DFX Intelligence

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B••••••••• P•••••• R••• E••••• C••••• • I••••• F•••

Business development companymanaged by B••••••••• R••• E••••• S•••••• S••••••••• A••••••• L•••••Non-traded· NEW YORK, NY

A non-traded business development company, managed by B••••••••• R••• E••••• S•••••• S••••••••• A••••••• L•••••, holding $2.0B across 104 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: $2.0B
Borrowers: 104
Mark on cost: 100.4¢

Schedule of investments (123)Quarter by quarter

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

What matters now

95 → 104
borrowers
Added a net 9 borrowers in the quarter to Jun 30, 2026, to 104.
Q2 2026 · The book is turning over faster than usual.
Factthe schedule's borrowers, quarter on quarterSchedule of investments →
$500M → $2.0B
fair value, 4 quarters
Its portfolio grew 304% 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 2049733 · file 814-01853Show

Fair value

$2.0B

as of Jun 30, 2026

Principal held

$2.2B

debt pieces, the filer's figure

Cost

$2.0B

100c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

Positions

123

104 borrowers

First lien

not established

100% debt by fair value

Quarters on the tape

since Jun 30, 2025

Facilities held

104

0 sponsors financed

Portfolio through time

Fair value by quarter end$2.0B as of Jun 30, 2026

Jun 30, 2025$500M then

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2026	$2.0B	104	100c	345 bp
Mar 31, 2026	$2.0B	95	100c	350 bp
Dec 31, 2025	$1.5B	100	101c	336 bp
Sep 30, 2025	$793M	82	101c	328 bp

All 5 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$500M	56	101c	0	317 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Full timeline · 20 events

New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

K•• A•• V• other
1 BDC hold it · matures Nov 9, 2030
$201M 101c
K••••• M••••••••• P•••••••• other
1 BDC hold it · matures Nov 9, 2030
$200M 101c
C••••• L•••••••• P•••••••• other
1 BDC hold it · matures Apr 9, 2031
$193M 100c
A•••• other
1 BDC hold it · matures Apr 9, 2031
$103M 100c
C••••••• H•••••• P•••••••• other
1 BDC hold it · matures Dec 9, 2030
$97.5M 101c
F•••••••• A••••••• other
1 BDC hold it · matures Feb 9, 2031
$89.2M 100c
U• M••••••• P•••••••• other
1 BDC hold it
$74.3M 100c
C•••••• R•••• other
1 BDC hold it · matures Dec 9, 2030
$72.7M 101c
A••••• M••••••••• P•••••••• other
1 BDC hold it
$70.0M 100c
R•••• H••• other
1 BDC hold it · matures Oct 9, 2030
$64.0M 101c
T•• J•••••• P•••• I• other
1 BDC hold it · matures Jul 9, 2030
$59.7M 101c
S•••••• M••••••••• other
1 BDC hold it
$50.0M 100c

