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•••

BDCnon-tradedCIK 1490927file 814-00821NEW YORK, NYmanaged by F••••••• B•• L•••••• A••••••• L•••••

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

since Dec 31, 2020

Facilities held

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	554 bp
Jun 30, 2023	$3.8B	312	89c	31	556 bp
Mar 31, 2023	$3.8B	310	88c	22	553 bp
Dec 31, 2022	$5.5B	317	96c	34	537 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
W•• H••••••• I•• C•••• C••••••• first appears in a BDC schedule (2 lenders)
New borrower on a BDC scheduleSep 30, 2023
N•• A••••••••• C•••• M•••• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleSep 30, 2023
I•• H•••••• C•••• S••••••• first appears in a BDC schedule (1 lender)
New borrower on a BDC scheduleSep 30, 2023
A••••• G•••• C•••••••• C•••• P•••• • first appears in a BDC schedule (1 lender)
New lender joined a facilitySep 30, 2023
F••••••• B•• L•••••• C••• joins A••••• L•••••••• L•• other (unknown) held by 3 other BDCs
New borrower on a BDC scheduleSep 30, 2023
W•• P•••••••• C••• first appears in a BDC schedule (1 lender)
New lender joined a facilitySep 30, 2023
F••••••• B•• L•••••• C••• joins O•••• P•••••••• L•• other (unknown) held by 4 other BDCs
New lender joined a facilitySep 30, 2023
F••••••• B•• L•••••• C••• joins R••••••••• H•••••• C••• other (unknown) held by 7 other BDCs
Marked down (one lender)Sep 30, 2023
F••••••• B•• L•••••• C•••: fair value markdown in A•••• H••••••• C••• (97 to 79 cents on cost)
Marked down (one lender)Sep 30, 2023
F••••••• B•• L•••••• C•••: fair value markdown in G•••••• M••••••• I•• (93 to 71 cents on cost)
Marked down (one lender)Sep 30, 2023
F••••••• B•• L•••••• C•••: fair value markdown in N•••••• A•••••••• (89 to 68 cents on cost)
Marked down (one lender)Sep 30, 2023
F••••••• B•• L•••••• C•••: fair value markdown in K•••••••• I•• (261 to 60 cents on cost)
Marked down (one lender)Sep 30, 2023
F••••••• B•• L•••••• C•••: fair value markdown in W••••••••• (46 to 35 cents on cost)
PIK interest increasedSep 30, 2023
F••••••• B•• L•••••• C•••: pik increased in T•• D•••••• N••••••• L•• (11.16% to 13.50%)
Spread increasedSep 30, 2023
F••••••• B•• L•••••• C•••: spread increased in H•••••• C••• B••••• I•• (6.50% to 7.50%)
Spread increasedSep 30, 2023
F••••••• B•• L•••••• C•••: spread increased in A•••••• U• H••••• 1• L•• (5.50% to 7.32%)
Spread increasedSep 30, 2023
F••••••• B•• L•••••• C•••: spread increased in I••••• I•• (3.75% to 6.75%)
Spread increasedSep 30, 2023
F••••••• B•• L•••••• C•••: spread increased in S••••• E••••••••• L•• (4.00% to 6.75%)
PIK interest appearsSep 30, 2023
F••••••• B•• L•••••• C•••: pik added in H•••••• C••• B••••• I•• (0.00% to 5.00%)
Spread increasedSep 30, 2023
F••••••• B•• L•••••• C•••: spread increased in T•••• H•••• I•• (3.75% to 5.00%)

