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 · 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, 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
- 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 → 114borrowers
Added a net 11 borrowers in the quarter to Jun 30, 2026, to 114.
Q2 2026 · The book is turning over faster than usual.
- $348M → $790Mfair 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.
Every headline figure, and the identifiersCIK 2031283 · file 814-01783ShowHide
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
7
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 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $348M | 67 | 100c | 0 | 500 bp |
| Mar 31, 2025 | $268M | 52 | 100c | 0 | 510 bp |
| Jan 21, 2025 | $0 | 1 | n/a | 0 | n/a |
| Dec 31, 2024 | $0 | 55 | n/a | 0 | n/a |
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
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- Spread increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 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
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
Largest facilities held, with co-lenders
- W•••• S••••• R•••••• A••••••••• L•• first lien term loan6 BDCs hold it · matures Sep 16, 2032$22.3M 100c
- B•••••• B••••• I•• first lien term loan2 BDCs hold it · matures Mar 8, 2030$21.5M 100c
- T••••• I••••••••• H•••••••• L•• first lien delayed draw term loan2 BDCs hold it · matures Oct 2, 2028$18.0M 100c
- A•••••••• P••••••• L•• first lien term loan10 BDCs hold it · matures Nov 17, 2031$16.3M 100c
- S••••••• B•••••••• I••• L•• first lien term loan3 BDCs hold it · matures May 27, 2033$15.6M 100c
- F••••• I•• first lien term loan12 BDCs hold it · matures Mar 31, 2033$14.8M 100c
- M••••••• A••••••••• I•• first lien term loan14 BDCs hold it · matures Jun 3, 2030 · possible sponsor P•••••••• C•••••• P•••••••$13.9M 100c
- P••••• C••••••••• unsecured or subordinated notes2 BDCs hold it · matures Oct 28, 2030$13.8M 96c
- F••• T•••••• H••••••• L•• first lien term loan3 BDCs hold it · matures Oct 29, 2031$13.6M 100c
- C••••••••• L•• first lien term loan12 BDCs hold it · matures Apr 22, 2032 · possible sponsor T• A•••••••••$13.3M 100c
- A•••• A••••••• G••••• L•• first lien delayed draw term loan12 BDCs hold it · matures Aug 1, 2031$13.2M 99c
- A••••• I••••••••• H•••••••• L•• first lien delayed draw term loan4 BDCs hold it · matures May 28, 2027$13.1M 100c
Schedule of investments at Jun 30, 2026
315 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| C••••••• P••••• I•• | term loan first lien | $3.0M | $2.6M 89c | S+450 bp | Nov 12, 2027 |
| T•••• H••• I••••••••• L•• | term loan first lien | $2.6M | $2.6M 101c | S+475 bp | May 31, 2030 |
| B••••• P••••• H••••••• L•• | term loan first lien | $2.5M | $2.5M 100c | S+450 bp | Dec 29, 2028 |
| A•••• A••••••• G••••• L•• | term loan first lien | $2.5M | $2.4M 100c | S+475 bp | Aug 1, 2031 |
| F••• T•••••• H••••••• L•• | revolver first lien | $2.5M | $2.4M 100c | S+500 bp | Oct 29, 2031 |
| M•• C•••••• M••••••••• I••••••••• L•• | 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 101c | 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 |
