DFX Intelligence

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A•••••• P•••••• C••••• F•••

Business development companymanaged by A•••••• C•••••• C••••• A••••••• L••Non-traded· CHICAGO, IL

A non-traded business development company, managed by A•••••• C•••••• C••••• A••••••• L••, holding $1.7B across 439 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: $1.7B
Borrowers: 439
Mark on cost: 98.9¢
First lien: 97%

Schedule of investments (1,281)Quarter by quarter Sponsors

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

What matters now

$205K
on non-accrual, 2 borrowers
2 borrowers on non-accrual, $205K principal; the largest is M•••••••• I•• ($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 M•••••••• I•• →
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
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 →
$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

since Dec 31, 2024

Facilities held

849

74 sponsors financed

Portfolio through time

Fair value by quarter end$1.7B as of Jun 30, 2026

Dec 31, 2024$4.4B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.7B	439	99c	27	473 bp
Mar 31, 2026	$1.7B	445	99c	22	471 bp
Dec 31, 2025	$1.7B	461	100c	17	471 bp
Sep 30, 2025	$1.4B	446	100c	16	473 bp

All 7 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.2B	410	100c	13	483 bp
Mar 31, 2025	$5.7B	415	100c	7	491 bp
Dec 31, 2024	$4.4B	368	100c	12	501 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked

Full timeline · 20 events

Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
Repeat sponsor and lender pairJun 30, 2026
••• Locked
New sponsor and lender pairJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

M••••••• B•••• I•• first lien term loan
9 BDCs hold it · matures Dec 2, 2031
$21.5M 99c
U• F•••••• H•••••••• L•• first lien term loan
2 BDCs hold it · matures Sep 4, 2031
$20.9M 100c
C•• P•••••• I•• first lien term loan
2 BDCs hold it · matures Dec 7, 2028
$17.3M 100c
I••••••••• P•••• S••••••• H•••••••• I•• first lien term loan
4 BDCs hold it · matures Nov 22, 2031 · possible sponsor S••••••••• C•••••• P•••••••
$17.2M 99c
E•••••• P••••••• I•••••••• L•• first lien term loan
4 BDCs hold it · matures Mar 12, 2031
$16.3M 99c
C••••• P••••••• E••••• H•••••• L•• first lien term loan
5 BDCs hold it · matures Jul 28, 2031
$16.0M 99c
T•••••• T••••••••• L•• first lien term loan
3 BDCs hold it · matures Apr 4, 2030
$13.8M 100c
R•• F•• C• A••••••••• C••• first lien delayed draw term loan
3 BDCs hold it · matures Mar 4, 2030
$13.5M 101c
A•••••••• H•••••••• L•• first lien delayed draw term loan
12 BDCs hold it · matures Aug 31, 2029 · possible sponsor G•••••• C••••••
$13.2M 100c
A••••••••• G•••••• L•• first lien term loan
3 BDCs hold it · matures Oct 25, 2032
$13.2M 99c
H• R•• B••••• I•• first lien delayed draw term loan
3 BDCs hold it · matures Dec 11, 2029
$13.1M 99c
N• K••••• B••••• I•• first lien term loan
3 BDCs hold it · matures Jan 31, 2033 · possible sponsor C••••••• C•••••• M••••••••• L••
$12.7M 100c

