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

L•••• R•••• F•••••• C••••

BDCnon-tradedCIK 1571329file 814-01022NEW YORK, NYmanaged by M•••• L•••• M•••••••••

Fair value

$707M

as of Mar 31, 2025

Principal held

$190M

debt pieces, the filer's figure

Cost

$790M

90c on cost

Unfunded

n/a

commitments not yet drawn

Positions

134

74 borrowers

First lien

34%

44% 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$707M as of Mar 31, 2025

Dec 31, 2021$99.3M then

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Mar 31, 2025	$707M	74	90c	5	652 bp
Dec 31, 2024	$754M	77	91c	8	652 bp
Sep 30, 2024	$727M	72	92c	6	654 bp
Sep 10, 2024	n/a	1	n/a	0	n/a
Jun 30, 2024	$840M	72	93c	4	650 bp
Mar 31, 2024	$837M	73	94c	4	651 bp
Dec 31, 2023	$924M	72	98c	2	656 bp
Sep 30, 2023	$786M	68	95c	4	655 bp
Jun 30, 2023	$859M	73	96c	5	630 bp
Mar 31, 2023	$813M	57	94c	5	617 bp
Dec 31, 2022	$1.7B	72	96c	12	620 bp
Jun 30, 2022	n/a	1	n/a	0	n/a
Dec 31, 2021	$99.3M	8	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 scheduleMar 31, 2025
F•••••• U• H•••••••• I•• first appears in a BDC schedule (2 lenders)
Marked down (one lender)Mar 31, 2025
L•••• R•••• F•••••• C••••: fair value markdown in V•• H•••••••• I•• (311 to 208 cents on cost)
Marked down (one lender)Mar 31, 2025
L•••• R•••• F•••••• C••••: fair value markdown in M•• H•••••••• L•• (197 to 185 cents on cost)
Marked down (one lender)Mar 31, 2025
L•••• R•••• F•••••• C••••: fair value markdown in M•• H•••••••• L•• (184 to 171 cents on cost)
Marked down (one lender)Mar 31, 2025
L•••• R•••• F•••••• C••••: fair value markdown in D•••••••• L•• (84 to 71 cents on cost)
Marked down (one lender)Mar 31, 2025
L•••• R•••• F•••••• C••••: fair value markdown in S•• D••••••••• (70 to 61 cents on cost)
Marked down (one lender)Mar 31, 2025
L•••• R•••• F•••••• C••••: fair value markdown in I••••• S•••••••• I•• (58 to 48 cents on cost)
Spread increasedMar 31, 2025
L•••• R•••• F•••••• C••••: spread increased in V•• I••••••••• H•••••••• I•• (6.00% to 7.00%)
Spread increasedMar 31, 2025
L•••• R•••• F•••••• C••••: spread increased in K•• L•••••••• L•• (6.00% to 6.75%)
Marked down (one lender)Mar 31, 2025
L•••• R•••• F•••••• C••••: fair value markdown in S•••••• H••••••••• M••••••••• L•• H••••••••• M••••••••• (38 to 4 cents on cost)
New borrower on a BDC scheduleMar 31, 2025
S•••• A••••••••• L•• first appears in a BDC schedule (1 lender)
New lender joined a facilityDec 31, 2024
L•••• R•••• F•••••• C•••• joins V•• I••••••••• H•••••••• I•• term loan (first lien) held by 2 other BDCs
New borrower on a BDC scheduleDec 31, 2024
G• M••••• L•• first appears in a BDC schedule (1 lender)
New lender joined a facilityDec 31, 2024
L•••• R•••• F•••••• C•••• joins S•• D••••••••• term loan (first lien) held by 5 other BDCs
New lender joined a facilityDec 31, 2024
L•••• R•••• F•••••• C•••• joins S•••• B••••• L•• term loan (first lien) held by 14 other BDCs
New lender joined a facilityDec 31, 2024
L•••• R•••• F•••••• C•••• joins P•• P••••• H•••••••• L•• term loan (first lien) held by 15 other BDCs
Marked down (one lender)Dec 31, 2024
L•••• R•••• F•••••• C••••: fair value markdown in A••••••• C••••••• S•••••••• L•• (144 to 121 cents on cost)
Marked down (one lender)Dec 31, 2024
L•••• R•••• F•••••• C••••: fair value markdown in E••• S••••••• G•••• (100 to 92 cents on cost)
Marked down (one lender)Dec 31, 2024
L•••• R•••• F•••••• C••••: fair value markdown in D•••••••• L•• (92 to 84 cents on cost)
Marked down (one lender)Dec 31, 2024
L•••• R•••• F•••••• C••••: fair value markdown in I••••• S•••••••• I•• (65 to 58 cents on cost)

