DFX Intelligence
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N•••• H•••• P•••••• I••••• F••• A• L••
A non-traded business development company, managed by M• C•••••• P••••••• A•••••• I•••, holding $599M across 192 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
- $599M
- Borrowers
- 192
- Mark on cost
- 98.9¢
- First lien
- 98%
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
- 4 below 80¢$4.43M principal
4 positions across 4 borrowers marked below 80¢ on cost, $4.43M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 22 → 35loans paying in kind
Loans paying in kind rose from 22 to 35 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.
- $386M → $599Mfair value, 4 quarters
Its portfolio grew 55% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 1973476 · file 814-01654ShowHide
Fair value
$599M
as of Jun 30, 2026
Principal held
$607M
debt pieces, the filer's figure
Cost
$604M
99c on cost, debt pieces
Unfunded
$124M
commitments not yet drawn
Positions
635
192 borrowers
First lien
98%
99% debt by fair value
Quarters on the tape
12
since Sep 30, 2023
Facilities held
405
36 sponsors financed
Portfolio through time
Fair value by quarter end$599M as of Jun 30, 2026
Sep 30, 2023$35.5M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $599M | 192 | 99c | 35 | 482 bp |
| Mar 31, 2026 | $595M | 192 | 99c | 22 | 480 bp |
| Dec 31, 2025 | $573M | 191 | 100c | 13 | 480 bp |
| Sep 30, 2025 | $449M | 158 | 100c | 11 | 487 bp |
All 12 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $386M | 148 | 100c | 12 | 491 bp |
| Mar 31, 2025 | $342M | 142 | 100c | 12 | 494 bp |
| Dec 31, 2024 | $540M | 136 | 100c | 15 | 505 bp |
| Sep 30, 2024 | $222M | 115 | 100c | 9 | 516 bp |
| Jun 30, 2024 | $171M | 103 | 100c | 8 | 521 bp |
| Mar 31, 2024 | $72.0M | 55 | 100c | 4 | 587 bp |
| Dec 31, 2023 | $51.5M | 45 | 100c | 4 | 603 bp |
| Sep 30, 2023 | $35.5M | 33 | 100c | 0 | 611 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
Largest facilities held, with co-lenders
- D•••••••• D••••• H••••••• L•• first lien term loan24 BDCs hold it · matures Sep 13, 2032$13.5M 99c
- E•••••••• S••••••• H•••••• C••••••••• first lien term loan21 BDCs hold it · matures Jun 30, 2031$9.9M 95c
- D••••••• C••••••••• first lien term loan22 BDCs hold it · matures Aug 4, 2030 · possible sponsor L•• C•••••• M••••••••• L•••$9.0M 98c
- A••••••••• I•• first lien term loan9 BDCs hold it · matures Jul 14, 2031 · possible sponsor H•$8.7M 97c
- M•• S••••••• L•• first lien term loan31 BDCs hold it · matures Feb 29, 2028$8.6M 100c
- S• N•••• 2• I•• first lien term loan9 BDCs hold it · matures Jun 2, 2031$8.3M 100c
- M•••••••• L• first lien term loan10 BDCs hold it · matures Sep 30, 2032 · possible sponsor T••• W••• C•••••• M••••••••• L•••$8.2M 101c
- A•••••••• P••••••• L•• first lien term loan10 BDCs hold it · matures Nov 17, 2031$8.1M 100c
- J••••••••• P•••••• I•• first lien term loan22 BDCs hold it · matures Jan 31, 2033 · possible sponsor F•••••••• P•••••••$7.9M 99c
- V•• C••••••••• L•• first lien term loan13 BDCs hold it · matures Jun 29, 2029 · possible sponsor W••••••••• C•••••• I••••••••$7.9M 100c
- T• P•••••• B••••• I•• first lien term loan6 BDCs hold it · matures Dec 12, 2032$7.9M 99c
- J••••••• H•••••••• L•• first lien term loan25 BDCs hold it · matures Nov 1, 2032$7.8M 99c
Schedule of investments at Dec 31, 2024
835 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M•••• N• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| M•••••• C••••••••• B••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+600 bp | |
| M•••• N• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| C••• L••••••• H•••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| C•••• R•••• a•• I••••• C••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| C•••• R•••• a•• I••••• C••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| E•••••••• S••••••• H•••••• C••••••••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| H••••• S•••••• P•••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| I•••••••• M•••••••• A••••••••• L•• | revolver first lien | Not disclosed | Not disclosed | S+500 bp | |
| I•••••• M••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| K••• A••••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| I•••••• 3••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| A•• H•••• L•• | revolver lien unstated | Not disclosed | Not disclosed | ||
| H••••••• B•••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| P•••••• P••••• B••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+600 bp | |
| G• D• C•••••••• A••••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+450 bp | |
| R•••• T•••• U• B••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+450 bp | |
| F•••••••• A••••••••• C• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| A••••• H••••••• C•••• | revolver lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| T••• H•••••• C•••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| E••••••••• A••••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+625 bp | |
| C•• C••••••••• P•••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+550 bp | |
| B•••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| T•••••• T••••••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| I••••••••• O•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| H••• S••••• B••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| Y•• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| V••••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| V•••••• E••••••• S•••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | S+500 bp | |
| V•••• P••••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| i••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+575 bp | |
| G• A••••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | S+525 bp | |
| G•• M••••• S••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+600 bp | |
| T•••••• T••••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+475 bp | |
| D••••••••• H•••••••• L•• | revolver lien unstated | Not disclosed | Not disclosed | S+475 bp |
Page 9 of 9Previous
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2026 to 2026reported
- Filings listed
- 12reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-342387reported