DFX Intelligence

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N•••• H•••• P•••••• I••••• F••• A• L••

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

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 2026-06-30 · 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 (635)Quarter by quarter Sponsors

As of 2026-06-30 · 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 → 35
loans 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.
Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
$386M → $599M
fair 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.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1973476 · file 814-01654Show

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

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 quarters

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
••• 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
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

D•••••••• D••••• H••••••• L•• first lien term loan
24 BDCs hold it · matures Sep 13, 2032
$13.5M 99c
E•••••••• S••••••• H•••••• C••••••••• first lien term loan
21 BDCs hold it · matures Jun 30, 2031
$9.9M 95c
D••••••• C••••••••• first lien term loan
22 BDCs hold it · matures Aug 4, 2030 · possible sponsor L•• C•••••• M••••••••• L•••
$9.0M 98c
A••••••••• I•• first lien term loan
9 BDCs hold it · matures Jul 14, 2031 · possible sponsor H•
$8.7M 97c
M•• S••••••• L•• first lien term loan
31 BDCs hold it · matures Feb 29, 2028
$8.6M 100c
S• N•••• 2• I•• first lien term loan
9 BDCs hold it · matures Jun 2, 2031
$8.3M 100c
M•••••••• L• first lien term loan
10 BDCs hold it · matures Sep 30, 2032 · possible sponsor T••• W••• C•••••• M••••••••• L•••
$8.2M 101c
A•••••••• P••••••• L•• first lien term loan
10 BDCs hold it · matures Nov 17, 2031
$8.1M 100c
J••••••••• P•••••• I•• first lien term loan
22 BDCs hold it · matures Jan 31, 2033 · possible sponsor F•••••••• P•••••••
$7.9M 99c
V•• C••••••••• L•• first lien term loan
13 BDCs hold it · matures Jun 29, 2029 · possible sponsor W••••••••• C•••••• I••••••••
$7.9M 100c
T• P•••••• B••••• I•• first lien term loan
6 BDCs hold it · matures Dec 12, 2032
$7.9M 99c
J••••••• H•••••••• L•• first lien term loan
25 BDCs hold it · matures Nov 1, 2032
$7.8M 99c

