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
F••••••• B•• L•••••• C•••
Fair value
$3.7B
as of Sep 30, 2023
Principal held
$3.5B
debt pieces, the filer's figure
Cost
$4.1B
90c on cost
Unfunded
$217M
commitments not yet drawn
Positions
606
308 borrowers
First lien
31%
94% debt by fair value
Quarters on the tape
7
since Dec 31, 2020
Facilities held
0
0 sponsors financed
Portfolio through time
Fair value by quarter end$3.7B as of Sep 30, 2023
Dec 31, 2021$4.6B then
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Sep 30, 2023 | $3.7B | 308 | 89c | 35 | 555 bp |
| Jun 30, 2023 | $3.8B | 312 | 89c | 31 | 557 bp |
| Mar 31, 2023 | $3.7B | 310 | 88c | 22 | 555 bp |
| Dec 31, 2022 | $5.5B | 317 | 96c | 34 | 536 bp |
| Mar 31, 2022 | n/a | 30 | n/a | 0 | n/a |
| Dec 31, 2021 | $4.6B | 339 | 104c | 26 | 558 bp |
| Jan 20, 2021 | n/a | 1 | n/a | 0 | n/a |
| Dec 31, 2020 | n/a | 38 | 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 borrower on a BDC scheduleSep 30, 2023
- New borrower on a BDC scheduleSep 30, 2023
- New borrower on a BDC scheduleSep 30, 2023
- New borrower on a BDC scheduleSep 30, 2023
- New borrower on a BDC scheduleSep 30, 2023
- New lender joined a facilitySep 30, 2023
- New lender joined a facilitySep 30, 2023
- New lender joined a facilitySep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- PIK interest increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- PIK interest appearsSep 30, 2023
- Spread increasedSep 30, 2023
Largest facilities held, with co-lenders
Schedule of investments at Sep 30, 2023
606 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| G•••• E••••• P•••••••/Stonewall, LLC Utilities | unstated lien unstated | $10.1M | $10.1M 101c | S+600 bp | Nov 12, 2026 |
| S•• G•••• H•••••••• I••. Education | unstated lien unstated | $10.1M | $10.1M 100c | S+825 bp | Jul 30, 2026 |
| R••••••• H•••••••• I••. I•••••••••s | delayed draw term loan first lien | $10.1M | $10.1M 100c | S+575 bp | Oct 19, 2027 |
| L••••• T••• S•••••••• H•••••••• L•• | unstated lien unstated | $10.0M | $10.0M 100c | S+475 bp | Mar 20, 2028 |
| O•• G• H•••••••• L•• Business Services | unstated lien unstated | $9.9M | $9.9M 100c | S+650 bp PIK 12.15% | Nov 29, 2026 |
| R•• H•••••••• I••. | unstated lien unstated | $10.0M | $9.9M 98c | S+450 bp | Dec 20, 2027 |
| C••••• I••••••••• L•• I•••••••••s | unstated lien unstated | $9.7M | $9.7M 103c | S+600 bp | Dec 27, 2027 |
| A•••• Group I••••••••• Holdings, Inc. Financials | delayed draw term loan first lien | $9.3M | $9.3M 100c | S+650 bp | Oct 2, 2028 |
| C•••••••• C••• H••••• N••••••• L•• | unstated lien unstated | $9.6M | $9.3M 97c | S+475 bp | Feb 17, 2025 |
| N•••••• F•••••••• F••• C••, Ltd. 2015-1RA F Diversified Investment Vehicles Structured finance (CLO) | unstated lien unstated | $10.7M | $9.2M 87c | S+750 bp | Jan 20, 2027 |
| C••••••••• I••. | unstated lien unstated | $9.5M | $9.1M 96c | S+400 bp | Dec 29, 2027 |
| C••••••••• I••. Business Services | unstated lien unstated | $10.8M | $9.1M 84c | S+650 bp | Jun 4, 2029 |
| T•••• A•••••• C•••. | unstated lien unstated | $8.9M | $8.9M 100c | S+400 bp | Apr 10, 2028 |
