DFX Intelligence
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A•••••• P•••••• C••••• F•••
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 · the latest schedule of investments read for this BDC
- Fair value
- $1.7B
- Borrowers
- 439
- Mark on cost
- 98.9¢
- First lien
- 97%
As of · the latest schedule of investments read for this BDC
What matters now
- $205Kon 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 → 27loans 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.
- $1.2B → $1.7Bfair 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.
Every headline figure, and the identifiersCIK 1976336 · file 814-01793ShowHide
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
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 quartersShow fewer
| 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
- 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
Full timeline · 20 eventsShow fewer
- Repeat sponsor and lender pairJun 30, 2026
- 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
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
Largest facilities held, with co-lenders
- M••••••• B•••• I•• first lien term loan9 BDCs hold it · matures Dec 2, 2031$21.5M 99c
- U• F•••••• H•••••••• L•• first lien term loan2 BDCs hold it · matures Sep 4, 2031$20.9M 100c
- C•• P•••••• I•• first lien term loan2 BDCs hold it · matures Dec 7, 2028$17.3M 100c
- I••••••••• P•••• S••••••• H•••••••• I•• first lien term loan4 BDCs hold it · matures Nov 22, 2031 · possible sponsor S••••••••• C•••••• P•••••••$17.2M 99c
- E•••••• P••••••• I•••••••• L•• first lien term loan4 BDCs hold it · matures Mar 12, 2031$16.3M 99c
- C••••• P••••••• E••••• H•••••• L•• first lien term loan5 BDCs hold it · matures Jul 28, 2031$16.0M 99c
- T•••••• T••••••••• L•• first lien term loan3 BDCs hold it · matures Apr 4, 2030$13.8M 100c
- R•• F•• C• A••••••••• C••• first lien delayed draw term loan3 BDCs hold it · matures Mar 4, 2030$13.5M 101c
- A•••••••• H•••••••• L•• first lien delayed draw term loan12 BDCs hold it · matures Aug 31, 2029 · possible sponsor G•••••• C••••••$13.2M 100c
- A••••••••• G•••••• L•• first lien term loan3 BDCs hold it · matures Oct 25, 2032$13.2M 99c
- H• R•• B••••• I•• first lien delayed draw term loan3 BDCs hold it · matures Dec 11, 2029$13.1M 99c
- N• K••••• B••••• I•• first lien term loan3 BDCs hold it · matures Jan 31, 2033 · possible sponsor C••••••• C•••••• M••••••••• L••$12.7M 100c
Schedule of investments at Mar 31, 2026
1,268 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| O••••••••• L•• | revolver first lien | Not disclosed | -$20,000 | ||
| I••••••••• S•••••• L••••• | delayed draw term loan first lien | Not disclosed | -$20,000 | ||
| D•• M•••• C••• IT S••••••s | delayed draw term loan first lien | Not disclosed | -$20,000 -182c | SOFR+500 bp | Dec 30, 2031 |
| H• R•• B••••• I••• | delayed draw term loan first lien | Not disclosed | -$21,000 | ||
| S•• H••••••• I•• C•••• | delayed draw term loan first lien | Not disclosed | -$21,000 | ||
| H• R•• B••••• I••• C••••••••• S••••••s and S••••••• | delayed draw term loan first lien | $4.1M | -$21,000 | SOFR+475 bp | Dec 11, 2029 |
| S•• H••••••• I•• C•••• S•••••••• R••••• | delayed draw term loan first lien | $2.1M | -$21,000 525c | SOFR+500 bp | Mar 17, 2032 |
| E•••• P•••••• I••• | delayed draw term loan first lien | Not disclosed | -$22,000 | ||
| R•••• I••••••• L•• | delayed draw term loan first lien | Not disclosed | -$22,000 | ||
