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A business development company
A business development company traded as Htgc, Hcxy, internally managed, holding $5.1B across 237 borrowers at Jun 30, 2026.
Composed from this BDC's filings and its latest schedule of investments.
- Fair value
- $5.1B
- Borrowers
- 237
- Mark on cost
- 99.4¢
- First lien
- 85%
What matters now
- $15.7Mon non-accrual, 2 borrowers
2 borrowers on non-accrual, $15.7M principal; the largest is Annex Cloud ($10.7M).
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 Annex Cloud → - $5.03Mnewly on non-accrual
1 borrower newly placed on non-accrual in Q2 2026, $5.03M principal: Simon Data, Inc ($5.03M).
Q2 2026 · The newest credit problems in the book.
- 5 below 80¢$45.8M principal
5 positions across 3 borrowers marked below 80¢ on cost, $45.8M principal.
Q2 2026 · Marks this low usually come before non-accrual or a restructuring.
Derivedeach position's fair value over cost, 30 Jun 2026 - 261 → 237borrowers
Lost a net 24 borrowers in the quarter to Jun 30, 2026, to 237.
Q2 2026 · The book is turning over faster than usual.
- $26B → $5.1Bfair value, 4 quarters
Its portfolio shrank 81% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1280784 · file 814-00702ShowHide
Portfolio through time
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $5.1B | 237 | 99c | 55 | 351 bp |
| Mar 31, 2026 | $5.6B | 261 | 99c | 61 | 360 bp |
| Dec 31, 2025 | $9.7B | 286 | 100c | 112 | 353 bp |
| Sep 30, 2025 | $5.2B | 220 | 100c | 60 | 376 bp |
All 15 quartersShow fewer
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2025 | $26B | 216 | 100c | 59 | 381 bp |
| Mar 31, 2025 | $24B | 212 | 99c | 55 | 385 bp |
| Dec 31, 2024 | $37B | 267 | 100c | 95 | 440 bp |
| Sep 30, 2024 | $18B | 217 | 99c | 54 | 473 bp |
| Jun 30, 2024 | $18B | 220 | 100c | 52 | 488 bp |
| Mar 31, 2024 | $18B | 222 | 100c | 50 | 492 bp |
| Dec 31, 2023 | $32B | 227 | 100c | 119 | 510 bp |
| Sep 30, 2023 | $17B | 223 | 98c | 46 | 519 bp |
| Jun 30, 2023 | $16B | 220 | 100c | 41 | 533 bp |
| Mar 31, 2023 | $19B | 224 | 100c | 42 | 549 bp |
| Dec 31, 2022 | $15B | 230 | 99c | 39 | 569 bp |
Sponsors financed
- Viking Global Investors LP possible3 borrowers $60.0M
- Francisco Partners possible2 borrowers $45.4M
- SK Capital Partners possible1 borrower $67.1M
+9 additional sponsors this BDC finances
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What changed
- director appointedSep 17, 2026
- Repeat sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- New sponsor and lender pairJun 30, 2026
- Repeat sponsor and lender pairJun 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
- Marathon Health, LLC first lien term loan1 BDC hold it · matures Feb 1, 2029$185M 99c
- System Software first lien term loan1 BDC hold it · matures Jan 1, 2031$171M 99c
- Shield AI, Inc first lien term loan1 BDC hold it · matures Feb 1, 2029$148M 101c
+387 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 |
|---|---|---|---|---|---|
| Marathon Health, LLC Healthcare Services, Other | term loan first lien | $185M | $185M 99c | S+25 bp PIK 2.25% | Feb 1, 2029 |
| Defense Technologies, Shield AI, Inc. | term loan first lien | $148M | $150M 101c | S+85 bp PIK 2.50% | Feb 1, 2029 |
| Dyne Therapeutics, Inc. Drug Discovery & Development | term loan first lien | $142M | $144M 102c | S+245 bp | Jul 1, 2030 |
| Phathom Pharmaceuticals, Inc. Drug Discovery & Development | term loan first lien | $133M | $133M 101c | S+310 bp | Feb 1, 2029 |
| ChenMed, LLC Healthcare Services, Other | term loan first lien | $130M | $129M 100c | S+245 bp | May 1, 2030 |
459 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
- 2012 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001280784-26-000042reported
This record sits on 43 traced paths of capital across the graphs.
DFX traced 43 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 $17.5M2026-06-30
- Position exited2026-06-30
- Position exited2026-06-30
+2,003 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.