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A business development company

Business development companyNon-traded· CHICAGO, IL

A non-traded business development company, holding $1.7B across 439 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$1.7B
Borrowers
439
Mark on cost
98.9¢
First lien
97%
Schedule of investments (1,281)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $205K
    on non-accrual, 2 borrowers

    2 borrowers on non-accrual, $205K principal; the largest is Medallia, Inc ($105K).

    Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.

    FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen Medallia, Inc →
  2. 11 below 80¢
    $13M principal

    11 positions across 11 borrowers marked below 80¢ on cost, $13M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  3. 22 → 27
    loans paying in kind

    Loans paying in kind rose from 22 to 27 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 →
  4. $1.2B → $1.7B
    fair value, 4 quarters

    Its portfolio grew 40% 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 1976336 · file 814-01793Show
Fair value
$1.7B
as of Jun 30, 2026
Principal held
$2.1B
debt pieces, the filer's figure
Cost
$1.8B
99c on cost, debt pieces
Unfunded
$346M
commitments not yet drawn
Positions
1,281
439 borrowers
First lien
97%
97% debt by fair value
Quarters on the tape
7
since Dec 31, 2024
Facilities held
849
24 sponsors financed
Portfolio through time
Fair value by quarter end$1.7B as of Jun 30, 2026
Dec 31, 2024$4.4B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$1.7B43999c27473 bp
Mar 31, 2026$1.7B44599c22471 bp
Dec 31, 2025$1.7B461100c17471 bp
Sep 30, 2025$1.4B446100c16473 bp
All 7 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.2B410100c13483 bp
Mar 31, 2025$5.7B415100c7491 bp
Dec 31, 2024$4.4B368100c12501 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
  • Repeat sponsor and lender pairJun 30, 2026
  • Repeat sponsor and lender pairJun 30, 2026
  • New sponsor and lender pairJun 30, 2026
  • New sponsor and lender pairJun 30, 2026
  • Repeat sponsor and lender pairJun 30, 2026

+15 additional dated changes on this BDC

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Every position change, including routine ones
Largest facilities held, with co-lenders

+846 additional facilities held

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Schedule of investments at Dec 31, 2024
1,010 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Apex Service Partners, LLC
Diversified Consumer Services
revolver first lien$660,000$446,000
100c
SOFR+500 bpOct 24, 2029
Valicor PPC Intermediate II LLC
Oil, Gas and Consumable Fuels
delayed draw term loan first lien$442,000$441,000
100c
SOFR+500 bpJul 24, 2028
Southpaw Ap Buyer, LLC
Hotels, Restaurants and Leisure
delayed draw term loan first lien$630,000$441,000
101c
SOFR+525 bpMar 2, 2028
DeLorean Purchaser, Inc
Health Care Technology
equity equity$435,000$435,000
100c
DeLorean Purchaser, Inc.
Health Care Technology
equity equityNot disclosed$435,000
100c

1,010 positions on this schedule

Every borrower on the schedule with its instrument, principal, fair value, rate and maturity, as filed.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2025 to 2026reported
Filings listed
7reported10-Q and 10-K since 2022
Latest schedule
0001193125-26-349158reported
Capital chain

This record sits on 41 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

DFX traced 41 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

2,399 field-level changes across filed schedules, latest first
  • Mark recovered91.4% of cost to 96.7% of cost
    2026-06-30
  • Spread tightened8.41% to 6.50%
    2026-06-30
  • Spread widened5.50% to 6.75%
    2026-06-30

+2,396 more position changes

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph

+1 connections on the graph

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.