DFX Intelligence

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S••••• C••••• I••••••••• L••

Business development companymanaged by J•••••••• C••••• M••••••••• L••Non-traded· NEW YORK, NY

A non-traded business development company, managed by J•••••••• C••••• M••••••••• L••, holding $599M across 111 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: $599M
Borrowers: 111
Mark on cost: 99.9¢
First lien: 100%

Schedule of investments (458)Quarter by quarter Sponsors

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

What matters now

2 below 80¢
$50K principal
2 positions across 2 borrowers marked below 80¢ on cost, $50K principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
15 → 19
loans paying in kind
Loans paying in kind rose from 15 to 19 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 →
$422M → $599M
fair value, 4 quarters
Its portfolio grew 42% 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 1959568 · file 814-01685Show

Fair value

$599M

as of Jun 30, 2026

Principal held

$605M

debt pieces, the filer's figure

Cost

$604M

100c on cost, debt pieces

Unfunded

$175M

commitments not yet drawn

Positions

458

111 borrowers

First lien

100%

100% debt by fair value

Quarters on the tape

since Dec 31, 2023

Facilities held

259

21 sponsors financed

Portfolio through time

Fair value by quarter end$599M as of Jun 30, 2026

Dec 31, 2023$597M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$599M	111	100c	19	482 bp
Mar 31, 2026	$591M	108	100c	15	482 bp
Dec 31, 2025	$739M	125	100c	16	485 bp
Sep 30, 2025	$491M	92	100c	8	491 bp

All 11 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$422M	75	101c	5	496 bp
Mar 31, 2025	$1.4B	62	101c	4	499 bp
Dec 31, 2024	$1.3B	52	101c	6	503 bp
Sep 30, 2024	$1.0B	45	100c	4	523 bp
Jun 30, 2024	$463M	31	101c	5	555 bp
Mar 31, 2024	$352M	25	101c	0	551 bp
Dec 31, 2023	$597M	23	101c	0	575 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
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

B•••••••• P••••••••• I•• first lien term loan
10 BDCs hold it · matures Dec 19, 2030 · possible sponsor C•• E••••• P••••••• I• L••
$11.1M 101c
A• C•••••• A••••••••• C••••••••• first lien revolver
8 BDCs hold it · matures Aug 7, 2031
$10.6M 100c
S• A••••••••• I•• first lien term loan
4 BDCs hold it · matures Apr 3, 2030
$10.4M 100c
C••••••••• M••••• L•• first lien term loan
12 BDCs hold it · matures Feb 28, 2033 · possible sponsor T• A•••••••••
$10.1M 100c
A•••••• H•••••••• I•• first lien term loan
8 BDCs hold it · matures Sep 15, 2031
$10.0M 100c
B•••• P••••• H•••••••• I•• first lien term loan
7 BDCs hold it · matures Nov 29, 2030 · possible sponsor V•••• E••••• P••••••• M••••••••• L••
$9.8M 100c
D•••••••• D••••• H••••••• L•• first lien term loan
24 BDCs hold it · matures Sep 13, 2032
$9.7M 100c
P••••• C••• C••••••• L•• first lien term loan
25 BDCs hold it · matures Nov 15, 2030
$9.5M 88c
C•••••••• C•••••• H•••••• C••••••••• first lien term loan
4 BDCs hold it · matures Jun 16, 2033
$9.5M 100c
S••••••• H••••••• C••••••••• first lien term loan
11 BDCs hold it · matures May 14, 2031
$9.4M 100c
A•• P••••••••• L•• first lien term loan
8 BDCs hold it · matures Apr 1, 2033
$9.3M 100c
S••••••• S••••••• B••••• I•• first lien term loan
6 BDCs hold it · matures Sep 30, 2031 · F•••••••• P•••••••
$9.1M 99c

