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A business development company

Business development companyNon-traded· MENLO PARK, CA

A non-traded business development company, holding $387M across 193 borrowers at Jun 30, 2026.

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

Fair value
$387M
Borrowers
193
Mark on cost
92.2¢
As of · the latest schedule of investments read for this BDC

What matters now

  1. $24M
    on non-accrual, 4 borrowers

    4 borrowers on non-accrual, $24M principal; the largest is Sylva, Inc ($9.61M).

    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 Sylva, Inc →
  2. $7M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $7M principal: Morty, Inc ($7M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open Morty, Inc →
  3. 33 below 80¢
    $33.5M principal

    33 positions across 9 borrowers marked below 80¢ on cost, $33.5M principal.

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

    Derivedeach position's fair value over cost, 30 Jun 2026
Every headline figure, and the identifiersCIK 1792509 · file 814-01327Show
Fair value
$387M
as of Jun 30, 2026
Principal held
$334M
debt pieces, the filer's figure
Cost
$381M
92c on cost, debt pieces
Unfunded
$92.1M
commitments not yet drawn
Positions
492
193 borrowers
First lien
not established
80% debt by fair value
Quarters on the tape
15
since Dec 31, 2022
Facilities held
332
3 sponsors financed

Portfolio through time

Fair value by quarter end$387M as of Jun 30, 2026
Dec 31, 2022$442M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$387M19392c36474 bp
Mar 31, 2026$394M19191c43473 bp
Dec 31, 2025$772M19792c87484 bp
Sep 30, 2025$362M19590c42517 bp
All 15 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$347M18292c42520 bp
Mar 31, 2025$417M17790c28525 bp
Dec 31, 2024$1.2B21394c109523 bp
Sep 30, 2024$438M17596c33545 bp
Jun 30, 2024$416M17096c27557 bp
Mar 31, 2024$444M16397c19573 bp
Dec 31, 2023$548M18697c5573 bp
Sep 30, 2023Not disclosed68n/a0n/a
Jun 30, 2023Not disclosed56n/a0n/a
Mar 31, 2023Not disclosed56n/a0n/a
Dec 31, 2022$442M17597c1611 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

  • executive appointedSep 15, 2026
  • Placed on non-accrualJun 30, 2026
  • New borrower on a BDC scheduleJun 30, 2026
  • Marked down (one lender)Jun 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

+329 additional facilities held

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

Schedule of investments at Jun 30, 2026

492 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
OpenLoop Health, Inc.preferred equity equityNot disclosed$10.5M
3347c
FlashParking, Inc.term loan lien unstated$10.5M$10.5M
100c
S+175 bp
PIK 2.50%
Jun 1, 2027
Forum Brands, LLCterm loan lien unstated$11.2M$10.3M
88c
S+575 bp
PIK 12.00%
May 1, 2027
Vergesense Incterm loan lien unstated$10.0M$9.8M
100c
S+425 bpSep 1, 2029
Panorama Education, Inc.term loan lien unstated$9.5M$9.2M
100c
S+375 bpSep 1, 2028

492 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
2021 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Latest schedule
0001792509-26-000024reported
Capital chain

This record sits on 27 traced paths of capital across the graphs.

Sponsor to borrower to facility to lenderPE sponsor to borrower to facility to lender

DFX traced 27 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

2,252 field-level changes across filed schedules, latest first
  • Position exitedfrom $2.5M
    2026-06-30
  • Principal decreased$1.5M to $1.1M
    2026-06-30
  • Marked down93.1% of cost to 85.6% of cost
    2026-06-30

+2,249 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.

Not yet on record: first lien.