Schedule of investments at Jun 30, 2025

1,098 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
H••••• B•••• L••	delayed draw term loan first lien	Not disclosed	-$11,000
I••••••••• P•••• S••••••• H•••••••• I••• E••••• E•••••••• and S••••••s	delayed draw term loan first lien	$5.6M	-$11,000 85c	SOFR+450 bp	Nov 22, 2028
P•••••••• F••••• O••••• L••	delayed draw term loan first lien	Not disclosed	-$11,000
N•••• M•••• 3• L••••••	delayed draw term loan first lien	Not disclosed	-$11,000
I••••••••• P•••• S••••••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	-$11,000
M••••• B••••• I••• M••••••••	revolver first lien	$1.4M	-$11,000 79c	SOFR+375 bp	Dec 14, 2026
M••••• B••••• I•••	revolver first lien	Not disclosed	-$11,000
U• F•••••• H•••••••• L•• D••••••••• C••••••• S••••••s	delayed draw term loan first lien	$2.2M	-$11,000 110c	SOFR+550 bp	Sep 4, 2031
P•••••••• F••••• O••••• L•• Financial S••••••s	delayed draw term loan first lien	$1.5M	-$11,000 122c	SOFR+500 bp	May 15, 2029
N•••• M•••• 3• L•••••• IT S••••••s	delayed draw term loan first lien	$824,000	-$11,000	SOFR+500 bp	Jun 11, 2031
U• F•••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	-$11,000
N•••••• H•••••• C••••••	revolver first lien	Not disclosed	-$11,000
F••• C•••••• S••••••••• I•••	revolver first lien	Not disclosed	-$12,000
L••• A•••••••• L•• Capital M••••••	delayed draw term loan first lien	$3.5M	-$12,000 133c	SOFR+500 bp	May 10, 2032
C••••• P••••••• E••••• H•••••• L••	delayed draw term loan first lien	Not disclosed	-$12,000
E••••• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$12,000
L••• A•••••••• L••	delayed draw term loan first lien	Not disclosed	-$12,000
1••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$12,000
B•••••• C••••••• H••••••••• I••••••••• L••	delayed draw term loan first lien	Not disclosed	-$12,000
C••••• P••••••• E••••• H•••••• L•• Financial S••••••s	delayed draw term loan first lien	$5.0M	-$13,000 59c	SOFR+525 bp	Jul 28, 2029
B• G•••• H•••••••• I•••	delayed draw term loan first lien	Not disclosed	-$13,000
D•• M•••• C•••	delayed draw term loan first lien	Not disclosed	-$13,000
N•••• M•••• 3• L••••••	revolver first lien	Not disclosed	-$13,000
M••••••• A••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$13,000
W•••• I•••••••• A••••••••• L••	delayed draw term loan first lien	Not disclosed	-$14,000
W•••• I•••••••• A••••••••• L•• I••••••••	delayed draw term loan first lien	$2.9M	-$14,000 467c	SOFR+500 bp	Apr 3, 2030
A••• M••••• L•• Capital M••••••	delayed draw term loan first lien	$3.1M	-$15,000 188c	SOFR+500 bp	Apr 11, 2029
H• I••••••••• I••• I•••	delayed draw term loan first lien	Not disclosed	-$15,000
H• I••••••••• I••• I••• H••••• C••• T•••••••••	delayed draw term loan first lien	$1.5M	-$15,000 500c	SOFR+450 bp	Nov 12, 2030
A••• M••••• L••	delayed draw term loan first lien	Not disclosed	-$15,000
F•••• O•••• L••	delayed draw term loan first lien	Not disclosed	-$16,000
E•••••••• T••••••••• C••••	delayed draw term loan first lien	Not disclosed	-$16,000
E•••••••• T••••••••• C•••• E••••••••• E••••••••, I••••••••• and C•••••••••	delayed draw term loan first lien	$2.5M	-$16,000 145c	SOFR+525 bp	Aug 12, 2029
