DFX Intelligence

Private Credit Intelligence

The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.

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BDC portfolio

B•••••••• C•••••• I••••••••• C•••

BDCnon-tradedCIK 1326003file 814-00712NEW YORK, NYmanaged by B•••••••• C•••••• I••••••••• A•••••••• L••

Fair value

$3.0B

as of Dec 31, 2023

Principal held

$652M

debt pieces, the filer's figure

Cost

$2.8B

109c on cost

Unfunded

n/a

commitments not yet drawn

Positions

297

130 borrowers

First lien

17%

20% debt by fair value

Quarters on the tape

since Dec 31, 2021

Facilities held

0 sponsors financed

Portfolio through time

Fair value by quarter end$3.0B as of Dec 31, 2023

Dec 31, 2021$78.2M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Dec 31, 2023	$3.0B	130	94c	36	693 bp
Sep 30, 2023	$2.9B	131	94c	33	692 bp
Jun 30, 2023	$3.0B	132	94c	29	691 bp
Mar 31, 2023	$2.9B	131	94c	27	689 bp
Dec 31, 2022	$4.3B	130	93c	69	686 bp
Dec 31, 2021	$78.2M	4	n/a	0	n/a

Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

Counted at BDC level here; the adviser page counts across every BDC it manages. A sponsor named by Form D signer consensus is an inference.

What changed

New lender joined a facilityDec 31, 2023
B•••••••• C•••••• I••••••••• C••• joins C••••••• B••••• I•• term loan (first lien) held by 26 other BDCs
Marked down (one lender)Dec 31, 2023
B•••••••• C•••••• I••••••••• C•••: fair value markdown in E•••••• T••••••••• A••••••••• I•• (103 to 91 cents on cost)
Marked down (one lender)Dec 31, 2023
B•••••••• C•••••• I••••••••• C•••: fair value markdown in E•••••• T••••••••• A••••••••• I•• (96 to 91 cents on cost)
Marked down (one lender)Dec 31, 2023
B•••••••• C•••••• I••••••••• C•••: fair value markdown in N•••••• P••••••••• C•••• e• a• (100 to 90 cents on cost)
Marked down (one lender)Dec 31, 2023
B•••••••• C•••••• I••••••••• C•••: fair value markdown in M•••••• B••••• L•• (88 to 82 cents on cost)
Marked down (one lender)Dec 31, 2023
B•••••••• C•••••• I••••••••• C•••: fair value markdown in K••••••••• B••••••••• S••••••• L•• (95 to 77 cents on cost)
Marked down (one lender)Dec 31, 2023
B•••••••• C•••••• I••••••••• C•••: fair value markdown in W••••• L•• (76 to 68 cents on cost)
Marked down (one lender)Dec 31, 2023
B•••••••• C•••••• I••••••••• C•••: fair value markdown in A•••• A••••••••• C••• (73 to 61 cents on cost)
Marked down (one lender)Dec 31, 2023
B•••••••• C•••••• I••••••••• C•••: fair value markdown in T•••••••• L•• (72 to 47 cents on cost)
Marked down (one lender)Dec 31, 2023
B•••••••• C•••••• I••••••••• C•••: fair value markdown in M•••••• B••••• L•• (47 to 38 cents on cost)
PIK interest appearsDec 31, 2023
B•••••••• C•••••• I••••••••• C•••: pik added in W••••• L•• (0.00% to 11.50%)
Spread increasedDec 31, 2023
B•••••••• C•••••• I••••••••• C•••: spread increased in T•••••••• L•• (7.00% to 9.00%)
Spread increasedDec 31, 2023
B•••••••• C•••••• I••••••••• C•••: spread increased in B••••••••• A••••••••• H•••••••• L•• (6.75% to 7.75%)
Spread increasedDec 31, 2023
B•••••••• C•••••• I••••••••• C•••: spread increased in H•••• A••••••••• L•• (6.00% to 7.50%)
PIK interest appearsDec 31, 2023
B•••••••• C•••••• I••••••••• C•••: pik added in K••••••••• B••••••••• S••••••• L•• (0.00% to 7.00%)
PIK interest appearsDec 31, 2023
B•••••••• C•••••• I••••••••• C•••: pik added in N•• G•••• (0.00% to 1.50%)
New lender joined a facilityDec 31, 2023
B•••••••• C•••••• I••••••••• C••• joins C••••••• B••••• I•• revolver (first lien) held by 11 other BDCs
Maturity extended (observed)Dec 31, 2023
B•••••••• C•••••• I••••••••• C•••: maturity extended in N•• G•••• (2025-10-20 to 2026-08-19)
New borrower on a BDC scheduleDec 31, 2023
C•••••• M••••• first appears in a BDC schedule (1 lender)
New lender joined a facilitySep 30, 2023
B•••••••• C•••••• I••••••••• C••• joins B•••••• H••••••• L•• term loan (first lien) held by 10 other BDCs