Every position change, including routine ones

Largest facilities held, with co-lenders

Schedule of investments at Mar 31, 2025

134 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
Investments	unstated lien unstated	n/a	$170M 86c
Investments in Non-Control, Non-Affiliate Portfolio Companie	unstated lien unstated	n/a	$143M 88c
Investments in Non-Control, Non-Affiliate Portfolio Companie	term loan first lien	n/a	$105M 88c
Investments in Affiliated Portfolio Companies	unstated lien unstated	n/a	$26.5M 76c
Investments in Non-Control, Non-Affiliate Portfolio Companie	subordinated debt unsecured or subordinated	n/a	$23.0M 85c
E••••••• H•••••••• L•• Business Services	unstated lien unstated	$19.3M	$19.3M 100c	SOFR+850 bp	Sep 29, 2027
Investments in Affiliated Portfolio Companies First Lien/Sen	term loan first lien	n/a	$9.8M 79c
Investments in Non-Control, Non-Affiliate Portfolio Companie	term loan second lien	n/a	$8.3M 83c
Investments in Affiliated Portfolio Companies Common Stock a	equity equity	n/a	$7.4M 76c
K•• L•••••••• L•• Consumer Discretionary	term loan first lien	$7.3M	$7.1M 99c	SOFR+675 bp	Nov 23, 2027
S•••••••• A••••••• H•••••••• I••. Communication Services	term loan first lien	$7.1M	$7.1M 100c	SOFR+650 bp	Dec 5, 2028
B•••••••• H•••••••• L••	unstated lien unstated	n/a	$6.0M
M•••• T••••••• A••••••••• I••. Financials	term loan first lien	$6.0M	$5.8M 99c	SOFR+825 bp	Dec 14, 2027
Investments in Non-Control, Non-Affiliate Portfolio Companie	equity equity	n/a	$5.4M 108c
V•• I••••••••• H•••••••• I••. Information Technology	term loan first lien	$5.1M	$5.1M 100c	SOFR+700 bp	Dec 12, 2029
A••••••• A•••••• H•••••••• L•• H•••••••••	term loan second lien	$4.9M	$4.8M 99c	PIK 14.50%	Mar 1, 2028
A••• I••••••••• 2• L•• (Peak Technologies) Information Technology	term loan first lien	$4.9M	$4.8M 100c	SOFR+550 bp	Jul 22, 2027
W••••• E••••••••• G••••• L•• Financials	term loan first lien	$4.6M	$4.6M 100c	SOFR+500 bp	Oct 2, 2028
E••• S••••••• G•••• I•••••••••	term loan first lien	$4.9M	$4.4M 93c	SOFR+600 bp	Jun 28, 2029
A••••••• B•••••••••, LLC Information Technology	term loan first lien	$4.4M	$4.3M 104c	SOFR+600 bp	Mar 26, 2029
F•••••• U• H•••••••• I••.	revolver first lien	$4.0M	$4.0M 100c	Prime+600 bp	May 20, 2025
G• M••••• L•• (Beauty by Imagination) Consumer Staples	term loan first lien	$4.0M	$4.0M 100c	SOFR+525 bp	Nov 1, 2030
D•••••••• L•• H•••••••••	term loan first lien	$5.6M	$3.9M 71c	SOFR+675 bp	Nov 23, 2026
Investments in Affiliated Portfolio Companies Joint Ventures	unstated lien unstated	n/a	$3.9M 96c
G•••• L•••• F•••••• I• L•• • S••••• A• Financials	unstated lien unstated	$4.1M	$3.9M 96c
Investments in Affiliated Portfolio Companies Preferred Stoc	preferred equity equity	n/a	$3.9M 52c
American C••••••• S•••••••• H•••••••••	term loan first lien	$6.4M	$3.9M 61c	SOFR+700 bp	Jun 30, 2025
American C••••••• S••••••••, LLC	term loan first lien	$6.4M	$3.9M	SOFR+700 bp PIK 4.45%	Jun 30, 2025
R••••••• I••. Consumer Discretionary	term loan first lien	$3.5M	$3.5M 101c	SOFR+600 bp	Mar 29, 2029
R••••••• I••.	term loan first lien	$3.5M	$3.5M	SOFR+600 bp	Mar 29, 2029
B•••••••• H•••••••• L•• Classs A Automobile Part Manufacturer	equity equity	n/a	$3.5M 234c
B•••••••• H•••••••• L••	equity equity	n/a	$3.5M
T•••••• T•••••• M••••••••, Inc. T•••••• Equipment Manufacturer	unstated lien unstated	$5.2M	$3.0M 57c	PIK 5.00%	Oct 29, 2027
