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 Mar 31, 2026

109 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
K•• A•• V•	unstated lien unstated	$201M	$201M 101c	S+265 bp	Nov 9, 2030
K••••• M••••••••• P••••••••	unstated lien unstated	$198M	$198M 101c	S+260 bp	Nov 9, 2030
C••••• L•••••••• P••••••••	unstated lien unstated	$193M	$191M 100c	S+215 bp	Apr 9, 2031
A••••	unstated lien unstated	$103M	$102M 100c	S+205 bp	Apr 9, 2031
C••••••• H•••••• P••••••••	unstated lien unstated	$97.5M	$97.5M 101c	S+235 bp	Dec 9, 2030
F•••••••• A•••••••	unstated lien unstated	$89.2M	$88.3M 100c	S+232 bp	Feb 9, 2031
U• M••••••• P••••••••	unstated lien unstated	$74.1M	$74.1M 100c	S+700 bp
C•••••• R••••	unstated lien unstated	$72.0M	$72.0M 101c	S+250 bp	Dec 9, 2030
A••••• M••••••••• P••••••••	unstated lien unstated	$70.0M	$70.0M 100c	S+476 bp
R•••• H•••	unstated lien unstated	$63.1M	$63.1M 101c	S+335 bp	Oct 9, 2030
T•• J•••••• P•••• I•	unstated lien unstated	$59.1M	$59.1M 101c	S+289 bp	Jul 9, 2030
S•••••• M•••••••••	unstated lien unstated	$50.0M	$50.0M 100c	S+475 bp
E•••• • W•••	unstated lien unstated	$40.0M	$40.0M 100c	S+545 bp
L•••••• S••••• N••••	unstated lien unstated	$40.0M	$39.7M 100c	9.86%
1••• P••••••••	unstated lien unstated	$35.5M	$35.4M 101c	S+365 bp	Jun 9, 2030
S••••• o• t•• P•••	unstated lien unstated	$33.4M	$33.4M 101c	S+275 bp	Aug 9, 2030
S••••••• P••••	unstated lien unstated	$30.9M	$30.9M 101c	S+345 bp	Aug 9, 2030
7• C•••••••••	unstated lien unstated	$27.5M	$27.5M 100c	9.00%
I••• M••••••• M•••••••	unstated lien unstated	$28.4M	$27.1M 100c	12.98%
1••• W••• 7•• S•••••	unstated lien unstated	$25.5M	$24.9M 103c	4.49%	Jun 24, 2029
4•••••••• C••••• H••• R•••	unstated lien unstated	$26.1M	$24.0M 102c	4.10%	Jul 1, 2032
N••••• G••••••	unstated lien unstated	$22.7M	$22.7M 101c	8.12%
B••••• R•• T•• 1• 0••••••	unstated lien unstated	$18.8M	$18.7M 100c	S+325 bp
I••• 2•••••• E•	unstated lien unstated	$17.7M	$17.7M 100c	6.35%
L•• 6•• F••••••••• R•••	unstated lien unstated	$14.9M	$15.0M 101c	6.44%	Oct 12, 2032
P••• B•••••••	unstated lien unstated	$15.0M	$15.0M 100c	10.00%
B• 2•••••••• G•	unstated lien unstated	$13.9M	$13.9M 100c	S+306 bp
R•• 2•••••••• E•	unstated lien unstated	$13.0M	$13.1M 100c	7.27%
E••	term loan unsecured or subordinated	$12.0M	$12.0M 100c	S+446 bp
B••• 2••••••• H••	unstated lien unstated	$11.4M	$11.4M 100c	9.09%
4•••• Y•••• D••••	unstated lien unstated	$11.4M	$11.4M 100c	7.00%	Jun 1, 2027
C••• 2•••••••• E•	unstated lien unstated	$11.0M	$11.1M 100c	6.96%
3••• K••• T•••• M•••••	unstated lien unstated	$11.2M	$10.7M 103c	4.75%	Jul 15, 2032
C•••• 6•••• 2••• R•••	unstated lien unstated	$10.4M	$10.4M 99c	6.88%
5•••••• F•••• C••••••• R•••	unstated lien unstated	$9.9M	$9.7M 100c	3.99%	Apr 13, 2027
T•••• 2•••••••• E•	unstated lien unstated	$9.4M	$9.3M 96c	S+380 bp
B•••• 2••••••• E•	unstated lien unstated	$17.3M	$9.1M 107c	3.50%
B•••• 2••••••• K••	unstated lien unstated	$24.0M	$8.5M 101c	6.17%
B•••• 2••••••• J••	unstated lien unstated	$21.2M	$7.9M 102c	6.34%
B••• 2••••••• E•	unstated lien unstated	$7.0M	$7.0M 100c	6.65%
G•••• 2•••••••• B•	unstated lien unstated	$6.8M	$6.8M 100c	7.36%
6••• C••••••• W••	unstated lien unstated	$7.0M	$6.5M 102c	3.55%	Oct 5, 2030
B•••• 2••••••• F•	unstated lien unstated	$12.1M	$6.5M 110c	3.50%
5••• W•••••• P•••• D••••	unstated lien unstated	$6.5M	$6.5M 100c	6.57%	Jun 30, 2026
R•• 2•••••••• F•	unstated lien unstated	$6.3M	$6.4M 98c	8.23%
B•••• 2••••••• J••	unstated lien unstated	$11.5M	$5.7M 103c	6.17%
M•• 2••••••• G•	unstated lien unstated	$5.6M	$5.6M 100c	S+332 bp
6••• C••••••• W••	unstated lien unstated	$5.5M	$5.3M 102c	4.40%	Oct 5, 2030
