DFX Intelligence
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B••••••••• P•••••• C••••• F•••
Business development companymanaged by B••••••••• P•••••• C••••• S••••••••• L••Non-traded· NEW YORK, NY
A non-traded business development company, managed by B••••••••• P•••••• C••••• S••••••••• L••, holding $87B across 964 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
- $87B
- Borrowers
- 964
- Mark on cost
- 96.6¢
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
- $2.41Bon non-accrual, 17 borrowers
17 borrowers on non-accrual, $2.41B principal; the largest is M•••••••• I•• ($1.17B).
Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.
FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen M•••••••• I•• → - $49.4Mnewly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $49.4M principal: C•• G•••••• I•• ($49.4M).
Q2 2026 · The newest credit problems in the book.
- 141 below 80¢$5.68B principal
141 positions across 80 borrowers marked below 80¢ on cost, $5.68B principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 124 → 140loans paying in kind
Loans paying in kind rose from 124 to 140 positions in the quarter to Jun 30, 2026.
Q2 2026 · Borrowers paying interest in more debt rather than cash is an early sign of strain.
- 1034 → 964borrowers
Lost a net 70 borrowers in the quarter to Jun 30, 2026, to 964.
Q2 2026 · The book is turning over faster than usual.
Every headline figure, and the identifiersCIK 1803498 · file 814-01358ShowHide
Fair value
$87B
as of Jun 30, 2026
Principal held
$85B
debt pieces, the filer's figure
Cost
$90B
97c on cost
Unfunded
$20B
commitments not yet drawn
Positions
2,411
964 borrowers
First lien
not established
92% debt by fair value
Quarters on the tape
17
since Dec 31, 2021
Facilities held
1,247
90 sponsors financed
Portfolio through timeHow each quarter is readEach quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
Fair value by quarter end$87B as of Jun 30, 2026
Dec 31, 2021$36B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $87B | 964 | 97c | 140 | 434 bp |
| Mar 31, 2026 | $91B | 1,034 | 98c | 124 | 435 bp |
| Dec 31, 2025 | $94B | 1,060 | 99c | 137 | 440 bp |
| Sep 30, 2025 | $86B | 1,014 | 99c | 113 | 446 bp |
All 17 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $82B | 983 | 99c | 108 | 455 bp |
| Mar 31, 2025 | $80B | 948 | 99c | 100 | 464 bp |
| Dec 31, 2024 | $152B | 921 | 99c | 194 | 476 bp |
| Sep 30, 2024 | $68B | 832 | 99c | 69 | 488 bp |
| Jun 30, 2024 | $63B | 786 | 99c | 50 | 490 bp |
| Mar 31, 2024 | $61B | 711 | 99c | 43 | 500 bp |
| Dec 31, 2023 | $65B | 700 | 99c | 41 | 489 bp |
| Sep 30, 2023 | $56B | 639 | 99c | 35 | 504 bp |
| Jun 30, 2023 | $55B | 627 | 98c | 19 | 501 bp |
| Mar 31, 2023 | $56B | 571 | 98c | 23 | 500 bp |
| Dec 31, 2022 | $70B | 897 | 98c | 21 | 474 bp |
| Sep 30, 2022 | $50B | 606 | 98c | 4 | 509 bp |
| Dec 31, 2021 | $36B | 470 | 100c | 0 | 501 bp |
Sponsors financedHow sponsors are countedCounted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.
No borrower on this schedule has a sponsor attribution yet.
