DFX Intelligence
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A• P•••••• L•••••• F•••
A non-traded business development company, managed by A• P•••••• C••••• I•••••••• L••, holding $376M across 169 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
- $376M
- Borrowers
- 169
- Mark on cost
- 98.9¢
- First lien
- 99%
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
- 9 below 80¢$3.52M principal
9 positions across 7 borrowers marked below 80¢ on cost, $3.52M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 7 → 11loans paying in kind
Loans paying in kind rose from 7 to 11 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.
- 176 → 169borrowers
Lost a net 7 borrowers in the quarter to Jun 30, 2026, to 169.
Q2 2026 · The book is turning over faster than usual.
- $269M → $376Mfair 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 1982701 · file 814-01744ShowHide
Fair value
$376M
as of Jun 30, 2026
Principal held
$381M
debt pieces, the filer's figure
Cost
$380M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
378
169 borrowers
First lien
99%
99% debt by fair value
Quarters on the tape
9
since Jun 30, 2024
Facilities held
319
27 sponsors financed
Portfolio through time
Fair value by quarter end$376M as of Jun 30, 2026
Jun 30, 2024$870M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $376M | 169 | 99c | 11 | 486 bp |
| Mar 31, 2026 | $370M | 176 | 99c | 7 | 472 bp |
| Dec 31, 2025 | $339M | 133 | 100c | 6 | 497 bp |
| Sep 30, 2025 | $307M | 115 | 100c | 6 | 508 bp |
All 9 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $269M | 94 | 100c | 8 | 524 bp |
| Mar 31, 2025 | $816M | 98 | 100c | 6 | 529 bp |
| Dec 31, 2024 | $939M | 94 | 100c | 9 | 536 bp |
| Sep 30, 2024 | $795M | 78 | 100c | 9 | 543 bp |
| Jun 30, 2024 | $870M | 79 | 100c | 13 | 570 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 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
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 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
Largest facilities held, with co-lenders
- T•••••• I• H•••••••• L•• first lien delayed draw term loan2 BDCs hold it · matures Aug 31, 2029$7.2M 100c
- P•••••• A•••• H•••••••• L• first lien term loan8 BDCs hold it · matures Dec 31, 2032$7.1M 100c
- S•••••••• H••••• L•• first lien term loan9 BDCs hold it · matures Aug 18, 2032$7.1M 101c
- D••••••• I•• first lien term loan2 BDCs hold it · matures Mar 11, 2030$7.0M 99c
- P•••••• A••••••••• L•• first lien term loan8 BDCs hold it · matures Sep 7, 2032$6.3M 100c
- Q•••• A•••••••• I•• first lien term loan2 BDCs hold it · matures Nov 10, 2032$6.2M 99c
- F••••••••• L•• first lien term loan2 BDCs hold it · matures Sep 19, 2031$6.1M 99c
- E••••••• I•• first lien term loan4 BDCs hold it · matures Jun 1, 2027$5.8M 98c
- L••••••••• B••••• I•• first lien term loan8 BDCs hold it · matures Feb 29, 2032 · possible sponsor L••••••••• F••••••$5.6M 100c
- S•••••• P•••••• L•• first lien term loan6 BDCs hold it · matures Oct 16, 2031$5.5M 94c
- G••••••••• S•••••••• I•• first lien term loan4 BDCs hold it · matures Sep 1, 2028$5.5M 99c
- F••••• H•••••• C••• first lien term loan5 BDCs hold it · matures Sep 15, 2029$5.5M 93c
Schedule of investments at Dec 31, 2024
355 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A•••••• I••••••••• H•••••••• I••• S••••••• | revolver first lien | $0 | $0 0c | SOFR+650 bp | Mar 19, 2031 |