| I••••• B••••• I••. P•••• & Packaging | revolver first lien | $9.0M | $8.9M 98c | S+625 bp | May 23, 2028 |
| A••••••• C•••. | unstated lien unstated | $8.9M | $8.8M 100c | S+310 bp | Oct 23, 2028 |
| L••••••••• H•••••• L•• | unstated lien unstated | $9.4M | $8.8M 103c | S+575 bp | Jan 29, 2027 |
| S••••• G•••• H•••••••• L•• H•••••care | revolver first lien | $8.9M | $8.8M 100c | S+550 bp | Jun 16, 2028 |
| T••••••••• W••••••• F•••• L• Diversified Investment Vehicles | unstated lien unstated | n/a | $8.7M 87c | ||
| A••••••• L•• | unstated lien unstated | $9.6M | $8.7M 92c | S+525 bp | Jan 31, 2028 |
| Accentcare, Inc. | unstated lien unstated | $9.9M | $8.6M 87c | S+400 bp | Jun 22, 2026 |
| D••••••• H•••••• C•••. | unstated lien unstated | $8.6M | $8.5M 99c | S+475 bp | May 26, 2028 |
| P••••••••• I••••••••• P•••••••, Inc. | unstated lien unstated | $9.0M | $8.5M 95c | S+400 bp | Dec 29, 2027 |
| W••••••• P••••••••• S•••••••• I••. Business Services | unstated lien unstated | $8.5M | $8.5M 101c | S+600 bp | May 26, 2026 |
| N•••• B••••, LLC | unstated lien unstated | $8.5M | $8.3M 101c | S+375 bp | Nov 9, 2026 |
| B••••••••• C•• H•••••• L• | unstated lien unstated | $8.2M | $8.2M 100c | S+350 bp | Jun 5, 2028 |
| A••••••n A••••••• Inc/AAdvantage Loyalty IP, Ltd. | unstated lien unstated | $7.9M | $8.1M 104c | S+475 bp | Apr 20, 2028 |
| P•••• B•••••••• A••••••••• L•• Telecom | delayed draw term loan first lien | $8.0M | $8.0M 100c | S+600 bp | Oct 2, 2028 |
| E•••••• F•••••••• C•••••• L•• | unstated lien unstated | $8.0M | $7.9M 102c | S+675 bp | Jul 20, 2026 |
| I••••••• J•••••• H•••••••• S• | unstated lien unstated | $7.9M | $7.9M 101c | S+425 bp | Feb 1, 2029 |
| Q••••••• H•••••••• I••. | unstated lien unstated | $7.9M | $7.9M 100c | S+275 bp | Mar 19, 2029 |
| M••••••• W•••••, P.C. Business Services | term loan first lien | $15.3M | $7.9M 51c | PIK 26.00% | Dec 31, 2024 |
| P••••••••• I••. S•••••••/Services | unstated lien unstated | $7.8M | $7.8M 100c | S+625 bp | Aug 31, 2029 |
| I••••• B••••• I••. P•••• & Packaging | revolver first lien | $8.0M | $7.8M 98c | S+625 bp | May 23, 2028 |
| R••••••• H•••••••• I••. I•••••••••s | delayed draw term loan first lien | $7.7M | $7.7M 101c | S+575 bp | Oct 19, 2027 |
| W••• L•• Business Services | unstated lien unstated | $7.7M | $7.7M 103c | S+575 bp | Sep 5, 2025 |
| G•••••• M••••••• I••. | unstated lien unstated | $10.9M | $7.7M 71c | S+625 bp | Jan 31, 2027 |
| C••••••••• M••••• L•• | unstated lien unstated | $7.6M | $7.6M 100c | S+425 bp | May 13, 2027 |
| A••••••• H•••••••• I••. | unstated lien unstated | $7.6M | $7.6M 99c | S+350 bp | Aug 2, 2028 |
| QuickBase, Inc. T••••••••• | unstated lien unstated | $7.5M | $7.5M 101c | S+800 bp | Apr 2, 2027 |
| A••• G••••• P••••••••• L•• I•••••••••s | revolver first lien | $7.4M | $7.4M 100c | S+475 bp | Apr 1, 2026 |
| W••••• E••••••• M•••••••••, Co. | unstated lien unstated | $7.5M | $7.4M 100c | S+375 bp | Mar 2, 2028 |
| F•••••• F••• P•••••••• L•• | unstated lien unstated | $7.9M | $7.4M 95c | S+500 bp | Oct 18, 2028 |