| H••••••• M•••••• H••••••• C•••••• | term loan first lien | $3.0M | $2.3M 80c | S+525 bp | Apr 9, 2029 |
| M•• S••••••• L•• | term loan first lien | $2.3M | $2.3M 99c | S+475 bp | Feb 10, 2028 |
| H••• I••••••••• I•• L•• | term loan first lien | $2.2M | $2.2M 100c | S+475 bp | Nov 17, 2031 |
| B•••• T•••• A••••••• G••••• L• | term loan first lien | $2.1M | $2.1M 101c | S+475 bp | Jun 3, 2031 |
| C••••• P•••••• E••••• B••••• | notes unsecured or subordinated | $2.1M | $2.1M 101c | S+520 bp | Apr 30, 2037 |
| F•••••• S••••••• L•• | term loan first lien | $2.1M | $2.0M 98c | S+450 bp | Aug 16, 2032 |
| L•• V•••••• H••••••• I••• | term loan first lien | $1.9M | $1.9M 101c | S+450 bp | Apr 28, 2032 |
| H••••••• S••••••• S•••••••• L•• | delayed draw term loan first lien | $1.9M | $1.9M 100c | S+525 bp | Jun 16, 2031 |
| K••• B••••• L•• | delayed draw term loan first lien | $1.9M | $1.9M 100c | S+450 bp | Jul 23, 2031 |
| T•• A••••••••• L•• | delayed draw term loan first lien | $1.9M | $1.8M 99c | S+475 bp | Oct 31, 2031 |
| T•• C•••••• G••••• L•• | term loan first lien | $1.7M | $1.7M 100c | 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 |
| C•••••••• M••••• M••••• C•• L••• S••••••••• finance (CLO) | notes unsecured or subordinated | $1.6M | $1.6M 99c | S+685 bp | Apr 27, 2037 |
| B•••• P••••• C•••••• I••• | term loan first lien | $1.7M | $1.5M 96c | S+275 bp | Jul 30, 2031 |
| M••••• B•••• L•• | term loan first lien | $1.6M | $1.5M 100c | S+425 bp | Jul 1, 2031 |
| E••••• A••••••• G•••• L•• | term loan first lien | $1.4M | $1.4M 102c | S+400 bp | Feb 28, 2031 |
| F•••••• S••••••• L•• | term loan first lien | $1.2M | $1.4M 96c | S+450 bp | Aug 16, 2032 |
| R•• N••• P••••••••• L•• | delayed draw term loan first lien | $1.3M | $1.3M 100c | S+500 bp | Mar 19, 2032 |
| S•••• C••••••••• L•• | term loan first lien | $1.4M | $1.3M 102c | S+325 bp | Aug 13, 2029 |
| P••••••• B••••• I••• | term loan second lien | $1.3M | $1.3M 100c | S+800 bp | Apr 28, 2028 |
| B•••••• B••••• I••• | delayed draw term loan first lien | $1.2M | $1.2M 100c | S+650 bp | Jun 21, 2029 |
| C••••• E•••••••• C•• I• L••• | notes unsecured or subordinated | $1.2M | $1.2M 100c | S+520 bp | Oct 30, 2056 |
| H•••••• B••••• L•• | term loan first lien | $1.2M | $1.2M 99c | S+500 bp | Aug 25, 2028 |
| M• C•• W••••• M••••••••• ••• L••• | preferred equity equity | $971,298 | $964,499 100c | 12.00% PIK 6.00% | |
| M• C•• W••••• M••••••••• ••• L••• | preferred equity equity | $922,330 | $911,262 100c | PIK 12.00% | |
| A••••• I••••••••• H•••••••• L•• | term loan first lien | $818,750 | $816,621 100c | S+500 bp | May 28, 2027 |
| D••••••• C••••••••• | term loan first lien | $812,276 | $800,904 99c | S+500 bp PIK 8.42% | Aug 2, 2030 |
| B••• E•• A•••• S••••••••• P••• T•••••• M••••• T•••• | notes unsecured or subordinated | $5,386 | $743,445 109c | 0.00% | Nov 15, 2035 |
| P••••••• B••••• I••• | delayed draw term loan second lien | $719,008 | $716,923 100c | S+800 bp | Apr 28, 2028 |
| A••••• B••••••• C•••••• T•••••• L•• | delayed draw term loan first lien | $698,980 | $688,329 99c | S+525 bp | Jul 2, 2031 |
