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Private creditBorrowerconstruction & engineeringaunknown

National Trench Safety

sponsor (inference, pe portfolio stem): Tenex Capital Management, L.P.

Search this name across graphsid dfx:pc:40512dd2-03c3-bba4-1ac5-7f8b19caad9c

Data as of Jun 30, 2026 (this record's last observation) from The BDC tape; Adviser-reported credit funds; Deal parties; Pending. Page built Sep 19, 2026, 1:13 PM UTC and rebuilt at most every 15 minutes.

Relationships: 2
Dated events: 14
On other graphs: 1
Observed: Dec 31, 2024 to Jun 30, 2026
3 observations

Across DFX

same identity by shared identifier, citation, or a bridge measured by hand

Private Equityidentity

National Trench Safety

name equal in sponsor portfolio · confidence 95% · family precision 100%

Facts

fact = as filed or announced; derived = computed by DFX; estimate = a band, never a point

Lenders: 1
BDCs: 1
Facilities: 5
Fair value, latest: $947,024
Next maturity: Dec 4, 2028
First on a schedule: Dec 31, 2024
Last on a schedule: Jun 30, 2026
Sponsor basis: pe_portfolio_steminferencedeal party is a fact; a portfolio stem or a Form D signer is an inference

Facilities

one facility is one borrower, one kind and one lien; its size is the sum of the BDC pieces the tape can see, a lower bound, never the commitment

Kind	Lien	Size, lower bound	Fair value	Maturity	Maturity basis	Spread	PIK	Lenders	BDCs	Status	Last seen
Common equity	equity	n/a	$527,896	n/a	n/a	n/a	n/a	1	1	Unknown	Jun 30, 2026
preferred	equity	n/a	$419,128	n/a	n/a	n/a	n/a	1	1	Unknown	Jun 30, 2026
revolver	First lien	n/a	n/a	Dec 4, 2028	Xbrl fact	0	n/a	1	1	Unknown	Jun 30, 2026
Term loan	First lien	$18.6M	$18.6M	Dec 4, 2028	Xbrl fact	0	n/a	1	1	Unknown	Mar 31, 2026
revolver	unknown	n/a	n/a	Apr 30, 2030	Xbrl fact	n/a	n/a	1	1	Unknown	Dec 31, 2024

Lenders holding it now

each BDC's own pieces on its latest schedule, folded to one row per lender; every amount is that BDC's piece as filed, so a sum is a lower bound; 3 rows folded into 1

BDC	Pieces	Principal	Fair value	Unfunded	Nearest maturity	As of
Audax Private Credit Fund, LLC	3	$0	$947,024	$0	Dec 4, 2028	Jun 30, 2026

Relationships

Sponsors (2)

← Stellus Capital Management, LLCSponsor of borrowersPE portfolio stem
Sep 15, 2026 to presentinferenceDFX's own graph
← Tenex Capital Management, L.P.Sponsor of borrowersPE portfolio stem
Sep 15, 2026 to presentinferenceDFX's own graph

Dated events

7 bookkeeping events (roster, classification and holdings changes) folded below

Occurred
Mar 31, 2026
Borrower left every BDC schedule
National Trench Safety term loan (first lien) left every BDC schedule after 2026-03-31 (1 lender, $18.6M last held)
BDC schedule of investments
$18.6M
Occurred
Sep 30, 2025
Maturity shortened
Audax Private Credit Fund, LLC: maturity shortened in National Trench Safety (2030-04-30 to 2028-12-03)
BDC schedule of investmentsobserved 10 months ago
Occurred
Jun 30, 2025
Maturity extended
National Trench Safety term loan: maturity moved from 2026-12-03 to 2028-12-03
BDC schedule of investments
$18.8M
Occurred
Jun 30, 2025
Maturity extended
National Trench Safety revolver: maturity moved from 2028-12-03 to 2030-04-30
BDC schedule of investments
Occurred
Jun 30, 2025
Maturity extended
Audax Private Credit Fund, LLC: maturity extended in National Trench Safety (2028-12-03 to 2030-04-30)
BDC schedule of investmentsobserved 1.1 years ago
Occurred
Jun 30, 2025
Maturity extended
Audax Private Credit Fund, LLC: maturity extended in National Trench Safety (2026-12-03 to 2028-12-03)
BDC schedule of investmentsobserved 1.1 years ago
Occurred
Dec 31, 2024
Borrower left every BDC schedule
National Trench Safety revolver (unknown) left every BDC schedule after 2024-12-31 (1 lender, $.0M last held)
BDC schedule of investments

Show 7 bookkeeping events

Occurred
Jun 30, 2026
Audax Private Credit Fund, LLC: new position in National Trench Safety
Occurred
Jun 30, 2026
Audax Private Credit Fund, LLC: new position in National Trench Safety
Occurred
Jun 30, 2026
Audax Private Credit Fund, LLC: position exited in National Trench Safety ($18.6M principal)
Occurred
Mar 31, 2026
Audax Private Credit Fund, LLC: principal decreased in National Trench Safety ($18.6M principal)
Occurred
Dec 31, 2025
Audax Private Credit Fund, LLC: principal increased in National Trench Safety ($37.4M principal)
Occurred
Jun 30, 2025
Audax Private Credit Fund, LLC: position exited in National Trench Safety
Occurred
Jun 30, 2025
Audax Private Credit Fund, LLC: principal decreased in National Trench Safety ($18.8M principal)

Provenance

Graph: Private Credit
Canonical id: dfx:pc:40512dd2-03c3-bba4-1ac5-7f8b19caad9c
First observed: Dec 31, 2024
Last observed: Jun 30, 2026 2 months ago
Resolution: Identity across graphs by shared identifier (CRD, CIK, EIN, ADV fund id, individual CRD) or citation; a name match is shown as a candidate and never merged.

National Trench Safety

sponsor (inference, pe portfolio stem): Tenex Capital Management, L.P.

Search this name across graphsid dfx:pc:40512dd2-03c3-bba4-1ac5-7f8b19caad9c

Kind

Lien

Size, lower bound

Fair value

Maturity

Maturity basis

Spread

PIK

Lenders

BDCs

Status

Last seen

Common equity

equity

n/a

$527,896

n/a

Unknown

Jun 30, 2026

preferred

equity

n/a

$419,128

n/a

Unknown

Jun 30, 2026

revolver

First lien

n/a

Dec 4, 2028

Xbrl fact

n/a

Unknown

Jun 30, 2026

Term loan

First lien

$18.6M

Dec 4, 2028

Xbrl fact

n/a

Unknown

Mar 31, 2026

revolver

unknown

n/a

Apr 30, 2030

Xbrl fact

n/a

Unknown

Dec 31, 2024

BDC

Pieces

Principal

Fair value

Unfunded

Nearest maturity

As of

Audax Private Credit Fund, LLC

$947,024

Dec 4, 2028

Jun 30, 2026