M•••• G••••• C••••••••• Information Technology	term loan first lien	$3.0M	$2.9M 103c	SOFR+800 bp	Oct 26, 2026
A••••••• A•••••• H•••••••• L•• H•••••••••	term loan first lien	$2.8M	$2.9M 106c	SOFR+975 bp	Jun 30, 2027
IDC I••••••• Services LLC H•••••••••	term loan first lien	$2.9M	$2.9M 102c	SOFR+650 bp	Jul 7, 2028
A•••••••• P••••••• L•• I•••••••••	term loan first lien	$2.6M	$2.6M 101c	SOFR+525 bp	Nov 17, 2031
P•••••• I••••••• L•• H•••••••••	term loan first lien	$2.9M	$2.6M 88c	SOFR+600 bp	Mar 31, 2026
H••• L••••••• I••. I•••••••••	term loan first lien	$2.5M	$2.5M 102c	SOFR+625 bp	Jul 2, 2027
B•••••••• H•••••••• L••	equity equity	n/a	$2.4M
B•••••••• H•••••••• L•• - Class B Automobile Part Manufacturer	equity equity	n/a	$2.4M 675c
M•• H•••••••• L•• Medical Device Distributor	term loan first lien	$2.6M	$2.4M 92c		Jun 28, 2024
M•• H•••••••• L••	term loan first lien	$2.6M	$2.4M		Jun 28, 2024
R• E••••••••• L•• H•••••••••	term loan first lien	$2.4M	$2.4M 100c	SOFR+525 bp	Oct 17, 2031
O••••••••• (ITC) B••••, LLC H•••••••••	term loan first lien	$2.3M	$2.3M 102c	SOFR+650 bp	Jul 31, 2028
N•••••• F••••••• I•••••••••, LLC I•••••••••	term loan first lien	$2.4M	$2.3M 100c	SOFR+700 bp	Dec 11, 2029
H••• O•••• L•• H•••••••••	term loan first lien	$2.5M	$2.3M 94c	SOFR+800 bp	Nov 4, 2023
T•••••• G•••• H••••••• L•••••• Information Technology	term loan first lien	$2.3M	$2.3M 100c	SOFR+725 bp	Feb 28, 2029
B••••••• I••. Financials	term loan first lien	$2.3M	$2.2M 101c	SOFR+575 bp	Jul 2, 2029
A•••• A•••••••••, LLC (Cooper M•••••••• Services) I•••••••••	term loan first lien	$2.0M	$2.0M 100c	SOFR+550 bp	Dec 13, 2027
T••••••• A•• S••••••• I••. I•••••••••	term loan first lien	$1.9M	$1.9M 101c	SOFR+850 bp	Dec 22, 2028
D••••••• L•• H•••••••••	term loan first lien	$1.8M	$1.8M 101c	SOFR+675 bp	Dec 26, 2028
Investments in Non-Control, Non-Affiliate Portfolio Companie	preferred equity equity	n/a	$1.7M 112c
F•••••• F••• P•••••••• L•• Consumer Staples	term loan first lien	$2.0M	$1.7M 88c	SOFR+500 bp	Oct 18, 2028
A••••••• D•••• 1• L•• Financials	equity equity	n/a	$1.7M 81c
H••••• H••••••• O•••• L•• H•••••••••	term loan first lien	$1.6M	$1.6M 96c	SOFR+800 bp	Nov 4, 2023
V•• S•••• O••• L•• (DxTx Pain and S•••• LLC) H•••••••••	term loan first lien	$1.5M	$1.5M 101c	SOFR+800 bp	Jun 14, 2028
R•• P••••••• L••	preferred equity equity	n/a	$1.4M
U•••• R•• P••••••• L•• Financial Services	preferred equity equity	n/a	$1.4M 138c
I••••• S•••••••• I••. Information Technology	term loan second lien	$3.0M	$1.4M 48c	SOFR+725 bp	Dec 1, 2028
S•••• A••••••••• L•• Communication Services	equity equity	n/a	$1.4M 100c
S•••• B••••• L•• I•••••••••	term loan first lien	$1.4M	$1.4M 100c	SOFR+525 bp	Oct 15, 2031
PMA P••••• Holdings LLC Financials	term loan first lien	$1.4M	$1.4M 100c	SOFR+525 bp	Jan 31, 2031
N•••••• BidCo US Inc. Communication Services	term loan first lien	$1.5M	$1.3M 93c	SOFR+500 bp	Apr 11, 2029
U•••• E••• H••••••• L•• (R••••••• I••.) Consumer Discretionary	preferred equity equity	n/a	$1.3M 116c
E••• H••••••• L•• (R••••••• I••.) LLC	preferred equity equity	n/a	$1.3M
B••• O•••••••• C••••••• L•• Online Merchandise Retailer	term loan second lien	$1.2M	$1.1M 96c	SOFR+850 bp	Aug 28, 2025
U•••• M•• H•••••••, LLC Medical Device Distributor	preferred equity equity	n/a	$1.0M 50c
M•• H•••••••• L••	preferred equity equity	n/a	$1.0M
