DFX Intelligence

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N•• M••••••• P•••••• C••••• F•••

Business development companymanaged by N•• M••••••• F•••••• A•••••••• L•••••Non-traded· NEW YORK, NY

A non-traded business development company, managed by N•• M••••••• F•••••• A•••••••• L•••••, holding $1.8B across 126 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: $1.8B
Borrowers: 126
Mark on cost: 97.7¢
First lien: 85%

Schedule of investments (368)Quarter by quarter Sponsors

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

What matters now

5 below 80¢
$35.2M principal
5 positions across 5 borrowers marked below 80¢ on cost, $35.2M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
$1.5B → $1.8B
fair value, 4 quarters
Its portfolio grew 22% 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 2037804 · file 814-01762Show

Fair value

$1.8B

as of Jun 30, 2026

Principal held

$2.1B

debt pieces, the filer's figure

Cost

$1.9B

98c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

368

126 borrowers

First lien

85%

95% debt by fair value

Quarters on the tape

since Dec 31, 2023

Facilities held

143

35 sponsors financed

Portfolio through time

Fair value by quarter end$1.8B as of Jun 30, 2026

Dec 31, 2023$2.0B then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.8B	126	98c	32	482 bp
Mar 31, 2026	$2.0B	129	98c	35	486 bp
Dec 31, 2025	$4.1B	129	99c	68	491 bp
Sep 30, 2025	$1.6B	110	96c	36	503 bp

All 8 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$1.5B	98	97c	29	510 bp
Mar 31, 2025	$1.6B	91	98c	30	519 bp
Dec 31, 2024	$3.2B	78	98c	54	537 bp
Dec 31, 2023	$2.0B	99	98c	32	577 bp

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 borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
Spread increasedJun 30, 2026
••• Locked
PIK interest appearsJun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity extended (observed)Jun 30, 2026
••• Locked
Maturity shortened (observed)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

D••••• T••• H•••••••• L•• preferred equity
2 BDCs hold it · possible sponsor T• A•••••••••
$96.9M 103c
N•••••• term loan
1 BDC hold it
$68.0M 100c
I• I••••••••• H•••••••• L•• first lien term loan
30 BDCs hold it · matures Dec 1, 2029 · possible sponsor D••••••• C•••••• M••••••••• L•••
$55.3M 100c
M••• B•••• L•• first lien term loan
8 BDCs hold it · matures Dec 22, 2031
$55.2M 104c
C••••• B••••• I•• first lien term loan
2 BDCs hold it · matures Dec 1, 2028
$52.6M 83c
G• A••••••••• I•• first lien term loan
26 BDCs hold it · matures May 25, 2028 · possible sponsor G•••••• C••••••
$45.7M 94c
L•••• S•••• H•••••••• L•• first lien term loan
4 BDCs hold it · matures May 1, 2029
$42.2M 100c
A•• T••••• L•• first lien term loan
13 BDCs hold it · matures Dec 31, 2027 · possible sponsor B•••••• P•••• C•••••• A•••••••• L••
$41.6M 100c
O••••••••• L•• first lien term loan
25 BDCs hold it · matures Dec 23, 2032 · possible sponsor F•••••••• P•••••••
$41.3M 98c
B••••••••• I•• first lien term loan
13 BDCs hold it · matures Dec 3, 2032
$41.2M 100c
P••• C••• first lien term loan
13 BDCs hold it · matures Dec 20, 2032
$41.0M 100c
A••••••• I•• first lien term loan
21 BDCs hold it · matures Jun 21, 2029
$40.6M 99c