| A•••••••• I••• S••••••• | delayed draw term loan first lien | $0 | $0 | SOFR+525 bp | Dec 24, 2031 |
| A•••••••• I••• S••••••• | delayed draw term loan first lien | $0 | $0 | SOFR+525 bp | Dec 24, 2031 |
| T••••• B••••• I••• H••••• C••• T••••••••• | revolver first lien | $0 | $0 0c | SOFR+425 bp | Aug 20, 2027 |
| H•••• H• B••••• I••• H••••• C••• P•••••••• & Services | delayed draw term loan first lien | $0 | $0 0c | SOFR+575 bp | Oct 15, 2027 |
| R••••• B••••• I••• C••••••••• Services & S••••••• | revolver first lien | $0 | $0 0c | SOFR+475 bp | Nov 18, 2027 |
| N••••••••• L•• D••••••••• C••••••• Services | delayed draw term loan first lien | $0 | $0 0c | SOFR+575 bp | Mar 17, 2027 |
| F••••••••• R••• P•••••••• C•••• I•••••••• | revolver first lien | $0 | $0 | SOFR+525 bp | Oct 29, 2029 |
| D••••••• I••• C•••••••• | delayed draw term loan first lien | $0 | $0 0c | SOFR+600 bp | Mar 13, 2029 |
| G• A••••••••• I••• D••••••••• Financial Services | revolver first lien | $0 | -$77 59c | SOFR+525 bp | May 25, 2028 |
| G• A••••••••• I••• D••••••••• Financial Services | revolver first lien | $0 | -$77 59c | SOFR+525 bp | May 25, 2028 |
| U••••••••• S•••••• I••••••••• L•• L•••••• P••••••• | revolver first lien | $0 | -$87 64c | SOFR+575 bp | Apr 30, 2027 |
| M•• G••••• H•••••••• I••• T••••••••• H•••••••, S•••••• & P••••••••• | delayed draw term loan first lien | $0 | -$557 14c | SOFR+550 bp | Apr 9, 2029 |
| M•• I••••••••• L••• H•••••, R••••••••• & L•••••• | revolver first lien | $0 | -$595 44c | SOFR+625 bp | Feb 15, 2029 |
| M•• I••••••••• L••• | revolver first lien | $0 | -$595 44c | SOFR+625 bp | Feb 15, 2029 |
| M••• H•••••• C•• H••••• C••• T••••••••• | delayed draw term loan first lien | $0 | -$601 100c | SOFR+525 bp | Dec 23, 2030 |
| S••• P••••••••• I••• B•••• | delayed draw term loan first lien | $0 | -$957 102c | SOFR+500 bp | Nov 12, 2031 |
| S••• P••••••••• I••• B•••• | revolver first lien | $0 | -$958 102c | SOFR+500 bp | Nov 12, 2031 |
| A•••••••• I••• S••••••• | revolver first lien | $0 | -$997 100c | SOFR+525 bp | Dec 24, 2031 |
| A•••••••• I••• S••••••• | revolver first lien | $0 | -$997 100c | SOFR+525 bp | Dec 24, 2031 |
| V•••••••• B••••• L•• D••••••••• T••••••••• Services | revolver first lien | $0 | -$1,078 19c | SOFR+525 bp | Mar 21, 2030 |
| V•••••••• B••••• L•• D••••••••• T••••••••• Services | revolver first lien | $0 | -$1,078 19c | SOFR+525 bp | Mar 21, 2030 |
| N• T••••• L•• B•••• | revolver first lien | $0 | -$1,168 79c | SOFR+250 bp | Sep 1, 2031 |
| L•••••• P••••••••• I••• H••••• C••• P•••••••• & Services | revolver first lien | $0 | -$1,176 101c | SOFR+450 bp | Nov 24, 2031 |
| O••• A••••••••• L•• I•••••••• | delayed draw term loan first lien | $0 | -$1,311 100c | SOFR+500 bp | Dec 20, 2030 |
| J••••• L••• D••••••••• T••••••••• Services | revolver first lien | $0 | -$1,316 104c | SOFR+525 bp | Oct 4, 2030 |
| J••••• L•• D••••••••• T••••••••• Services | revolver first lien | $0 | -$1,316 104c | SOFR+525 bp | Oct 4, 2030 |
| J••••• L••• D••••••••• T••••••••• Services | revolver first lien | $0 | -$1,316 104c | SOFR+525 bp | Oct 4, 2030 |
| M••• H•••••• C•• H••••• C••• T••••••••• | delayed draw term loan first lien | $0 | -$1,363 100c | SOFR+525 bp | Dec 23, 2030 |