Every position change, including routine ones

Largest facilities held, with co-lenders

Schedule of investments at Dec 31, 2023

297 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
Cash and Investments	unstated lien unstated	n/a	$614M
Investments	unstated lien unstated	n/a	$605M 86c
Debt Investments	unstated lien unstated	n/a	$600M 93c
Debt Investments \| Software Software	unstated lien unstated	n/a	$96.6M 101c
Debt Investments \| Diversified Financial Services Diversified Financial Services	unstated lien unstated	n/a	$91.3M 81c
Debt Investments \| I••••••• Software & Services I••••••• Software & Services	unstated lien unstated	n/a	$69.0M 89c
Debt Investments \| Diversified Consumer Services Diversified Consumer Services	unstated lien unstated	n/a	$41.3M 83c
Debt Investments \| Professional Services Professional Services	unstated lien unstated	n/a	$40.4M 98c
Debt Investments \| Health Care Technology Health Care Technology	unstated lien unstated	n/a	$25.7M 99c
C•••••••• C••••••••• Finance, LLC Diversified Financial Services	term loan first lien	$25.0M	$25.0M 100c	S+900 bp	Nov 3, 2025
Debt Investments \| IT Services IT Services	unstated lien unstated	n/a	$20.8M 100c
Debt Investments \| Health Care Providers & Services Health Care Providers & Services	unstated lien unstated	n/a	$20.7M 93c
Debt Investments \| Hotels, Restaurants & Leisure Hotels, Restaurants & Leisure	unstated lien unstated	n/a	$20.1M 100c
Debt Investments \| Construction & Engineering Construction & Engineering	unstated lien unstated	n/a	$15.7M 98c
G••••• B••••••• F•••••• C•••••• Diversified Financial Services	subordinated debt unsecured or subordinated	$37.2M	$15.6M 42c	S+1100 bp	Oct 31, 2021
Debt Investments \| Insurance Insurance	unstated lien unstated	n/a	$14.9M 102c
M••••• T••••••••• I••. (fka Keep Truckin, Inc.) Road & Rail	term loan first lien	$15.0M	$14.9M 100c	S+725 bp	Apr 8, 2025
Debt Investments \| Paper & Forest Products Paper & Forest Products	unstated lien unstated	n/a	$13.4M 98c
R•••• G•••• G••• (G••••••) Diversified Consumer Services	delayed draw term loan first lien	$13.5M	$13.0M 96c	15.33% PIK 5.00%	Apr 30, 2025
P•••••••••, Inc. I••••••• Software & Services	term loan first lien	$12.1M	$11.8M 99c	S+800 bp	Apr 6, 2027
I••••• I••. Professional Services	term loan first lien	$11.5M	$11.4M 101c	12.62% PIK 3.88%	Aug 18, 2028
I•••••••• I••. I••••••• Software & Services	term loan first lien	$11.8M	$11.4M 99c	12.96% PIK 2.50%	Jun 8, 2028
Debt Investments \| Consumer Finance Consumer Finance	unstated lien unstated	n/a	$11.2M 99c
S•••• H••••••• L••••••••• S.A.R.L. (United Kingdom) Technology Hardware, Storage & Peripherals	delayed draw term loan first lien	$10.8M	$11.0M 102c	S+675 bp	Feb 17, 2026
W••••••••• G•••• L•••••• (United Kingdom) Diversified Financial Services	term loan first lien	$11.3M	$10.9M 97c	S+925 bp	Feb 11, 2025