Schedule of investments at Sep 30, 2024

196 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
N•• H••••••• I•• C••••	revolver first lien	Not disclosed	-$1,000	S+525 bp
B•••••••• P••••••••• I•••	revolver first lien	Not disclosed	-$1,000	S+550 bp
I•••••••• M•••••••• A••••••••• L••	revolver first lien	Not disclosed	-$1,000	S+500 bp
N•• H••••••• I•• C•••• C••••••••• S••••••s & S•••••••	delayed draw term loan first lien	Not disclosed	-$1,000 100c	S+525 bp	Jul 15, 2031
K••• B••••• L•• H••••• C••• T•••••••••	revolver first lien	Not disclosed	-$1,000 100c	S+450 bp	Jul 23, 2031
E•••••• B••••• I•••	revolver first lien	Not disclosed	-$1,000	S+475 bp
N•• H••••••• I•• C••••	delayed draw term loan first lien	Not disclosed	-$1,000	S+525 bp
V•••• C••• B••••• L•• H••••• C••• P•••••••• & S••••••s	revolver first lien	Not disclosed	-$1,000 100c	S+475 bp	Jul 30, 2031
T••••••• L•• E••••••••• E••••••••	revolver first lien	Not disclosed	-$1,000 100c	S+450 bp	Aug 6, 2031
H••••••••• S•••••••• I••	revolver first lien	Not disclosed	-$1,000	S+475 bp
G••••• B•••••••• L••	delayed draw term loan first lien	Not disclosed	-$1,000	S+450 bp
T••••••• L••	revolver first lien	Not disclosed	-$1,000	S+450 bp
H••••••••• S•••••••• I•• H••••• C••• T•••••••••	revolver first lien	Not disclosed	-$1,000 100c	S+475 bp	Jul 16, 2031
K••• B••••• L••	revolver first lien	Not disclosed	-$1,000	S+450 bp
E•••••• H•••••••• I•••	revolver first lien	Not disclosed	-$1,000	S+550 bp
V•••••• P••••••••• L••	revolver first lien	Not disclosed	-$1,000	S+475 bp
T•• H••••• C••••••••• L••	revolver first lien	Not disclosed	-$1,000	S+500 bp
V•••••• P••••••••• L•• IT S••••••s	revolver first lien	Not disclosed	-$1,000 100c	S+475 bp	Aug 15, 2031
H••••• T••• C••••••• L••	revolver first lien	Not disclosed	-$1,000	S+550 bp
G••••• B•••••••• L••	revolver first lien	Not disclosed	-$1,000	S+450 bp
C••••• S•••••••• A••••••••• I•••	revolver first lien	Not disclosed	-$1,000	S+500 bp
T•• H••••• C••••••••• L•• C••••••••• S••••••s & S•••••••	revolver first lien	Not disclosed	-$1,000 100c	S+500 bp	Jun 20, 2030
N•• H••••••• I•• C•••• C••••••••• S••••••s & S•••••••	revolver first lien	Not disclosed	-$1,000 100c	S+525 bp	Jul 15, 2030
S••••••• S••••••• B••••• I•••	revolver first lien	Not disclosed	-$1,000	S+500 bp
S••••••• S••••••• B••••• I••• S•••••••	revolver first lien	Not disclosed	-$1,000 100c	S+500 bp	Sep 30, 2031
G• A••••••••• I•••	revolver first lien	Not disclosed	-$1,000	S+525 bp
P• I••••••••• H••••••• I••• L•• T•••••• Companies & D•••••••••	delayed draw term loan first lien	Not disclosed	-$1,000 100c	S+475 bp	Apr 9, 2030
V••••• M•••• H•••••••• L••	revolver first lien	Not disclosed	-$1,000	S+525 bp
I•••••••• M•••••••• A••••••••• L•• I••••••••	revolver first lien	Not disclosed	-$1,000 100c	S+500 bp	Aug 25, 2028
C• B••••• I••• S•••••••	revolver first lien	Not disclosed	-$1,000 100c	S+525 bp	Jul 1, 2031
E•••••• H•••••••• I••• S•••••••	delayed draw term loan first lien	Not disclosed	-$2,000 100c	S+550 bp	Dec 24, 2029
P• I••••••••• H••••••• I••• L••	delayed draw term loan first lien	Not disclosed	-$2,000	S+475 bp
A•• H••• L••	revolver first lien	Not disclosed	-$2,000	S+500 bp
A• C•••••• A••••••••• C•••••••••	revolver first lien	Not disclosed	-$2,000	S+525 bp