Schedule of investments at Jun 30, 2025

65 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
T•• J•••••• P••••	unstated lien unstated	$52.6M	$52.6M 101c	S+290 bp	Jul 9, 2030
E•••• • W•••	unstated lien unstated	$40.0M	$40.0M 100c	S+550 bp	Jun 9, 2030
1••• P••••••••	unstated lien unstated	$33.6M	$33.6M 101c	S+370 bp	Jun 9, 2030
1••• W••• 7•• s••••• l•••	unstated lien unstated	$25.9M	$24.7M 102c	4.49%	Jun 24, 2029
4•••••••• C••••• H••• R•••	unstated lien unstated	$26.5M	$23.5M 100c	4.10%	Jul 1, 2032
6•••••••• O•••••• M•••• R•••	unstated lien unstated	$18.8M	$18.2M 100c	S+180 bp	Dec 20, 2029
4••• N•••••••• C••••	unstated lien unstated	$18.1M	$17.7M 101c	5.30%	Oct 31, 2027
L•• 6•• F••••••••• R•••	unstated lien unstated	$15.0M	$15.0M 100c	S+50 bp	Oct 12, 2032
P••• B•••••••	unstated lien unstated	$15.0M	$15.0M 100c	10.00%	Oct 1, 2034
R•• 2•••••••• E•	unstated lien unstated	$13.4M	$13.6M 101c	7.50%	Mar 11, 2041
4•••• A•••••• D••••	unstated lien unstated	$13.9M	$13.5M 101c	4.95%	Jul 28, 2027
E••	term loan unsecured or subordinated	$12.0M	$12.0M 100c	S+450 bp	Jun 9, 2030
4•••• Y•••• D••••	unstated lien unstated	$11.5M	$11.5M 100c	7.00%	Jun 1, 2027
3••• K••• T•••• M•••••	unstated lien unstated	$11.4M	$10.5M 101c	4.75%	Jul 15, 2032
C••• 2•••••••• E•	unstated lien unstated	$10.0M	$10.2M 101c	7.20%	Nov 10, 2041
I••• 2•••••• E•	unstated lien unstated	$9.9M	$9.8M 101c	6.60%	Dec 10, 2034
T•••• 2•••••••• E•	unstated lien unstated	$9.7M	$9.7M 100c	S+380 bp	Jul 20, 2035
5•••••• F•••• C••••••• R•••	unstated lien unstated	$10.1M	$9.7M 100c	3.99%	Apr 13, 2027
B• 2•••••••• E•	unstated lien unstated	$8.9M	$8.9M 100c	S+240 bp	Oct 15, 2036
5••• W•••••• P•••• D••••	unstated lien unstated	$6.6M	$6.6M 100c	6.57%	Jun 30, 2026
6••• C•••••••• W••	unstated lien unstated	$7.2M	$6.5M 101c	3.55%	Oct 5, 2030
B• 2•••••••• F•	unstated lien unstated	$6.4M	$6.4M 101c	S+270 bp	Oct 15, 2036
O•• 2•••••••• E•	unstated lien unstated	$6.0M	$6.0M 100c	S+320 bp	Dec 15, 2039
B• 2•••••••• F•	unstated lien unstated	$6.0M	$6.0M 100c	S+250 bp	Sep 15, 2036
M•• 2••••••• G•	unstated lien unstated	$5.6M	$5.6M 100c	S+330 bp	Apr 15, 2038
B• 2•••••••• G•	unstated lien unstated	$5.5M	$5.5M 100c	S+330 bp	Oct 15, 2036
F• 2•••••••• D•	unstated lien unstated	$5.2M	$5.4M 100c	9.40%	Nov 10, 2039
6••• C•••••••• W••	unstated lien unstated	$5.7M	$5.3M 101c	4.40%	Oct 5, 2030
S•• 2•••••••• D•	unstated lien unstated	$5.1M	$5.1M 100c	S+360 bp	Oct 15, 2041
H••• 2•••••••• D•	unstated lien unstated	$5.0M	$5.0M 100c	S+330 bp	Jun 15, 2041
A•• 2•••••••• F•	unstated lien unstated	$4.8M	$5.0M 101c	8.30%	Jun 11, 2029
8••• R•••••••• D••••	unstated lien unstated	$5.0M	$4.9M 100c	6.00%	Jun 1, 2027
P•••• 2•••••••• B•	unstated lien unstated	$4.8M	$4.8M 100c	8.10%	Jun 25, 2058
C••• 2•••••••• B•	unstated lien unstated	$4.7M	$4.7M 101c	4.50%	Jul 10, 2048
