DFX Intelligence
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A•• P•••••• C••••• I••••• F•••
A non-traded business development company, managed by A•• U• D• M••••••••• L••, holding $1.3B across 48 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
- $1.3B
- Borrowers
- 48
- Mark on cost
- 99.9¢
- First lien
- 96%
As of · the latest schedule of investments read for this BDC
What matters now
- 1 below 80¢$105K principal
1 position across 1 borrower marked below 80¢ on cost, $105K principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 2 → 4loans paying in kind
Loans paying in kind rose from 2 to 4 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.
- $894M → $1.3Bfair value, 4 quarters
Its portfolio grew 43% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 2011498 · file 814-01782ShowHide
Fair value
$1.3B
as of Jun 30, 2026
Principal held
$1.2B
debt pieces, the filer's figure
Cost
$1.3B
100c on cost, debt pieces
Unfunded
$265M
commitments not yet drawn
Positions
180
48 borrowers
First lien
96%
96% debt by fair value
Quarters on the tape
7
since Dec 31, 2024
Facilities held
110
10 sponsors financed
Portfolio through time
Fair value by quarter end$1.3B as of Jun 30, 2026
Dec 31, 2024$1.8B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.3B | 48 | 100c | 4 | 483 bp |
| Mar 31, 2026 | $1.3B | 47 | 100c | 2 | 481 bp |
| Dec 31, 2025 | $1.5B | 43 | 100c | 2 | 484 bp |
| Sep 30, 2025 | $1.2B | 39 | 99c | 2 | 495 bp |
All 7 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $894M | 31 | 100c | 1 | 487 bp |
| Mar 31, 2025 | $2.8B | 23 | 100c | 1 | 487 bp |
| Dec 31, 2024 | $1.8B | 18 | 100c | 0 | 492 bp |
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
Full timeline · 20 eventsShow fewer
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
Largest facilities held, with co-lenders
- M••••••• P••••• L•• first lien term loan1 BDC hold it · matures May 4, 2031$57.2M 101c
- I••••••• I•• first lien term loan4 BDCs hold it · matures Jun 9, 2032$53.4M 100c
- M••••••• P•••••• I•• first lien term loan3 BDCs hold it · matures Jun 27, 2031$53.2M 101c
- F•••••• S••••••• L•• first lien term loan24 BDCs hold it · matures Aug 31, 2032$52.0M 99c
- S••••• S•••• B•••• L•••••• first lien term loan2 BDCs hold it · matures Dec 3, 2031$44.3M 100c
- C••••••••• L•• first lien term loan12 BDCs hold it · matures Apr 22, 2032 · possible sponsor T• A•••••••••$44.1M 100c
- S••••••• B•••••• L•• first lien delayed draw term loan7 BDCs hold it · matures Jul 25, 2028 · possible sponsor A••••• H••••••• M••••••••• C•••••• L••$44.0M 100c
- S•••••••• I•• first lien term loan4 BDCs hold it · matures Feb 19, 2032 · possible sponsor A••••••• S••••••••• L••$42.9M 100c
- P••••••• P•••••• L•• first lien term loan5 BDCs hold it · matures Apr 16, 2032 · possible sponsor P•••••• S••••• C••••••• L•$41.2M 95c
- M•• S••••••• L•• first lien term loan31 BDCs hold it · matures Feb 29, 2028$40.8M 100c
- C••••• S•••••••• A••••••••• I•• first lien term loan12 BDCs hold it · matures Aug 7, 2031$40.7M 100c
- A••••••• I•• first lien term loan21 BDCs hold it · matures Jun 21, 2029$39.8M 100c
Schedule of investments at Mar 31, 2025
88 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| T•••• i••••••••• a•• m•••• m••••• f•••• | unstated lien unstated | Not disclosed | $727M 100c | ||