1•••••• B••• L•••	delayed draw term loan lien unstated	Not disclosed	-$16,000
F•••• O•••• L•• D••••••••• C••••••• S••••••s	delayed draw term loan first lien	$3.2M	-$16,000 200c	SOFR+475 bp	Aug 15, 2030
F••••••••• R••• P•••••••• C••••	delayed draw term loan first lien	Not disclosed	-$16,000
R•••••• L••••••••• L••	delayed draw term loan first lien	Not disclosed	-$16,000
F••••••••• R••• P•••••••• C•••• I••••••••	delayed draw term loan first lien	$4.3M	-$16,000 160c	SOFR+400 bp	Oct 29, 2030
A•••• A••••••• G••••• L••	delayed draw term loan first lien	Not disclosed	-$16,000
I••••••••• P••••••• I•••	delayed draw term loan first lien	Not disclosed	-$18,000
A••••••••• I•••	revolver first lien	Not disclosed	-$19,000
A••••••••• I••• C••••••••	revolver first lien	$1.9M	-$19,000 190c	SOFR+475 bp	Mar 1, 2032
T••••• G••••• L•• C••••••••• & E•••••••••	delayed draw term loan first lien	$2.0M	-$20,000 400c	SOFR+500 bp	May 29, 2029
T••••• G••••• L••	delayed draw term loan first lien	Not disclosed	-$20,000
V•• I••••••••• H•••••••• L••	delayed draw term loan first lien	Not disclosed	-$21,000
T••••••••• C••• L•• A••••••••• C•••••••••	delayed draw term loan first lien	$2.9M	-$22,000 71c	SOFR+575 bp	Feb 13, 2032
R•••• T•••• U• B••••• I••• IT S••••••s	delayed draw term loan first lien	$3.0M	-$22,000 105c	SOFR+450 bp	Sep 30, 2031
R•••• T•••• U• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$22,000
T••••••••• C••• L••	delayed draw term loan first lien	Not disclosed	-$22,000
R•• F•• C• A••••••••• C•••••••••	delayed draw term loan first lien	Not disclosed	-$22,000
A••••••••• I••• C••••••••	delayed draw term loan first lien	$2.7M	-$27,000 450c	SOFR+475 bp	Mar 1, 2032
A••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$27,000
Z••• C•••••• S•••••••• I•••	delayed draw term loan first lien	Not disclosed	-$28,000
H• R•• B••••• I•••	delayed draw term loan first lien	Not disclosed	-$29,000
N•••••• H•••••• C•••••• C••••••••• and P••••••••	delayed draw term loan first lien	$2.5M	-$37,000	SOFR+550 bp	Mar 26, 2031
N•••••• H•••••• C••••••	delayed draw term loan first lien	Not disclosed	-$37,000
A•• T•••••• L•• D••••••••• C••••••• S••••••s	delayed draw term loan first lien	$3.0M	-$39,000 557c	SOFR+500 bp	Mar 31, 2031
A•• T•••••• L••	delayed draw term loan first lien	Not disclosed	-$39,000
E••••••• E•• C••• H•••••• L••	delayed draw term loan first lien	Not disclosed	-$40,000
F••• C•••••• S••••••••• I•••	delayed draw term loan first lien	Not disclosed	-$60,000
L•• V•••••• H••••••• I•••	equity equity	Not disclosed	Not disclosed
S•••••• B••••	equity equity	Not disclosed	Not disclosed
R••••••••• L•• H••••••••• E•••••••• and S•••••••	revolver first lien	$100,000	Not disclosed n/a	SOFR+375 bp	Jun 18, 2029
G••••• B••••• I•••	equity equity	Not disclosed	Not disclosed
M•• C•••••••••	equity equity	Not disclosed	Not disclosed
C•••••• G••••• A••••••••• L••	equity equity	Not disclosed	Not disclosed
F• V••••• H••••••• I•• C••••••••• & E•••••••••	revolver first lien	$248,000	Not disclosed	SOFR+400 bp	Jan 20, 2030
I••••••• B••••• L•• H••••• C••• T•••••••••	revolver first lien	$1.2M	Not disclosed	SOFR+500 bp	Jun 3, 2031
