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 · 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, 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
- 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 → $1.8Bfair 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.
Every headline figure, and the identifiersCIK 2037804 · file 814-01762ShowHide
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
8
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 quartersShow fewer
| 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
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
Largest facilities held, with co-lenders
- D••••• T••• H•••••••• L•• preferred equity2 BDCs hold it · possible sponsor T• A•••••••••$96.9M 103c
- N•••••• term loan1 BDC hold it$68.0M 100c
- I• I••••••••• H•••••••• L•• first lien term loan30 BDCs hold it · matures Dec 1, 2029 · possible sponsor D••••••• C•••••• M••••••••• L•••$55.3M 100c
- M••• B•••• L•• first lien term loan8 BDCs hold it · matures Dec 22, 2031$55.2M 104c
- C••••• B••••• I•• first lien term loan2 BDCs hold it · matures Dec 1, 2028$52.6M 83c
- G• A••••••••• I•• first lien term loan26 BDCs hold it · matures May 25, 2028 · possible sponsor G•••••• C••••••$45.7M 94c
- L•••• S•••• H•••••••• L•• first lien term loan4 BDCs hold it · matures May 1, 2029$42.2M 100c
- A•• T••••• L•• first lien term loan13 BDCs hold it · matures Dec 31, 2027 · possible sponsor B•••••• P•••• C•••••• A•••••••• L••$41.6M 100c
- O••••••••• L•• first lien term loan25 BDCs hold it · matures Dec 23, 2032 · possible sponsor F•••••••• P•••••••$41.3M 98c
- B••••••••• I•• first lien term loan13 BDCs hold it · matures Dec 3, 2032$41.2M 100c
- P••• C••• first lien term loan13 BDCs hold it · matures Dec 20, 2032$41.0M 100c
- A••••••• I•• first lien term loan21 BDCs hold it · matures Jun 21, 2029$40.6M 99c
Schedule of investments at Mar 31, 2026
384 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| H••••••••• B••••• L•• | term loan first lien | $6.6M | $6.6M 100c | S+475 bp | Oct 1, 2030 |
| M••• B•••• L•• | term loan first lien | $6.5M | $6.5M 100c | S+525 bp | Dec 1, 2031 |
| F•••••••• O••••••••• L•• | term loan first lien | $6.2M | $6.2M 100c | S+525 bp | Aug 1, 2031 |
| B•••• P••••• H•••••••• I••• | term loan first lien | $6.1M | $5.9M 97c | S+425 bp | Nov 1, 2030 |
| R••••••• P•••••• L•• | term loan first lien | $5.8M | $5.8M 100c | S+425 bp | May 1, 2032 |
| H•• O••••••••• H•••••••• I••• | term loan first lien | $5.8M | $5.8M 100c | S+450 bp | Jun 1, 2031 |
| P•••••••• C••••••••• M••••• I••• | term loan first lien | $5.8M | $5.7M 100c | S+500 bp | Oct 1, 2032 |
| T•• U•••••• G•••• M••••• L•• | term loan first lien | $5.7M | $5.7M 100c | S+475 bp | Jul 1, 2032 |
| V••••• M•••• H•••••••• L•• | term loan first lien | $5.7M | $5.7M 100c | S+450 bp | Jul 1, 2031 |
| C•• M••••••••• L•• | term loan first lien | $6.2M | $5.4M 88c | S+341 bp PIK 5.12% | Sep 1, 2026 |
| P•••••• C••••••••• | term loan first lien | $5.5M | $5.4M 99c | S+450 bp | Oct 1, 2032 |