| B••• E•• A•••• S••••••••• P••• T•••••• M••••• T•••• | notes unsecured or subordinated | $5,082 | $683,072 104c | 0.00% | Sep 15, 2035 |
| o•••••• F•••••••• S••••••• L•• | delayed draw term loan first lien | $601,550 | $581,644 97c | S+475 bp | Oct 7, 2031 |
| C••••• P••••••• E••••• H•••••• L•• | revolver first lien | $568,467 | $566,702 101c | S+450 bp | Jul 28, 2031 |
| H••• I••••••••• I•• L•• | delayed draw term loan first lien | $584,888 | $566,292 98c | S+450 bp | Nov 17, 2031 |
| A•••••••• R••••••••• M••••••••• | delayed draw term loan first lien | $526,497 | $524,970 100c | S+475 bp | Oct 9, 2029 |
| M••••• S••••••• L•• | delayed draw term loan first lien | $597,232 | $517,067 93c | S+425 bp | Apr 22, 2033 |
| M•• D••••• S••••••••• L•• | delayed draw term loan first lien | $467,116 | $483,679 106c | S+600 bp | Feb 13, 2031 |
| K••• A••••••••• I••• | revolver first lien | $476,396 | $470,799 101c | S+475 bp | Jul 31, 2031 |
| C••••• E•••••••• C•• I• E••••• H••••••• F••••• B• L••• | preferred equity equity | $441,109 | $441,109 100c | ||
| G••••••••• H•••••••• L•• | delayed draw term loan first lien | $411,640 | $411,640 100c | S+525 bp PIK 2.25% | Jan 17, 2031 |
| B••••••••• B••••• L••••• | delayed draw term loan first lien | $421,687 | $408,735 99c | S+450 bp | Apr 15, 2032 |
| A•••• I•••••••• S••••••• L•• | revolver first lien | $398,415 | $394,692 99c | S+500 bp | Nov 27, 2030 |
| T••• T••••• A••••••• B••••••• L•• | delayed draw term loan first lien | $405,280 | $385,016 106c | S+525 bp | Jan 10, 2033 |
| F•••••••• O••••••••• L•• | revolver first lien | $406,250 | $382,750 97c | S+525 bp | Aug 8, 2031 |
| F••••••••• R••• P•••••••• C•••• | revolver first lien | $340,933 | $336,668 99c | S+475 bp | Oct 29, 2029 |
| A•••••••• H••••••• L•• | revolver first lien | $340,716 | $331,175 98c | S+500 bp | Aug 31, 2028 |
| A••• G••••• S••••••••• S•••••••• R•••• | notes lien unstated | $318,561 | $318,561 100c | ||
| T•• A••••••••• L•• | revolver first lien | $307,876 | $297,601 97c | S+475 bp | Oct 31, 2031 |
| M•• S••••••• L•• | revolver first lien | $289,903 | $281,670 98c | S+475 bp | Feb 10, 2028 |
| H••• I••••••••• I•• L•• | revolver first lien | $281,371 | $278,644 99c | S+475 bp | Aug 18, 2031 |
| A•••••••• S••••••••• I••• | revolver first lien | $226,699 | $211,631 93c | S+525 bp | Mar 15, 2030 |
| S••••••• A• B••••• L•• | delayed draw term loan first lien | $202,598 | $199,261 99c | S+550 bp | Mar 2, 2028 |
| P•••• B•••••••• L•• | revolver first lien | $200,961 | $194,195 98c | S+575 bp | Nov 15, 2029 |
| G••••• B••••••• L•• | revolver first lien | $191,728 | $189,131 99c | S+450 bp | Sep 29, 2028 |
| B•••••• B••••• I••• | revolver first lien | $168,605 | $168,605 100c | S+650 bp | Jun 21, 2029 |
| H•••••••• B••••• I••• | revolver first lien | $185,494 | $165,801 100c | S+450 bp | Sep 29, 2032 |
| D••••••• C••••••••• | revolver first lien | $149,870 | $144,558 96c | S+500 bp | Aug 2, 2030 |
| A•••••••• R••••••••• M••••••••• | delayed draw term loan first lien | $128,771 | $128,398 101c | S+475 bp | Oct 5, 2029 |
| T•• C•••••• G••••• L•• | delayed draw term loan first lien | $128,604 | $125,200 98c | S+425 bp | Sep 17, 2031 |