| S••• F•••• H•••••••• L•• | unstated lien unstated | $7.4M | $7.4M 100c | S+375 bp | Feb 23, 2029 |
| A• G••••• I• L•• | unstated lien unstated | $7.4M | $7.3M 101c | S+400 bp | Feb 15, 2029 |
| W••••••••, LLC | unstated lien unstated | $7.3M | $7.3M 100c | S+325 bp | Dec 31, 2026 |
| W•••••• D••••• S•••••••• I••. | unstated lien unstated | $8.9M | $7.3M 82c | S+450 bp | Aug 18, 2028 |
| C•••••• F•••• S••• | unstated lien unstated | $7.4M | $7.2M 98c | S+350 bp | Dec 11, 2026 |
| C••••••••• I••. | unstated lien unstated | $7.8M | $7.2M 92c | S+350 bp | Jun 2, 2028 |
| T••••• W•••• H•••••••• I••. | unstated lien unstated | $7.3M | $7.1M 97c | S+325 bp | Mar 31, 2028 |
| S••••• G••••• S••••••••• L•• Business Services | revolver first lien | $7.0M | $7.0M 100c | S+675 bp | Apr 19, 2024 |
| J••• F••••••••• L•• | unstated lien unstated | $7.4M | $7.0M 96c | S+450 bp | Aug 7, 2028 |
| D••••••• I••• H•••••••• I••.. Business Services | unstated lien unstated | $6.9M | $6.9M 101c | S+425 bp | Jul 30, 2025 |
| C••••••••• L•• | unstated lien unstated | $6.9M | $6.8M 98c | S+350 bp | Sep 29, 2028 |
| C••••••• U•••• B••••••••• L•• | unstated lien unstated | $6.6M | $6.6M 100c | S+475 bp | Apr 30, 2026 |
| M•••• P•• P•••••••• L•• C••••••• | revolver first lien | $6.8M | $6.5M 97c | S+600 bp | Dec 10, 2026 |
| S&S Holdings, LLC | unstated lien unstated | $6.8M | $6.5M 97c | S+500 bp | Mar 13, 2028 |
| C••• S••••• B••••••• C•. F••• & Beverage | unstated lien unstated | $6.5M | $6.5M 100c | S+475 bp | Dec 19, 2025 |
| M•••••• M••••••••• R••••••• G••••• L•• H•••••care | revolver first lien | $6.5M | $6.5M 99c | S+575 bp | Sep 30, 2027 |
| P••••••••• L•• S•••••••/Services | revolver first lien | $6.7M | $6.4M 97c | S+800 bp | Apr 6, 2027 |
| G•••••••• C••••••••• I••. Business Services | unstated lien unstated | $6.5M | $6.4M 99c | S+525 bp | May 18, 2029 |
| P••••••••• I••. | unstated lien unstated | $6.4M | $6.3M 100c | S+325 bp | Aug 31, 2028 |
| C••••••••• T••••••••• I••••••••• L•• Business Services | revolver first lien | $6.2M | $6.2M 100c | S+550 bp | May 5, 2027 |
| P•• B••••• I••. F••• & Beverage | unstated lien unstated | $6.0M | $6.0M 100c | S+550 bp | Apr 5, 2027 |
| J••• S••••• G••••• L•• | unstated lien unstated | $7.0M | $6.0M 90c | 4.50% | Nov 15, 2029 |
| A•••• Group I••••••••• Holdings, Inc. Financials | delayed draw term loan first lien | $5.8M | $5.8M 102c | S+650 bp | Oct 2, 2028 |
| N•••••• A•••••••• | term loan lien unstated | $31.6M | $5.8M 58c | 27.75% | Apr 25, 2031 |
| Y•• L•• | unstated lien unstated | $5.8M | $5.8M 102c | S+400 bp | Nov 7, 2024 |
| K• I••••••••• H•••••••• I••. Business Services | unstated lien unstated | $6.4M | $5.8M 91c | S+475 bp | Sep 23, 2024 |
| C••••• D• S••••• H•••••• U•• N••••• I••. M••••/Entertainment | unstated lien unstated | n/a | $5.8M 471c | ||
| HAH Group Holding Company, LLC | unstated lien unstated | $5.7M | $5.7M 101c | S+500 bp | Oct 29, 2027 |
| U••• H•••••••• I••. Business Services | unstated lien unstated | $5.8M | $5.6M 97c | S+650 bp | May 14, 2029 |
| R•••• I••••••••• P••••••• I••••••••• C•., LLC | unstated lien unstated | $5.6M | $5.6M 104c | S+450 bp | Nov 22, 2029 |