E•••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	-$2,000	S+550 bp
A•••••• H•••••••• I•• L••• S••••••• T•••• & S••••••s	delayed draw term loan first lien	Not disclosed	-$2,000 200c	S+450 bp	Sep 15, 2031
A• C•••••• A••••••••• C••••••••• H••••• C••• P•••••••• & S••••••s	revolver first lien	Not disclosed	-$2,000 100c	S+525 bp	Jul 2, 2031
F••••••• F•••••••• G••••• L••	delayed draw term loan first lien	Not disclosed	-$3,000	S+525 bp
F••••••• F•••••••• G••••• L•• P••••••••• S••••••s	delayed draw term loan first lien	Not disclosed	-$3,000 50c	S+525 bp	Sep 30, 2027
A•••••• H•••••••• I••	delayed draw term loan first lien	Not disclosed	-$3,000	S+450 bp
P••••• C••• C••••••• L•• H••••• C••• P•••••••• & S••••••s	revolver first lien	Not disclosed	-$5,000 167c	S+600 bp	Nov 15, 2029
G• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$5,000	S+525 bp
C••••••• A••••••••• H•••••••• I••• Air F•••••• & L••••••••	delayed draw term loan first lien	Not disclosed	-$5,000 250c	S+450 bp	Nov 12, 2029
T•• H••••• C••••••••• L••	delayed draw term loan first lien	Not disclosed	-$5,000	S+500 bp
G• A••••••••• I••• S•••••••	delayed draw term loan first lien	Not disclosed	-$5,000 250c	S+525 bp	May 25, 2028
P••••• C••• C••••••• L••	revolver first lien	Not disclosed	-$6,000	S+600 bp
C••••••• A••••••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	-$6,000	S+450 bp
E•••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$9,000	S+475 bp
E•••••• B••••• I••• P••••••••• S••••••s	delayed draw term loan first lien	Not disclosed	-$9,000 225c	S+475 bp	Sep 5, 2031
F••••••• F•••••••• G••••• L••	delayed draw term loan first lien	Not disclosed	-$10,000	S+525 bp
F••••••• F•••••••• G••••• L•• P••••••••• S••••••s	delayed draw term loan first lien	Not disclosed	-$10,000 111c	S+525 bp	Sep 30, 2027
H••••••••• S•••••••• I••	delayed draw term loan first lien	Not disclosed	-$12,000	S+475 bp
H••••••••• S•••••••• I•• H••••• C••• T•••••••••	delayed draw term loan first lien	Not disclosed	-$12,000 200c	S+475 bp	Jul 16, 2031
B•••••••• P••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$14,000	S+550 bp
K••• B••••• L••	delayed draw term loan first lien	Not disclosed	-$15,000	S+450 bp
K••• B••••• L•• H••••• C••• T•••••••••	delayed draw term loan first lien	Not disclosed	-$15,000	S+450 bp	Jul 23, 2031
V••••• M•••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	-$15,000	S+525 bp
K••• B••••• L••	delayed draw term loan first lien	Not disclosed	-$15,000	S+450 bp
K••• B••••• L•• H••••• C••• T•••••••••	delayed draw term loan first lien	Not disclosed	-$15,000 214c	S+450 bp	Jul 23, 2031
C••••• S•••••••• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$17,000	S+500 bp
G••••• B••••••• L•• I••••••••	delayed draw term loan first lien	$52,000	-$17,000 -77c	S+450 bp	Sep 29, 2028
C••••• S•••••••• A••••••••• I••• H••••• C••• P•••••••• & S••••••s	delayed draw term loan first lien	Not disclosed	-$18,000 138c	S+500 bp	Aug 7, 2031
C• B••••• I••• S•••••••	delayed draw term loan first lien	Not disclosed	-$19,000 211c	S+525 bp	Jul 1, 2031
C• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$19,000	S+525 bp
