DFX Intelligence

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K•• F• I••••• T•••• S•••••

Business development companymanaged by F••••• A••••••• L••Non-traded· PHILADELPHIA, PA

A non-traded business development company, managed by F••••• A••••••• L••, holding $1.8B across 145 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: $1.8B
Borrowers: 145
Mark on cost: 99.4¢

Schedule of investments (584)Quarter by quarter Sponsors

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

What matters now

1 below 80¢
$15.4M principal
1 position across 1 borrower marked below 80¢ on cost, $15.4M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
$1.0B → $1.9B
fair value, 4 quarters
Its portfolio grew 82% 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 1975736 · file 814-01706Show

Fair value

$1.8B

as of Jun 30, 2026

Principal held

$1.8B

debt pieces, the filer's figure

Cost

$1.8B

99c on cost, debt pieces

Unfunded

$279M

commitments not yet drawn

Positions

584

145 borrowers

First lien

not established

93% debt by fair value

Quarters on the tape

since Dec 31, 2023

Facilities held

151

28 sponsors financed

Portfolio through time

Fair value by quarter end$1.9B as of Jun 30, 2026

Dec 31, 2023$0 then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.9B	145	99c	5	483 bp
Mar 31, 2026	$1.9B	145	99c	4	545 bp
Dec 31, 2025	$1.9B	144	101c	0	486 bp
Sep 30, 2025	$1.4B	123	101c	7	541 bp

All 11 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.0B	107	101c	3	557 bp
Mar 31, 2025	$801M	84	101c	14	562 bp
Dec 31, 2024	$1.1B	68	100c	14	560 bp
Sep 30, 2024	$336M	53	100c	2	564 bp
Jun 30, 2024	$136M	29	100c	2	524 bp
Mar 31, 2024	$51.7M	15	100c	0	551 bp
Dec 31, 2023	$0	2	n/a	0	n/a

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
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
Marked down (one lender)Mar 31, 2026
••• Locked
PIK interest appearsMar 31, 2026
••• Locked
PIK interest appearsMar 31, 2026
••• Locked
Spread increasedMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

M••••• S•••••• R••••••••• M••••••• L••• T•••• 2•••••••• other
2 BDCs hold it
$73.5M 104c
M••••• S•••••• R••••••••• M••••••• L••• T•••• 2•••••••• other
2 BDCs hold it
$72.4M 105c
B••••••• L•• other
4 BDCs hold it · matures Mar 5, 2032 · possible sponsor V•••• E••••• P••••••• M••••••••• L••
$37.1M 98c
W••••••• I•• other
6 BDCs hold it · matures Apr 5, 2032 · possible sponsor L••• P•••• C••••••• I••
$34.9M 98c
K••••••• A••••• P••••••• L•• other
3 BDCs hold it · matures Aug 1, 2032 · possible sponsor W•••••• P••••• L••
$34.7M 100c
S••••• S•••••••• I•• other
4 BDCs hold it · matures Sep 24, 2032
$33.7M 95c
C•••••••• T••••••••• L•• other
4 BDCs hold it · matures Feb 13, 2032 · possible sponsor L•••••• G•••• • P•••••••• L•••
$33.5M 100c
S••••••• B•••••• L•• other
4 BDCs hold it · matures Jul 25, 2028 · possible sponsor A••••• H••••••• M••••••••• C•••••• L••
$31.5M 100c
F•••••• S••••••• L•• other
7 BDCs hold it · matures Aug 16, 2032
$30.8M 96c
F•••••••• R••• S••••• L•• other
6 BDCs hold it · matures Mar 4, 2032 · T•• S••••••• G••••• L•••
$30.8M 98c
N••••••• T••••••••• I•• other
6 BDCs hold it · matures Aug 25, 2031
$28.7M 99c
I••••••••• P•••• S••••••• H•••••••• I•• other
3 BDCs hold it · matures Nov 1, 2031 · possible sponsor S••••••••• C•••••• P•••••••
$27.1M 98c