Every position change, including routine ones

Largest facilities held, with co-lenders

Schedule of investments at Sep 30, 2023

606 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
A••••• P•••••• I••. Industrials	unstated lien unstated	$2.2M	$2.2M 98c	S+575 bp	Oct 29, 2027
C••••••• C••••• P••••••• C••, Ltd. 17 1A E Structured finance (CLO)	unstated lien unstated	$2.5M	$2.2M 95c	S+645 bp	Oct 15, 2029
K•••••• I••••••••• H•••••••• L••	unstated lien unstated	$2.1M	$2.1M 101c	S+350 bp	Feb 8, 2028
LCM, Ltd. Partnership 16A ER2	unstated lien unstated	$2.5M	$2.1M 91c	S+638 bp	Oct 15, 2031
H•••••• C••• B••••• I••. H•••••care	revolver first lien	$2.1M	$2.1M 100c	S+750 bp PIK 5.00%	Dec 9, 2026
P•• B••••• I••. Food & Beverage	unstated lien unstated	$2.1M	$2.1M 101c	S+550 bp	Apr 5, 2027
R••••••••• H•••••• C•••.	unstated lien unstated	$2.0M	$2.0M 99c	S+475 bp	Apr 8, 2030
A•••••• G••••••••• S••••••• H•••••••• L••	unstated lien unstated	$2.0M	$1.9M 99c	S+400 bp	Jan 29, 2027
R•••••• I• F••••••, LP 13-2A DR2	unstated lien unstated	$2.0M	$1.9M 98c	S+695 bp	Jan 15, 2029
F•••••• B••••• L•• Utilities	delayed draw term loan first lien	$1.9M	$1.9M 97c	S+700 bp	Oct 11, 2028
A•••••• E•••••• L••	unstated lien unstated	$1.9M	$1.9M 100c	S+350 bp	Dec 6, 2027
M•••• P•• P•••••••• L•• C•••••••	revolver first lien	$2.0M	$1.9M 96c	S+600 bp	Dec 10, 2026
W••• R•••• C••, Ltd. 14-2A FR Structured finance (CLO)	unstated lien unstated	$3.0M	$1.9M 73c	S+787 bp	Jan 15, 2031
I•• F•••••••• G••••• I••.	unstated lien unstated	$1.9M	$1.8M 102c	S+425 bp	Nov 1, 2028
P•••••• B•••• P••••••••• L•• B••••••• Services	unstated lien unstated	$1.8M	$1.8M 100c	S+800 bp	May 31, 2027
E•••••••• C••, Ltd. 13-1A D2 Structured finance (CLO)	unstated lien unstated	$2.0M	$1.8M 94c	S+765 bp	Aug 15, 2032
O•• C••, Ltd. 14-5A DR Structured finance (CLO)	unstated lien unstated	$2.2M	$1.8M 87c	S+570 bp	Apr 26, 2031
M•••• P•• P•••••••• L•• C•••••••	revolver first lien	$1.9M	$1.8M 97c	S+600 bp	Dec 10, 2026
K•••••• M•••••• C••• L••.	unstated lien unstated	$2.0M	$1.8M 91c	4.88%	May 1, 2028
F•• P••••••••• L•• C•••••••	revolver first lien	$1.8M	$1.8M 100c	S+550 bp	Sep 13, 2027
R•••• Ice Corp. Food & Beverage	revolver first lien	$1.8M	$1.7M 98c	S+600 bp	Jul 1, 2025
M•••••• I••• L••	unstated lien unstated	$2.0M	$1.7M 87c	4.13%	Jun 30, 2028
A••••• F••••••••• S•	unstated lien unstated	$2.0M	$1.7M 88c	5.00%	Jan 15, 2028
S•••• P•••• C••, Ltd. 17-2A E Structured finance (CLO)	unstated lien unstated	$2.4M	$1.7M 80c	S+610 bp	Jul 25, 2030
C••••••••• L••••••••• L••	unstated lien unstated	$2.0M	$1.7M 86c	3.88%	Sep 15, 2027
W••• C•••• D••••• S•••••••• I••. H•••••care	unstated lien unstated	$1.7M	$1.7M 99c	S+550 bp	Jul 1, 2028
B••• O••••••••• B••••• I••. H•••••care	unstated lien unstated	$1.7M	$1.7M 95c	S+625 bp PIK 3.00%	Dec 29, 2028
V•••••• C••, Ltd. 16-25A E	unstated lien unstated	$2.0M	$1.7M 85c	S+720 bp	Apr 20, 2029
C•••••• G•• C••, 16-3A FRR Structured finance (CLO)	unstated lien unstated	$2.1M	$1.6M 82c	S+860 bp	Jul 20, 2034
W•••• B••••••• L••••••• L•• Financials	unstated lien unstated	n/a	$1.6M 43c
O•••, Ltd. 16-15A DR	unstated lien unstated	$2.0M	$1.6M 84c	S+675 bp	Apr 20, 2033
I••••••• C•••. B••••••• Services	unstated lien unstated	n/a	$1.6M 100c
C••••• I••••••••• L•• Industrials	unstated lien unstated	$1.6M	$1.6M 100c	S+600 bp	Dec 27, 2027