Schedule of investments at Mar 31, 2025

341 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A••••••••• I•••	term loan first lien	$992,000	$979,000 99c	S+300 bp
U••• I•••	term loan first lien	$990,000	$979,000 98c	S+225 bp
A••••••• L••	term loan first lien	$992,000	$978,000 99c	S+425 bp
V•••••• B•••••• I•••	term loan first lien	$1.0M	$978,000 97c	S+350 bp
B••••• H•••••••• I•••	term loan first lien	$976,000	$973,000 99c	S+300 bp
C••••••• C•••••••••	term loan first lien	$990,000	$968,000 97c	S+275 bp
V••••• S••••••••• I•••	term loan first lien	$995,000	$956,000 96c	S+400 bp
A••••• P•••••• S•••••••• L••	unstated lien unstated	$949,000	$949,000 102c	S+450 bp
i••••• I•••	unstated lien unstated	$949,000	$949,000 101c	S+575 bp
E•••••• B••••• I•••	unstated lien unstated	$943,000	$943,000 101c	S+475 bp
I•••••• M••• L••	unstated lien unstated	$928,000	$928,000 102c	S+525 bp
K••••• E••••• C•• L••	term loan first lien	$918,000	$902,000 97c	S+375 bp
C••••• I••••••••• I•• L••	unstated lien unstated	$886,000	$886,000 101c	S+450 bp
A••••••••• I•••	unstated lien unstated	$869,000	$869,000 100c	S+650 bp
K••••• A••••••••• H•••••••• I•••	term loan first lien	$992,000	$849,000 86c	S+400 bp
I•••••• M••• L••	unstated lien unstated	$839,000	$839,000 102c	S+525 bp
V••••• S•••••• P•••••••• L••	unstated lien unstated	$795,000	$795,000 102c	S+600 bp
C•• C••••••••• P•••••• L••	unstated lien unstated	$774,000	$774,000 102c	S+550 bp
S•••• B••••• L••	unstated lien unstated	$779,000	$772,000 101c	S+525 bp
P•••• C• F•• • A••••••••• I•••••••• S•••••••• L••	unstated lien unstated	$751,000	$751,000 101c	S+550 bp
S•••••• E••••••••• L••	unstated lien unstated	$753,000	$714,000 97c	S+550 bp
T•••• B••••• I•••	term loan first lien	$749,000	$712,000 96c	S+600 bp
C•••••• I••••••••• I•••	unstated lien unstated	$680,000	$673,000 99c	S+550 bp
P•• I••••••••• H•••••••• L••	unstated lien unstated	$666,000	$666,000 101c	S+600 bp
A•• H•••• L••	unstated lien unstated	$658,000	$645,000 100c	13.00% PIK 13.00%
G••••• B•••••••• L••	unstated lien unstated	$609,000	$609,000 101c	S+450 bp
P•••• C• F•• • A••••••••• I•••••••• S•••••••• L••	unstated lien unstated	$591,000	$591,000 102c	S+550 bp
S••••••• H•••••••• L••	unstated lien unstated	$558,000	$558,000 101c	S+450 bp
B••••• S••••••• H•••••••• L••	unstated lien unstated	$507,000	$498,000 100c	S+525 bp
I••••• H••••• I••• I•••	term loan first lien	$497,000	$497,000 99c	S+350 bp
E••••• S••••••• C•••••••••	delayed draw term loan lien unstated	$497,000	$496,000 99c	S+275 bp
U••• I•••	term loan first lien	$496,000	$495,000 99c	S+300 bp
C•• B••••• I•••	term loan first lien	$495,000	$495,000 100c	S+400 bp
I••••••••• I•••	term loan first lien	$495,000	$494,000 99c	S+350 bp
D• I••••••••• I••••••••• H••••••• 2• I•••	term loan first lien	$497,000	$494,000 98c	S+375 bp
L•• S••••• T••• C••••••	term loan first lien	$498,000	$493,000 99c	S+250 bp
A• A••• M••••• S••• I•••	term loan first lien	$497,000	$493,000 99c	S+300 bp
H•• I••••••••• L••••••	term loan first lien	$495,000	$492,000 99c	S+250 bp
K•• A•••• B••••• L••	term loan first lien	$495,000	$491,000 99c	S+250 bp
P••••••• P• B•••••••• L••	term loan first lien	$495,000	$491,000 99c	S+400 bp
C•••• I••••••••• L••	unstated lien unstated	$488,000	$488,000 101c	S+475 bp
C•• H•••••••• I•••	term loan first lien	$495,000	$486,000 98c	S+450 bp
O••••••••• N•••• A••••••• I•••	unstated lien unstated	$375,000	$482,000 100c	S+550 bp
C•••••• P•••••• I•••	term loan first lien	$498,000	$426,000 85c	S+325 bp	Jul 6, 2029
G•••••• U• H•••••••• I•••	unstated lien unstated	$423,000	$423,000 101c	S+475 bp
R•• A••••••••• I•••	unstated lien unstated	$414,000	$414,000 100c	S+475 bp
H••••• S•••••• P•••••••• L••	unstated lien unstated	$408,000	$403,000 101c	S+500 bp
H••••••••• I•••••••• A•••••• I•••	unstated lien unstated	$394,000	$390,000 101c	S+450 bp
B•••••••• I•••	unstated lien unstated	$389,000	$389,000 101c	S+500 bp
G••••• B•••••••• L••	unstated lien unstated	$367,000	$367,000 101c	S+450 bp