| V••••• A•• I••• S••••••• | revolver first lien | $0 | -$1,414 106c | SOFR+525 bp | Mar 2, 2028 |
| C•••••••• B•••• C••• A••••••••• I••• H••••• C••• P•••••••• & Services | revolver first lien | $0 | -$1,664 31c | SOFR+525 bp | Sep 16, 2027 |
| C•••••••• B•••• C••• A••••••••• I••• H••••• C••• P•••••••• & Services | revolver first lien | $0 | -$1,664 31c | SOFR+525 bp | Sep 16, 2027 |
| N••••••••• L•• D••••••••• C••••••• Services | revolver first lien | $0 | -$1,951 64c | SOFR+575 bp | Mar 17, 2027 |
| D••••••• P••••••••• I••• H••••• C••• T••••••••• | revolver first lien | $0 | -$1,957 100c | SOFR+475 bp | Dec 16, 2031 |
| D••••••• P••••••••• I••• H••••• C••• T••••••••• | revolver first lien | $0 | -$1,957 100c | SOFR+475 bp | Dec 16, 2031 |
| R•••• T•••• U• B••••• I••• Capital M•••••• | delayed draw term loan first lien | $0 | -$2,014 104c | SOFR+475 bp | Sep 30, 2031 |
| L•••••• P••••••••• I••• H••••• C••• P•••••••• & Services | delayed draw term loan first lien | $0 | -$2,353 102c | SOFR+450 bp | Nov 24, 2031 |
| L•••••• P••••••••• I••• H••••• C••• P•••••••• & Services | delayed draw term loan first lien | $0 | -$2,353 102c | SOFR+450 bp | Nov 24, 2031 |
| S••• a•• P••••••• L•••• H••••••• L•• Real Estate Management & D••••••••• | revolver first lien | $0 | -$2,809 | SOFR+450 bp | Sep 15, 2028 |
| N• T••••• L•• B•••• | delayed draw term loan first lien | $0 | -$2,920 158c | SOFR+250 bp | Aug 29, 2031 |
| N•• A••••••••• I••• I••••••• and Direct M•••••••• R••••• | revolver first lien | $0 | -$2,961 59c | SOFR+500 bp | Sep 6, 2028 |
| B••••••••• B••••• I••• M•••• | revolver first lien | $0 | -$3,025 81c | SOFR+650 bp | Nov 16, 2027 |
| B••••••••• B••••• I••• M•••• | revolver first lien | $0 | -$3,025 81c | SOFR+650 bp | Nov 16, 2027 |
| A•• T••••• L•• H••••• C••• P•••••••• & Services | revolver first lien | $0 | -$4,235 92c | SOFR+525 bp | Dec 22, 2027 |
| A•• T••••• L•• H••••• C••• P•••••••• & Services | revolver first lien | $0 | -$4,235 92c | SOFR+525 bp | Dec 22, 2027 |
| N••••• C••••••••• S••••••• | revolver first lien | $0 | -$4,737 105c | SOFR+575 bp | Sep 10, 2030 |
| S••••••• L•• H••••• C••• E•••••••• & S••••••• | revolver first lien | $0 | -$7,491 103c | SOFR+500 bp | Jun 12, 2028 |
| J••••• L•• D••••••••• T••••••••• Services | delayed draw term loan first lien | $0 | -$7,676 104c | SOFR+525 bp | Oct 4, 2030 |
| J••••• L••• D••••••••• T••••••••• Services | delayed draw term loan first lien | $0 | -$7,676 104c | SOFR+525 bp | Oct 4, 2030 |
| J••••• L••• D••••••••• T••••••••• Services | delayed draw term loan first lien | $0 | -$7,676 104c | SOFR+525 bp | Oct 4, 2030 |
| S•••••• P•••••• L•• S••••••• | revolver first lien | $0 | -$10,820 112c | SOFR+650 bp | May 13, 2030 |
| S•••• L••• I•• S••••••• | revolver first lien | $0 | -$11,255 141c | SOFR+550 bp | Aug 16, 2027 |
| F••••• H••••••• C•••• S••••••• | revolver first lien | $0 | -$12,503 | SOFR+625 bp | Sep 15, 2027 |
| F••••• H••••••• C•••• S••••••• | revolver first lien | $0 | -$12,503 | SOFR+625 bp | Sep 15, 2027 |
| L••••••••• I• E••••• O• O•••• A••••• • •••••••• | unstated lien unstated | Not disclosed | -$175M |
Page 4 of 4Previous
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2026 to 2026reported
- Filings listed
- 9reported10-Q and 10-K since 2022
- Latest schedule
- 0001193125-26-352136reported