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 | 553 bp |
| Jun 30, 2023 | $3.8B | 312 | 89c | 31 | 557 bp |
| Mar 31, 2023 | $3.8B | 310 | 88c | 22 | 554 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
- 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 borrower on a BDC scheduleSep 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 |
|---|---|---|---|---|---|
| U••••• A•••••••• I••. | unstated lien unstated | $500,000 | $430,000 96c | 4.63% | Apr 15, 2029 |
| M••••• E••••••••• G••••• I••. Business Services | revolver first lien | $397,000 | $397,000 100c | S+650 bp | Jun 15, 2025 |
| W•• A••••••••• C•••. | unstated lien unstated | $500,000 | $393,000 98c | 3.00% | Feb 15, 2031 |
| F•••• E•••• G••••••• F••• I•• L•• Diversified Investment V••••••s | unstated lien unstated | n/a | $373,000 9c | ||
| R•• G••••• I••. Financials | unstated lien unstated | n/a | $350,000 213c | ||
| T•• N•• G••••• L• Business Services | revolver first lien | $346,000 | $341,000 99c | S+475 bp | Dec 1, 2027 |
| W••• L•• Business Services | unstated lien unstated | $335,000 | $335,000 100c | S+575 bp | Sep 5, 2025 |
| P•••••• F••••••• P•• | unstated lien unstated | $400,000 | $330,000 83c | 4.00% | Jun 15, 2029 |
| I• I••••••••• H•••••••• L•• Business Services | revolver first lien | $315,000 | $312,000 100c | S+600 bp | Sep 22, 2028 |
| M•••• V•••••• S••••••• C•••. Business Services | unstated lien unstated | n/a | $308,000 97c | ||
| G••••• B•••••••, LLC Financials | unstated lien unstated | $275,000 | $269,000 98c | S+525 bp | Sep 29, 2028 |
| L••••••• H••••• H•••••••• I••. H•••••care | term loan first lien | $227,000 | $227,000 100c | S+600 bp PIK 14.50% | Oct 15, 2024 |
| S•••••••• C•••. T••••••••• | unstated lien unstated | n/a | $220,000 8c | ||
| A••• C•••••• I••••••••• H•••••••• L•• H•••••care | unstated lien unstated | $217,000 | $212,000 98c | S+650 bp | May 7, 2026 |
| C••••••••• T••••••••• I••••••••• L•• Business Services | revolver first lien | $205,000 | $205,000 100c | S+550 bp | May 5, 2027 |
| T•• D•••••• N••••••• L•• C••••••• | term loan first lien | $7.9M | $184,000 5c | S+500 bp PIK 13.50% | Mar 31, 2023 |
| N••••••• M••••• H•••••••• I••. | unstated lien unstated | $179,000 | $159,000 89c | S+375 bp | Mar 2, 2028 |
| A•••• H••••••• C•••. | unstated lien unstated | $17,000 | $147,000 60c | ||
| P•••••• G••••• S•••••••• I••. T•••••• | revolver first lien | $969,000 | $145,000 15c | S+550 bp | Apr 7, 2023 |
| L••••••• H••••• H•••••••• I••. H•••••care | term loan first lien | $65,000 | $65,000 100c | S+600 bp PIK 14.50% | Oct 15, 2024 |
| L••••••• H••••• H•••••••• I••. H•••••care | term loan first lien | $65,000 | $65,000 100c | S+600 bp PIK 14.50% | Oct 15, 2024 |
| S•••• B•••••• I••. H•••••care | unstated lien unstated | n/a | $56,000 | ||
| C••••• T••••••••• G••••• L•• Industrials | unstated lien unstated | n/a | $52,000 5c | ||
| C••••••• I••. Industrials | unstated lien unstated | $45,000 | $45,000 100c | S+450 bp | Mar 8, 2024 |
| D••• A•••••••• I••. C••••••• | unstated lien unstated | n/a | $21,000 36c | ||