| G••••• US OpCo, Inc. | unstated lien unstated | $5.9M | $5.6M 105c | S+475 bp | Apr 30, 2029 |
| D•••••• A••••••••• C••• I••. | unstated lien unstated | $5.6M | $5.5M 100c | S+400 bp | Aug 24, 2028 |
| M•••••••• M•••••• A••••••••• L• | unstated lien unstated | $5.5M | $5.5M 100c | S+375 bp | Oct 18, 2028 |
| A•••••• Group, Inc. | unstated lien unstated | $5.5M | $5.5M 101c | S+450 bp | Aug 17, 2028 |
| R••••••••• Oda, LLC S•••••••/Services | revolver first lien | $5.4M | $5.4M 101c | S+650 bp | May 12, 2027 |
| H••••• R•••• T••••••• L•• | unstated lien unstated | $5.4M | $5.3M 100c | S+300 bp | Mar 20, 2028 |
| Z••• G•••• H•••••••• I••. | unstated lien unstated | $6.5M | $5.3M 96c | S+300 bp | Mar 9, 2027 |
| M••• U• B•••••••• L•• | unstated lien unstated | $5.4M | $5.3M 99c | S+400 bp | May 6, 2026 |
| V••••• M••••••• I••. | unstated lien unstated | $7.3M | $5.2M 78c | S+475 bp | Apr 16, 2025 |
| W••• P•••••••• I••• I••. H•••••care | revolver first lien | $7.0M | $5.2M 73c | S+575 bp | Jun 22, 2028 |
| H••••••••, Inc. | unstated lien unstated | $5.1M | $5.1M 100c | S+400 bp | Sep 20, 2030 |
| R•• A••••••••• I••. Financials | delayed draw term loan first lien | $5.0M | $5.0M 100c | S+550 bp | Oct 30, 2026 |
| I•• I••••••••• I••. | unstated lien unstated | $6.1M | $5.0M 82c | S+375 bp | Dec 29, 2027 |
| K•••• C•••. | unstated lien unstated | $5.0M | $5.0M 105c | S+500 bp | Jun 12, 2030 |
| P•••••• C•••. | unstated lien unstated | $5.0M | $5.0M 100c | S+375 bp | Feb 1, 2028 |
| L••••••• T••••, LLC Education | unstated lien unstated | $6.1M | $4.9M 100c | PIK 13.25% | Sep 25, 2027 |
| W•• P•••••••• C•••. | unstated lien unstated | $5.0M | $4.9M 100c | S+400 bp | Jan 8, 2027 |
| A••••• U•••••••• H•••••, LLC | unstated lien unstated | $5.0M | $4.9M 101c | S+475 bp | May 15, 2028 |
| B•••••• C•••. | unstated lien unstated | $5.0M | $4.9M 99c | S+325 bp | Oct 2, 2028 |
| G•• H••••••• G••••••••• L••. | unstated lien unstated | $4.9M | $4.9M 100c | S+250 bp | Mar 29, 2027 |
| U••••••••• S•••••• S•••••••• L•• | unstated lien unstated | $4.9M | $4.9M 99c | S+325 bp | Feb 12, 2029 |
| A•••••• G••••••••• S••••••• H•••••••• L•• | unstated lien unstated | $4.9M | $4.9M 100c | S+400 bp | Feb 15, 2029 |
| L•••••••• H•••••• I••. | unstated lien unstated | $4.9M | $4.9M 99c | S+375 bp | Nov 17, 2025 |
| G•••••••• U.S. Holdings I, LLC | unstated lien unstated | $4.9M | $4.9M 102c | S+400 bp | Dec 1, 2027 |
| E•••••••• G••••••••• L•• | unstated lien unstated | $5.0M | $4.9M 100c | S+375 bp | Dec 15, 2025 |
| M• S•• I• L•• | unstated lien unstated | $5.0M | $4.8M 99c | S+425 bp | Dec 31, 2031 |
| U• O••• S•••••• M••••••••• H•••••• L•• H•••••care | unstated lien unstated | $4.8M | $4.8M 99c | S+600 bp | Nov 18, 2027 |
| P•••••• N••••• L•• | unstated lien unstated | $5.0M | $4.8M 100c | S+400 bp | Jun 2, 2028 |
Registration
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2012 to 2023reported
- Filings listed
- 8reported10-Q and 10-K since 2022
- Former names
- Business Development Corp of Americareported
- Latest schedule
- 0001490927-23-000017reported