Schedule of investments at Dec 31, 2025

776 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
P•••••••• C••••••••• M••••• I•••	term loan first lien	$910,000	-$5,000 125c		Oct 1, 2032
C••••••• I••••••••• I•• L••	term loan first lien	$938,000	-$5,000		Aug 1, 2027
V•••••• P••••••••• L••	term loan first lien	$1.9M	-$5,000	S+450 bp	Dec 1, 2032
D••••• I••••••••• H•••••••• I•••	term loan first lien	$909,000	-$5,000 125c	S+550 bp	Aug 1, 2032
W••••• G•••• L••	term loan first lien	$1.1M	-$5,000 100c	S+475 bp	Sep 1, 2031
C••••••• I••••••••• I•• L••	term loan first lien	$938,000	-$5,000		Aug 1, 2027
V•••• B••••• I•••	term loan first lien	$1.2M	-$6,000 120c	S+475 bp	Jan 1, 2032
V•••• B••••• I••	term loan first lien	$1.2M	-$6,000 120c	S+475 bp	Jan 1, 2032
B••••••• L••	term loan first lien	$2.6M	-$7,000	S+475 bp	Oct 1, 2027
L••••••••• B••••• I•••	term loan first lien	$1.5M	-$7,000 100c	S+450 bp	Dec 1, 2031
L•• V•••••• H••••••• I•••	term loan first lien	$1.9M	-$7,000 350c	S+475 bp	Oct 1, 2027
L••••••••• B••••• I•••	term loan first lien	$1.5M	-$7,000 100c	S+450 bp	Dec 1, 2031
J••••••• H•••••••• L••• I•••	term loan first lien	$2.7M	-$7,000 100c	S+475 bp	Nov 1, 2032
B••••••• L••	term loan first lien	$2.6M	-$7,000	S+475 bp	Oct 1, 2027
J••••••• H•••••••• L••• I•••	term loan first lien	$2.7M	-$7,000 100c	S+475 bp	Nov 1, 2032
L•• V•••••• H••••••• I•••	term loan first lien	$1.9M	-$7,000 350c	S+475 bp	Oct 1, 2027
F••••••• A••••••••• C•••• I•••	term loan first lien	$2.8M	-$7,000		Feb 1, 2027
F••••••• A••••••••• C•••• I•••	term loan first lien	$2.8M	-$7,000		Feb 1, 2027
D••••••••• A••••••••• I•••	term loan first lien	$3.1M	-$8,000	S+450 bp	Sep 1, 2032
D••••••••• A••••••••• I•••	term loan first lien	$3.1M	-$8,000	S+450 bp	Sep 1, 2032
M••• H•••••••• L••	term loan first lien	$1.7M	-$8,000 100c	S+475 bp	Jul 1, 2032
M••• H•••••••• L••	term loan first lien	$1.7M	-$8,000 100c	S+475 bp	Jul 1, 2032
B••••••••• I•••	term loan first lien	$3.5M	-$9,000 100c	S+450 bp	Dec 1, 2032
R••••••• P•••••• L••	term loan first lien	$1.8M	-$9,000	S+425 bp	May 1, 2027
A••••••• P••••••• M••••••••• I•••	term loan first lien	$1.2M	-$9,000 450c		Feb 1, 2028
B••••••••• I•••	term loan first lien	$3.5M	-$9,000 100c	S+450 bp	Dec 1, 2032
A••••••• P••••••• M••••••••• I•••	term loan first lien	$1.2M	-$9,000 450c		Feb 1, 2028
R••••••• P•••••• L••	term loan first lien	$1.8M	-$9,000	S+425 bp	May 1, 2027
T•• U•••••• G•••• M••••• L••	term loan first lien	$1.9M	-$10,000	S+475 bp	Jul 1, 2032
F•••••••• O••••••••• L••	term loan first lien	$2.1M	-$10,000	S+525 bp	Aug 1, 2027
F•••••••• O••••••••• L••	term loan first lien	$2.1M	-$10,000	S+525 bp	Aug 1, 2027
T•• U•••••• G•••• M••••• L••	term loan first lien	$1.9M	-$10,000	S+475 bp	Jul 1, 2032
P••• C•••••••••	term loan first lien	$4.4M	-$11,000 100c	S+450 bp	Dec 1, 2032
H• T•• B••••• I•••	term loan first lien	$2.3M	-$11,000 100c	S+475 bp	Jul 1, 2032
V•••• P••••••••• L••	term loan first lien	$2.9M	-$11,000 100c	S+550 bp	May 1, 2028
S••••• E••••••••• L••	term loan first lien	$1.4M	-$11,000 122c	S+600 bp	May 1, 2030
S••••• E••••••••• L••	term loan first lien	$1.4M	-$11,000 122c	S+600 bp	May 1, 2030
P••• C•••••••••	term loan first lien	$4.4M	-$11,000 100c	S+450 bp	Dec 1, 2032
