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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S•••••• C•••••• I••••••••• C•••
| Quarter | Fair value | Borrowers | On cost | PIK pos. | Avg spread |
|---|---|---|---|---|---|
| Jun 30, 2026 | $973M | 129 | 96c | 33 | 598 bp |
| Mar 31, 2026 | $998M | 128 | 96c | 28 | 602 bp |
| Dec 31, 2025 | $1.4B | 136 | 97c | 39 | 602 bp |
| Sep 30, 2025 | $1.0B | 130 | 97c | 34 | 605 bp |
| Jun 30, 2025 | $991M | 126 | 97c | 32 | 615 bp |
| Mar 31, 2025 | $991M | 123 | 97c | 27 | 615 bp |
| Dec 31, 2024 | $1.4B | 128 | 99c | 33 | 622 bp |
| Sep 30, 2024 | $909M | 117 | 97c | 24 | 708 bp |
| Jun 30, 2024 | $900M | 111 | 97c | 22 | 701 bp |
| Mar 31, 2024 | $876M | 107 | 98c | 21 | 693 bp |
| Dec 31, 2023 | $923M | 105 | 97c | 20 | 682 bp |
| Sep 30, 2023 | $708M | 91 | 93c | 6 | 659 bp |
| Jun 30, 2023 | $867M | 103 | 94c | 15 | 669 bp |
| Mar 31, 2023 | $877M | 96 | 95c | 14 | 665 bp |
| Dec 31, 2022 | $850M | 93 | 95c | 11 | 667 bp |
| Sep 30, 2022 | n/a | 97 | n/a | 5 | 667 bp |
| Dec 31, 2021 | $772M | 80 | 96c | 5 | 677 bp |
Each quarter end is the schedule as filed for that instant; a restated year end is taken from the latest filing that carries it.
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.
- New borrower on a BDC scheduleJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- New borrower on a BDC scheduleJun 30, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- New borrower on a BDC scheduleMar 31, 2026
- V••••••• B••••• L•• term loan1 BDC hold it · matures Dec 20, 2028 · P•••••••• C•••••• P•••••••$23.1M 84c
- A••••••• B•••••• E••••••••• term loan1 BDC hold it · matures Nov 30, 2026 · S•••••• C•••••• M••••••••• L••$21.8M 53c
- E••••• L••• S••••••••• L•• term loan1 BDC hold it · matures Jun 30, 2028 · S•••••• C•••••• M••••••••• L••$17.4M 97c
- A••••• A••••••••• L•• term loan1 BDC hold it · matures May 7, 2028 · C•••••• C•••••• P•••••••• L••$16.7M 99c
- P•• term loan1 BDC hold it · matures Jun 30, 2027$15.7M 99c
- M•• E••••••••• L•• term loan1 BDC hold it · matures May 19, 2028$15.1M 99c
- C•••••• P••••••• I••••••••• L•• term loan4 BDCs hold it · matures Feb 7, 2027$14.6M 100c
- I••••••••• L•• term loan1 BDC hold it · matures Jul 30, 2027 · T•• C•••••••• G••••• L••$14.5M 100c
- U••• E••••••••• L•• term loan1 BDC hold it · matures Dec 22, 2026$14.2M 99c
- A•• G•••• O••• term loan1 BDC hold it · matures Dec 31, 2027$13.6M 98c
- J••• W••••••• L•• term loan1 BDC hold it · matures Dec 31, 2026 · S•••••• C•••••• M••••••••• L••$13.6M 24c
- C••••• I•• term loan1 BDC hold it · matures Sep 1, 2026$13.2M 100c
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| J••• W••••••• L•• | equity equity | n/a | n/a | ||
| E••••, LLC Gauge E•••• Coinvest, LLC | equity equity | $377,535 | n/a n/a | Apr 29, 2028 | |
| E• R••• E••••• S•••••••• L•• | term loan lien unstated | n/a | n/a | Sep 3, 2026 |
- Fiscal year end
- 1231reported
- Incorporated
- MDreported
- On the SEC BDC report
- 2013 to 2026reported
- Filings listed
- 19reported10-Q and 10-K since 2022
- Latest schedule
- 0001104659-26-093435reported