K•• F•••••••• C••, Ltd. 15 FR Structured finance (CLO)	unstated lien unstated	$2.0M	$1.6M 82c	S+850 bp	Jan 18, 2032
C••••••• I••. Industrials	unstated lien unstated	n/a	$1.6M 70c
E•••• V•••• C••, Ltd. 15-1A FR	unstated lien unstated	$2.0M	$1.6M 87c	S+797 bp	Jan 20, 2030
T•••• H•••• I••.	unstated lien unstated	$1.5M	$1.5M 100c	S+500 bp	Jan 31, 2028
P•• B••••• I••. Food & Beverage	unstated lien unstated	$1.5M	$1.5M 100c	S+550 bp	Apr 5, 2027
I••••• I••.	unstated lien unstated	$1.5M	$1.4M 102c	S+675 bp	Mar 2, 2029
R•••• Ice Corp. Food & Beverage	revolver first lien	$1.4M	$1.4M 98c	S+600 bp	Jul 1, 2025
K•••••••• P•• B••••• I••. B••••••• Services	unstated lien unstated	$1.4M	$1.4M 100c	S+475 bp	Dec 10, 2027
I••••••••• E••••••••• S••••••••• I••. Industrials	unstated lien unstated	$1.4M	$1.4M 100c	7.50%	Dec 31, 2025
T•••• H•••• I••.	unstated lien unstated	$1.5M	$1.4M 95c	S+375 bp	Jan 31, 2028
T•••••• C••, Ltd. 21-1A E Structured finance (CLO)	unstated lien unstated	$1.5M	$1.4M 94c	S+738 bp	Jul 20, 2032
A••••• H•••••• L•• P•••• & Packaging	revolver first lien	$1.4M	$1.4M 99c	S+600 bp	Dec 23, 2026
S••••••• C••, Ltd. 27A E Structured finance (CLO)	unstated lien unstated	$1.5M	$1.3M 92c	S+705 bp	Jul 20, 2034
U•••• O••• I••. M••••/Entertainment	unstated lien unstated	$1.6M	$1.3M 86c	7.38%	Feb 1, 2028
S•••••• C••, Ltd. 20-8A E Structured finance (CLO)	unstated lien unstated	$1.5M	$1.3M 89c	S+812 bp	Feb 20, 2033
S•••••••• C•••. Technology	unstated lien unstated	$1.4M	$1.3M 95c	S+525 bp	Jul 14, 2028
P••••• S••••• C••, Ltd. 21-4A F Structured finance (CLO)	unstated lien unstated	$1.5M	$1.3M 87c	S+766 bp	Oct 15, 2034
GIP P•••• A••••••••• Partners, LP	unstated lien unstated	$1.3M	$1.2M 100c	S+300 bp	Sep 19, 2030
I••••••••• G••••• S•••••••• I••. Industrials	revolver first lien	$1.2M	$1.2M 100c	S+600 bp	Feb 4, 2026
T••••• L•••• I••. S•••••••/Services	revolver first lien	$1.3M	$1.2M 96c	S+550 bp	May 5, 2028
M••• M••••• S••••••• L•• Technology	revolver first lien	$1.3M	$1.2M 92c	S+675 bp	Apr 23, 2025
U••••••• S••••••• Group, Inc.	unstated lien unstated	$1.2M	$1.2M 102c	S+375 bp	May 4, 2026
W••• U•• T•••• H•••••••• L••	unstated lien unstated	$1.2M	$1.2M 101c	S+400 bp	Jul 26, 2028
W••• C•••• D••••• S•••••••• I••. H•••••care	unstated lien unstated	$1.2M	$1.2M 99c	S+550 bp	Jul 1, 2028
C••••• T••••••••• G••••• L•• Industrials	unstated lien unstated	n/a	$1.1M 408c
C••••••• L•••••••• Transportation	unstated lien unstated	$1.1M	$1.1M 100c	S+475 bp	Nov 12, 2027
A•• C••, Ltd. 21-1A F Structured finance (CLO)	unstated lien unstated	$1.4M	$1.1M 84c	S+690 bp	Apr 22, 2034
F•••••••• E••••• O••••••••• L•• E•••••	term loan first lien	$1.1M	$1.1M 100c	S+800 bp	Jun 30, 2027
T•• D•••••• N••••••• L•• C•••••••	term loan first lien	$44.7M	$1.0M 5c	S+500 bp PIK 13.50%	Mar 31, 2023
P••••••••• C••••• O••••••••• F••• I•• L• Diversified Investment Vehicles	unstated lien unstated	n/a	$982,000 131c
S••••• G••••• S••••••••• L•• B••••••• Services	revolver first lien	$963,000	$963,000 100c	S+675 bp	Apr 19, 2024
A•••••• G••••• E••••••••• I••.	unstated lien unstated	$1.0M	$960,000 92c	5.50%	Mar 1, 2028
P••••••••• L•• S•••••••/Services	revolver first lien	$1.0M	$959,000 96c	S+800 bp	Apr 6, 2027
F••••••• Credit BSL, Ltd. 22-1A E	unstated lien unstated	$1.0M	$921,000 94c	S+815 bp	Oct 23, 2034