| T•••• i••••••••• | unstated lien unstated | Not disclosed | $594M 100c | ||
| I••••••••• N••••••••• d••• i••••••••• | unstated lien unstated | $595M | $589M 100c | ||
| T•••• m•••• m••••• f•••• | unstated lien unstated | Not disclosed | $133M 100c | ||
| I••••••••• S•••• S••••• I••••••••• T••••••• M•••• M••••• F•• | unstated lien unstated | Not disclosed | $120M 100c | ||
| S••••• S•••• B•••• L•••••• A•••••••• & D•••••• | term loan first lien | $60.3M | $59.2M 100c | SOFR+525 bp | Sep 5, 2031 |
| S•••••••• I••• H••••• C••• P•••••••• & S••••••s | term loan first lien | $58.5M | $57.9M 100c | SOFR+475 bp | Feb 19, 2032 |
| M••••••• P•••••• I••• H••••• C••• T••••••••• | term loan first lien | $56.9M | $56.3M 100c | SOFR+475 bp | Jun 27, 2031 |
| M•• S••••••• L•• S••••••• | term loan first lien | $47.8M | $47.6M 100c | SOFR+475 bp | Feb 10, 2027 |
| A••••••• I••• S••••••• | term loan first lien | $46.4M | $46.2M 100c | SOFR+500 bp | Jun 21, 2029 |
| A•• B••••• I••• S••••••••• & S••••••••• E•••••••• | term loan first lien | $43.7M | $43.1M 100c | SOFR+525 bp | Oct 17, 2031 |
| C••••• S•••••••• A••••••••• I••• H••••• C••• T••••••••• | term loan first lien | $40.0M | $39.5M 100c | SOFR+500 bp | Aug 7, 2031 |
| S••••••• B•••••• L•• S•••••••• R••••• | delayed draw term loan first lien | $30.3M | $30.1M 100c | SOFR+550 bp | Jul 25, 2028 |
| F••••••• A••••••••• C•••• I••• C••••••••• S••••••s & S••••••• | term loan first lien | $28.3M | $28.3M 100c | SOFR+500 bp PIK 2.75% | Feb 2, 2032 |
| W••••• B••••• I••• A••••••••• C••••••••• | term loan first lien | $25.0M | $24.8M 100c | SOFR+550 bp | Nov 3, 2031 |
| S••••••• H•••••••• L•• S••••••• | term loan first lien | $20.1M | $20.0M 100c | SOFR+450 bp | Aug 29, 2031 |
| D••• A••••••••• I••• M•••••••• | term loan first lien | $19.9M | $19.6M 100c | SOFR+625 bp | Sep 30, 2030 |
| E•••• P••••••••• I••• IT S••••••s | term loan first lien | $18.8M | $18.6M 100c | SOFR+500 bp | Jan 9, 2032 |
| I••••••••• I••• S••••••• | term loan first lien | $17.2M | $17.2M 100c | SOFR+450 bp | Jan 12, 2032 |
| I• I••••••••• H•••••••• L•• P••••••••• S••••••s | term loan first lien | $15.7M | $15.5M 100c | SOFR+500 bp | Sep 22, 2028 |
| A•••••••• R••• M••••••••• G••••• I••• I•••••••• | delayed draw term loan first lien | $15.4M | $15.4M 100c | SOFR+475 bp | Nov 1, 2029 |
| I•••••••• M•••••••• A••••••••• L•• I•••••••• | term loan first lien | $14.3M | $14.3M 100c | SOFR+500 bp | Aug 25, 2028 |
| C•••••• G••••• L•• H••••• C••• P•••••••• & S••••••s | term loan first lien | $13.7M | $13.6M 100c | SOFR+450 bp | Sep 17, 2031 |
| G•••••• S•••• F•••••••• S••••• G••••••••• I••••••••• F••• | unstated lien unstated | Not disclosed | $12.5M 100c | ||
| G••••• B••••••• L•• I•••••••• | term loan first lien | $11.3M | $11.2M 100c | SOFR+450 bp | Sep 29, 2028 |
| F••••••• C•••••••• L••• C••••••••• S••••••s & S••••••• | equity equity | $4.8M | $4.8M 100c | ||
| T•••• e••••• i••••••••• | unstated lien unstated | Not disclosed | $4.8M 100c | ||
| S••••••• H•••••••• L•• S••••••• | delayed draw term loan first lien | $4.2M | $4.2M 100c | SOFR+450 bp | Aug 29, 2031 |
| C••••• S•••••••• A••••••••• I••• H••••• C••• T••••••••• | revolver first lien | $3.3M | $3.3M 100c | SOFR+500 bp | Aug 7, 2031 |
| S•••••••• I••• H••••• C••• P•••••••• & S••••••s | delayed draw term loan first lien | $1.4M | $1.3M 100c | SOFR+475 bp | Feb 19, 2032 |