| C••••••• U• H•••••••• L•• | term loan first lien | $5.4M | $5.3M 102c | S+475 bp | Jun 1, 2032 |
| K••• I••••••••• I• L•• | preferred equity equity | $4.6M | $5.3M 100c | 11.67% PIK 8.00% | |
| N•••••••• T••••• L•• | subordinated debt unsecured or subordinated | $5.2M | $5.2M 100c | 12.85% PIK 9.00% | Dec 1, 2031 |
| T•••••• B••••• H••••••• L•• | term loan second lien | $6.0M | $5.1M 85c | S+675 bp | May 1, 2029 |
| A••••••• F•••••••• G••••• L••• | term loan first lien | $5.0M | $5.0M 100c | S+475 bp | Dec 1, 2027 |
| A••••••• F•••••••• G••••• L••• | term loan first lien | $4.9M | $4.9M 100c | S+475 bp | Dec 1, 2027 |
| N•••• B•••• L•• | term loan second lien | $5.0M | $4.9M 99c | S+575 bp | Feb 1, 2032 |
| W••••• E••••••••• G••••• L•• | subordinated debt unsecured or subordinated | $4.8M | $4.8M 101c | 13.00% PIK 13.00% | May 1, 2033 |
| F• W••••••••• B•••••••• L•• | term loan first lien | $4.8M | $4.8M 100c | S+525 bp | Dec 1, 2029 |
| F• W••••••••• B•••••••• L•• | term loan first lien | $4.8M | $4.8M 100c | S+525 bp | Dec 1, 2029 |
| C••••• C•••••• H•••••••• I••• ••••• N•• C•••••• H•••••••• I•••• | term loan first lien | $4.7M | $4.7M 100c | S+624 bp | Mar 1, 2028 |
| i••••• I•• | term loan first lien | $4.5M | $4.4M 97c | S+625 bp | Aug 1, 2028 |
| F• W••••••••• B•••••••• L•• | term loan first lien | $4.3M | $4.3M 101c | S+525 bp | Dec 1, 2029 |
| P•••••• B•••• I• L•• | term loan first lien | $3.9M | $3.9M 100c | S+500 bp | Nov 1, 2028 |
| B•••••• H••••••• L•• | term loan first lien | $3.9M | $3.9M 100c | S+425 bp | Sep 1, 2029 |
| V•••• P••••••••• L•• | term loan first lien | $3.8M | $3.8M 100c | S+550 bp | May 1, 2028 |
| T•• H••• P•••••• C•••• | term loan first lien | $5.9M | $3.8M 65c | S+400 bp | Jul 1, 2029 |
| C••••••• I••••••••• I•• L•• | term loan first lien | $3.6M | $3.6M 100c | S+263 bp PIK 3.13% | Aug 1, 2032 |
| M•• S••••••• L•• | term loan first lien | $3.5M | $3.5M 98c | S+475 bp | Feb 1, 2028 |
| C••••••• I••••••••• C•••• | term loan first lien | $3.4M | $3.4M 101c | S+475 bp | Jul 1, 2031 |
| T•• H••• P•••••• C•••• | term loan first lien | $4.9M | $3.1M 144c | S+400 bp | Jul 1, 2029 |
| C•••••••• I••• | term loan second lien | $4.0M | $3.1M 78c | S+600 bp | Oct 1, 2029 |
| K••• H•••••• I••• | term loan first lien | $3.0M | $3.0M 100c | S+450 bp | Feb 1, 2028 |
| A•••• A• B•••• P•• L•• | term loan first lien | $3.1M | $3.0M 99c | S+475 bp | Dec 1, 2029 |
| F••••••••• E•••••••• G••••• I••• | term loan first lien | $3.3M | $3.0M 99c | S+375 bp | Aug 1, 2028 |
| W••••• E••••••••• G••••• L•• | term loan first lien | $3.0M | $3.0M 100c | S+425 bp | Oct 1, 2028 |
| P•••••• C••••••••• | term loan first lien | $2.9M | $2.9M 99c | S+450 bp | Oct 1, 2032 |
| D••• D••••• H••••••• L•• | term loan first lien | $2.9M | $2.8M 95c | S+575 bp | Aug 1, 2028 |
| N• T••••• L•• | term loan first lien | $2.8M | $2.8M 100c | S+475 bp | Sep 1, 2031 |
| R•••••••• V••••••••• P•••••••• I••• | term loan first lien | $2.7M | $2.7M 100c | S+525 bp | Apr 1, 2030 |