What changed
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- non accrual placedJun 30, 2026
Full timeline · 20 eventsShow fewer
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New borrower on a BDC scheduleJun 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
Largest facilities held, with co-lenders
- D••••••• I•• delayed draw term loan2 BDCs hold it · matures Sep 9, 2030$1.6B 100c
- I•• G•••• H•••••••• I•• revolver2 BDCs hold it · matures Dec 3, 2029$1.6B 101c
- I••••••• H•••••••• I•• delayed draw term loan2 BDCs hold it · matures Nov 24, 2033$1.3B 94c
- G••••••••• I•• other3 BDCs hold it · matures Dec 16, 2030$1.2B 97c
- M•••••••• I•• other3 BDCs hold it · matures Oct 29, 2028$1.2B 51c
- M•••••••• B••••••••• I•• delayed draw term loan2 BDCs hold it · matures May 18, 2029$1.2B 102c
- Z••••••• I•• revolver3 BDCs hold it · matures Nov 22, 2028$1.1B 99c
- M••••••• F•••••••• delayed draw term loan2 BDCs hold it · matures Sep 28, 2029$1.1B 114c
- L••• G••••• I•• delayed draw term loan1 BDC hold it · matures May 10, 2030$963M 101c
- C•••••• L••••••• G••••• I•• revolver2 BDCs hold it · matures Jul 20, 2028 · possible sponsor V•••••• C•••••• F••• M••••••••• L•••••$958M 93c
- T•••••••• B•••• L•••••• delayed draw term loan2 BDCs hold it · matures Jul 1, 2031$948M 99c
- S•••• B•••• L•• other5 BDCs hold it · matures Oct 17, 2031$929M 100c
Schedule of investments at Jun 30, 2026
2,411 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| O•••• C••• a•• C••• E••••••••• | unstated lien unstated | Not disclosed | $2.0B 100c | ||
| I•• G•••• H•••••••• I••• | revolver lien unstated | $1.6B | $1.6B 101c | S+425 bp | Dec 3, 2029 |
| B•••• E•••••• J• L• | equity equity | Not disclosed | $1.6B 85c | ||
| G••••••••• I••• | unstated lien unstated | $1.2B | $1.2B 97c | S+475 bp | Dec 16, 2030 |
| D••••••• I••• | delayed draw term loan lien unstated | $1.2B | $1.1B 100c | S+492 bp | Dec 11, 2029 |
| P••• A••••• L•• P•••• I• I••••••••• C••••••• L•• | equity equity | Not disclosed | $1.1B 101c | PIK 7.60% | |
| I••••••• H•••••••• I••• | delayed draw term loan lien unstated | $1.1B | $1.1B 95c | S+550 bp PIK 2.75% | Nov 24, 2028 |
| Z••••••• I••• | revolver lien unstated | $1.1B | $1.0B 99c | S+500 bp | Nov 22, 2028 |
| M•••••••• B••••••••• I••• | delayed draw term loan lien unstated | $1.0B | $1.0B 101c | S+450 bp | May 18, 2029 |
| S•••• B••••• L••• | unstated lien unstated | $929M | $929M 100c | S+518 bp | Oct 17, 2031 |
All 2,411 positionsShow fewer100 on this page; the pager has the rest
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| M•••••• I••••••••• C• | revolver lien unstated | $882M | $867M 99c | S+450 bp | Sep 14, 2029 |
| U•••••• W•••••• H••••••••• L• | unstated lien unstated | $865M | $865M 100c | S+500 bp | Jun 18, 2029 |
| C•••••• L••••••• G••••• I••• | revolver lien unstated | $924M | $860M 93c | S+550 bp | Jul 20, 2028 |
| A••••••• I••• | unstated lien unstated | $845M | $832M 101c | S+575 bp | Jun 1, 2033 |