| R•••• I••••••• L•• I•••••••• | delayed draw term loan first lien | $1.5M | -$22,000 1100c | SOFR+475 bp | Oct 31, 2029 |
| E•••• P•••••• I••• S••••••• | delayed draw term loan first lien | $1.4M | -$22,000 1100c | SOFR+450 bp | Sep 8, 2032 |
| H•••••••• P•• B••••• L•• | delayed draw term loan first lien | Not disclosed | -$23,000 | ||
| Q•••• Q•••• C•• W••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$23,000 | ||
| I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | -$24,000 | ||
| I••••••••• H•••••••• L•• H••••••••• P•••••••• and S••••••s | revolver first lien | $2.8M | -$24,000 | SOFR+300 bp | Mar 12, 2030 |
| F•••• O•••• L•• | delayed draw term loan first lien | Not disclosed | -$24,000 | ||
| I••••••• B••••• L•• H••••• C••• T••••••••• | delayed draw term loan first lien | $3.3M | -$24,000 | SOFR+450 bp | Jun 3, 2031 |
| N•• H••••• A••••••••• C•••• | revolver first lien | Not disclosed | -$24,000 | ||
| A••••••• R••••••••• S••••••• L•• | revolver first lien | Not disclosed | -$24,000 | ||
| I••••••• B••••• L•• | delayed draw term loan first lien | Not disclosed | -$24,000 | ||
| N•• H••••• A••••••••• C•••• H••••• C••• T••••••••• | revolver first lien | $973,000 | -$24,000 600c | SOFR+475 bp | Jul 3, 2031 |
| S•••• P••••• H••••••• C•••• | delayed draw term loan first lien | Not disclosed | -$25,000 | ||
| S••••• B••••••• I•• IT S••••••s | delayed draw term loan first lien | $1.4M | -$25,000 625c | SOFR+600 bp | Nov 13, 2028 |
| S••••• B••••••• I•• | delayed draw term loan first lien | Not disclosed | -$25,000 | ||
| S•••• P••••• H••••••• C•••• C••••••••• S••••••s and S••••••• | delayed draw term loan first lien | $2.5M | -$25,000 833c | SOFR+450 bp | Dec 16, 2032 |
| A•••••••• S••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$27,000 | ||
| C••••••••• B••••• I••• H••••• C••• T••••••••• | revolver first lien | $1.8M | -$27,000 900c | SOFR+450 bp | Apr 2, 2031 |
| C••••••••• B••••• I••• | revolver first lien | Not disclosed | -$27,000 | ||
| E•••••• B••••• I••• | delayed draw term loan first lien | Not disclosed | -$27,000 | ||
| R••••• C••••••••• G••••• I••• | revolver first lien | Not disclosed | -$27,000 | ||
| E•••••• B••••• I••• S••••••• | delayed draw term loan first lien | $1.3M | -$27,000 540c | SOFR+475 bp | Sep 8, 2031 |
| A•••••••• S••••••••• L•• C••••••••• & E••••••••• | delayed draw term loan first lien | $2.7M | -$27,000 450c | SOFR+425 bp | Sep 30, 2032 |
| V•••• B••••• I•• | delayed draw term loan first lien | Not disclosed | -$28,000 | ||
| V•••• B••••• I•• S••••••• | delayed draw term loan first lien | $1.1M | -$28,000 1400c | SOFR+475 bp | Jan 30, 2032 |
| N•••• G••••• H••••••• C••••••••• | revolver first lien | Not disclosed | -$29,000 | ||
| N•••• G••••• H••••••• C••••••••• S••••••• | revolver first lien | $1.9M | -$29,000 | SOFR+500 bp | Oct 14, 2031 |
| V••••• M•••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$29,000 | ||
| V••••• M•••• H•••••••• L•• D••••••••• | delayed draw term loan first lien | $3.9M | -$29,000 725c | SOFR+450 bp | Jul 24, 2031 |
| C••••••••• H•••••••• L•• Financial S••••••s | delayed draw term loan first lien | $1.0M | -$31,000 1033c | SOFR+500 bp | Jun 30, 2032 |
| C••••••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | -$31,000 | ||
| V••• H•••••••• L•• | revolver first lien | Not disclosed | -$34,000 | ||
| R•••• L•• Financial S••••••s | revolver first lien | $751,000 | -$34,000 | SOFR+350 bp | Nov 7, 2030 |
