DFX Intelligence

Private Credit Intelligence

The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

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BDC portfolio

M••••••• C•••••••• L•••••• I••••• F•••• I•••

BDCnon-tradedCIK 1985375file 814-01659NEW YORK, NYmanaged by M••••••• D••••• L•••••• A••••••• L••

Fair value

$605M

as of Jun 30, 2026

Principal held

$98.5M

debt pieces, the filer's figure

Cost

$497M

122c on cost

Unfunded

n/a

commitments not yet drawn

Positions

118

26 borrowers

First lien

27%

39% debt by fair value

Quarters on the tape

since Dec 31, 2024

Facilities held

3 sponsors financed

Portfolio through time

Fair value by quarter end$605M as of Jun 30, 2026

Dec 31, 2024$554M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$605M	26	101c	4	n/a
Mar 31, 2026	$579M	65	100c	3	n/a
Dec 31, 2025	$677M	57	102c	3	n/a
Sep 30, 2025	$444M	28	101c	2	n/a
Jun 30, 2025	$432M	25	101c	2	n/a
Dec 31, 2024	$554M	24	100c	2	n/a

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed

New borrower on a BDC scheduleJun 30, 2026
P••••• L•• first appears in a BDC schedule (2 lenders)
Marked down (one lender)Jun 30, 2026
M••••••• C•••••••• L•••••• I••••• F•••• I•••: fair value markdown in D••••• UK B•••• Limited (95 to 84 cents on cost)
Maturity shortened (observed)Jun 30, 2026
M••••••• C•••••••• L•••••• I••••• F•••• I•••: maturity shortened in C••••••• C••••• f•• A••••• S•••••••• L•• (2029-11-21 to 2027-11-21)
New borrower on a BDC scheduleMar 31, 2026
B••••••• M•••••••• • N•• E••••••••• S•••• • L••• C••• C•••••••• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleMar 31, 2026
S••••••• • A••••• U•••••••• H••••• L•• O•• • C•••••••• first appears in a BDC schedule (1 lender)
New lender joined a facilityMar 31, 2026
M••••••• C•••••••• L•••••• I••••• F•••• I••• joins F••• I••••••••• I•• term loan (first lien) held by 3 other BDCs
New borrower on a BDC scheduleMar 31, 2026
A••••• R•••••••• U•••• H••••••• C•••••••• first appears in a BDC schedule (1 lender)
New lender joined a facilityMar 31, 2026
M••••••• C•••••••• L•••••• I••••• F•••• I••• joins N•••• T•••••• L•• term loan (first lien) held by 1 other BDC
New borrower on a BDC scheduleMar 31, 2026
T•••••••• P•••• L•• • C•••••••• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleMar 31, 2026
T•••••••• E••••• P••••••• L• • C•••••••• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleMar 31, 2026
W•••• C•••••••• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleMar 31, 2026
P•••••••• F•••••• A••••••••• L•• • C•••••••• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleMar 31, 2026
S•••• R••••• • V••••• H••••••• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleMar 31, 2026
S••••••• • B••••• M••••••• C•••• • C•••••••• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleMar 31, 2026
A•• S••••••• I••••••• 2• L•• • C•••••••• first appears in a BDC schedule (1 lender)
New lender joined a facilityMar 31, 2026
M••••••• C•••••••• L•••••• I••••• F•••• I••• joins C•••••••• I•• term loan (first lien) held by 15 other BDCs
New lender joined a facilityMar 31, 2026
M••••••• C•••••••• L•••••• I••••• F•••• I••• joins Z••• G•••• H•••••••• I•• notes (unknown) held by 2 other BDCs
New borrower on a BDC scheduleMar 31, 2026
O••• T••• C••••••••• • C•••••••• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleMar 31, 2026
S•••• R••••• • M•••••• C••••••••• • C•••••••• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleMar 31, 2026
M••••••••• first appears in a BDC schedule (1 lender)