B•••••••• C••, Ltd. 21-17A F Structured finance (CLO)	unstated lien unstated	$1.2M	$920,000 81c	S+750 bp	Mar 9, 2034
E••••••• G••••• L•• B••••••• Services	delayed draw term loan first lien	$919,000	$911,000 99c	S+550 bp	Apr 14, 2028
T•••••••• P•••••••• I••. C•••••••	unstated lien unstated	n/a	$910,000 180c
S••••• P•••••••/JHC A••••••••• Corp.	unstated lien unstated	$922,000	$903,000 102c		Jun 28, 2026
R•• T•• I••••••••• H•••••••• I••. S•••••••/Services	revolver first lien	$835,000	$835,000 100c	S+650 bp	Jun 19, 2025
G••••••• C••, Ltd. 20-3RA ER Structured finance (CLO)	unstated lien unstated	$1.0M	$815,000 92c	S+900 bp	Apr 15, 2033
I•••• T••••• H•••••••• I••. Industrials	revolver first lien	$819,000	$797,000 97c	S+675 bp	Apr 5, 2028
H•••• Corp.	unstated lien unstated	$793,000	$792,000 100c	S+325 bp	Jun 30, 2028
J•••• P••••••• I••. C•••••••	unstated lien unstated	n/a	$787,000 312c
H•••••• C••• B••••• I••. H•••••care	revolver first lien	$807,000	$787,000 98c	S+650 bp	Dec 9, 2026
I••••••••• E••••••••• S••••••••• I••. Industrials	unstated lien unstated	$1.7M	$781,000 61c	PIK 10.00%	Dec 31, 2026
D••• D•• C•••.	unstated lien unstated	$1.0M	$769,000 77c	5.75%	Dec 1, 2028
M•• A••••••••• C•••. B••••••• Services	term loan first lien	$766,000	$766,000 100c	S+600 bp	Oct 2, 2025
A•••• H••••••• C•••.	unstated lien unstated	$88,000	$749,000 60c
M•• A••••••••• C•••. B••••••• Services	unstated lien unstated	n/a	$747,000 18c
W•••••• D••••• S•••••••• I••.	unstated lien unstated	$910,000	$742,000 82c	S+450 bp	Aug 18, 2028
HAH Group Holding Company, LLC	unstated lien unstated	$724,000	$724,000 100c	S+500 bp	Oct 29, 2027
S•••• P•••• C••, Ltd. 18-3A D Structured finance (CLO)	unstated lien unstated	$1.0M	$723,000 79c	S+579 bp	Oct 26, 2031
I••••••• C•••. B••••••• Services	term loan first lien	$718,000	$719,000 100c		Jul 31, 2028
S••••••• H•••••••• I••. M••••/Entertainment	revolver first lien	$709,000	$698,000 98c	S+550 bp	Oct 1, 2026
M•• A••••••••• C•••. B••••••• Services	unstated lien unstated	n/a	$694,000 100c
A•••••• G••••• E••••••••• I••.	unstated lien unstated	$692,000	$690,000 100c	S+400 bp	Aug 11, 2028
L••••••• H••••• H•••••••• I••. H•••••care	term loan first lien	$677,000	$676,000 100c	S+600 bp PIK 14.50%	Oct 15, 2024
K•••••••• I••. C•••••••	unstated lien unstated	$1.1M	$636,000 60c	S+600 bp	Jun 30, 2024
L••••••• H••••• H•••••••• I••. H•••••care	term loan first lien	$1.9M	$599,000 90c	S+450 bp PIK 13.00%	Oct 15, 2024
I••••• B••••• I••. P•••• & Packaging	revolver first lien	$605,000	$595,000 98c	S+625 bp	May 23, 2028
D••• D•• C•••.	unstated lien unstated	$700,000	$595,000 85c	5.25%	Dec 1, 2026
P•• B••••• I••. Food & Beverage	unstated lien unstated	$583,000	$583,000 100c	S+550 bp	Apr 6, 2026
O•••••• G••••• GTA, LP	unstated lien unstated	$563,000	$563,000 101c	S+425 bp	Aug 1, 2030
C•• H•••••••• I••. B••••••• Services	unstated lien unstated	$510,000	$510,000 102c	S+450 bp	Apr 10, 2025
E••••• H••••••• G••••••••• L••.	unstated lien unstated	$505,000	$504,000 101c	S+350 bp	Oct 31, 2029
L••••••••• H•••••• L••	unstated lien unstated	$534,000	$496,000 102c	S+575 bp	Jan 29, 2027
M•••••• M••••••••• R••••••• G••••• L•• H•••••care	revolver first lien	$477,000	$470,000 99c	S+575 bp	Sep 30, 2026

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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