Debt Investments \| Specialty Retail Specialty Retail	unstated lien unstated	n/a	$10.9M 99c
Debt Investments \| Textiles, Apparel & Luxury Goods Textiles, Apparel & Luxury Goods	unstated lien unstated	n/a	$9.9M 101c
J•••• P•••• E••••••••• I••. Textiles, Apparel & Luxury Goods	term loan first lien	$9.9M	$9.9M 101c	S+625 bp	Sep 8, 2027
J••••••••• U••• I••. (United Kingdom) Professional Services	term loan first lien	$9.9M	$9.6M 98c	S+875 bp	Feb 17, 2025
A••••• A••••••••• C••• I• (48Forty) Paper & Forest Products	term loan first lien	$10.0M	$9.6M 98c	S+600 bp	Nov 30, 2026
Cash and Cash Equivalents	unstated lien unstated	n/a	$9.4M
Debt Investments \| Containers & Packaging Containers & Packaging	unstated lien unstated	n/a	$9.2M 99c
A••••••••• I••. Software	term loan first lien	$8.7M	$8.7M 101c	S+700 bp	Mar 11, 2027
M••••••• B••••• L•• Hotels, Restaurants & Leisure	term loan first lien	$8.9M	$8.6M 100c	S+700 bp	Nov 30, 2029
E•• S••••••••• I••. Health Care Technology	term loan first lien	$8.4M	$8.2M 99c	S+700 bp	May 3, 2027
S•••••• G•••••• G••• (G••••••) Diversified Consumer Services	term loan first lien	$7.9M	$7.8M 99c	14.35% PIK 4.50%	May 23, 2026
C••••••• I••. Health Care Technology	term loan first lien	$7.7M	$7.5M 99c	S+775 bp	Mar 14, 2026
Debt Investments \| C••••••••• Services & Supplies C••••••••• Services & Supplies	unstated lien unstated	n/a	$7.5M 93c
K••••• I••. Software	term loan first lien	$7.5M	$7.5M 101c	11.38% PIK 2.50%	Jun 25, 2029
G• C••••••• A••••••••• L•• (Numerix) Diversified Financial Services	term loan first lien	$7.1M	$7.0M 100c	S+625 bp	Aug 21, 2028
J••••••• I••. (Employ, Inc.) Software	term loan first lien	$7.0M	$6.9M 101c	S+800 bp	Aug 5, 2028
B•••••• H••••••• L•• (Allvue) Software	term loan first lien	$6.8M	$6.7M 101c	S+725 bp	Sep 12, 2029
Debt Investments \| Media Media	unstated lien unstated	n/a	$6.7M 89c
S•••••• G•••••• G••• (G••••••) Diversified Consumer Services	term loan first lien	$6.6M	$6.5M 99c	14.35% PIK 4.50%	May 23, 2026
G•••••••• A••••••••• H•••••• I••••••••• L•• Real Estate Management & Development	term loan first lien	n/a	$6.5M		Mar 2, 2026
H•••• A••••••••• L•• Specialty Retail	term loan first lien	$6.6M	$6.4M 98c	S+750 bp	Jul 2, 2026
Debt Investments \| Machinery Machinery	unstated lien unstated	n/a	$6.4M 104c
2••• H•••••• I••. Diversified Financial Services	term loan first lien	$6.4M	$6.3M 99c	S+600 bp	Mar 26, 2026
S••••• E••••••••• L•• Machinery	term loan first lien	$6.2M	$6.3M 104c	S+675 bp	Aug 5, 2028
I••••••• • C•••••• Retail	unstated lien unstated	n/a	$6.3M 93c
S•• E•••• B•••• L••. (Beqom) (Switzerland) Software	term loan first lien	$6.1M	$6.1M 101c	11.87% PIK 3.50%	May 9, 2028
W••••• E••••••••• G••••• L•• Diversified Financial Services	delayed draw term loan first lien	$6.2M	$6.1M 99c	S+575 bp	Oct 4, 2027
T••• S••••••• G••••• L•• Health Care Providers & Services	term loan second lien	$6.6M	$6.1M 95c	S+900 bp	Nov 13, 2028
