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 Jun 30, 2026
368 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| A••••••• B••••• I••• | term loan first lien | $888,000 | -$4,000 100c | S+550 bp | Dec 1, 2032 |
| L•• V•••••• H••••••• I••• | term loan first lien | $1.0M | -$4,000 50c | S+450 bp | Apr 1, 2032 |
| T•• U•••••• G•••• M••••• L•• | term loan first lien | $719,000 | -$4,000 133c | S+450 bp | Jul 1, 2032 |
| M••• B•••• L•• | term loan first lien | $898,000 | -$4,000 | S+525 bp | Dec 1, 2031 |
| P•••••••• C••••••••• M••••• I••• | term loan first lien | $910,000 | -$5,000 125c | S+500 bp | Oct 1, 2032 |
| L•• V•••••• H••••••• I••• | term loan first lien | $1.4M | -$5,000 167c | S+450 bp | Oct 1, 2027 |
| W••••• G•••• L•• | term loan first lien | $1.1M | -$5,000 | S+475 bp | Sep 1, 2027 |
| W••••• G•••• L•• | term loan first lien | $1.1M | -$5,000 100c | S+475 bp | Sep 1, 2031 |
| D•••••••• I••• | term loan first lien | $706,000 | -$5,000 125c | S+575 bp | Jul 1, 2030 |
| A•••• A• B•••• P•• L••• | term loan first lien | $325,000 | -$6,000 600c | S+450 bp | Dec 1, 2028 |
| K••• A••••••••• I••• | term loan first lien | $803,000 | -$6,000 | S+450 bp | Jan 1, 2027 |
| M••• B•••• L•• | term loan first lien | $1.4M | -$7,000 | S+525 bp | Dec 1, 2027 |
| J••••••• H•••••••• L•• | term loan first lien | $2.7M | -$7,000 100c | S+475 bp | Nov 1, 2032 |
| Y••• N•• S•• 2• L•• | term loan first lien | $2.8M | -$7,000 | Dec 1, 2027 | |
| J••••••••• P•••••• I••• | term loan first lien | $1.5M | -$8,000 114c | S+475 bp | Jan 1, 2033 |
| J••••••••• P•••••• I••• | term loan first lien | $1.5M | -$8,000 | S+475 bp | Jan 1, 2033 |
| L••••••••• B••••• I••• | term loan first lien | $1.5M | -$8,000 100c | S+425 bp | Dec 1, 2031 |
| B••••••••• I••• | term loan first lien | $3.5M | -$9,000 113c | S+450 bp | Dec 1, 2032 |
| M••••••• B•••• I•••• | term loan first lien | $973,000 | -$10,000 500c | S+475 bp | Dec 1, 2031 |
| T•• U•••••• G•••• M••••• L•• | term loan first lien | $1.9M | -$10,000 | S+450 bp | Jul 1, 2032 |
| F•••••••• O••••••••• L•• | term loan first lien | $2.1M | -$10,000 | S+525 bp | Aug 1, 2027 |
| P••• C••••••••• | term loan first lien | $4.4M | -$11,000 110c | S+425 bp | Dec 1, 2032 |
| V•••• P••••••••• L•• | term loan first lien | $2.9M | -$11,000 122c | S+525 bp | May 1, 2028 |
| N• T••••• L•• | term loan first lien | $1.1M | -$11,000 183c | S+450 bp | Sep 1, 2031 |
| M•• S••••••• L•• | term loan first lien | $692,000 | -$12,000 | S+475 bp | Oct 1, 2027 |
| B••••••••• I••• | term loan first lien | $4.9M | -$12,000 | S+450 bp | Dec 1, 2027 |
| M••••••• B•••• I•••• | term loan first lien | $1.2M | -$13,000 | S+475 bp | Dec 1, 2027 |
| P•••••••• C••••••••• M••••• I••• | term loan first lien | $2.7M | -$14,000 117c | S+500 bp | Oct 1, 2032 |
| B••••••• L•• | term loan first lien | $637,000 | -$15,000 | S+475 bp | Mar 1, 2032 |
| S••••• B••••••• H••••••• L•• | term loan first lien | $2.4M | -$15,000 | Dec 1, 2032 | |
| P••• C••••••••• | term loan first lien | $6.5M | -$16,000 | S+425 bp | Dec 1, 2028 |
| A•••• B••••••• 2•••• I••• | term loan first lien | $1.1M | -$17,000 1700c | S+425 bp | Oct 1, 2032 |
| P•••••••• C••••••••• M••••• I••• | term loan first lien | $3.6M | -$18,000 | S+500 bp | Oct 1, 2032 |
