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F••••• A••••••• L••

Direct lenderBDC adviser· Philadelphia, PA

Direct lender, based in Philadelphia, PA, advising 7 BDCs with $22B at fair value across 267 borrowers.

Composed from this provider's classification, location and filed figures.

BDC fair value
$22B
BDC 10-K schedules of investments, summed
Borrowers
267
BDC schedules and named deals
Sponsors
58
Sponsor and lender pairs across its borrowers
Sponsor relationships (58)BDCs (7)
As of · the latest BDC schedule or sponsor pairing on record for this provider

What matters now

  1. $1.44B
    on non-accrual, 14 borrowers

    14 borrowers on non-accrual, $1.44B principal; the largest is K••••••••• B••••••••• S••••••• L•• ($338M at F• K•• C•••••• C•••).

    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 K••••••••• B••••••••• S••••••• L•• →
  2. $114M
    newly on non-accrual

    2 borrowers newly placed on non-accrual in Q2 2026, $114M principal: H••••• T••••••••• S•••••• L•• ($102M at F• K•• C•••••• C•••), A••••••• S•••••••• G•••• L•• ($11.8M at F• K•• C•••••• C•••).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open H••••• T••••••••• S•••••• L•• →
  3. 23 below 80¢
    $1.49B principal

    23 positions across 17 borrowers marked below 80¢ on cost, $1.49B 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. 21 new sponsors
    in 12 months

    At least 21 new sponsors began borrowing from this lender in the last twelve months, and 19 sponsors came back for another deal.

    New sponsor relationships are where its next deals come from.

    Factdeal announcements and BDC schedules naming the pairWhat changed →
  5. 6 new borrowers
    4 quarters, against 9

    Financed at least 6 new sponsor-backed borrowers in the last four quarters, against 9 in the four before.

    The pace of new lending against the year before.

    DerivedBDC schedules, sponsor-backed borrowersSponsor relationships →
Every figure, and the identifiersCRD 292803 · 1 other DFX graphsShow
Direct lenderCRD 292803
BDCs managed
7
read from each BDC's 10-K
BDC fair value
$22B
latest schedules, summed
BDC principal held
$17B
debt pieces, the filers' figures
Credit funds
0
Form ADV Schedule D
Borrowers
267
across BDCs and named deals
Sponsors
58
sponsor x lender pairs
Adviser RAUM
not established
as filed on Form ADV
On other DFX graphs
1
shared identifiers only
BDCs managed
BDCFair valueBorrowersAs of
F• K•• C•••••• C•••$17B224Jun 30, 2026
K•• F• I••••• T••••$3.3B167Jun 30, 2026
K•• F• I••••• T•••• S•••••$1.9B145Jun 30, 2026
F• I••••••••• C••• I••Not disclosedn/an/a
C•••••••• C•••••• T•••• I•Not disclosedn/an/a
All 7 BDCslargest fair value first
BDCFair valueBorrowersAs of
F• I••••••••• C••• I•Not disclosedn/an/a
F• I••••••••• C••• I•Not disclosedn/an/a
Sponsor relationships
by borrowers financed across the provider's BDCs
All 25 sponsors
All 58 pairs
Named as lender on a deal
carried from sponsor and lender announcements
No deal announcement on the graph names this provider as a lender.
Facilities held or named
0 on the graph
The provider's pieces sit on its BDCs' pages; no facility is held in this entity's own name.
Credit funds on Form ADV
candidates by name; Form ADV has no private credit fund type
No credit-named private fund on this adviser's Form ADV.
What changed
Full timeline · 40 events
How this provider is known
Direct lender
probable · bdc adviser 10kreportedsec.gov"••• Locked"
RIA Intelligence
F••••• A••••••• L••derivedname unique adv

Not yet on record: credit fund assets.