B• 2••••••• D•	unstated lien unstated	$4.5M	$4.5M 101c	S+240 bp	Jan 17, 2039
1••••••••• F••••• H••• W••	unstated lien unstated	$4.3M	$4.4M 102c	4.99%	Dec 27, 2033
S•••• 2•••••••• F•	unstated lien unstated	$4.4M	$4.4M 100c	S+270 bp	Nov 15, 2036
I•• 2••••••• D•	unstated lien unstated	$4.4M	$4.4M 100c	S+310 bp	Nov 15, 2041
B• 2•••••••• E•	unstated lien unstated	$4.0M	$4.0M 100c	S+210 bp	Sep 15, 2036
C••• 2••••• B•	unstated lien unstated	$3.5M	$3.5M 101c	7.20%
1•••••••• N••••• S•••••	unstated lien unstated	$3.4M	$3.3M 100c	5.25%	Oct 17, 2029
E••	term loan unsecured or subordinated	$3.0M	$3.0M 101c	S+450 bp	Jun 9, 2030
5• S••••• R•••	unstated lien unstated	$2.9M	$2.9M 100c	6.99%	Mar 20, 2030
1••• 1••• S••••• N•	unstated lien unstated	$2.9M	$2.9M 100c	S+250 bp	Nov 2, 2030
M•• 2••••••• C•	unstated lien unstated	$2.9M	$2.9M 100c	S+370 bp	Jun 19, 2037
1••• W•••••••• A••••• N•	unstated lien unstated	$3.2M	$2.8M 99c	4.15%	May 20, 2032
E•• 2••••••• G•	unstated lien unstated	$2.5M	$2.5M 101c	S+320 bp	Nov 15, 2038
M•• 2•••••••• G•	unstated lien unstated	$2.3M	$2.2M 100c	S+290 bp	Jul 15, 2038
H••• 2•••••••• C•	unstated lien unstated	$2.1M	$2.1M 100c	S+250 bp	Jun 15, 2041
R••• 2•••••••• B•	unstated lien unstated	$1.9M	$2.0M 101c	9.90%	Apr 25, 2044
B•• 2•••••••• E•	unstated lien unstated	$1.9M	$1.9M 100c	S+370 bp	Mar 15, 2041
B• 2••••••• E•	unstated lien unstated	$1.9M	$1.8M 100c	S+300 bp	Jan 17, 2039
S•••• 2••••••• G•	unstated lien unstated	$1.7M	$1.7M 100c	S+340 bp	Oct 15, 2038
G••• 2•••••••• G•	unstated lien unstated	$1.5M	$1.5M 100c	S+330 bp	Dec 15, 2036
C••• 2•••••••• C•	unstated lien unstated	$1.5M	$1.5M 100c	4.70%	Aug 10, 2048
B••••• T•• 1• 0•••••••••	unstated lien unstated	$1.3M	$1.3M 100c	S+380 bp	Jun 30, 2031
P•••• 2•••••••• B•	unstated lien unstated	$1.3M	$1.2M 100c	7.80%	Sep 25, 2058
S•• 2•••••••• E•	unstated lien unstated	$1.2M	$1.2M 100c	S+450 bp	Oct 15, 2041
A•••• 2•••••••• E•	unstated lien unstated	$1.0M	$998,000 100c	S+360 bp	Apr 15, 2042
H•••• 2•••••••• B•	unstated lien unstated	$620,000	$604,000 99c	6.90%	Aug 25, 2059
L•• 2•••••••• E•	unstated lien unstated	$500,000	$500,000 100c	S+370 bp	Jun 15, 2039
E••• 2•••••••• E•	unstated lien unstated	$500,000	$499,000 100c	S+260 bp	Oct 15, 2038
M•• 2••••••• C•	unstated lien unstated	$448,000	$441,000 100c	S+220 bp	Feb 19, 2037
B• 2••••••• G••	unstated lien unstated	$287,000	$283,000 101c	S+310 bp	Feb 15, 2036
E•• 2••••••• J•	unstated lien unstated	$142,000	$142,000 101c	S+370 bp	Nov 15, 2038

Page 1 of 1

Registration

Fiscal year end: unknownreported
Incorporated: DEreported
On the SEC BDC report: 2026 to 2026reported
Filings listed: 5reported10-Q and 10-K since 2022
Former names: B••••••••• Private Real Estate Credit Fundreported
Latest schedule: 0002049733-26-000037reported

Not yet on record: first lien.