| V•••••• M••••••• I••••••••• L•• Transportation | unstated lien unstated | n/a | $0 0c | S+500 bp PIK 13.50% | Mar 21, 2024 |
| U••••• B••••••••• L•• H•••••care | unstated lien unstated | n/a | $0 0c | ||
| V•••••• M••••••• I••••••••• L•• Transportation | unstated lien unstated | n/a | $0 0c | ||
| I••••••••• E••••••••• S••••••••• I••. Industrials | unstated lien unstated | n/a | $0 | ||
| K••••• U• O•••• L•• Transportation | unstated lien unstated | n/a | $0 | ||
| L••••••• H••••• H•••••••• I••. H•••••care | unstated lien unstated | n/a | $0 | ||
| U••••• B••••••••• L•• H•••••care | unstated lien unstated | n/a | $0 0c | ||
| W•••••••••, Ltd. 2014-1A SUB Diversified Investment V••••••s | unstated lien unstated | $36.0M | $0 0c | 0.00% | May 1, 2026 |
| T•• D•••••• N••••••• L•• C••••••• | unstated lien unstated | n/a | $0 | ||
| K•••••••• I••. C••••••• | unstated lien unstated | n/a | $0 | ||
| S•••• H•••••• C•••• T•••••• | unstated lien unstated | n/a | $0 | ||
| D••••• C••• L••. Transportation | unstated lien unstated | n/a | $0 | ||
| V•••••• M••••••• I••••••••• L•• Transportation | unstated lien unstated | $2.1M | $0 0c | S+500 bp PIK 13.50% | Mar 21, 2024 |
| N•••••• F•••••••• F••• C••, Ltd. 2015-1RA SUB Diversified Investment V••••••s Structured finance (CLO) | unstated lien unstated | $31.6M | $0 0c | 0.00% | Jan 20, 2027 |
| O•• G• H•••••••• L•• Business Services | unstated lien unstated | n/a | $0 | ||
| I••••••••• E••••••••• S••••••••• I••. Industrials | unstated lien unstated | n/a | $0 | ||
| M••• H•••••• L•• M••••/Entertainment | unstated lien unstated | n/a | $0 | ||
| V•••••• M••••••• I••••••••• L•• Transportation | unstated lien unstated | $4.2M | $0 0c | S+500 bp PIK 13.50% | Mar 21, 2024 |
| U••••• B••••••••• L•• H•••••care | unstated lien unstated | n/a | $0 | ||
| U•••• H•••••• L•• Financials | unstated lien unstated | n/a | $0 0c | ||
| U•••• H•••••• L•• Financials | unstated lien unstated | n/a | $0 0c | ||
| V•••••• M••••••• I••••••••• L•• Transportation | unstated lien unstated | n/a | $0 | ||
| O••• Fund, Ltd. 2014-6A Side Letter Diversified Investment V••••••s | unstated lien unstated | n/a | $0 0c | 0.00% | Mar 20, 2025 |
| Y••••••••• I••. Food & Beverage | unstated lien unstated | n/a | $0 | ||
| W•••••••••, Ltd. 2014-1A Side Letter Diversified Investment V••••••s | unstated lien unstated | $1.9M | $0 0c | 0.00% | May 1, 2026 |
| P•••••• G••••• S•••••••• I••. T•••••• | revolver first lien | $5.0M | $0 0c | S+550 bp | Jun 8, 2023 |
| V•••••• M••••••• I••••••••• L•• Transportation | unstated lien unstated | $269,000 | $0 0c | S+500 bp PIK 13.50% | Mar 21, 2024 |
| V•••••• M••••••• I••••••••• L•• Transportation | unstated lien unstated | n/a | $0 | ||
| U••••• B••••••••• L•• H•••••care | unstated lien unstated | n/a | $0 0c | ||
| T•• D•••••• N••••••• L•• C••••••• | unstated lien unstated | n/a | $0 0c | ||
| W•••• L•• M••••/Entertainment | unstated lien unstated | n/a | $0 | ||
| U•••• H•••••• L•• Financials | unstated lien unstated | n/a | $0 0c | ||
| U••••• B••••••••• L•• H•••••care | unstated lien unstated | n/a | $0 | ||