Schedule of investments at Dec 31, 2024

388 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
C•••••• F••• P•••••••••	unstated lien unstated	$55,000	$57,000 97c	S+500 bp	Jul 1, 2031
S•• G•••• I•• Capital G••••	unstated lien unstated	$49,000	$49,000 102c	S+500 bp	Mar 20, 2030
S•• G•••• I••	unstated lien unstated	$49,000	$49,000 102c	S+500 bp	Mar 20, 2030
W••••••• I••	unstated lien unstated	$32,000	$32,000 91c	S+500 bp	Apr 5, 2029
W••••••• I•• Capital G••••	unstated lien unstated	$32,000	$32,000 91c	S+500 bp	Apr 5, 2029
P•• G••••	unstated lien unstated	$29,000	$29,000 100c	S+525 bp	Apr 3, 2030
P•• G•••• T•••••••••	unstated lien unstated	$29,000	$29,000 100c	S+525 bp	Apr 3, 2030
C•••••• F••• P••••••••• Financial S••••••s	unstated lien unstated	$10,000	$10,000 100c	S+500 bp	Jul 1, 2031
C•••••• F••• P•••••••••	unstated lien unstated	$10,000	$10,000 100c	S+500 bp	Jul 1, 2031
D••••••• Financial S••••••s	term loan unsecured or subordinated	$7,000	$7,000 100c	S+1500 bp	Sep 6, 2034
D••••••• Financial S••••••s	term loan unsecured or subordinated	$7,000	$7,000 100c	S+1500 bp	Sep 6, 2034
P•••• E••••• C••••••	warrants equity	Not disclosed	$0
A••••••••• I••••• • B••• A••••••• H••••••• L••• T••• L••• 2•	term loan lien unstated	Not disclosed	$0
P•••• E••••• C••••••	warrants equity	Not disclosed	$0
A••••••••• I••••• • G••••• C••••••••• A•• E•••••	equity equity	Not disclosed	$0
P•••• E••••• C••••••	warrants equity	Not disclosed	$0
A••••••••• I••••• • B••• A••••••• H••••••• L••• A•• E•••••	notes lien unstated	Not disclosed	$0
A••••••••• I••••• • B••• A••••••• H••••••• L••• T••• L••• 1•	term loan lien unstated	Not disclosed	$0
S••••• M•• L••••••• A•• E•••••	unstated lien unstated	Not disclosed	$0
P•••• E••••• C••••••	warrants equity	Not disclosed	$0
P•••• E••••• C••••••	warrants equity	Not disclosed	$0
A••••••••• I••••• • S••••• M•• L••••••• B•••	notes lien unstated	Not disclosed	$0
P•••• E••••• C••••••	warrants equity	Not disclosed	$0
K•• I• A••••••• L•• A•• E•••••	unstated lien unstated	Not disclosed	$0
P•••• E••••• C••••••	warrants equity	Not disclosed	$0
S••••• M•• L••••••	term loan lien unstated	Not disclosed	$0
P•••• E••••• C••••••	warrants equity	Not disclosed	$0
L•••••• H••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
O••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M•••• N• I••	unstated lien unstated	Not disclosed	Not disclosed
L••••• C•••	term loan lien unstated	Not disclosed	Not disclosed	S+1080 bp
S•• G•••• I••	unstated lien unstated	Not disclosed	Not disclosed
R••••••••• C•••••• M••••••••• L•	unstated lien unstated	Not disclosed	Not disclosed
M•••• N• I••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
C•••••••• B••••• I••	unstated lien unstated	Not disclosed	Not disclosed
C•••••• F••• P•••••••••	unstated lien unstated	Not disclosed	Not disclosed
C•••• G•••••	unstated lien unstated	Not disclosed	Not disclosed
A••••• L••	unstated lien unstated	Not disclosed	Not disclosed
M••••• A••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
C••••••••• C••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
C•••••• F••• P•••••••••	unstated lien unstated	Not disclosed	Not disclosed
C•••••• E•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•• G•••• I••	unstated lien unstated	Not disclosed	Not disclosed
O••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
J• S• H••• L••	unstated lien unstated	Not disclosed	Not disclosed
C•••••• F••• P•••••••••	unstated lien unstated	Not disclosed	Not disclosed
N••••••• T••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
G••••• P••••••• H••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
D•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
C•••••••• B••••• I••	unstated lien unstated	Not disclosed	Not disclosed
C•••••• E•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
I••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
O••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
D••••• C•••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
D•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
P•••• E••••• C••••••	revolver lien unstated	Not disclosed	Not disclosed	S+1350 bp
T•••••• M•••••••• O•••••••• S•• • T•••••• M•••••••• F•••••• I••	revolver lien unstated	Not disclosed	Not disclosed	S+475 bp
T•••••••• S••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
M•• C•••••• M••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
C••••••••• C••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
A••••• L••	unstated lien unstated	Not disclosed	Not disclosed
A••••••• A••••••••• C•••	unstated lien unstated	Not disclosed	Not disclosed
T•••••••• S••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
A••• W••• P••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
L•••••• H••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
P•• G••••	unstated lien unstated	Not disclosed	Not disclosed
W••••• E••••••••• G•••• L••	unstated lien unstated	Not disclosed	Not disclosed
J• S• H••• L••	unstated lien unstated	Not disclosed	Not disclosed
V•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
R••••• S••••••• H••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
P•• G••••	unstated lien unstated	Not disclosed	Not disclosed
S•••••• E•••••• I••	unstated lien unstated	Not disclosed	Not disclosed
W••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
S••••••• B••••• L••	unstated lien unstated	Not disclosed	Not disclosed
R••••• C•••••• M••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
H•••••• • B••• I••	unstated lien unstated	Not disclosed	Not disclosed
U••• H••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
R••••• S••••••• H••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
N••••••• T••••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
U••• H••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
H•••••• • B••• I••	unstated lien unstated	Not disclosed	Not disclosed
V•••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
S•••••• E•••••• I••	unstated lien unstated	Not disclosed	Not disclosed
S••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
W••••••• I••	unstated lien unstated	Not disclosed	Not disclosed
M•• C•••••• M••••••••• L••	unstated lien unstated	Not disclosed	Not disclosed
D••••• C•••••••• I••	unstated lien unstated	Not disclosed	Not disclosed

Page 4 of 4Previous

Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2026 to 2026reported
Filings listed: 10reported10-Q and 10-K since 2022
Latest schedule: 0001628280-26-056136reported

Not yet on record: first lien.