F•• B•••• L••	equity equity	Not disclosed	Not disclosed
W••••• E••••••••• G••••• L•• Financial S••••••s	revolver first lien	$323,000	Not disclosed	SOFR+500 bp	Oct 2, 2028
T••••••••• H•••••••• I•••	preferred equity equity	Not disclosed	Not disclosed
D•• M•••• C•••	equity equity	Not disclosed	Not disclosed
M•••••• B••••• I•••	equity equity	Not disclosed	Not disclosed
P•••••• 1• B•••• C••••••••• E••••••••• E••••••••, I••••••••• and C•••••••••	revolver first lien	$1.1M	Not disclosed	SOFR+475 bp	Nov 20, 2029
W•••••• T••••	equity equity	Not disclosed	Not disclosed
G••••• B••••• I••• T•••••••, A•••••• and L••••• G••••	revolver first lien	$420,000	Not disclosed	SOFR+400 bp	May 22, 2030
A••••••••• I•••	equity equity	Not disclosed	Not disclosed
P•••••••• C••••••••• M••••• I••• C••••••••• and P••••••••	revolver first lien	$926,000	Not disclosed n/a	SOFR+475 bp	Jan 22, 2032
V•••••••• I••• S•••••••	revolver first lien	$392,000	Not disclosed	SOFR+475 bp	Apr 10, 2030
A•••• M••••• I••• W••••••• T••••••••• S••••••s	revolver first lien	$109,000	Not disclosed	SOFR+575 bp	Apr 12, 2027
G•••••••• P•••••• L••	preferred equity equity	Not disclosed	Not disclosed
C•• B•••••• L•• C••••••••• and P••••••••	revolver first lien	$493,000	Not disclosed	SOFR+500 bp	Oct 2, 2029
B•••••• I••••••••• H•••••• C•••• H••••• C••• T•••••••••	revolver first lien	$100,000	Not disclosed	SOFR+500 bp	Feb 7, 2028
A••••• P••••••••• L•• C••••••••• and P••••••••	revolver first lien	$100,000	Not disclosed	SOFR+375 bp	Apr 17, 2029
C•••••• G••••• A••••••••• L••	equity equity	Not disclosed	Not disclosed
A•••••••• R••• M••••••••• I•• I••••••••	revolver first lien	$231,000	Not disclosed n/a	SOFR+550 bp	Nov 1, 2029
S•• H••••••• I•• C•••• I••••••••• L• U••••	unstated lien unstated	Not disclosed	Not disclosed
U•••••••• T••••••••• H•••••••• L••	equity equity	Not disclosed	Not disclosed
E••••••• R••• L•• H••••• C••• T•••••••••	revolver first lien	$100,000	Not disclosed	SOFR+300 bp	Jun 27, 2028
D••••••• P••••••••• I•••	equity equity	Not disclosed	Not disclosed
G•• H••••••• L•• D••••••••• C••••••• S••••••s	revolver first lien	$217,000	Not disclosed n/a	SOFR+425 bp	Oct 18, 2030
A•••••• H•••••••• L•• H••••• C••• T•••••••••	delayed draw term loan first lien	$220,000	Not disclosed	SOFR+550 bp	Dec 17, 2029
P•••••• A••••••••• P••••• L•• Financial S••••••s	revolver first lien	$100,000	Not disclosed	SOFR+525 bp	Feb 22, 2031
Q•••• Q•••• C•• W••• H•••••••• L•• D••••••••• C••••••• S••••••s	delayed draw term loan first lien	$5.0M	Not disclosed n/a	SOFR+475 bp	Jun 10, 2031
I••••••• B••••• L•• H••••• C••• T•••••••••	delayed draw term loan first lien	$3.3M	Not disclosed	SOFR+500 bp	Jun 3, 2031
I•• I••••••• H•••••••• I••• H••••• C••• T•••••••••	revolver first lien	$370,000	Not disclosed	SOFR+500 bp	May 11, 2028
A••••••••• G•••• I••• H••••• C••• T•••••••••	revolver first lien	$100,000	Not disclosed	SOFR+350 bp	Feb 15, 2027
P•••••••• C••••••••• M••••• I••• C••••••••• and P••••••••	delayed draw term loan first lien	$4.9M	Not disclosed	SOFR+475 bp	Jan 22, 2032

Page 11 of 11Previous

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