S•••••• P•••••• L•• (Sumo L••••) IT Services	term loan first lien	$6.1M	$6.0M 102c	S+650 bp	May 13, 2030
S••••••• H•••••••• L•• (Foundation Software	term loan first lien	$6.0M	$6.0M 101c	S+613 bp	Aug 31, 2027
S••••••• A•••••••••, L.L.C. (World Choice) Hotels, Restaurants & Leisure	term loan first lien	$6.1M	$6.0M 101c	S+750 bp	Aug 7, 2028
Q••••• H•••••• C•••••• (Quick Base) I••••••• Software & Services	term loan second lien	$5.5M	$5.5M 101c	S+800 bp	Apr 2, 2027
Z••••••• I••. Software	term loan first lien	$5.3M	$5.4M 102c	11.61% PIK 3.25%	Nov 22, 2028
O••••••• G•••• H•••••••• I••. Health Care Providers & Services	term loan second lien	$5.8M	$5.2M 90c	S+750 bp	Oct 26, 2026
J••••••••• U••• I••. (United Kingdom) Professional Services	delayed draw term loan first lien	$5.3M	$5.2M 98c	S+875 bp	Feb 17, 2025
D•••• P•••••• I••. (Duck Creek T•••••••••) Software	term loan first lien	$5.1M	$5.1M 103c	S+750 bp	Mar 30, 2029
I•••••••• M•••••••• A••••••••• L•• Insurance	term loan first lien	$5.1M	$5.1M 101c	S+650 bp	Aug 27, 2026
O•• L••••••••• B••••••• B•••• S•• R••. (Interblock) (Slovenia) Hotels, Restaurants & Leisure	term loan first lien	$5.2M	$5.1M 100c	S+575 bp	Jun 3, 2027
P••• H•••••• C•••. Containers & Packaging	term loan first lien	$5.0M	$5.1M 106c	11.75% PIK 0.75%	Feb 17, 2027
G• C••••••• P•••••• L•• Professional Services	term loan second lien	$5.0M	$5.0M 101c	S+750 bp	May 14, 2029
C•••••••• C••••••••• Finance, LLC Diversified Financial Services	subordinated debt unsecured or subordinated	$5.0M	$5.0M 100c	S+850 bp	Oct 8, 2027
F•••••• F•••••••• N•••••• F••••••• L•• Consumer Finance	term loan first lien	$5.2M	$5.0M 98c	S+900 bp	Sep 21, 2027
L•••• S•••••••• I••••••••• H•••••, LLC et al (fka Oasis Financial, LLC) Diversified Financial Services	term loan second lien	$5.0M	$4.9M 99c	S+850 bp	Jul 5, 2026
E•••••• I••. IT Services	term loan second lien	$5.0M	$4.9M 98c	S+800 bp	May 28, 2029
O••••••••• I••. (Infobip) (United Kingdom) Wireless Telecommunication Services	term loan first lien	$4.9M	$4.8M 101c	S+625 bp	Sep 17, 2026
M•••••• L•••• H•••••••• I••. IT Services	term loan first lien	$5.0M	$4.8M 100c	S+700 bp	Dec 29, 2028
A•••••••• P••••••• L•• Diversified Financial Services	term loan first lien	$4.8M	$4.8M 103c	S+600 bp	Aug 29, 2029
T•••••••• L•• Diversified Consumer Services	term loan first lien	$10.3M	$4.8M 47c	S+900 bp	Dec 18, 2026
H•••••••• B••••• I••. (Project Dream) Construction & Engineering	delayed draw term loan first lien	$4.9M	$4.7M 96c	S+650 bp	Nov 23, 2027
G•••••••• S••••• C•••••• I•• L•• (Passco) Real Estate Management & Development	term loan first lien	$4.7M	$4.6M 101c	S+650 bp	Mar 21, 2027
B••••• B•••• B••. (Netherlands) I••••••• Software & Services	term loan first lien	$4.7M	$4.6M 101c	S+725 bp	Jan 26, 2029
C•••••• A••••••••• I••. (Cole Haan) Specialty Retail	term loan first lien	$4.6M	$4.5M 100c	S+675 bp	Aug 15, 2028