B••• O•••••••• C••••••• L•• - Class A Online Merchandise Retailer	equity equity	n/a	$888,000 310c
G•••••••• I•••••••••, LLC S••••• M-1	unstated lien unstated	n/a	$879,000
G•••••••• I•••••••••, LLC - S••••• M-1 I•••••••••	equity equity	n/a	$879,000 100c
V•• I••••••••• H•••••••• I••. Information Technology	term loan second lien	$878,000	$855,000 99c	PIK 12.50%	Dec 12, 2030
K•• L•••••••• L••	revolver first lien	$872,000	$855,000 99c	SOFR+608 bp	Nov 23, 2027
Investments in Affiliated Portfolio Companies Second Lien/Se	term loan second lien	n/a	$850,000 96c
U•••• T••••• P•••••••• P•••••••, Inc. - S••••• C Household Product Manufacturer	preferred equity equity	n/a	$758,000 100c
U•••• M•••••••••, LLC General Industrial	preferred equity equity	n/a	$740,000 99c
M••••••• H••••••• S••••••• I••. I•••••••••	term loan first lien	$753,000	$641,000 91c	SOFR+550 bp	Jun 8, 2029
Investments in Affiliated Portfolio Companies C••••••••• L•• Structured finance (CLO)	unstated lien unstated	n/a	$572,000 185c
S••••• H••••••• H••••••• C•••••••••	unstated lien unstated	n/a	$540,000
S••••• H••••••• H••••••• C••••••••• O•• • G•• E••••••••• and Consulting Services	equity equity	n/a	$540,000 8c
S••••• H••••••• H••••••• C•••••••••	equity equity	n/a	$540,000
L•••• B••••• L•• Consumer Discretionary	equity equity	n/a	$515,000 69c
T•••••• G•••• H••••••• L••••••	revolver first lien	$523,000	$513,000 101c	SOFR+725 bp	Feb 28, 2029
V•• H•••••••• I••	term loan second lien	$509,000	$509,000
V•• H•••••••• I••. Data Processing & Digital Marketing	term loan second lien	$509,000	$509,000 104c
B••••••• International, Inc. Consumer Discretionary	term loan first lien	$490,000	$486,000 100c	SOFR+575 bp	Oct 21, 2027
L•••• B••••• L•• Consumer Discretionary	unstated lien unstated	$2.5M	$485,000 22c		May 29, 2028
P••••• D••••••••• L•• H•••••••••	term loan first lien	$484,000	$481,000 101c	SOFR+650 bp	Oct 20, 2029
S•••••• H••••••••• M••••••••• L•• H••••••••• M•••••••••	term loan first lien	$11.9M	$480,000 4c		Nov 4, 2023
S•• D•••••••••, LLC (STG L••••••••) (Second Out) I•••••••••	term loan first lien	$1.0M	$427,000 70c	SOFR+760 bp	Oct 3, 2029
S•••• S••••• S••••••••• H•••••••• I••. Financials	term loan first lien	$450,000	$386,000 93c	9.00%	Sep 20, 2027
D•••••• L••••••• L• (M•••• T••••••• A••••••••• I••.) Financials	unstated lien unstated	$358,000	$352,000 98c	PIK 15.00%	Jun 14, 2028
M•• H•••••••• L••	term loan second lien	$400,000	$341,000		Jun 28, 2024
M•• H•••••••• L•• Medical Device Distributor	term loan second lien	$400,000	$341,000 85c		Jun 28, 2024
A••••••• A•••••• H•••••••• L•• H•••••••••	equity equity	n/a	$313,000
C••••••••• L••• O••••••••• J•• C••••• A••••••• C•• V• L••. Structured finance (CLO)	unstated lien unstated	n/a	$309,000 100c		Jul 17, 2030
J•• C••••• A••••••• C•• I• L••. Structured finance (CLO)	term loan lien unstated	n/a	$263,000
C••••••••• L••• O••••••••• J•• C••••• A••••••• C•• I• L••. Structured finance (CLO)	unstated lien unstated	n/a	$263,000 26300c		Jul 17, 2029
B••••••• I••.	revolver first lien	$267,000	$250,000 94c	SOFR+450 bp	Jul 1, 2027

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Registration

Fiscal year end: 1231reported
Incorporated: unknownreported
On the SEC BDC report: 2013 to 2025reported
Filings listed: 14reported10-Q and 10-K since 2022
Former names: Capitala Finance Corp.reported
Latest schedule: 0000950170-25-066912reported