DFX Intelligence

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O•• S••••• P•••••• L•••••• F••• •• L••

Business development companymanaged by O•• P•••••• C••••• A••••••• I•• L•••Non-traded· NEW YORK, NY

A non-traded business development company, managed by O•• P•••••• C••••• A••••••• I•• L•••, holding $424M across 95 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: $424M
Borrowers: 95
Mark on cost: 99.0¢
First lien: 99%

Schedule of investments (361)Quarter by quarter Sponsors

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

What matters now

$5.39M
on non-accrual, 1 borrower
1 borrower on non-accrual, $5.39M principal; the largest is A•• U•••••• H•••••••• I•• ($5.39M).
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 A•• U•••••• H•••••••• I•• →
$5.39M
newly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $5.39M principal: A•• U•••••• H•••••••• I•• ($5.39M).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open A•• U•••••• H•••••••• I•• →
5 below 80¢
$13M principal
5 positions across 5 borrowers marked below 80¢ on cost, $13M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
26 → 32
loans paying in kind
Loans paying in kind rose from 26 to 32 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 →
89 → 95
borrowers
Added a net 6 borrowers in the quarter to Jun 30, 2026, to 95.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →

Every headline figure, and the identifiersCIK 1955010 · file 814-01586Show

Fair value

$424M

as of Jun 30, 2026

Principal held

$476M

debt pieces, the filer's figure

Cost

$429M

99c on cost, debt pieces

Unfunded

$44.2M

commitments not yet drawn

Positions

361

95 borrowers

First lien

99%

100% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

204

29 sponsors financed

Portfolio through time

Fair value by quarter end$424M as of Jun 30, 2026

Dec 31, 2022$150M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$424M	95	99c	32	517 bp
Mar 31, 2026	$422M	89	99c	26	512 bp
Dec 31, 2025	$849M	85	100c	42	515 bp
Sep 30, 2025	$434M	76	100c	14	520 bp

All 15 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$430M	68	101c	14	524 bp
Mar 31, 2025	$428M	62	101c	15	536 bp
Dec 31, 2024	$1.3B	62	101c	30	538 bp
Sep 30, 2024	$428M	58	101c	10	551 bp
Jun 30, 2024	$389M	53	101c	12	573 bp
Mar 31, 2024	$323M	44	101c	8	589 bp
Dec 31, 2023	$361M	40	102c	8	606 bp
Sep 30, 2023	$276M	35	101c	0	615 bp
Jun 30, 2023	$202M	25	100c	0	600 bp
Mar 31, 2023	$186M	24	100c	0	601 bp
Dec 31, 2022	$150M	20	100c	0	584 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Placed on non-accrualJun 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

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
PIK interest appearsJun 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
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

B•••• T•••• A••••••• G••••• L• first lien term loan
16 BDCs hold it · matures Jun 3, 2031 · H•••••• • F••••••• L••
$16.6M 101c
K••••••••• I••••••••• L•• first lien term loan
9 BDCs hold it · matures Sep 18, 2030 · possible sponsor G••••••• L•••••• • C•• L••
$15.2M 100c
R••••••• B•••• I•• first lien term loan
5 BDCs hold it · matures Sep 3, 2030 · possible sponsor E•••••••• C••••••• L•
$15.1M 101c
M•••••• Y••••••••• B••••• I•• first lien term loan
5 BDCs hold it · matures Jun 23, 2028
$15.0M 91c
F• V••••• H•••••••• I•• first lien term loan
4 BDCs hold it · matures Jan 20, 2031 · possible sponsor L••• P•••• C••••••• I••
$13.5M 100c
P• I••••••••• H••••••• I••• L•• first lien term loan
13 BDCs hold it · matures Apr 9, 2030 · possible sponsor W••••••••• C•••••• I••••••••
$12.7M 101c
T••••••••• C••• L•• first lien term loan
11 BDCs hold it · matures Feb 13, 2032
$12.6M 100c
P••••• C••• C••••••• L•• first lien term loan
25 BDCs hold it · matures Nov 15, 2030
$11.8M 89c
A•••••• N••••••••• M•••• 2• B•• first lien term loan
8 BDCs hold it · matures May 29, 2031
$11.6M 104c
E•••• S••• I•• first lien term loan
7 BDCs hold it · matures Sep 8, 2032
$11.2M 100c
S••••••• A••••••••• H••••••• C••• first lien term loan
4 BDCs hold it · matures Jun 29, 2028 · possible sponsor C•••••• C••••••
$10.4M 101c
C•••••• G••••• L•• first lien term loan
2 BDCs hold it · matures Dec 3, 2029
$10.4M 101c

Schedule of investments at Mar 31, 2026

355 positions

Borrower	Instrument	Principal	Fair value	Rate
P••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+488 bp
A••• M••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
O••• T••••••••• C•••••••••	revolver lien unstated	Not disclosed	Not disclosed	S+575 bp
M••••••• P•••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
C••••• S•••••••• A••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
C••••• S•••••••• A••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
B••••• R•••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
N•••• C••••••••• S••••• ••••	revolver lien unstated	Not disclosed	Not disclosed
P•••••••• C••••••••• M••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
O••• F••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
P•• T• H•••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed
V•••••• S•••••••• C••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
T•••• M•••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
W••••• G•••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
B•••• T•••• A••••••• G••••• L•	delayed draw term loan lien unstated	Not disclosed	Not disclosed
E••••••••• H•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
A••••••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+650 bp
N•••• T•••• I••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
A••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+650 bp
M••••••• B••••• I••• •••••••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
S•••••• L••••	revolver lien unstated	Not disclosed	Not disclosed
U••• H••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed
S••••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
S••••••• A••••••••• H•••••••• C••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+525 bp
D••••••••• H•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+450 bp
S••••• B••••••• S•••••••• •••• B•••••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
P••••• C••• C••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+600 bp
J•••••••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
A••• M••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
N•• L••• V••••• G••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
G•••••• U• H•••••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
D•••••••• D••••• H•••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
S••••• B••••••• S•••••••• •••• B•••••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
B••••• S••••••• H•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+550 bp
T•• A••••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
J••••• H••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
W••• K•••••• a•• C••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
B••••• R•••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
O••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+450 bp
H••••••••• I•••••••• A•••••• I•••	unstated lien unstated	Not disclosed	Not disclosed
F••••••• A••••••• L••••••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
P•••••••• C••••••••• M••••• I•••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+500 bp
M••••••• P•••••• I•••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
R••• S••• M••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed
S•• A••••••• G••••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
T••••••••• C••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
C•••• I••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
B•••• T•••• A••••••• G••••• L•	revolver lien unstated	Not disclosed	Not disclosed
N•••• T•••• I••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
N•• H••••••• I•• C••••	revolver lien unstated	Not disclosed	Not disclosed	S+525 bp
N••••••• R••••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+825 bp
C•••• H••••• C••• L•••••• S•••••••• L••	delayed draw term loan lien unstated	Not disclosed	Not disclosed	S+475 bp
E••••••••• H•••••••• L••	revolver lien unstated	Not disclosed	Not disclosed	S+500 bp
W••• K•••••• a•• C••••••• L••	revolver lien unstated	Not disclosed	Not disclosed
M••••••• B••••• I••• •••••••••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2025 to 2026reported
Filings listed: 15reported10-Q and 10-K since 2022
Latest schedule: 0001955010-26-000014reported