| P•••••••• C••••••••• M••••• I••• | term loan first lien | $3.6M | -$18,000 | S+500 bp | Oct 1, 2032 |
| P•••••• C••••••••• | term loan first lien | $1.4M | -$18,000 | S+450 bp | Oct 1, 2027 |
| A•••••••• H•••••••• I••• | term loan first lien | $5.9M | -$20,000 | S+450 bp | Jul 1, 2032 |
| M••• H•••••••• L•• | term loan first lien | $977,000 | -$20,000 500c | S+450 bp | Jul 1, 2032 |
| V•••• B••••• I••• | term loan first lien | $1.0M | -$22,000 440c | S+450 bp | Jan 1, 2032 |
| B•••• T•••• A••••••• G••••• L• | term loan first lien | $1.4M | -$23,000 329c | S+425 bp | Jun 1, 2030 |
| T••••••••• I•••• | term loan first lien | $2.6M | -$26,000 289c | S+625 bp | Aug 1, 2029 |
| L•••• S•••• H•••••••• L•• ••• B••••••••• T••••••••• I•••• | term loan first lien | $4.2M | -$31,000 238c | S+450 bp | May 1, 2028 |
| D•••••• B•••• | term loan first lien | $4.5M | -$31,000 | S+500 bp | Oct 1, 2029 |
| O••••••••• L•• | term loan first lien | $2.6M | -$36,000 | S+450 bp | Dec 1, 2028 |
| S••••• B••••••• H••••••• L•• | term loan first lien | $6.1M | -$39,000 | Dec 1, 2027 | |
| B••••••• L•• | term loan first lien | $1.7M | -$40,000 | S+475 bp | Oct 1, 2027 |
| H•••••• P•••••• I••• | term loan first lien | $638,000 | -$42,000 840c | Nov 1, 2029 | |
| O••••••••• L•• | term loan first lien | $3.3M | -$45,000 | S+450 bp | Dec 1, 2032 |
| M••• H•••••••• L•• | term loan first lien | $2.3M | -$46,000 | S+450 bp | Jul 1, 2027 |
| L••••••••• B••••• I••• | term loan first lien | $9.7M | -$48,000 | S+425 bp | Dec 1, 2028 |
| A••••••• P••••••• M••••••••• I••• | term loan first lien | $1.2M | -$67,000 3350c | S+550 bp | Feb 1, 2028 |
| E••••••• P•••••• I••• | term loan first lien | $2.8M | -$67,000 319c | Jan 1, 2031 | |
| V•••• B••••• I••• | term loan first lien | $4.1M | -$88,000 | S+450 bp | Feb 1, 2027 |
| D••••••••• A••••••••• I••• | term loan first lien | $2.6M | -$102,000 | S+450 bp | Sep 1, 2032 |
| B•••• P••••• H•••••••• I••• | term loan first lien | $3.2M | -$105,000 2625c | S+450 bp | Nov 1, 2030 |
| i••••• I••• | term loan first lien | $1.8M | -$114,000 | Aug 1, 2028 | |
| V•••• B••••• I••• | term loan first lien | $7.4M | -$162,000 | Sep 1, 2027 | |
| D••••••••• A••••••••• I••• | term loan first lien | $5.7M | -$229,000 | S+450 bp | Sep 1, 2027 |
| D••••• T••• H•••••••• L•• | preferred equity equity | $48.5M | Not disclosed | ||
| N•••••••• B••••• L•• | equity equity | $837,000 | Not disclosed | ||
| M••• B•••• L•• | term loan first lien | Not disclosed | Not disclosed | S+525 bp | |
| K••• I••••••••• I• I••• | equity equity | $5.4M | Not disclosed | ||
| D••••••• P•••••••• I•••••• I••• | preferred equity equity | $8.3M | Not disclosed | ||
| K••••••• I••••••••• H••••••• I• I•• | preferred equity equity | $8.5M | Not disclosed | ||
| S••••• B••••••• H••••••• L•• | term loan first lien | Not disclosed | Not disclosed | S+475 bp | Dec 1, 2032 |
| P•••••••• C••••••••• M••••• I••• | term loan first lien | Not disclosed | Not disclosed | S+500 bp | |
| D•••••• B•••• | term loan first lien | Not disclosed | Not disclosed | S+500 bp | |
| W••••• E••••••••• G••••• L•• | term loan first lien | $1.4M | Not disclosed | S+425 bp | Oct 1, 2028 |
| P•••••• B•••• I• L•• | term loan first lien | Not disclosed | Not disclosed | S+500 bp |
Page 4 of 4Previous
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