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A business development company

Business development companyNon-traded· AUSTIN, TX

A non-traded business development company, holding $1.9B across 216 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$1.9B
Borrowers
216
Mark on cost
97.3¢
First lien
97%
Schedule of investments (593)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $10.4M
    on non-accrual, 2 borrowers

    2 borrowers on non-accrual, $10.4M principal; the largest is Sandstone Care Holdings, LLC ($6.57M).

    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 Sandstone Care Holdings, LLC →
  2. $6.57M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $6.57M principal: Sandstone Care Holdings, LLC ($6.57M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open Sandstone Care Holdings, LLC →
  3. 38 below 80¢
    $65.3M principal

    38 positions across 21 borrowers marked below 80¢ on cost, $65.3M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  4. 38 → 66
    loans paying in kind

    Loans paying in kind rose from 38 to 66 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.

    Factthe schedule's PIK rates, quarter on quarterQuarter by quarter →
Every headline figure, and the identifiersCIK 1634452 · file 814-01196Show
Fair value
$1.9B
as of Jun 30, 2026
Principal held
$2.0B
debt pieces, the filer's figure
Cost
$2.0B
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
593
216 borrowers
First lien
97%
97% debt by fair value
Quarters on the tape
13
since Dec 31, 2022
Facilities held
476
12 sponsors financed

Portfolio through time

Fair value by quarter end$1.9B as of Jun 30, 2026
Dec 31, 2022$6.7B then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$1.9B21697c66505 bp
Mar 31, 2026$1.9B21398c38511 bp
Dec 31, 2025$3.8B21399c78514 bp
Sep 30, 2025$1.8B21099c41513 bp
All 13 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.7B20999c43521 bp
Mar 31, 2025$6.9B20999c45526 bp
Dec 31, 2024$8.7B20799c71542 bp
Sep 30, 2024$6.4B20199c60537 bp
Jun 30, 2024$4.6B19599c59557 bp
Mar 31, 2024$4.3B19599c57570 bp
Dec 31, 2023$13B18998c124565 bp
Sep 30, 2023$3.7B18398c65563 bp
Dec 31, 2022$6.7B18498c70562 bp

Sponsors financed

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 lender joined a facilityJun 30, 2026
  • Placed on non-accrualJun 30, 2026
  • Marked down (one lender)Jun 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

+473 additional facilities held

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

Schedule of investments at Jun 30, 2026

593 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
AB Equity Investors, L.P.equity equityNot disclosed$27.5M
119c
Towerco IV Holdings, LLCdelayed draw term loan first lien$25.0M$25.0M
100c
SOFR+300 bpAug 31, 2029
Datacor, Inc.
Chemicals
term loan first lien$25.2M$25.0M
100c
SOFR+450 bp
PIK 2.00%
Mar 11, 2030
REP TEC Intermediate Holdings, Inc.
Professional Services
term loan first lien$20.8M$20.6M
100c
SOFR+500 bpMay 30, 2031
Vehlo Purchaser, LLC
Automobiles
term loan first lien$20.8M$20.6M
99c
SOFR+525 bpMay 24, 2028

593 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
NYreported
On the SEC BDC report
2018 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001193125-26-352137reported
Capital chain

This record sits on 179 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

DFX traced 179 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

3,166 field-level changes across filed schedules, latest first
  • Marked down74.9% of cost to 69.1% of cost
    2026-06-30
  • Spread widened5.25% to 5.75%
    2026-06-30
  • Spread widened5.00% to 5.50%
    2026-06-30

+3,163 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

+2 connections on the graph

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