| V••••• M•••• H•••••••• L•• | term loan first lien | $2.7M | $2.7M 100c | S+450 bp | Jul 1, 2031 |
| B••••• P••••• H••••••• L•• | term loan first lien | $2.7M | $2.7M 100c | S+450 bp | Dec 1, 2028 |
| F••••••• A••••••••• C•••• I••• | term loan first lien | $2.6M | $2.6M 100c | S+450 bp | Feb 1, 2032 |
| T•••••• A•• C••••••••• H••••••• C••••••••• | term loan first lien | $2.5M | $2.5M 100c | S+425 bp | Jun 1, 2029 |
| C••••••• B•••••••• I••• | term loan first lien | $2.5M | $2.4M 111c | S+800 bp | Jun 1, 2030 |
| G•• U••••••• P••••• C••••••••• | term loan first lien | $2.3M | $2.3M 100c | S+250 bp PIK 2.50% | Feb 1, 2033 |
| C••••• C•••••• H•••••••• I••• ••••• N•• C•••••• H•••••••• I•••• | term loan first lien | $2.3M | $2.3M 100c | S+609 bp | Mar 1, 2028 |
| B••••• H••••• H•••••••• L•• ••••• A•••••• H•••••• L••• | term loan first lien | $2.3M | $2.3M 100c | S+475 bp | May 1, 2028 |
| T••••••••• I••• | term loan first lien | $2.3M | $2.3M 98c | S+625 bp | Aug 1, 2029 |
| Y•• H•••••••• I••• | term loan first lien | $2.2M | $2.2M 100c | S+475 bp | Dec 1, 2030 |
| D••• D••••• H••••••• L•• | term loan first lien | $2.3M | $2.2M 95c | S+575 bp | Aug 1, 2027 |
| C••••• B••••• I••• | term loan first lien | $2.6M | $2.1M 83c | S+250 bp PIK 2.75% | Dec 1, 2028 |
| A••••••• P••••••• M••••••••• I••• | term loan first lien | $2.2M | $2.1M 94c | S+550 bp | Feb 1, 2028 |
| F••••••• C•••••••• L••• | equity equity | Not disclosed | $2.0M 125c | ||
| C•• M••••••••• L•• | term loan first lien | $2.3M | $2.0M 88c | S+341 bp PIK 5.12% | Sep 1, 2026 |
| W••••• E••••••••• G••••• L•• | term loan first lien | $2.0M | $2.0M 100c | S+425 bp | Oct 1, 2028 |
| T•• H••• P•••••• C•••• | term loan first lien | $3.1M | $2.0M 138c | S+400 bp | Jul 1, 2029 |
| V••••• M•••• H•••••••• L•• | term loan first lien | $1.9M | $1.9M 100c | S+450 bp | Jul 1, 2031 |
| P••••••• P•••••• I••• | term loan first lien | $2.5M | $1.9M 94c | S+350 bp | Dec 1, 2027 |
| T••••••••• I••• | term loan first lien | $1.9M | $1.9M 99c | S+625 bp | Aug 1, 2029 |
| D•• I••••••••• H••••••• L•• | term loan first lien | $2.0M | $1.8M 88c | S+841 bp | Apr 1, 2028 |
| B••••••• L•• | term loan first lien | $1.8M | $1.8M 99c | S+475 bp | Mar 1, 2032 |
| V••••• M•••• H•••••••• L•• | term loan first lien | $1.7M | $1.7M 100c | S+450 bp | Jul 1, 2031 |
| I••••• I••• | term loan second lien | $2.4M | $1.7M 70c | S+675 bp | Mar 1, 2029 |
| J••••••••• T••••• L••• | equity equity | $0 | $1.7M 100c | ||
| I••••••• C••••••••• | term loan first lien | $1.5M | $1.5M 100c | S+575 bp | Jul 1, 2028 |
| P••••••• P•••••• I••• | term loan second lien | $2.3M | $1.5M 67c | S+575 bp | Dec 1, 2028 |
| A••••••• F•••••••• G••••• L••• | term loan first lien | $1.5M | $1.5M 100c | S+475 bp | Dec 1, 2027 |
| D• I••••••••• I••••••••• H••••••• 2• I••• | term loan second lien | $1.5M | $1.5M 98c | S+550 bp | Jul 1, 2033 |
| D•••• A••••••••• C••••••••• | term loan first lien | $1.4M | $1.4M 99c | S+475 bp | Oct 1, 2028 |