Every position change, including routine ones

Largest facilities held, with co-lenders

T••••••••• E•••••••• A•• first lien term loan
1 BDC hold it · matures Feb 6, 2030
$17.5M 102c
H••••••••• first lien term loan
1 BDC hold it · matures Jan 30, 2031
$6.5M 102c
P•• W•••••••• T• first lien term loan
1 BDC hold it · matures Mar 19, 2029
$5.8M 101c
C••••••• C••••• f•• A••••• S•••••••• L•• first lien term loan
1 BDC hold it · matures Nov 21, 2027
$5.6M 102c
P••••• L•• first lien term loan
3 BDCs hold it · matures May 22, 2031
$4.6M 100c
T••••••••• E•••••••• A•• preferred equity
1 BDC hold it
$2.6M 113c
B••••••• M•••••••• • T•••• B••••••• P•••••••• L•• first lien term loan
1 BDC hold it · matures Sep 20, 2030
$1.5M 99c
C••••••• C••••• f•• A••••• S•••••••• L•• first lien delayed draw term loan
1 BDC hold it · matures Nov 21, 2027
$1.4M 103c
F••• I••••••••• I•• first lien term loan
4 BDCs hold it · matures Jun 27, 2031
$1.2M 99c
C••••••••• • V•••••• O•••••••• C• first lien term loan
1 BDC hold it · matures Nov 29, 2030
$1.2M 94c
F••• first lien term loan
4 BDCs hold it · matures Nov 30, 2032
$1.0M 100c
N•••• T•••••• L•• first lien term loan
2 BDCs hold it · matures Jan 30, 2032
$1.0M 100c