8••• R•••••••• D••••	unstated lien unstated	$4.9M	$4.9M 100c	6.00%	Jun 1, 2027
P•••• 2•••••••• B•	unstated lien unstated	$4.8M	$4.8M 100c	8.14%
V•••• 2••••• B•	unstated lien unstated	$4.6M	$4.6M 100c	7.71%
1••••••••• F••••• H••• W••	unstated lien unstated	$4.2M	$4.5M 105c	4.99%	Dec 27, 2033
S•••• 2•••••••• F•	unstated lien unstated	$4.4M	$4.4M 100c	S+273 bp
W••• 2•••••••• B•	unstated lien unstated	$4.0M	$3.9M 101c	3.62%
C••• 2•••••••• E•	unstated lien unstated	$3.6M	$3.6M 101c	7.36%
B•••• 2••••••• G•	unstated lien unstated	$9.1M	$3.6M 100c	3.50%
C••• 2••••••••• E•	unstated lien unstated	$3.7M	$3.6M 99c	6.34%
C••• 2••••• B•	unstated lien unstated	$3.5M	$3.5M 101c	7.21%
C••• 2••••• B•	unstated lien unstated	$3.5M	$3.5M 99c	7.12%
S•• 2••••••• E•	unstated lien unstated	$3.4M	$3.4M 99c	6.25%
1•••••••• N••••• S•••••	unstated lien unstated	$3.4M	$3.3M 101c	5.25%	Oct 17, 2029
N••• 2•••••••• B•	unstated lien unstated	$3.3M	$3.3M 100c	7.92%
K••• 2••••••• D•	unstated lien unstated	$3.3M	$3.3M 100c	S+280 bp
B•••• 2•••••••• B•	unstated lien unstated	$3.3M	$3.3M 100c	8.33%
E••	term loan unsecured or subordinated	$3.0M	$3.0M 101c	S+446 bp
1••• W•••••••• A••••• N•	unstated lien unstated	$3.2M	$2.9M 101c	4.15%	May 20, 2032
S•• 2•••••••• D•	unstated lien unstated	$2.8M	$2.8M 99c	S+360 bp
5• S••••• R•••	unstated lien unstated	$2.8M	$2.8M 100c	6.99%	Mar 20, 2030
1••• 1••• S••••• N•	unstated lien unstated	$2.7M	$2.7M 100c	S+250 bp	Nov 2, 2030
B•••• 2••••••• X•	unstated lien unstated	$17.3M	$2.6M 104c	2.67%
B••• 2••••••• D•	unstated lien unstated	$2.5M	$2.5M 100c	5.75%
C••• 2••••• B•	unstated lien unstated	$2.5M	$2.5M 99c	8.36%
V•••• 2••••• B•	unstated lien unstated	$2.5M	$2.5M 98c	7.80%
M•• 2•••••••• G•	unstated lien unstated	$2.3M	$2.2M 100c	S+286 bp
B•••• 2••••••• X•	unstated lien unstated	$12.1M	$2.1M 98c	2.84%
P•••• 2•••••••• B•	unstated lien unstated	$2.0M	$2.1M 100c	8.22%
B•••• 2•••••••• B•	unstated lien unstated	$2.0M	$2.0M 100c	8.08%
B• 2••••••• E•	unstated lien unstated	$1.8M	$1.8M 101c	S+304 bp
B•• 2•••••••• E•	unstated lien unstated	$1.7M	$1.7M 99c	S+369 bp
J•••• 2•••••••• B•	unstated lien unstated	$1.7M	$1.7M 98c	7.69%
N•• 2•••••••• E•	unstated lien unstated	$1.6M	$1.6M 99c	7.39%
B• 2•••••••• E•	unstated lien unstated	$1.6M	$1.5M 100c	3.55%
B•••• 2••••••• X•	unstated lien unstated	$9.1M	$1.4M 99c	2.84%
C••• 2•••••••• B•	unstated lien unstated	$1.4M	$1.4M 100c	7.85%
C••• 2••••• B•	unstated lien unstated	$1.3M	$1.3M 99c	7.47%
B•••• 2•••••••• B•	unstated lien unstated	$1.3M	$1.3M 100c	8.01%
P•••• 2•••••••• B•	unstated lien unstated	$1.3M	$1.2M 100c	7.78%
S•• 2•••••••• E•	unstated lien unstated	$1.2M	$1.2M 100c	S+445 bp
H•••• 2•••••••• B•	unstated lien unstated	$1.2M	$1.2M 101c	6.89%
E••• 4•• E•	unstated lien unstated	$1.1M	$1.1M 96c	S+350 bp
B•••• 2•••••••• B•	unstated lien unstated	$1.1M	$1.1M 100c	7.87%
S••••• F•• 0•••••••••	unstated lien unstated	$1.0M	$1.1M 99c	S+625 bp
C•• 2•••••• B••	unstated lien unstated	$1.0M	$1.0M 99c	7.53%
C••• 2••••• B•	unstated lien unstated	$766,000	$758,000 98c	7.10%
J•••• 2•••••••• E•	unstated lien unstated	$869,000	$728,000 99c	3.92%
G••• 2•••••••• B•	unstated lien unstated	$713,000	$723,000 100c	7.95%
C••• 2••••• B•	unstated lien unstated	$578,000	$574,000 99c	7.49%
D••• 2•••••••• B•	unstated lien unstated	$569,000	$564,000 99c	6.68%
C••• 2•••••••• X•	unstated lien unstated	$10.0M	$537,000 54c	1.35%
M••• 2•••••••• B••	unstated lien unstated	$487,000	$485,000 99c	7.34%

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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.