| A••• G••••• S••••••••• S•••••••• R•••• | notes unsecured or subordinated | $110,598 | $110,598 100c | 12.15% | Sep 30, 2038 |
| M•• D••••• S••••••••• L•• | revolver first lien | $83,333 | $83,333 100c | S+550 bp | Feb 13, 2031 |
| S••••••• A• B••••• L•• | revolver first lien | $51,458 | $48,073 93c | S+550 bp | Mar 2, 2028 |
| L•• V•••••• H••••••• I••• | revolver first lien | $35,600 | $35,723 106c | S+475 bp | Apr 28, 2032 |
| G••••••••• H•••••••• L•• | revolver first lien | $30,702 | $30,702 100c | S+425 bp | Jan 17, 2031 |
| P••••• L•• L•• | revolver first lien | $21,184 | $20,715 101c | S+475 bp | May 13, 2030 |
| K••• B••••• L•• | revolver first lien | $17,700 | $17,101 101c | S+450 bp | Jul 23, 2031 |
| L•• V•••••• H••••••• I••• | delayed draw term loan first lien | $0 | $118 -14c | S+450 bp | Oct 28, 2027 |
| M••• C•••••• I•• L•• | revolver first lien | $0 | $0 | S+425 bp | Sep 4, 2029 |
| B•••••• B••••• I••• | revolver first lien | $0 | $0 0c | S+575 bp | Mar 8, 2030 |
| M••• C•••••• I•• L•• | delayed draw term loan first lien | $0 | $0 | S+425 bp | Sep 3, 2027 |
| A•••••••• R••••••••• M••••••••• | revolver first lien | $0 | -$379 237c | S+475 bp | Oct 5, 2029 |
| W•••• I•••••••• A••••••••• L•• | revolver first lien | $0 | -$644 81c | S+500 bp | Apr 3, 2030 |
| B•••• T•••• A••••••• G••••• L• | revolver first lien | $0 | -$1,007 | S+475 bp | Jun 3, 2030 |
| T•••• H••• I••••••••• L•• | revolver first lien | $0 | -$1,286 | S+475 bp | May 31, 2030 |
| T•• C•••••• G••••• L•• | revolver first lien | $0 | -$1,705 | S+425 bp | Sep 17, 2031 |
| T••• P••••••••• I••• | revolver first lien | $0 | -$2,155 27c | S+575 bp | Jun 20, 2031 |
| C••••••••• M••••• L•• | revolver first lien | $0 | -$2,181 74c | S+450 bp | Feb 25, 2033 |
| A•••••••• P••••••• L•• | revolver first lien | $0 | -$2,994 | S+500 bp | Nov 17, 2031 |
| T••••• H•••••••• L•• | revolver first lien | $0 | -$3,166 | S+425 bp | Oct 2, 2028 |
| P•• P••••• I••• | revolver first lien | $0 | -$3,375 210c | S+450 bp | Aug 18, 2031 |
| O•••••••• V••••••• I••• | revolver first lien | $0 | -$3,830 83c | S+475 bp | Jan 31, 2033 |
| C••••••••• L•• | revolver first lien | $0 | -$4,791 45c | S+450 bp | Apr 22, 2032 |
| B••••••••• B••••• L••••• | revolver first lien | $0 | -$5,181 104c | S+450 bp | Apr 15, 2032 |
| A••••• B••••••• C•••••• T•••••• L•• | revolver first lien | $0 | -$5,357 | S+525 bp | Jul 2, 2031 |
| K••• B••••• L•• | delayed draw term loan first lien | $0 | -$5,401 157c | S+450 bp | Jun 27, 2027 |
| P•••••• P•••• P•••••••• L•• | revolver first lien | $0 | -$6,184 102c | S+500 bp | May 2, 2033 |
| S••••••• S••••• H••••••••• S•••••••• L•• | revolver first lien | $0 | -$6,597 107c | S+475 bp | Jan 5, 2033 |
| S•• A•••••• H••••••• L•• | revolver first lien | $0 | -$8,124 90c | S+475 bp | Jan 14, 2032 |
| L••••• B••••• L•• | delayed draw term loan first lien | $0 | -$8,317 201c | S+500 bp | Jun 24, 2028 |
| S••• P••••••••• I••• | revolver first lien | $0 | -$8,535 204c | S+450 bp | Nov 12, 2031 |
| M••••• S••••••• L•• | revolver first lien | $0 | -$8,834 103c | S+425 bp | Apr 22, 2033 |
| F•••••• S••••••• L•• | revolver first lien | $0 | -$10,044 1005c | S+450 bp | Aug 16, 2032 |
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