
| C•••••• C••••••• C••••••• L•• Specialty C•••••••s | term loan first lien | $4.3M | $4.3M 100c | SOFR+488 bp | Dec 29, 2026 |
| P•••••••• L••••••• G••••• L•• E•••••••al Components & Equipment | term loan first lien | $4.3M | $4.3M 99c | SOFR+525 bp | Nov 4, 2030 |
| C••••• B•••••• Advisory LLC A•••••••• No. 8 Investment Banking & Brokerage | term loan first lien | $4.3M | $4.3M 100c | SOFR+500 bp | Jun 28, 2030 |
| E••• P••••••••• I••., Incremental TL Passenger Ground Transportation | term loan first lien | $4.3M | $4.2M 100c | SOFR+450 bp | Feb 14, 2031 |
| H••••••• G••••• L•••••• F••• I• L• Asset Management & Custody Banks | equity equity | $4.1M | $4.2M 103c | ||
| S••••• M•••••• C•••••••• L•• Internet S••••••s & Infrastructure | term loan first lien | $4.2M | $4.2M 100c | SOFR+514 bp | Nov 30, 2029 |
| M•• D••••• S••••••••• L•• H••••• C••• S••••••s | term loan first lien | $4.2M | $4.2M 100c | SOFR+550 bp | Feb 13, 2031 |
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