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A business development company
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¢
What matters now
- $24Mon 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 → - $7Mnewly 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.
- 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 814-01327ShowHide
Portfolio through time
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $387M | 193 | 92c | 36 | 474 bp |
| Mar 31, 2026 | $394M | 191 | 91c | 43 | 473 bp |
| Dec 31, 2025 | $772M | 197 | 92c | 87 | 484 bp |
| Sep 30, 2025 | $362M | 195 | 90c | 42 | 517 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $347M | 182 | 92c | 42 | 520 bp |
| Mar 31, 2025 | $417M | 177 | 90c | 28 | 525 bp |
| Dec 31, 2024 | $1.2B | 213 | 94c | 109 | 523 bp |
| Sep 30, 2024 | $438M | 175 | 96c | 33 | 545 bp |
| Jun 30, 2024 | $416M | 170 | 96c | 27 | 557 bp |
| Mar 31, 2024 | $444M | 163 | 97c | 19 | 573 bp |
| Dec 31, 2023 | $548M | 186 | 97c | 5 | 573 bp |
| Sep 30, 2023 | Not disclosed | 68 | n/a | 0 | n/a |
| Jun 30, 2023 | Not disclosed | 56 | n/a | 0 | n/a |
| Mar 31, 2023 | Not disclosed | 56 | n/a | 0 | n/a |
| Dec 31, 2022 | $442M | 175 | 97c | 1 | 611 bp |
Sponsors financed
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.
Largest facilities held, with co-lenders
- Forum Brands, LLC term loan2 BDCs hold it · matures May 1, 2027$25.1M 89c
- FlashParking, Inc term loan2 BDCs hold it · matures Jun 1, 2027$10.5M 100c
- Vergesense Inc term loan2 BDCs hold it · matures Sep 1, 2029$10.0M 100c
+329 additional facilities held
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Schedule of investments at Jun 30, 2026
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| OpenLoop Health, Inc. | preferred equity equity | Not 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, LLC | term loan lien unstated | $11.2M | $10.3M 88c | S+575 bp PIK 12.00% | May 1, 2027 |
| Vergesense Inc | term loan lien unstated | $10.0M | $9.8M 100c | S+425 bp | Sep 1, 2029 |
| Panorama Education, Inc. | term loan lien unstated | $9.5M | $9.2M 100c | S+375 bp | Sep 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
This record sits on 27 traced paths of capital across the graphs.
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
- Position exitedfrom $2.5M2026-06-30
- Principal decreased$1.5M to $1.1M2026-06-30
- Marked down93.1% of cost to 85.6% of cost2026-06-30
+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.