Schedule of investments at Jun 30, 2026

118 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
Net Assets	unstated lien unstated	n/a	$103M
Non-Controlled/Non-Affiliated Investments	unstated lien unstated	n/a	$102M 101c
Investments	unstated lien unstated	n/a	$102M 101c
Investments - non-controlled/non-affiliated - Senior Secured	term loan first lien	n/a	$54.6M 101c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	n/a	$29.5M 101c
T••••••••• E•••••••• A••/Rail	term loan first lien	n/a	$17.5M 102c
Investments - non-controlled/non-affiliated - Short-Term Inv	unstated lien unstated	n/a	$14.0M 100c
Investments - non-controlled/non-affiliated - Short-Term Inv	unstated lien unstated	$14.0M	$14.0M 100c	3.66%
T••••••••• E•••••••• A••/Rail - Bison I••••••••• Services, LLC	term loan first lien	$9.0M	$9.0M 102c	12.50%	Feb 6, 2030
T••••••••• E•••••••• A••/Rail - Guardian Fleet Services, Inc.	term loan first lien	$8.5M	$8.6M 102c	13.14% PIK 1.75%	Feb 10, 2028
Investments - non-controlled/non-affiliated - Senior Secured Health Care Services	term loan first lien	n/a	$7.0M 102c
H•••••••••/Real Estate - Sisu E••••• & Environmental, LLC	term loan first lien	$6.5M	$6.5M 102c	11.19%	Jan 30, 2031
H•••••••••/Real Estate	term loan first lien	n/a	$6.5M 102c
Investments - non-controlled/non-affiliated - Senior Secured Diversified Financial Services	term loan first lien	n/a	$6.0M 99c
PSA W••••••••, LLC Diversified Support Services	term loan first lien	$5.8M	$5.8M 101c	12.00%	Mar 19, 2029
Investments - non-controlled/non-affiliated - Senior Secured Diversified Support Services	term loan first lien	n/a	$5.8M 101c
C••••••• C••••• f•• A••••• S•••••••• L•• Health Care Services	term loan first lien	$5.6M	$5.6M 102c	13.00% PIK 2.00%	Nov 21, 2027
PayArc, LLC Diversified Financial Services	term loan first lien	$4.6M	$4.5M 100c	10.15%	May 22, 2031
Investments - non-controlled/non-affiliated - Equity Investm	unstated lien unstated	n/a	$3.9M 104c
Investments - non-controlled/non-affiliated - Equity Investm	preferred equity equity	n/a	$3.9M 104c
Services	unstated lien unstated	n/a	$3.5M 102c
S•••• R•••••	unstated lien unstated	n/a	$3.5M 101c
T••••••••• E•••••••• A••/Rail	preferred equity equity	n/a	$3.0M 113c
Investments - non-controlled/non-affiliated - E••••• E•••••	unstated lien unstated	n/a	$2.6M 101c
H•••••••••/Real Estate	unstated lien unstated	n/a	$2.5M 101c
B••••••• M••••••••	unstated lien unstated	n/a	$2.5M 99c
B••••••• M••••••••	term loan first lien	n/a	$2.3M 99c
C•••••••••	term loan first lien	n/a	$2.3M 96c
T••••••••• E•••••••• A••/Rail - Guardian Fleet Services, Inc.	preferred equity equity	$1.7M	$2.1M 128c	4.75%
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$2.0M	$2.0M 100c	5.25%	Jul 15, 2028
Investments - non-controlled/non-affiliated - Senior Secured Healthcare	term loan first lien	n/a	$1.9M 98c
Investments - non-controlled/non-affiliated - Utilities Utilities	unstated lien unstated	n/a	$1.9M 100c
Investments - non-controlled/non-affiliated - Consumer P•••• Consumer P•••••••	unstated lien unstated	n/a	$1.7M 100c
Publishing/Printing	unstated lien unstated	n/a	$1.7M 100c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.7M	$1.7M 100c	5.75%	Aug 1, 2028
Investments - non-controlled/non-affiliated - Senior Secured Technology	term loan first lien	n/a	$1.6M 98c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	n/a	$1.6M 102c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.5M	$1.6M 102c	8.88%	Dec 15, 2029
Investments - non-controlled/non-affiliated - Chemicals Chemicals	unstated lien unstated	n/a	$1.5M 101c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.5M	$1.5M 100c	4.75%	Jun 15, 2028
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.5M	$1.5M 101c	4.75%	Feb 15, 2028
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.5M	$1.5M 100c	4.63%	Jun 1, 2028
B••••••• M•••••••• • T•••• B••••••• P•••••••• L••	term loan first lien	$1.5M	$1.5M 99c	7.34%	Sep 20, 2030
C••••••• C••••• f•• A••••• S•••••••• L•• Health Care Services	delayed draw term loan first lien	$1.4M	$1.4M 103c	13.00% PIK 2.00%	Nov 21, 2027
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.4M	$1.3M 101c	4.88%	May 1, 2028
Investments - non-controlled/non-affiliated - Diversified Fi Diversified Financial Services	unstated lien unstated	n/a	$1.3M 102c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.3M	$1.3M 104c	7.88%	Feb 15, 2031
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.3M	$1.3M 103c	4.88%	Sep 15, 2028
F••• I••••••••• I••. Technology	term loan first lien	$1.2M	$1.2M 99c	8.09%	Jun 27, 2031
Investments - non-controlled/non-affiliated - Healthcare Healthcare	unstated lien unstated	n/a	$1.1M 102c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.1M	$1.1M 101c	6.63%	Oct 15, 2032