| A•••••••• R••• M••••••••• G••••• I••• I•••••••• | delayed draw term loan first lien | $1.2M | $1.1M 99c | SOFR+475 bp | Nov 1, 2029 |
| A•• B••••• I••• S••••••••• & S••••••••• E•••••••• | revolver first lien | $1.1M | $988,000 99c | SOFR+525 bp | Oct 17, 2031 |
| G••••• B••••••• L•• I•••••••• | revolver first lien | $327,000 | $319,000 100c | SOFR+450 bp | Sep 29, 2028 |
| G••••• B••••••• L•• I•••••••• | delayed draw term loan first lien | $212,000 | $211,000 100c | SOFR+450 bp | Sep 29, 2028 |
| M•• S••••••• L•• S••••••• | revolver first lien | $111,000 | $106,000 99c | SOFR+475 bp | Feb 10, 2027 |
| G••••• B••••••• L•• I•••••••• | delayed draw term loan first lien | $63,000 | $61,000 100c | SOFR+450 bp | Sep 29, 2028 |
| C•••••• G••••• L•• H••••• C••• P•••••••• & S••••••s | delayed draw term loan first lien | $0 | $0 0c | SOFR+450 bp | Sep 17, 2031 |
| S••••••• H•••••••• L•• S••••••• | revolver first lien | $0 | -$7,000 100c | SOFR+450 bp | Aug 29, 2031 |
| C•••••• G••••• L•• H••••• C••• P•••••••• & S••••••s | revolver first lien | $0 | -$10,000 67c | SOFR+450 bp | Sep 17, 2031 |
| I••••••••• I••• S••••••• | delayed draw term loan first lien | $0 | -$12,000 100c | SOFR+450 bp | Jan 12, 2032 |
| A•••••••• R••• M••••••••• G••••• I••• I•••••••• | revolver first lien | $0 | -$12,000 109c | SOFR+475 bp | Oct 30, 2029 |
| I••••••••• I••• S••••••• | revolver first lien | $0 | -$14,000 100c | SOFR+450 bp | Jan 12, 2032 |
| F••••••• A••••••••• C•••• I••• C••••••••• S••••••s & S••••••• | delayed draw term loan first lien | $0 | -$16,000 100c | SOFR+500 bp | Feb 2, 2032 |
| A••••••• I••• S••••••• | revolver first lien | $0 | -$17,000 | SOFR+500 bp | Jun 21, 2028 |
| F••••••• A••••••••• C•••• I••• C••••••••• S••••••s & S••••••• | revolver first lien | $0 | -$17,000 100c | SOFR+500 bp | Feb 2, 2032 |
| I• I••••••••• H•••••••• L•• P••••••••• S••••••s | revolver first lien | $0 | -$18,000 113c | SOFR+500 bp | Sep 22, 2028 |
| E•••• P••••••••• I••• IT S••••••s | revolver first lien | $0 | -$20,000 100c | SOFR+500 bp | Jan 9, 2032 |
| E•••• P••••••••• I••• IT S••••••s | delayed draw term loan first lien | $0 | -$20,000 100c | SOFR+500 bp | Jan 9, 2032 |
| C••••• S•••••••• A••••••••• I••• H••••• C••• T••••••••• | delayed draw term loan first lien | $0 | -$31,000 172c | SOFR+500 bp | Aug 7, 2031 |
| I•••••••• M•••••••• A••••••••• L•• I•••••••• | delayed draw term loan first lien | $0 | -$56,000 133c | SOFR+500 bp | Aug 25, 2028 |
| M••••••• P•••••• I••• H••••• C••• T••••••••• | delayed draw term loan first lien | $0 | -$58,000 215c | SOFR+475 bp | Jun 27, 2031 |
| M••••••• P•••••• I••• H••••• C••• T••••••••• | revolver first lien | $0 | -$62,000 138c | SOFR+475 bp | Jun 27, 2031 |
| S•••••••• I••• H••••• C••• P•••••••• & S••••••s | revolver first lien | $0 | -$74,000 100c | SOFR+475 bp | Feb 19, 2031 |
| S••••• S•••• B•••• L•••••• A•••••••• & D•••••• | delayed draw term loan first lien | $0 | -$82,000 105c | SOFR+525 bp | Dec 3, 2031 |
| A••••••• A••••• H••••• T••••• L•• H••••• C••• P•••••••• & S••••••s | delayed draw term loan first lien | $0 | -$88,000 100c | SOFR+500 bp | Mar 31, 2031 |
