DFX Intelligence

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S•••• P•••• C••••• I••••• F•••

Business development companymanaged by S•••• P•••• C••••• I••••• A•••••• L••Non-traded· GREENWICH, CT

A non-traded business development company, managed by S•••• P•••• C••••• I••••• A•••••• L••, holding $790M across 114 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $790M
Borrowers: 114
Mark on cost: 99.2¢
First lien: 89%

Schedule of investments (315)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

1 below 80¢
$5.09M principal
1 position across 1 borrower marked below 80¢ on cost, $5.09M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
103 → 114
borrowers
Added a net 11 borrowers in the quarter to Jun 30, 2026, to 114.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$348M → $790M
fair value, 4 quarters
Its portfolio grew 127% at fair value over the last four quarters.
Q2 2026 · A fast-growing book is deploying new capital.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 2031283 · file 814-01783Show

Fair value

$790M

as of Jun 30, 2026

Principal held

$799M

debt pieces, the filer's figure

Cost

$793M

99c on cost, debt pieces

Unfunded

$233M

commitments not yet drawn

Positions

315

114 borrowers

First lien

89%

99% debt by fair value

Quarters on the tape

since Dec 31, 2024

Facilities held

225

17 sponsors financed

Portfolio through time

Fair value by quarter end$790M as of Jun 30, 2026

Dec 31, 2024$0 then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$790M	114	99c	9	490 bp
Mar 31, 2026	$718M	103	99c	8	490 bp
Dec 31, 2025	$600M	106	100c	11	493 bp
Sep 30, 2025	$433M	81	100c	0	497 bp

All 8 quarters

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2025	$348M	67	100c	500 bp
Mar 31, 2025	$268M	52	100c	510 bp
Jan 21, 2025	$0	1	n/a	n/a
Dec 31, 2024	$0	55	n/a	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked
Lender left a facilityMar 31, 2026
••• Locked
New lender joined a facilityMar 31, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

W•••• S••••• R•••••• A••••••••• L•• first lien term loan
6 BDCs hold it · matures Sep 16, 2032
$22.3M 100c
B•••••• B••••• I•• first lien term loan
2 BDCs hold it · matures Mar 8, 2030
$21.5M 100c
T••••• I••••••••• H•••••••• L•• first lien delayed draw term loan
2 BDCs hold it · matures Oct 2, 2028
$18.0M 100c
A•••••••• P••••••• L•• first lien term loan
10 BDCs hold it · matures Nov 17, 2031
$16.3M 100c
S••••••• B•••••••• I••• L•• first lien term loan
3 BDCs hold it · matures May 27, 2033
$15.6M 100c
F••••• I•• first lien term loan
12 BDCs hold it · matures Mar 31, 2033
$14.8M 100c
M••••••• A••••••••• I•• first lien term loan
14 BDCs hold it · matures Jun 3, 2030 · possible sponsor P•••••••• C•••••• P•••••••
$13.9M 100c
P••••• C••••••••• unsecured or subordinated notes
2 BDCs hold it · matures Oct 28, 2030
$13.8M 96c
F••• T•••••• H••••••• L•• first lien term loan
3 BDCs hold it · matures Oct 29, 2031
$13.6M 100c
C••••••••• L•• first lien term loan
12 BDCs hold it · matures Apr 22, 2032 · possible sponsor T• A•••••••••
$13.3M 100c
A•••• A••••••• G••••• L•• first lien delayed draw term loan
12 BDCs hold it · matures Aug 1, 2031
$13.2M 99c
A••••• I••••••••• H•••••••• L•• first lien delayed draw term loan
4 BDCs hold it · matures May 28, 2027
$13.1M 100c