| S••••• B••••• I••• | delayed draw term loan lien unstated | $748M | $703M 94c | S+650 bp PIK 5.50% | Jun 1, 2028 |
| W••• M••••• P•••••••• L•• | revolver lien unstated | $704M | $701M 100c | S+475 bp | Nov 8, 2028 |
| A•••••••• H•••••••• L•• | unstated lien unstated | $684M | $682M 100c | S+500 bp | Aug 31, 2029 |
| I•• N•• S•• 2• L•• | delayed draw term loan lien unstated | $643M | $636M 100c | S+475 bp | Dec 3, 2031 |
| T•••• H•••••••• L•• | unstated lien unstated | $636M | $636M 101c | S+475 bp | Jul 29, 2032 |
| A•••••••• B••••• L•••••• | delayed draw term loan lien unstated | $479M | $616M 107c | S+525 bp | Jun 28, 2029 |
| S•••••••• P••••••••• I••• | unstated lien unstated | $621M | $614M 99c | S+467 bp | Oct 17, 2031 |
| A••••••• I••• | revolver lien unstated | $624M | $614M 99c | S+450 bp | Jun 21, 2029 |
| J•• H•••••••• I••• | delayed draw term loan lien unstated | $588M | $588M 101c | S+500 bp | Nov 8, 2031 |
| P•• P••••••••• L•• | unstated lien unstated | $577M | $576M 100c | S+450 bp | Dec 23, 2032 |
| I• I••••••••• H•••••••• L•• | revolver lien unstated | $574M | $574M 101c | S+500 bp | Sep 22, 2028 |
| T•••••••• B••••• L•••••• | delayed draw term loan lien unstated | $562M | $555M 101c | S+550 bp PIK 2.00% | Jul 1, 2031 |
| N••••• T••••• L•••••• | unstated lien unstated | $678M | $532M 79c | S+600 bp | Nov 13, 2028 |
| C••••• B••••• I••• | delayed draw term loan lien unstated | $608M | $507M 84c | S+650 bp PIK 4.00% | Dec 21, 2028 |
| S•••• P••••• H••••••• C•••• | unstated lien unstated | $507M | $505M 100c | S+475 bp PIK 2.25% | Dec 16, 2032 |
| S•••• D••••••• L•• | revolver lien unstated | $510M | $495M 98c | S+590 bp | Dec 23, 2028 |
| B••••••••• P•••••• R••• E••••• C••••• a•• I••••• F••• | equity equity | Not disclosed | $487M 102c | ||
| B•••• P••••• H•••••••• I••• | revolver lien unstated | $493M | $482M 98c | S+450 bp | Nov 28, 2030 |
| D•••••••• E••••••••• I••• | revolver lien unstated | $631M | $475M 76c | S+675 bp PIK 5.74% | Apr 9, 2029 |
| S•••••••• B••••• G••• | revolver lien unstated | $675M | $469M 99c | S+550 bp | Nov 13, 2032 |
| D••••••••• I••• | delayed draw term loan lien unstated | $460M | $460M 100c | S+450 bp | Jan 3, 2031 |
| E••••••••• L•• | delayed draw term loan lien unstated | $452M | $451M 101c | S+450 bp | Aug 15, 2032 |
| D••••••• I••• | delayed draw term loan lien unstated | $453M | $448M 100c | S+492 bp | Sep 9, 2030 |
| M•••••••• I••• | unstated lien unstated | $897M | $444M 51c | S+600 bp | Oct 29, 2028 |
| L••• G••••• I••• | delayed draw term loan lien unstated | $443M | $443M 102c | S+425 bp | May 10, 2030 |
| A•••••• A••••••••• L••• | delayed draw term loan lien unstated | $447M | $442M 100c | S+450 bp | Sep 30, 2031 |
| C••••• U• 1• I••• | revolver lien unstated | $436M | $422M 98c | S+500 bp | May 25, 2029 |
| N•••••••• A•••••••• I••• | delayed draw term loan lien unstated | $548M | $416M 76c | S+550 bp PIK 4.00% | Jul 16, 2030 |
| S•••••• F•••••• O••• L••• | unstated lien unstated | $413M | $410M 100c | S+500 bp | Oct 16, 2031 |