V•••••• P••••••••• L•• IT S••••••s	delayed draw term loan first lien	Not disclosed	-$19,000 211c	S+475 bp	Aug 15, 2031
V•••••• P••••••••• L••	delayed draw term loan first lien	Not disclosed	-$19,000	S+475 bp
A• C•••••• A••••••••• C••••••••• H••••• C••• P•••••••• & S••••••s	delayed draw term loan first lien	Not disclosed	-$21,000 210c	S+525 bp	Jul 2, 2031
A• C•••••• A••••••••• C•••••••••	delayed draw term loan first lien	Not disclosed	-$22,000	S+525 bp
T••••••• L•• E••••••••• E••••••••	delayed draw term loan first lien	Not disclosed	-$26,000 200c	S+450 bp	Aug 6, 2031
T••••••• L••	delayed draw term loan first lien	Not disclosed	-$26,000	S+450 bp
H••••• T••• C••••••• L••	delayed draw term loan first lien	Not disclosed	-$27,000	S+550 bp
H••••• T••• C••••••• L•• M••••••••	delayed draw term loan first lien	Not disclosed	-$27,000 208c	S+550 bp	Oct 26, 2027
A•• H••• L••	delayed draw term loan first lien	Not disclosed	-$27,000	S+500 bp
D•••• E••••••••• E••••••••, I••••••••• & C•••••••••	delayed draw term loan first lien	Not disclosed	-$32,000 128c	S+575 bp	Jul 21, 2027
D••••	delayed draw term loan first lien	Not disclosed	-$33,000	S+575 bp
T•• G• A••••••• M••••••••• L••	delayed draw term loan first lien	Not disclosed	-$33,000	S+550 bp
I•••••••• M•••••••• A••••••••• L•• I••••••••	delayed draw term loan first lien	Not disclosed	-$33,000 206c	S+500 bp	Aug 25, 2028
I•••••••• M•••••••• A••••••••• L••	delayed draw term loan first lien	Not disclosed	-$34,000	S+500 bp
Q•••••• L••	delayed draw term loan first lien	Not disclosed	-$35,000	S+675 bp
P••••• C••• C••••••• L••	delayed draw term loan first lien	Not disclosed	-$38,000	S+600 bp
P••••• C••• C••••••• L•• H••••• C••• P•••••••• & S••••••s	delayed draw term loan first lien	Not disclosed	-$38,000 345c	S+600 bp	Nov 15, 2030
R•••••• S••••••• G••••• L••	delayed draw term loan first lien	Not disclosed	-$64,000
G••••• B•••••••• L••	delayed draw term loan first lien	Not disclosed	-$69,000	S+450 bp
P•• I••••••••• H•••••••• L•• H••••• C••• P•••••••• & S••••••s	delayed draw term loan first lien	Not disclosed	-$70,000 206c	S+525 bp	Aug 31, 2029
P•• I••••••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	-$70,000	S+525 bp
C••••••••• U•••••••	unstated lien unstated	Not disclosed	-$679,000
S• A••••••••• I••• I••••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Apr 3, 2030
H••••••••• I•••••••• A•••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+475 bp
A•••••• I••	revolver first lien	Not disclosed	Not disclosed	S+525 bp
B•••• P••••• H•••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+500 bp
S• A••••••••• I•••	revolver first lien	Not disclosed	Not disclosed	S+500 bp
P••••••••• U••• L••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+500 bp
A•••••• I•• S•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+525 bp	Jan 30, 2031
B•••• P••••• H•••••••• I••• S•••••••	revolver first lien	Not disclosed	Not disclosed n/a	S+500 bp	Nov 29, 2030
B•••• P••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+500 bp
A•••••• I••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+525 bp

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2024 to 2026reported
Filings listed: 12reported10-Q and 10-K since 2022
Latest schedule: 0001193125-26-345215reported