Schedule of investments at Dec 31, 2025

330 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
W•••• S••••• R•••••• A••••••••• L••	term loan first lien	$22.4M	$22.3M 100c	S+475 bp	Sep 16, 2032
B•••••• B••••• I•••	term loan first lien	$18.0M	$17.8M 100c	S+525 bp	Mar 8, 2030
M••••••• A••••••••• I•••	term loan first lien	$14.0M	$13.9M 100c	S+500 bp	May 10, 2030
F••• T•••••• H••••••• L••	term loan first lien	$13.7M	$13.5M 100c	S+500 bp	Oct 29, 2031
C••••••••• L••	term loan first lien	$13.4M	$13.3M 100c	S+475 bp	Apr 22, 2032
M••• C•••••• I• L••	term loan first lien	$12.6M	$12.6M 100c	S+450 bp	Sep 3, 2030
G••••• H••• H••••• C•••	term loan first lien	$11.6M	$11.5M 100c	S+625 bp	Apr 26, 2029
A••• G•••• T••••••• L••	term loan first lien	$11.8M	$11.2M 99c	S+350 bp	Feb 27, 2032
R•• N••• P••••••••• L••	term loan first lien	$11.2M	$11.1M 101c	S+500 bp	Mar 19, 2032
T•• A••••••••• L••	term loan first lien	$11.2M	$11.1M 100c	S+475 bp	Oct 31, 2031
E•••••• B•••• L••	term loan first lien	$11.0M	$10.9M 100c	S+525 bp	Sep 9, 2031
H•••••••• B••••• I•••	term loan first lien	$10.9M	$10.8M 100c	S+450 bp	Sep 29, 2032
F•••••••• O••••••••• L••	term loan first lien	$10.3M	$10.2M 100c	S+525 bp	Aug 8, 2031
B••••• P••••• H••••••• L••	delayed draw term loan first lien	$10.0M	$10.0M 100c	S+450 bp	Dec 29, 2028
A••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	$10.0M	$9.9M 100c	S+500 bp	May 28, 2027
B••••••••• T••••••••• I•••	term loan first lien	$9.9M	$9.9M 101c	S+450 bp	May 14, 2029
A•••••••• P••••••• L••	term loan first lien	$9.7M	$9.7M 100c	S+500 bp	Nov 17, 2031
T••• P••••••••• I••	term loan first lien	$9.3M	$9.2M 100c	S+550 bp	Jun 20, 2031
O•••• A•••••• S••••••••• L••	term loan second lien	$9.1M	$9.1M 100c	S+575 bp	Dec 31, 2030
N•••• B•••• L••	term loan second lien	$9.0M	$8.9M 100c	S+575 bp	Jan 30, 2032
A•••••••• H••••••• L••	term loan first lien	$8.8M	$8.8M 100c	S+500 bp	Aug 31, 2029
o•••••• F•••••••• S••••••• L••	term loan first lien	$8.6M	$8.6M 101c	S+500 bp	Oct 7, 2031
A•••••••• S••••••••• I•••	term loan first lien	$8.6M	$8.3M 98c	S+600 bp PIK 3.38%	Mar 15, 2030
A•••• A••••••• G••••• L••	delayed draw term loan first lien	$8.2M	$8.1M 101c	S+475 bp	Aug 1, 2031
T••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	$7.9M	$7.9M 100c	S+450 bp	Oct 2, 2028
F••••••••• R••• P•••••••• C••••	delayed draw term loan first lien	$7.9M	$7.9M 100c	S+475 bp	Oct 29, 2030
A••••• B••••••• C•••••• T•••••• L••	term loan first lien	$7.8M	$7.7M 100c	S+525 bp	Jul 2, 2031
L•••• I•••	term loan first lien	$7.5M	$7.5M 100c	S+500 bp	Feb 28, 2028
J•••• E•••• A••••••••• L••	term loan first lien	$7.7M	$7.5M 100c	S+675 bp	Oct 15, 2030
R•• H•••••••• I•••	term loan first lien	$7.5M	$7.4M 101c	S+500 bp	Dec 20, 2027
M••• H•••••••• L••	term loan first lien	$7.4M	$7.4M 100c	S+475 bp	Jul 21, 2032
M••••••••• T••••••••• I••	term loan first lien	$7.4M	$7.4M 100c	S+525 bp	Nov 3, 2032
R•••••• P••••••••• I••	term loan first lien	$7.1M	$7.0M 100c	S+475 bp	Mar 3, 2031
A•••••••• P••••••• L••	term loan first lien	$6.7M	$6.6M 100c	S+500 bp	Nov 17, 2031