| G••••••• I••• | revolver lien unstated | $416M | $406M 98c | S+575 bp | Mar 9, 2029 |
| T•••••• P••••••• H•••••••• L•• | delayed draw term loan lien unstated | $415M | $404M 98c | S+524 bp | Dec 31, 2030 |
| B••••••••• I••• | revolver lien unstated | $403M | $400M 99c | S+450 bp | May 7, 2029 |
| G•• I••••••••• I••• | revolver lien unstated | $372M | $370M 101c | S+450 bp | Aug 5, 2030 |
| C•••• I••••••••• L•• | unstated lien unstated | $360M | $356M 100c | S+475 bp | Oct 4, 2029 |
| C•••••••• C•••••• H•••••• C•••• | unstated lien unstated | $354M | $353M 100c | S+475 bp | Jun 16, 2033 |
| J•• I•• I••• | unstated lien unstated | $352M | $351M 100c | S+450 bp | Sep 30, 2032 |
| S•••••• A••••••••• L•• | unstated lien unstated | $354M | $342M 97c | S+500 bp PIK 2.25% | Oct 1, 2031 |
| M••••••• B••••• I••• | unstated lien unstated | $339M | $337M 100c | S+475 bp | Dec 2, 2031 |
| S•••••••• L•••••• C••••••• L•• • L•• I••••••• | unstated lien unstated | Not disclosed | $332M 99c | ||
| J••• B••••• I••• | unstated lien unstated | $328M | $328M 101c | S+450 bp | Dec 15, 2030 |
| J••••••• H•••••••• L•• | revolver lien unstated | $328M | $324M 100c | S+475 bp | Nov 1, 2032 |
| B••••••• I••••••••• •• L• | revolver lien unstated | $332M | $323M 98c | S+550 bp PIK 3.00% | Oct 2, 2028 |
| B•••• T•••• A••••••• G••••• L• | unstated lien unstated | $318M | $318M 101c | S+425 bp | Jun 3, 2031 |
| V••••• L••••• G••• | unstated lien unstated | $253M | $313M 97c | S+475 bp | Mar 14, 2029 |
| S••••••• S••••• S•••••••• P••••••••• L•• | unstated lien unstated | $303M | $303M 101c | S+450 bp | Jul 1, 2031 |
| S•••••• B••••• L•• | unstated lien unstated | $302M | $300M 100c | S+500 bp | Dec 19, 2031 |
| S•••• P•••• S•••••••• L•• | revolver lien unstated | $289M | $289M 100c | S+500 bp | Oct 21, 2031 |
| S••••••••• L•• | revolver lien unstated | $298M | $288M 99c | S+450 bp | Feb 6, 2032 |
| C•••••• B••••• L••• | delayed draw term loan lien unstated | $221M | $286M 102c | S+500 bp | Feb 2, 2029 |
| L••• G••••• I••• | delayed draw term loan lien unstated | $281M | $281M 101c | S+425 bp | May 10, 2030 |
| I•••••••• F•••••••• V•••••••• L•• | delayed draw term loan lien unstated | $284M | $281M 99c | S+550 bp | Apr 29, 2030 |
| O••• B•••••••• B••••• I••• | delayed draw term loan lien unstated | $279M | $279M 101c | S+475 bp | Apr 29, 2033 |
| A••••• B••••• G••• | delayed draw term loan lien unstated | $243M | $278M 104c | S+450 bp | Sep 30, 2031 |
| B••••• G•••• P••••••••• I••• | revolver lien unstated | $280M | $277M 100c | S+475 bp | Apr 25, 2031 |
| P••• E••••••• C•••• | unstated lien unstated | $276M | $274M 100c | S+425 bp | Dec 19, 2032 |
| I•••••••• M•••••••• A••••••••• L•• | unstated lien unstated | $265M | $264M 100c | S+500 bp | Aug 25, 2028 |
| R•• H•••••••• L•• | delayed draw term loan lien unstated | $266M | $258M 98c | S+575 bp | Dec 31, 2028 |
| R••• P•••••• I••• | revolver lien unstated | $264M | $258M 99c | S+500 bp | Dec 20, 2030 |
| B•••• P••••• H•••••••• I••• | revolver lien unstated | $262M | $256M 98c | S+450 bp | Nov 28, 2030 |