C••••••••• • V•••••• O•••••••• C•.	term loan first lien	$1.2M	$1.1M 94c	9.09%	Nov 29, 2030
N•••• T•••••• L•• Diversified Financial Services	term loan first lien	$1.0M	$1.0M 100c	8.09%	Jan 30, 2032
F•••/Beverage/Tobacco	term loan first lien	n/a	$1.0M 100c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.0M	$1.0M 101c	6.00%	Dec 31, 2030
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.0M	$993,920 100c	5.00%	Jan 31, 2028
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$1.0M	$989,227 100c	3.75%	Jan 15, 2027
H•••••••• D••••• LLC Healthcare	term loan first lien	$982,538	$982,724 100c	9.09%	Apr 28, 2028
MRO M•••••••, LLC Consumer-P•••••••	term loan first lien	$992,500	$982,575 100c	8.45%	Sep 30, 2031
MRO M•••••••, LLC Consumer-P•••••••	term loan first lien	n/a	$982,575 100c
F•••/Beverage/Tobacco - Cold Spring Brewing Holdings, LLC	term loan first lien	$981,720	$976,812 100c	7.67%	Dec 10, 2029
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$925,000	$966,652 104c	9.75%	Sep 15, 2029
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$875,000	$902,717 101c	8.75%	Sep 15, 2029
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$875,000	$891,087 101c	6.75%	Oct 15, 2032
T••••••••• E•••••••• A••/Rail - Bison I••••••••• Services, LLC	preferred equity equity	$984,960	$867,968 88c	8.00%
Capital G••••	term loan first lien	n/a	$818,486 100c
C••••••••• • C••••••••• A••••••••• H••••••• I••.	term loan first lien	$827,820	$812,199 97c	7.76%	Apr 13, 2029
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$775,000	$810,820 100c	8.38%	Dec 1, 2031
Investments - non-controlled/non-affiliated - Insurance Insurance	unstated lien unstated	n/a	$759,592 93c
S••••••• • G••••• B•••• I••.	term loan first lien	$746,250	$748,272 101c	8.57%	Jan 17, 2032
Services	term loan first lien	n/a	$748,272 101c
Investments - non-controlled/non-affiliated - Technology Technology	unstated lien unstated	n/a	$730,111 100c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$700,000	$726,483 104c	7.25%	Aug 1, 2030
C•••••• G•••• • A•••••• F• H•••••••• L••	term loan first lien	$664,921	$666,677 100c	9.09%	Jun 24, 2030
H•••••••••/Real Estate - Sisu E••••• & Environmental, LLC	preferred equity equity	$648	$648,000 100c
H•••••••••/Real Estate	preferred equity equity	n/a	$648,000 100c
C•••••••• I••. Healthcare	term loan first lien	$621,835	$567,817 95c	6.67%	May 1, 2031
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$500,000	$523,186 102c	9.00%	Oct 1, 2030
Automotive & Auto Parts	unstated lien unstated	n/a	$503,129 100c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$500,000	$503,129 100c	8.00%	Nov 17, 2028
A••••• i• E••••• o• L•••••••••	unstated lien unstated	n/a	$502,998
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$500,000	$500,046 101c	5.63%	Jan 15, 2027
Gaming	unstated lien unstated	n/a	$500,046 101c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$500,000	$488,995 100c	4.80%	May 15, 2030
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$500,000	$487,268 101c	3.88%	Feb 15, 2028
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$500,000	$483,414 100c	4.75%	Jan 30, 2030
Metals/Mining	unstated lien unstated	n/a	$483,414 100c
B••••••• M•••••••• • M••• H••••• I• L••	term loan first lien	$486,564	$479,591 98c	7.59%	Mar 28, 2031
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$500,000	$478,834 98c	4.00%	Jul 31, 2029
T••••••••• E•••••••• A••/Rail	unstated lien unstated	n/a	$478,834 98c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$500,000	$474,866 98c	4.38%	Jul 15, 2030
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$500,000	$466,672 100c	4.75%	Nov 15, 2029
R••••• S•••••••• I••. Technology	term loan first lien	$491,288	$465,824 95c	8.84%	Nov 28, 2028
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$500,000	$462,959 93c	8.38%	Feb 1, 2034
C••••/Satellite TV	unstated lien unstated	n/a	$438,135 92c
Investments - non-controlled/non-affiliated - C•••••••• Bond	notes lien unstated	$500,000	$438,135 92c	8.00%	Aug 15, 2032
B••••••• M•••••••• • C•••••• B•••• L••	term loan first lien	$397,244	$397,152 100c	7.26%	Sep 8, 2032
C••••••••• • P••••••• P• B••••••• L••	term loan first lien	$400,000	$392,644 99c	7.92%	Mar 7, 2033
D••••• B•••• Inc. Diversified Financial Services	term loan first lien	$467,875	$391,649 84c	7.84%	Sep 30, 2031
T••• Services Holdings, Inc. Healthcare	term loan first lien	$385,000	$375,737 99c	9.17%	Jan 31, 2033

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2024 to 2026reported
Filings listed: 12reported10-Q and 10-K since 2022
Former names: Muzinich Direct Lending Income Fund, Inc.reported
Latest schedule: 0001213900-26-089203reported