DFX Intelligence
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K•• E••••••• U• D••••• L•••••• F••••• I•••
A non-traded business development company, managed by K•• C••••• A•••••••, holding $1.4B across 90 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
- $1.4B
- Borrowers
- 90
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
- $1.91Mon non-accrual, 1 borrower
1 borrower on non-accrual, $1.91M principal; the largest is N•• E•• T••••••••• I•• ($1.91M).
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 N•• E•• T••••••••• I•• → - 23 → 25loans paying in kind
Loans paying in kind rose from 23 to 25 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.
- $953M → $1.4Bfair value, 4 quarters
Its portfolio grew 47% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Every headline figure, and the identifiersCIK 2012839 · file 814-01724ShowHide
Fair value
$1.4B
as of Jun 30, 2026
Principal held
$1.7B
debt pieces, the filer's figure
Cost
Not disclosed
no schedule read
Unfunded
Not disclosed
commitments not yet drawn
Positions
307
90 borrowers
First lien
not established
100% debt by fair value
Quarters on the tape
9
since Jun 30, 2024
Facilities held
90
27 sponsors financed
Portfolio through time
Fair value by quarter end$1.4B as of Jun 30, 2026
Jun 30, 2024$504M then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $1.4B | 90 | n/a | 25 | 479 bp |
| Mar 31, 2026 | $1.3B | 88 | n/a | 23 | 484 bp |
| Dec 31, 2025 | $1.3B | 86 | n/a | 23 | 488 bp |
| Sep 30, 2025 | $992M | 78 | n/a | 19 | 500 bp |
All 9 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $953M | 75 | n/a | 16 | 507 bp |
| Mar 31, 2025 | $894M | 74 | n/a | 11 | 518 bp |
| Dec 31, 2024 | $759M | 68 | n/a | 6 | 531 bp |
| Sep 30, 2024 | $657M | 65 | n/a | 4 | 544 bp |
| Jun 30, 2024 | $504M | 60 | n/a | 6 | 571 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
- PIK interest increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
Full timeline · 20 eventsShow fewer
- Spread increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Returned to accrualJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Returned to accrualJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- New lender joined a facilityMar 31, 2026
Largest facilities held, with co-lenders
- S•••••• E•••••• I•• other4 BDCs hold it · matures Dec 23, 2032 · possible sponsor W•••••• P••••• L••$65.5M n/a
- W••••••• I•• other6 BDCs hold it · matures Apr 5, 2032 · possible sponsor L••• P•••• C••••••• I••$64.4M n/a
- B••••••• L•• other4 BDCs hold it · matures Mar 5, 2032 · possible sponsor V•••• E••••• P••••••• M••••••••• L••$61.5M n/a
- F•••••••• R••• S••••• L•• other6 BDCs hold it · matures Mar 4, 2032 · T•• S••••••• G••••• L•••$60.2M n/a
- R••••••••• C•••••• M••••••••• L• other4 BDCs hold it · matures Dec 2, 2032 · possible sponsor V••••• G••••• I•••••••• L•$49.4M n/a
- C•••• G••••• other4 BDCs hold it · matures Mar 8, 2029$49.2M n/a
- P•• P••••• S••••••• other4 BDCs hold it · matures Oct 15, 2032 · possible sponsor K••••••• • C••••••$48.3M n/a
- C•••••••• T••••••••• L•• other4 BDCs hold it · matures Feb 13, 2032 · possible sponsor L•••••• G•••• • P•••••••• L•••$45.6M n/a
- N••••••• T••••••••• I•• other6 BDCs hold it · matures Aug 25, 2031$44.2M n/a
- V•••••••• L•• other4 BDCs hold it · matures Nov 21, 2031 · possible sponsor A••• P••••••• L••$40.7M n/a
- H•••••• C•• B•••• L•• other5 BDCs hold it · matures Mar 29, 2032$40.1M n/a
- L••••• F•••• L•• other3 BDCs hold it · matures Oct 31, 2031 · possible sponsor L••••••••• • C••• L••$37.5M n/a
Schedule of investments at Dec 31, 2024
202 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| B•• G•••• L•• | unstated lien unstated | $6.1M | -$66,000 | S+525 bp | Aug 16, 2027 |
| B•• M••••• U••• T••••••• F••• | unstated lien unstated | Not disclosed | Not disclosed |
Page 3 of 3Previous
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
- K•• E••••••• U• D••••• L•••••• F•••••reported
- Latest schedule
- 0001628280-26-056657reported
Not yet on record: mark on cost, first lien.