C•••• S••••••• G••••• I•••	term loan first lien	$370,000	$366,000 99c	S+350 bp
S• N•••• 2• I•••	unstated lien unstated	$368,000	$365,000 102c	S+475 bp
M•• C•••••• M••••••••• I••••••••• L••	unstated lien unstated	$361,000	$361,000 102c	S+475 bp
C•• C••••••••• P•••••• L••	unstated lien unstated	$350,000	$350,000 102c	S+550 bp
V•••• P••••••••• L••	unstated lien unstated	$350,000	$348,000 100c	S+525 bp
V••••• S•••••• P•••••••• L••	unstated lien unstated	$311,000	$311,000 102c	S+600 bp
T•••••• T••••••••• L••	unstated lien unstated	$285,000	$285,000 102c	S+475 bp
K••• A••••••••• I•••	unstated lien unstated	$286,000	$283,000 101c	S+500 bp
P••••••••• F••• • S•••••• L••	unstated lien unstated	$283,000	$283,000 102c	S+450 bp
C•••• R•••• a•• I••••• C••••••• L••	unstated lien unstated	$285,000	$268,000 97c	S+475 bp
V•• C••••••••• L••	unstated lien unstated	$251,000	$251,000 101c	S+575 bp
C••• L••••••• H•••••••• I•••	unstated lien unstated	$245,000	$245,000 102c	S+500 bp
H••••• S•••••• P•••••••• L••	unstated lien unstated	$241,000	$240,000 101c	S+500 bp
T••• H•••••• C••••	unstated lien unstated	$233,000	$223,000 98c	S+600 bp
A••••• P•••••• S•••••••• L••	unstated lien unstated	$215,000	$215,000 103c	S+450 bp
C•••• R•••• a•• I••••• C••••••• L••	unstated lien unstated	$200,000	$192,000 100c	S+475 bp
A•• H•••• L••	unstated lien unstated	$187,000	$182,000 99c	S+525 bp
R•• A••••••••• I•••	unstated lien unstated	$171,000	$171,000 100c	S+475 bp
F•••••••• A••••••••• C•	unstated lien unstated	$185,000	$171,000 95c	S+525 bp
H••• S••••• B••••• I•••	unstated lien unstated	$163,000	$163,000 106c	S+525 bp	Apr 14, 2028
S•••••• E••••••••• L••	unstated lien unstated	$165,000	$157,000 96c	S+550 bp
A•••••••• P•••••••• L••	unstated lien unstated	$157,000	$152,000 100c	S+525 bp
S••••••••• E••••••••• G••••	unstated lien unstated	Not disclosed	$150,000 100c
E•••••• T••••• I•••	unstated lien unstated	Not disclosed	$149,000 101c	PIK 12.50%
F••••••• A••••••••• C•••• I•••	unstated lien unstated	Not disclosed	$138,000 100c
K••• A••••••••• I•••	unstated lien unstated	$136,000	$133,000 101c	S+500 bp
I••• B••••• L••	unstated lien unstated	$130,000	$130,000 102c	S+525 bp
U•• A•••••••• I•••	unstated lien unstated	$130,000	$128,000 103c	S+475 bp
V••••••••• L••	unstated lien unstated	$115,000	$115,000 102c	S+525 bp
R•••• T•••• U• B••••• I•••	unstated lien unstated	$106,000	$102,000 101c	S+450 bp
M••••• C••••••••• A••••••• I•••	unstated lien unstated	$95,000	$95,000 103c	S+525 bp
V••••••••• L••	unstated lien unstated	Not disclosed	$88,000 102c	S+1000 bp
M•• C•••••• M••••••••• I••••••••• L••	unstated lien unstated	$83,000	$83,000 104c	S+475 bp
C•••••• I••••••••• I•••	unstated lien unstated	$85,000	$82,000 96c	S+550 bp
R••••••••• I•••	unstated lien unstated	$91,000	$82,000 98c	S+525 bp
S•••••• E••••••••• L••	unstated lien unstated	$84,000	$76,000 93c	S+550 bp
V•••• P••••••••• L••	unstated lien unstated	$85,000	$76,000 100c	S+525 bp
V•••••• E••••••• S•••••••• I•••	unstated lien unstated	$77,000	$74,000 100c	S+500 bp
T••••• B••••• I••• •••••• N••••••••	unstated lien unstated	$75,000	$66,000 100c	S+475 bp
D• B•••••• C••••	unstated lien unstated	$66,000	$64,000 100c	S+475 bp
I••• B••••• L••	unstated lien unstated	$60,000	$59,000 105c	S+525 bp
A•• H•••• L••	unstated lien unstated	$67,000	$57,000 92c	S+525 bp
F•••••••• A••••••••• C•	unstated lien unstated	$60,000	$53,000 96c	S+525 bp
A•• G•••• H•••••••• I•••	unstated lien unstated	$45,000	$45,000 110c	S+475 bp
A•••••• I•••	unstated lien unstated	$49,000	$45,000 100c	S+475 bp
E••••••••• H•••••••• L••	unstated lien unstated	$42,000	$42,000 100c	S+500 bp
A••••••••• I•••	unstated lien unstated	$40,000	$40,000 100c	S+650 bp
T•••••••• I•••	unstated lien unstated	$41,000	$40,000 105c	S+550 bp
E••• P••••••••• I•••	unstated lien unstated	$35,000	$35,000 121c	S+550 bp
G• A••••••••• I•••	unstated lien unstated	$35,000	$35,000 100c	S+525 bp

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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