S•••••• T••••••••• L•• Health Care Technology	term loan first lien	$4.5M	$4.5M 100c	S+600 bp	Jul 23, 2024
e••••••••• A••••••••• L•• (Reveal) I••••••• Software & Services	term loan first lien	$4.6M	$4.5M 100c	S+650 bp	Aug 29, 2029
A••• C••••••••• Software	term loan first lien	$4.6M	$4.5M 98c	12.29% PIK 3.25%	Apr 13, 2027
F••••• R••• M••••••••• I••. Software	term loan first lien	$4.6M	$4.5M 100c	12.62% PIK 3.75%	May 22, 2029
W•••• LLC (Perch) Diversified Consumer Services	term loan first lien	$6.5M	$4.4M 68c	16.85% PIK 11.50%	Oct 15, 2025
B••••••••• A••••••••• H•••••••• L•• (Syniti) Software	term loan first lien	$4.3M	$4.4M 103c	S+775 bp	Apr 30, 2026
Equity Securities	unstated lien unstated	n/a	$4.3M 7c
D•• H•••••• I••. (Epiq Systems, Inc.) Professional Services	term loan second lien	$5.0M	$4.3M 87c	S+775 bp	Apr 26, 2030
A•••• A••••••••• C•••. (Anthology) I••••••• Software & Services	term loan second lien	$7.2M	$4.3M 61c	S+888 bp	Oct 25, 2029
B•• B•• M••••• J• A••••••••• L•• Household Durables	term loan first lien	$4.5M	$4.2M 97c	S+600 bp	Nov 9, 2029
S••••••, LLC	term loan second lien	$4.7M	$4.2M 91c	S+800 bp	Dec 14, 2028
S•••••••• T••••••••• H•••••••• I••. I••••••• Software & Services	term loan first lien	$4.1M	$4.1M 102c	S+600 bp	Aug 16, 2029
B• H••••••• I••. (Brook & Whittle) Containers & Packaging	term loan second lien	$4.6M	$4.1M 91c	S+750 bp	Dec 14, 2029
S•••••• B•••• P•• L•• (StarRez) (Australia) I••••••• Software & Services	term loan first lien	$4.1M	$4.1M 101c	12.53% PIK 6.25%	Jan 24, 2028
A•••••••• H•••••••• L••C Insurance	term loan first lien	$4.1M	$4.0M 101c	S+575 bp	Aug 31, 2029
N•••••• P••••••••• C•••• e• a• P•••••••••	term loan first lien	$4.5M	$3.9M 90c	S+900 bp	Sep 11, 2026
P••••••• I••. I••••••• Software & Services	term loan first lien	$4.2M	$3.8M 93c	S+750 bp	Jun 10, 2027
S•• R••••• A••••••••• I••. (Loopio) (Canada) Software	term loan first lien	$3.8M	$3.8M 99c	S+700 bp	Mar 31, 2027
T•• H•••••••• L•• Professional Services	term loan first lien	$3.8M	$3.8M 102c	S+550 bp	Jun 28, 2024
P•• B••••• L•• (Patriot Home Care) Health Care Providers & Services	term loan first lien	$3.8M	$3.7M 99c	S+600 bp	May 4, 2028
O••••• H•••••• I••. (KnowBe4) I••••••• Software & Services	term loan first lien	$3.3M	$3.4M 103c	S+750 bp	Feb 1, 2029
F•• P••••• H•••••• C•••. (Kamps) Paper & Forest Products	term loan first lien	$3.5M	$3.4M 99c	S+600 bp	Dec 23, 2026
H•••••••• B••••• I••. (Project Dream) Construction & Engineering	term loan first lien	$3.5M	$3.3M 97c	S+650 bp	Nov 23, 2027

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Registration

Fiscal year end: 1231reported
Incorporated: DEreported
On the SEC BDC report: 2012 to 2023reported
Filings listed: 9reported10-Q and 10-K since 2022
Former names: BlackRock Kelso Capital CORPreported
Latest schedule: 0000950170-24-025850reported