| A•• G•••• H•••••••• I••• | term loan first lien | $2.1M | $1.4M 66c | S+275 bp PIK 3.25% | Aug 1, 2028 |
| N••• H•••••• L•• | term loan first lien | $1.4M | $1.4M 100c | S+525 bp | Nov 1, 2030 |
| D•• I••••••••• H••••••• L•• | term loan first lien | $1.5M | $1.4M 88c | S+841 bp | Apr 1, 2028 |
| D•• M•••• C•••• | term loan first lien | $1.3M | $1.3M 100c | S+500 bp | Dec 1, 2031 |
| F••••• S•••••••• G••••• L•• | term loan first lien | $1.3M | $1.3M 101c | S+550 bp | Oct 1, 2027 |
| R•••••••• I••• | term loan first lien | $1.3M | $1.3M 104c | S+375 bp | Apr 1, 2028 |
| A•• G•••• H•••••••• I••• | term loan first lien | $2.0M | $1.3M 66c | S+275 bp PIK 3.25% | Aug 1, 2028 |
| M•• C•••••• M••••••••• I••••••••• L•• | term loan first lien | $1.2M | $1.2M 100c | S+475 bp | Aug 1, 2031 |
| G• A••••••••• I••• | term loan first lien | $1.2M | $1.2M 94c | S+525 bp | May 1, 2028 |
| C• G•••• H•••••••• L•• | term loan first lien | $1.1M | $1.1M 100c | S+675 bp PIK 2.00% | Jul 1, 2026 |
| A•• P••••• I••• | preferred equity equity | $12.5M | $1.1M 5c | 11.75% | |
| F••••• S•••••••• G••••• L•• | term loan first lien | $992,000 | $992,000 100c | S+550 bp | Oct 1, 2028 |
| R•• H•••••••• L•• | term loan second lien | $5.3M | $935,000 122c | S+750 bp | Jul 1, 2029 |
| K•••• A••••••••• I••• | term loan first lien | $952,000 | $893,000 94c | S+550 bp | Oct 1, 2028 |
| M••• B•••• L•• | term loan first lien | $892,000 | $887,000 100c | S+525 bp | Dec 1, 2031 |
| S•••• D•••••• L•• | term loan first lien | $892,000 | $865,000 98c | S+590 bp | Dec 1, 2028 |
| D••••••••• A••••••••• I••• | term loan first lien | $843,000 | $822,000 99c | S+450 bp | Sep 1, 2032 |
| C•••••••• M••••••••• H••••••• M•••• 2• L•• | term loan first lien | $813,000 | $813,000 101c | S+500 bp | Nov 1, 2031 |
| P•••••••• C••••••••• M••••• I••• | term loan first lien | $606,000 | $797,000 100c | S+500 bp | Oct 1, 2032 |
| B••••••• L•• | term loan first lien | $796,000 | $781,000 98c | S+475 bp | Mar 1, 2032 |
| B••••• P••••• H••••••• L•• | term loan first lien | $765,000 | $765,000 101c | S+450 bp | Dec 1, 2028 |
| R••••••••• P•••••• L•• | term loan first lien | $750,000 | $750,000 100c | S+475 bp | Dec 1, 2028 |
| A•• G•••• H•••••••• I••• | term loan first lien | $1.1M | $736,000 65c | S+550 bp | Aug 1, 2027 |
| M••••••• B••••• H•••••••• L•• | term loan first lien | $686,000 | $680,000 99c | S+550 bp | Dec 1, 2028 |
| M•• S••••••• L•• | term loan first lien | $599,000 | $588,000 98c | S+475 bp | Feb 1, 2028 |
| R•• H•••••••• L•• | term loan first lien | $1.1M | $541,000 79c | S+500 bp | Jul 1, 2028 |
| R••••••• P•••••• L•• | term loan first lien | $539,000 | $537,000 100c | S+425 bp | May 1, 2032 |
| C••••••• I••••••••• I•• L•• | term loan first lien | $531,000 | $528,000 100c | S+263 bp PIK 3.13% | Aug 1, 2032 |
| G••••• B••••••• L•• | term loan first lien | $478,000 | $467,000 98c | S+450 bp | Sep 1, 2028 |
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