| U••••••• C••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| C••••• S•••••••• A••••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| E•••• P••••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| I••••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| S•••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| S••••••• H•••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| I• I••••••••• H•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| E•••• P••••••••• I••• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| C••••• S•••••••• A••••••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| A•••••••• R••• M••••••••• G••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| A•• B••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| S••••• S•••• B•••• L•••••• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| F••••••• A••••••••• C•••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| F••••••• C•••••••• L••• | equity equity | Not disclosed | Not disclosed | ||
| A••••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| M••••••• P•••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| M•• S••••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| S•••• I••••••• D••• 1•••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| S•••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| G••••• B••••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| M••••••• P•••••• I••• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| C•••••• G••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| C•••••• G••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| I•••••••• M•••••••• A••••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| A•••••••• R••• M••••••••• G••••• I••• | revolver first lien | Not disclosed | Not disclosed | ||
| S•••• I••••••• D••• 3•••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| A••••••• A••••• H••••• T••••• L•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| I••••••••• I••• | revolver lien unstated | Not disclosed | Not disclosed | ||
| F••••••• A••••••••• C•••• I•• | delayed draw term loan lien unstated | Not disclosed | Not disclosed | ||
| S••••••• H•••••••• L•• | revolver first lien | Not disclosed | Not disclosed | ||
| C••••• S••••• i••••• f•• c•••••• d•••••••• | equity equity | Not disclosed | Not disclosed | ||
| S••••••• B•••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed | ||
| G••••• B••••••• L•• | delayed draw term loan first lien | Not disclosed | Not disclosed |
Page 1 of 1
Registration
- Fiscal year end
- 1231reported
- Incorporated
- DEreported
- On the SEC BDC report
- 2025 to 2026reported
- Filings listed
- 9reported10-Q and 10-K since 2022
- Former names
- A•• P•••••• C••••• I••••• F••• LPreported
- Latest schedule
- 0001193125-26-334994reported
Capital chain
A•• P•••••• C••••• I••••• F••• sits on 12 traced paths of capital across the graphs.
Sponsor to borrower to facility to lenderPE sponsor 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
325 field-level changes across filed schedules, latest first
- 2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- Position exitedR•••••• P•••••• L••2026-06-30
- 2026-06-30
- 2026-06-30
- 2026-06-30
- Position exitedR•••••• P•••••• L••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 2 connections across 1 kindShow fewer
Manages (2)
- Mar 12, 2026 to presentfactBDC schedule of investments
- Mar 12, 2026 to presentfactBDC schedule of investments