| V••• H•••••••• L•• P••••••••• S••••••s | revolver first lien | $100,000 | -$34,000 | SOFR+500 bp | Jan 21, 2027 |
| R•••• L•• | revolver first lien | Not disclosed | -$34,000 | ||
| E•••••• H•••••••• I••• S••••••• | delayed draw term loan first lien | $2.4M | -$36,000 1200c | SOFR+450 bp | Dec 20, 2032 |
| E•••••• H•••••••• I••• | delayed draw term loan first lien | Not disclosed | -$36,000 | ||
| R•••• T•••• U• B••••• I••• | delayed draw term loan first lien | Not disclosed | -$36,000 | ||
| C••••••••• M••••• I••• P•••••••• | delayed draw term loan lien unstated | Not disclosed | -$36,000 | ||
| D•• M•••• C••• | delayed draw term loan first lien | Not disclosed | -$38,000 | ||
| N•••• G••••• H••••••• C••••••••• S••••••• | delayed draw term loan first lien | $2.5M | -$38,000 1267c | SOFR+500 bp | Oct 14, 2032 |
| N•••• G••••• H••••••• C••••••••• | delayed draw term loan first lien | Not disclosed | -$38,000 | ||
| D• I••••••••• H•••••• I••• S••••••• | delayed draw term loan first lien | $1.7M | -$41,000 683c | SOFR+500 bp PIK 2.25% | Feb 22, 2030 |
| D• I••••••••• H•••••• I••• | delayed draw term loan first lien | Not disclosed | -$41,000 | ||
| F••••• E••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$42,000 | ||
| F••••• E••••••••• L•• S••••••• | delayed draw term loan first lien | $2.1M | -$42,000 467c | SOFR+450 bp | Mar 21, 2031 |
| A•• H••••••• I••• C•••• D••••••••• C••••••• S••••••s | revolver first lien | $514,000 | -$42,000 700c | SOFR+550 bp | Feb 25, 2028 |
| A•• H••••••• I••• C•••• | revolver first lien | Not disclosed | -$42,000 | ||
| H••••• T••• C••••••• L•• | delayed draw term loan first lien | Not disclosed | -$43,000 | ||
| H••••• T••• C••••••• L•• I••••••••• C••••••••• | delayed draw term loan first lien | $3.4M | -$43,000 1075c | SOFR+450 bp | Oct 26, 2027 |
| B•••••••• I••••••••• D••••••••• I••• | revolver first lien | Not disclosed | -$47,000 | ||
| S•••• P•• B•••• L•• | delayed draw term loan first lien | Not disclosed | -$48,000 | ||
| S•••••• B••••• L•• | delayed draw term loan first lien | Not disclosed | -$50,000 | ||
| K••••• I••• | revolver first lien | Not disclosed | -$51,000 | ||
| K••••• I••• S••••••• | revolver first lien | $761,000 | -$51,000 1275c | SOFR+325 bp | Mar 20, 2030 |
| O••••••••• L•• | delayed draw term loan first lien | Not disclosed | -$81,000 | ||
| O••••••••• L•• S••••••• | delayed draw term loan first lien | $6.5M | -$81,000 1620c | SOFR+450 bp | Dec 23, 2032 |
| P••••••• P• B••••••• L•• | revolver first lien | Not disclosed | -$86,000 | ||
| D•• I••••••••• H•••••• L•• H••••••••• P•••••••• and S••••••s | term loan first lien | Not disclosed | Not disclosed | S+841 bp | Apr 3, 2028 |
Page 13 of 13Previous
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
A•••••• P•••••• C••••• F••• sits on 99 traced paths of capital across the graphs.
PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender
Every record on each path, what it committed or lent, and as of when. The capital chain is a join across the graphs and opens with the Data Factory.
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
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- New positionD•• T•••• L•2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
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
Show 1 connection across 1 kindShow fewer
Manages (1)
- Mar 19, 2026 to presentfactBDC schedule of investments