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 Sep 30, 2025
547 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A••••• P•••••• S•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$5,000 | S+450 bp | |
| F•••••••• O••••••••• L•• S••••••• | term loan first lien | $0 | -$5,000 100c | SOFR+525 bp | Aug 8, 2031 |
| A••••• H••••••• C•••• C••••••••• & E••••••••• | term loan first lien | $0 | -$5,000 125c | SOFR+550 bp | Mar 28, 2030 |
| S••••• B•••••••• I••• | revolver first lien | Not disclosed | -$5,000 | S+600 bp | |
| F•• S•••• H•••••••• L•• I••••••••• M•••• & S••••••s | term loan first lien | $0 | -$5,000 100c | SOFR+475 bp | Sep 9, 2032 |
| M•• S•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$5,000 | S+475 bp | |
| C••••••••• L•• | revolver first lien | Not disclosed | -$5,000 | S+500 bp | |
| F•••••••• O••••••••• L•• | revolver first lien | Not disclosed | -$5,000 | S+525 bp | |
| G••••••• I••••••••• I•• L•• | delayed draw term loan first lien | Not disclosed | -$6,000 | S+425 bp | |
| L• A••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$6,000 | S+475 bp | |
| B••• B••••••• M••••• I••• | revolver first lien | Not disclosed | -$6,000 | S+450 bp | |
| F•• S•••• H•••••••• L•• | revolver first lien | Not disclosed | -$6,000 | S+475 bp | |
| R••••••• P•••••• L•• | revolver first lien | Not disclosed | -$7,000 | S+450 bp | |
| M•• C•••••• M••••••••• I••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$7,000 | S+475 bp | |
| m••••• M•••••• I••• H••••• C••• P•••••••• & S••••••s | term loan first lien | $0 | -$7,000 100c | SOFR+475 bp | Aug 26, 2032 |
| R••••••• P•••••• L•• C••••••••• S••••••s & S••••••• | term loan first lien | $0 | -$7,000 100c | SOFR+450 bp | May 24, 2032 |
| O••••••••• N•••• A••••••• I••• S••••••• | term loan first lien | $0 | -$7,000 175c | SOFR+500 bp | Oct 30, 2031 |
| m••••• M•••••• I••• | revolver first lien | Not disclosed | -$7,000 | S+475 bp | |
| O••••••••• N•••• A••••••• I••• | revolver first lien | Not disclosed | -$7,000 | ||
| E••••••• B••••• I••• | revolver first lien | Not disclosed | -$8,000 | S+525 bp | |
| N•• G••••• H••••••• I••• | revolver first lien | Not disclosed | -$8,000 | S+450 bp | |
| E••••••• B••••• I••• S••••••• | term loan first lien | $0 | -$8,000 114c | SOFR+525 bp PIK 3.13% | Mar 25, 2032 |
| F•••••••• O••••••••• L•• S••••••• | term loan first lien | $0 | -$8,000 100c | SOFR+525 bp | Aug 8, 2031 |
| F•••••••• O••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$8,000 | S+525 bp | |
| N•• G••••• H••••••• I••• | delayed draw term loan first lien | Not disclosed | -$9,000 | S+450 bp | |
| A•• H•••• L•• | delayed draw term loan first lien | Not disclosed | -$9,000 | S+525 bp | |
| T••••••• I••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$11,000 | S+500 bp | |
| S•••• B••••• L•• | delayed draw term loan first lien | Not disclosed | -$11,000 | S+525 bp | |
| D•••••••• D••••• H••••••• L•• P••••••••• S••••••s | term loan first lien | $0 | -$12,000 100c | SOFR+575 bp PIK 2.75% | Sep 13, 2032 |
| D•••••••• D••••• H••••••• L•• | revolver first lien | Not disclosed | -$12,000 | S+575 bp | |
| S• N•••• 2• I••• | delayed draw term loan first lien | Not disclosed | -$12,000 | S+475 bp | |
| S••••• B•••••••• I••• S••••••• | term loan first lien | $0 | -$13,000 108c | SOFR+600 bp | Nov 10, 2028 |
| S••••• B•••••••• I••• | delayed draw term loan first lien | Not disclosed | -$13,000 | S+600 bp | |
| R••••••• P•••••• L•• | delayed draw term loan first lien | Not disclosed | -$15,000 | S+450 bp | |
| R••••••• P•••••• L•• C••••••••• S••••••s & S••••••• | term loan first lien | $0 | -$15,000 214c | SOFR+450 bp | May 24, 2032 |
| V••••• S•••••• P•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$16,000 | S+600 bp | |
| D••••••••• H•••••••• L•• A••••••••• | term loan first lien | $0 | -$16,000 100c | SOFR+450 bp | Aug 15, 2031 |
| D••••••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$16,000 | S+450 bp | |
| C•• C••••••••• P•••••• L•• | delayed draw term loan first lien | Not disclosed | -$18,000 | S+475 bp | |
| E••••••• B••••• I••• | delayed draw term loan first lien | Not disclosed | -$18,000 | S+525 bp | |
| E••••••• B••••• I••• S••••••• | term loan first lien | $0 | -$18,000 225c | SOFR+525 bp PIK 3.13% | Mar 25, 2032 |
| B••••••••• T••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$21,000 | S+500 bp | |
| T•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| N•• Q••••••••• A••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| Q••••••••• A••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I••••••••• O•• | unstated lien unstated | Not disclosed | Not disclosed | ||
| T•••• | unstated lien unstated | Not disclosed | Not disclosed |
Page 6 of 6Previous
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