DFX Intelligence

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A business development company

Business development companyNon-traded· PORTOLA VALLEY, CA

A non-traded business development company, holding $324M across 109 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: $324M
Borrowers: 109
Mark on cost: 89.7¢
First lien: 100%

Schedule of investments (176)Quarter by quarter Sponsors

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

What matters now

$112M
on non-accrual, 33 borrowers
33 borrowers on non-accrual, $112M principal; the largest is Higher Ground Education, Inc ($23.3M).
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 Higher Ground Education, Inc →
$13.6M
newly on non-accrual
3 borrowers newly placed on non-accrual in Q2 2026, $13.6M principal: Charlie Financial Inc ($7M), Vesta Housing, Inc ($6.36M), Runzy, Inc ($220K).
Q2 2026 · The newest credit problems in the book.
FactBDC schedules of investments, 30 Jun 2026Open Charlie Financial Inc →
27 below 80¢
$73.8M principal
27 positions across 27 borrowers marked below 80¢ on cost, $73.8M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026
$426M → $324M
fair value, 4 quarters
Its portfolio shrank 24% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Factthe schedule's fair value, a year apartQuarter by quarter →

Every headline figure, and the identifiersCIK 1850938 · file 814-01414Show

Fair value

$324M

as of Jun 30, 2026

Principal held

$402M

debt pieces, the filer's figure

Cost

$362M

90c on cost, debt pieces

Unfunded

$85.8M

commitments not yet drawn

Positions

176

109 borrowers

First lien

100%

100% debt by fair value

Quarters on the tape

since Dec 31, 2022

Facilities held

123

2 sponsors financed

Portfolio through time

Fair value by quarter end$324M as of Jun 30, 2026

Dec 31, 2022$268M then

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2026	$324M	109	90c	n/a
Mar 31, 2026	$335M	108	91c	n/a
Dec 31, 2025	$398M	114	92c	n/a
Sep 30, 2025	$408M	122	92c	n/a

All 15 quarters

Quarter	Fair value	Borrowers	On cost	Avg spread
Jun 30, 2025	$426M	127	92c	n/a
Mar 31, 2025	$452M	132	93c	n/a
Dec 31, 2024	$871M	133	94c	n/a
Sep 30, 2024	$430M	139	93c	n/a
Jun 30, 2024	$381M	138	93c	n/a
Mar 31, 2024	$395M	140	96c	n/a
Dec 31, 2023	$447M	141	96c	n/a
Sep 30, 2023	$370M	135	96c	n/a
Jun 30, 2023	$328M	128	98c	n/a
Mar 31, 2023	$300M	117	98c	n/a
Dec 31, 2022	$268M	111	98c	n/a

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

New borrower on a BDC scheduleJun 30, 2026
Placed on non-accrualJun 30, 2026
Placed on non-accrualJun 30, 2026
New borrower on a BDC scheduleJun 30, 2026
New borrower on a BDC scheduleJun 30, 2026

+15 additional dated changes on this BDC

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Every position change, including routine ones

Largest facilities held, with co-lenders

Merlyn Mind, Inc first lien term loan
2 BDCs hold it · matures Jul 1, 2030
$28.5M 100c
Umbra Lab, Inc first lien term loan
2 BDCs hold it · matures Oct 1, 2029
$24.0M 100c
Higher Ground Education, Inc first lien term loan
1 BDC hold it
$23.3M 134c

+120 additional facilities held

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Schedule of investments at Jun 30, 2026

176 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
Merlyn Mind, Inc.	term loan first lien	$26.0M	$22.1M 100c	13.10%	Jan 1, 2029
Higher Ground Education, Inc.	term loan first lien	$23.3M	$19.4M 134c	15.00%
Umbra Lab, Inc.	term loan first lien	$18.1M	$17.1M 100c	12.50%	Oct 1, 2029
NewGlobe Education, Inc.	term loan first lien	$15.6M	$15.8M 100c	12.50%	Apr 1, 2029
Biolojic Design Ltd.	term loan first lien	$10.6M	$10.1M 100c	12.50%	Jun 1, 2029

176 positions on this schedule

Every borrower on the schedule with its instrument, principal, fair value, rate and maturity, as filed.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Registration

Fiscal year end: 1231reported
Incorporated: MDreported
On the SEC BDC report: 2022 to 2026reported
Filings listed: 19reported10-Q and 10-K since 2022
Latest schedule: 0001850938-26-000012reported

Capital chain

This record sits on 14 traced paths of capital across the graphs.

Sponsor to borrower to facility to lenderPE sponsor to borrower to facility to lenderAllocator to credit manager to facility to borrower

DFX traced 14 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

1,091 field-level changes across filed schedules, latest first

Principal decreased$3.2M to $2.7M
2026-06-30
Principal decreased$9.6M to $8.6M
2026-06-30
New positionat $1.0M
2026-06-30

+1,088 more position changes

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph

+1 connection on the graph

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