G••••• B••••••• L••	term loan first lien	$6.5M	$6.5M 100c	S+450 bp	Sep 29, 2028
C••••••••• B•••• I•••	delayed draw term loan first lien	$6.1M	$6.1M 100c	S+450 bp	Apr 2, 2031
C••••••••• B•••• I•••	term loan first lien	$6.0M	$6.0M 100c	S+450 bp	Apr 2, 2031
W••••••••• G•••• T••••••••• L••	term loan first lien	$6.0M	$6.0M 100c	S+475 bp	Nov 3, 2032
B••••••••• B••••• L••	term loan first lien	$5.8M	$5.8M 100c	S+450 bp	Apr 15, 2032
B•••••• M••••• M••••• C•• L••• S••••••••• finance (CLO)	notes unsecured or subordinated	$5.5M	$5.4M 100c	S+617 bp	Apr 15, 2037
F•••••• F•••••• C••••• L••	notes unsecured or subordinated	$5.0M	$5.4M 107c	12.00%	Oct 1, 2037
B•••••• B••••• I•••	term loan first lien	$5.2M	$5.2M 100c	S+650 bp	Jun 21, 2029
F•••••••• H•••••• L•••	notes unsecured or subordinated	$5.3M	$5.2M 100c	PIK 13.00%	Aug 9, 2032
H••••••• S••••••• S•••••••• L••	term loan first lien	$5.1M	$5.1M 100c	S+555 bp PIK 2.93%	Jun 16, 2031
A••••• B••••••• C•••••• T•••••• L••	term loan first lien	$5.1M	$5.0M 100c	S+525 bp	Jul 2, 2031
A•••••••• P••••••• L••	delayed draw term loan first lien	$5.0M	$5.0M 100c	S+500 bp	Nov 17, 2031
B•••• T•••• A••••••• G••••• L•••	term loan first lien	$5.0M	$4.9M 100c	S+425 bp	Jun 2, 2032
L••••••••• I•••	term loan first lien	$4.9M	$4.9M 100c	S+450 bp	Aug 21, 2030
I••••• G•••• L••••••	term loan first lien	$5.0M	$4.8M 99c	S+425 bp	Aug 19, 2028
F•••••••• S••••••• I••••••••• H•••••••• I•••	term loan first lien	$5.1M	$4.8M 94c	S+525 bp	Dec 15, 2028
D••••••• C•••••••••	term loan first lien	$4.7M	$4.7M 100c	S+500 bp	Aug 6, 2030
A•••••••• P••••••• H••••••• L••	notes unsecured or subordinated	$4.7M	$4.7M 100c	PIK 12.75%	Nov 15, 2034
I•• H••• M••••• M••••• C••••• F••• X•• L••	notes unsecured or subordinated	$4.4M	$4.4M 100c	S+625 bp	Apr 20, 2037
P•••• B•••••••• L••	term loan first lien	$4.3M	$4.2M 100c	S+575 bp	Nov 15, 2030
P•• P••••• I•••	term loan first lien	$4.1M	$4.1M 100c	S+450 bp	Aug 18, 2032
A••••••• B••••• I•••	term loan first lien	$3.9M	$3.9M 100c	S+550 bp	Dec 3, 2032
A•••••••• R••••••••• M•••••••••	term loan first lien	$3.8M	$3.8M 100c	S+475 bp	Oct 5, 2029
B•••••• B••••• I•••	term loan first lien	$3.6M	$3.6M 101c	S+550 bp	Mar 8, 2030
S••• P••••••••• I••	term loan first lien	$3.6M	$3.5M 100c	S+475 bp	Nov 12, 2031
O•••• U• F••••	term loan second lien	$3.5M	$3.5M 102c	S+550 bp	Oct 10, 2033
G••••• B••••••• L••	delayed draw term loan first lien	$3.5M	$3.5M 100c	S+450 bp	Sep 29, 2028
P••••• L•• L••	term loan first lien	$3.4M	$3.4M 101c	S+475 bp	May 13, 2030
A•••• I•••••••• S••••••• L••	term loan first lien	$3.3M	$3.2M 100c	S+475 bp	Nov 27, 2030
T••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	$3.0M	$2.9M 99c	S+450 bp	Oct 2, 2028
C••••••• P••••• I••	term loan first lien	$3.0M	$2.9M 100c	S+450 bp	Nov 12, 2027
K••• A••••••••• I•••	term loan first lien	$2.9M	$2.9M 100c	S+500 bp	Jul 31, 2031
G••••••••• H•••••••• L••	term loan first lien	$2.8M	$2.8M 100c	S+550 bp PIK 2.00%	Jan 17, 2031
S••••••• A• B••••• L••	term loan first lien	$2.7M	$2.7M 100c	S+550 bp	Mar 2, 2028