| K••••• I•••••• O••• D••••••••• A••••••• C•••••• Transportation | unstated lien unstated | n/a | $0 | ||
| O•• G• H•••••••• L•• Business Services | unstated lien unstated | n/a | $0 0c | ||
| P••• R••• E•••••••• F••••••• L•• | equity equity | n/a | n/a | ||
| C••••••• I••. | term loan first lien | n/a | n/a | ||
| F••• | term loan lien unstated | n/a | n/a | ||
| T•••••• Air C••••••••• Holdings Corp. | delayed draw term loan first lien | n/a | n/a | ||
| A••• G••••• P••••••••• L•• | revolver first lien | n/a | n/a | ||
| C••••• D• S••••• H•••••• U•• N••••• I••. | equity equity | n/a | n/a | ||
| D••••••• H•••••••• L•• | revolver first lien | n/a | n/a | ||
| I••••••••• E••••••••• S••••••••• I••. | term loan first lien | n/a | n/a | ||
| M••••••• W•••••, P.C. | term loan first lien | n/a | n/a | ||
| P••• R••• E•••••••• F••••••• L•• | delayed draw term loan unsecured or subordinated | n/a | n/a | ||
| S••••• S•• B•••• H•••••••• I••. | revolver first lien | n/a | n/a | ||
| T••••••••• W••••••• F•••• L• | equity equity | n/a | n/a | ||
| T•••••• Air C••••••••• Holdings Corp. | delayed draw term loan first lien | n/a | n/a | ||
| U• O••• S•••••• M••••••••• H•••••• L•• | revolver first lien | n/a | n/a | ||
| V•••••• M••••••• I••••••••• L•• | term loan first lien | n/a | n/a | ||
| V•••••• M••••••• I••••••••• L•• | term loan first lien | n/a | n/a | ||
| I•• H•••••• C•••. | revolver first lien | n/a | n/a | ||
| S••••• P•••••••/JHC A••••••••• Corp. | unstated lien unstated | n/a | n/a | S+450 bp | Jun 28, 2026 |
| L••••••• H••••• H•••••••• I••. | term loan first lien | n/a | n/a | ||
| R•• A••••••••• I••. | delayed draw term loan first lien | n/a | n/a | ||
| F••• | term loan lien unstated | n/a | n/a n/a | ||
| I••••••••• E••••••••• S••••••••• I••. | term loan first lien | n/a | n/a | ||
| O•• G• H•••••••• L•• | equity equity | n/a | n/a | ||
| T•• D•••••• N••••••• L•• | equity equity | n/a | n/a | ||
| T•••••• Air C••••••••• Holdings Corp. | revolver first lien | n/a | n/a | ||
| W•• H••••••• I•• C•••. | revolver first lien | n/a | n/a | ||
| A••• C•••••• I••••••••• H•••••••• L•• | revolver first lien | n/a | n/a | ||
| I••••••• C•••. | equity equity | n/a | n/a | ||
| M•• A••••••••• C•••. | term loan first lien | n/a | n/a | ||
| M•••• | revolver first lien | n/a | n/a | ||
| S••••••• B•••• C•••. | revolver first lien | n/a | n/a | ||
| Z••••••• I••. | delayed draw term loan first lien | n/a | n/a | ||
| N•••••• F•••••••• F••• C••, Ltd. 2015-1RA SUB, Collateralized Securities Structured finance (CLO) | unstated lien unstated | n/a | n/a | ||
| S•••• C•••••• F••••••• L•• | equity equity | n/a | n/a | ||
| G•••••••• C••••••••• I••. | delayed draw term loan first lien | n/a | n/a | ||
| C••••••• I••. | equity equity | n/a | n/a | ||
| C••••• D• S••••• H•••••• U•• N••••• I••. | equity equity | n/a | n/a | ||
| K••••• U• O•••• L•• | equity equity | n/a | n/a | ||
| M••• H•••••• L•• | equity equity | n/a | n/a | ||
| M•••••• M••••••••• R••••••• G••••• L•• | revolver first lien | n/a | n/a |
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