V•••• P••••••••• L••	term loan first lien	$2.9M	-$11,000 100c	S+550 bp	May 1, 2028
H• T•• B••••• I•••	term loan first lien	$2.3M	-$11,000 100c	S+475 bp	Jul 1, 2032
H•••••• P•••••• I•••	term loan first lien	$523,000	-$12,000 300c		Nov 1, 2029
H•••••• P•••••• I•••	term loan first lien	$523,000	-$12,000 300c		Nov 1, 2029
P•••••••• C••••••••• M••••• I••••	term loan first lien	$2.7M	-$14,000 108c		Oct 1, 2032
D••••••••• I•••	term loan first lien	$2.8M	-$14,000	S+450 bp	Jul 1, 2026
D••••••••• I•••	term loan first lien	$2.8M	-$14,000	S+450 bp	Jul 1, 2026
D••••••••• A••••••••• I•••	term loan first lien	$5.7M	-$14,000	S+450 bp	Sep 1, 2027
P•••••••• C••••••••• M••••• I••••	term loan first lien	$2.7M	-$14,000 108c		Oct 1, 2032
D••••••••• A••••••••• I•••	term loan first lien	$5.7M	-$14,000	S+450 bp	Sep 1, 2027
M••• H•••••••• L••	term loan first lien	$3.9M	-$20,000	S+475 bp	Jul 1, 2027
M••• H•••••••• L••	term loan first lien	$3.9M	-$20,000	S+475 bp	Jul 1, 2027
V•••• B••••• I•••	term loan first lien	$4.1M	-$21,000	S+475 bp	Feb 1, 2027
V•••• B••••• I••	term loan first lien	$4.1M	-$21,000	S+475 bp	Feb 1, 2027
D•• M•••• C•••	term loan first lien	$4.5M	-$22,000	S+500 bp	Apr 1, 2027
D•• M•••• C••••	term loan first lien	$4.5M	-$22,000	S+500 bp	Apr 1, 2027
E••••••• P•••••• I•••	term loan first lien	$2.8M	-$28,000 117c	S+650 bp	Jan 1, 2031
E••••••• P•••••• I•••	term loan first lien	$2.8M	-$28,000 117c	S+650 bp	Jan 1, 2031
L•••• S•••• H•••••••• L•• ••• B••••••••• T••••••••• I••••	term loan first lien	$4.2M	-$42,000 247c	S+450 bp	May 1, 2028
L•••• S•••• H•••••••• L•• ••• B••••••••• T••••••••• I••••	term loan first lien	$4.2M	-$42,000 247c	S+450 bp	May 1, 2028
i••••• I•••	term loan first lien	$1.7M	-$45,000 300c		Aug 1, 2028
i••••• I•••	term loan first lien	$1.7M	-$45,000 300c		Aug 1, 2028
P•••••••• C••••••••• M••••• I•••	term loan first lien	Not disclosed	Not disclosed
A•• P••••• I•••	preferred equity equity	$20.2M	Not disclosed
D••••• T••• H•••••••• L••	preferred equity equity	$48.5M	Not disclosed
K••••••• I••••••••• H••••••• I• I••	preferred equity equity	$8.0M	Not disclosed
K••••••• I••••••••• H••••••• I• I••	preferred equity equity	$8.0M	Not disclosed
K••• I••••••••• I• I•••	equity equity	$5.1M	Not disclosed
A•• P••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
D••••••• P•••••••• I•••••• I•••	preferred equity equity	$7.9M	Not disclosed
M••• B•••• L••	term loan first lien	Not disclosed	Not disclosed	S+525 bp
P•••••••• C••••••••• M••••• I•••	term loan first lien	Not disclosed	Not disclosed
K••• I••••••••• I• I•••	equity equity	$5.1M	Not disclosed
P•••••• B•••• I• L••	term loan first lien	Not disclosed	Not disclosed	S+500 bp
M••• B•••• L••	term loan first lien	Not disclosed	Not disclosed	S+525 bp
A•• P••••• I•••	delayed draw term loan first lien	Not disclosed	Not disclosed
P•••••• B•••• I• L••	term loan first lien	Not disclosed	Not disclosed	S+500 bp
D•••••• B••••	term loan first lien	Not disclosed	Not disclosed	S+500 bp

Page 8 of 8Previous

Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2025 to 2026reported
Filings listed: 7reported10-Q and 10-K since 2022
Latest schedule: 0002037804-26-000015reported