M•• C•••••• M••••••••• I••••••••• L••	term loan first lien	$2.8M	$2.7M 100c	S+475 bp	Aug 29, 2031
H••• I••••••••• I•• L••	delayed draw term loan first lien	$2.7M	$2.7M 100c	S+475 bp	Nov 17, 2031
C•••••••• I•••	term loan first lien	$3.0M	$2.7M 93c	S+500 bp	Oct 12, 2029
H••••••• M•••••• H••••••• C••••••	term loan first lien	$3.0M	$2.6M 90c	S+525 bp	Apr 9, 2029
T•••• H••• I••••••••• L••	term loan first lien	$2.6M	$2.6M 101c	S+475 bp	May 31, 2030
R•••••• S••••••• G••••• L••	delayed draw term loan first lien	$2.5M	$2.5M 100c	S+525 bp	Jun 15, 2029
C••••• M••••••• T••••• I•••	term loan first lien	$2.6M	$2.5M 100c	S+450 bp	Aug 9, 2026
A•••• A••••••• G••••• L••	term loan first lien	$2.5M	$2.5M 101c	S+475 bp	Aug 1, 2031
B••••• P••••• H••••••• L••	term loan first lien	$2.5M	$2.5M 100c	S+450 bp	Dec 29, 2028
M•• C•••••• M••••••••• I••••••••• L••	delayed draw term loan first lien	$2.4M	$2.4M 100c	S+475 bp	Aug 29, 2031
R•••••• S••••••• G••••• L••	term loan first lien	$2.4M	$2.4M 100c	S+525 bp	Jun 15, 2029
N•• M••••••• G••••••• I• I••••• R•••• F••••• I•• L•••	notes unsecured or subordinated	$2.3M	$2.4M 103c	S+840 bp	Apr 3, 2037
A•••••••• H••••••• L••	delayed draw term loan first lien	$2.3M	$2.3M 99c	S+500 bp	Aug 31, 2029
M•• S••••••• L••	term loan first lien	$2.3M	$2.3M 100c	S+475 bp	Feb 10, 2028
H••• I••••••••• I•• L••	term loan first lien	$2.3M	$2.2M 100c	S+475 bp	Nov 17, 2031
W•••• I•••••••• A••••••••• L••	delayed draw term loan first lien	$2.2M	$2.2M 100c	S+500 bp	Apr 3, 2030
C••••••••• B•••• I•••	term loan first lien	$2.2M	$2.2M 101c	S+450 bp	Apr 2, 2031
C••••• B•••••• A••••••• L••	term loan first lien	$2.2M	$2.2M 100c	S+450 bp	Jun 28, 2030
H••••••• S••••••• S•••••••• L••	term loan first lien	$2.2M	$2.2M 100c	S+555 bp PIK 2.93%	Jun 16, 2031
B•••• T•••• A••••••• G••••• L•••	term loan first lien	$2.1M	$2.1M 101c	S+475 bp	Jun 3, 2031
F•••••• S••••••• L••	term loan first lien	$2.1M	$2.1M 100c	S+450 bp	Aug 16, 2032
F••••••••• R••• P•••••••• C••••	term loan first lien	$2.1M	$2.1M 100c	S+475 bp	Oct 29, 2030
C••••• B•••••• A••••••• L••	term loan first lien	$2.0M	$1.9M 100c	S+450 bp	Jun 28, 2030
F••••••••• R••• P•••••••• C••••	delayed draw term loan first lien	$1.9M	$1.9M 100c	S+475 bp	Oct 29, 2030
T••• P••••••••• I••	term loan first lien	$1.9M	$1.9M 100c	S+550 bp	Jun 20, 2031
H••••••• S••••••• S•••••••• L••	delayed draw term loan first lien	$1.9M	$1.9M 100c	S+555 bp PIK 2.93%	Jun 16, 2031
L•• V•••••• H••••••• I•••	term loan first lien	$1.8M	$1.8M 101c	S+475 bp	Apr 28, 2032
T••••• I••••••••• H•••••••• L••	delayed draw term loan first lien	$1.8M	$1.8M 100c	S+450 bp	Oct 2, 2028
S•• C• I•• L••	equity equity	$1.7M	$1.7M 105c
S•• C• I•• L••	unstated lien unstated	Not disclosed	$1.7M
C•••••• G••••• L••	term loan first lien	$1.7M	$1.7M 101c	S+425 bp	Sep 17, 2031
P•••• B•••••••• L••	delayed draw term loan first lien	$1.7M	$1.6M 100c	S+575 bp	Nov 15, 2030

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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: 0002031283-26-000012reported