| E•••••••• P•••• H•••••••• L•• | delayed draw term loan lien unstated | $252M | $252M 100c | S+475 bp | Aug 17, 2031 |
| J•• H•••••••• I••• | delayed draw term loan lien unstated | $248M | $248M 101c | S+500 bp | Nov 8, 2031 |
| C• N••• H•••••• L•• | unstated lien unstated | $243M | $243M 101c | S+735 bp PIK 10.99% | Nov 26, 2029 |
| L••• G••••• I••• | delayed draw term loan lien unstated | $239M | $239M 102c | S+425 bp | May 10, 2030 |
| S•••• B••••• S••• | delayed draw term loan lien unstated | $210M | $238M 97c | S+440 bp | Aug 27, 2032 |
| G••••• B•••••••• L•• | unstated lien unstated | $238M | $237M 100c | S+450 bp | Sep 29, 2028 |
| G••••••••• S••••••• I••• | unstated lien unstated | $248M | $236M 96c | S+500 bp | Aug 28, 2030 |
| C••••• U• 1• I••• | revolver lien unstated | $243M | $236M 97c | S+500 bp | May 25, 2029 |
| S••••••• C••••• M••••••••• S•••••••• I••• | term loan lien unstated | $230M | $230M 101c | S+500 bp | Jul 30, 2032 |
| D•• A••••••••• C•••• | unstated lien unstated | $237M | $230M 98c | S+500 bp | Jun 13, 2031 |
| A••••• P•••••• I••• | revolver lien unstated | $226M | $226M 101c | S+475 bp | Oct 29, 2030 |
| P••• M••••• H•••••••• L•• | equity equity | Not disclosed | $225M 105c | ||
| N•••• T••••• I••• | unstated lien unstated | $222M | $219M 100c | S+500 bp | Oct 14, 2032 |
| C•••••• V••••• B•••• | delayed draw term loan lien unstated | $258M | $219M 86c | S+575 bp | Feb 23, 2029 |
| J•••••• B••••• L•• | delayed draw term loan lien unstated | $224M | $218M 98c | S+525 bp | Apr 15, 2028 |
| C•• B•••••• L•• | revolver lien unstated | $217M | $217M 101c | S+525 bp | Oct 2, 2030 |
| M••••••• H•••••••• L•• | unstated lien unstated | $235M | $214M 91c | S+600 bp PIK 4.72% | Aug 19, 2027 |
| K••• B••••• L•• | unstated lien unstated | $212M | $211M 100c | S+450 bp | Jul 23, 2031 |
| B••• S•• B••••• L•• | revolver lien unstated | $208M | $207M 100c | S+450 bp | Feb 28, 2033 |
| C•••••• F•• A••••••••• I••• | unstated lien unstated | $204M | $204M 100c | S+450 bp | Feb 18, 2033 |
| S••••••• S••••• H••••••••• S•••••••• L•• | unstated lien unstated | $205M | $203M 100c | S+475 bp | Jan 5, 2033 |
| P•••••• I••••••••• H•••••••• L•• | unstated lien unstated | $203M | $203M 100c | S+525 bp PIK 3.25% | Dec 31, 2030 |
| T•••••••• B••••• L•••••• | delayed draw term loan lien unstated | $154M | $201M 97c | S+550 bp PIK 2.00% | Jul 1, 2031 |
| B•••• T•••• A••••••• G••••• L• | unstated lien unstated | $200M | $200M 101c | S+475 bp | Jun 3, 2031 |
| M•• S•••••••• L•• | unstated lien unstated | $204M | $200M 98c | S+475 bp | Feb 10, 2028 |
| S• A••••••••• I••• | revolver lien unstated | $199M | $199M 101c | S+475 bp | Apr 3, 2030 |
| S••••••• C•••••• H•••••• L•• | revolver lien unstated | $197M | $195M 100c | S+500 bp | May 1, 2031 |
Page 1 of 25Next
Registration
- Fiscal year end
- 1231reported
- Incorporated
- unknownreported
- On the SEC BDC report
- 2021 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001803498-26-000048reported
Not yet on record: first lien.