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A business development company

Business development companyNon-traded· PORTOLA VALLEY, CA

A non-traded business development company, holding $93.2M across 53 borrowers at Jun 30, 2026.

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

Fair value
$93.2M
Borrowers
53
Mark on cost
100.0¢
First lien
100%
Schedule of investments (99)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. 44 → 53
    borrowers

    Added a net 9 borrowers in the quarter to Jun 30, 2026, to 53.

    Q2 2026 · The book is turning over faster than usual.

    Factthe schedule's borrowers, quarter on quarterSchedule of investments →
  2. $40.9M → $93.2M
    fair value, 4 quarters

    Its portfolio grew 128% 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 1987731 · file 814-01718Show
Fair value
$93.2M
as of Jun 30, 2026
Principal held
$104M
debt pieces, the filer's figure
Cost
$93.2M
100c on cost, debt pieces
Unfunded
$36.0M
commitments not yet drawn
Positions
99
53 borrowers
First lien
100%
100% debt by fair value
Quarters on the tape
8
since Sep 30, 2024
Facilities held
65
1 sponsors financed

Portfolio through time

Fair value by quarter end$93.2M as of Jun 30, 2026
Jun 30, 2024$2.3M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$93.2M53100c0n/a
Mar 31, 2026$66.8M44100c0n/a
Dec 31, 2025$52.3M38100c0n/a
Sep 30, 2025$45.3M36100c0n/a
All 9 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$40.9M33100c0n/a
Mar 31, 2025$36.9M29100c0n/a
Dec 31, 2024$48.0M20100c0n/a
Sep 30, 2024$14.1M12100c0n/a
Jun 30, 2024$2.3M1100c0n/a

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 borrower on a BDC scheduleJun 30, 2026
  • New lender joined a facilityJun 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

+62 additional facilities held

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

Schedule of investments at Jun 30, 2026

99 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
Umbra Lab, Inc.term loan first lien$18.1M$17.1M
100c
12.50%Oct 1, 2029
Allocate Holdings Inc.term loan first lien$5.5M$5.2M
100c
10.50%Jul 1, 2031
Merlyn Mind, Inc.term loan first lien$5.6M$4.7M
100c
12.50%Jan 1, 2029
Evolver Transformation, Inc.term loan first lien$5.0M$4.6M
100c
11.50%Jun 1, 2031
Slice Solutions, Inc.term loan first lien$5.0M$4.6M
100c
11.00%May 1, 2031

99 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
2024 to 2026reported
Filings listed
10reported10-Q and 10-K since 2022
Latest schedule
0001987731-26-000012reported
Capital chain

This record sits on 4 traced paths of capital across the graphs.

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

DFX traced 4 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

181 field-level changes across filed schedules, latest first
  • Position exitedfrom $187,500
    2026-06-30
  • New position
    2026-06-30
  • Principal decreased$4.6M to $4.1M
    2026-06-30

+178 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

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