DFX Intelligence
Private Credit Intelligence
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Borrower
R••••••• I••••••••• I•• L••
Also written as: R••••••• I•••••••••; R••••••• Investment III LLC; Winland Foods
Principal held
at least $873M
sum of BDC pieces, a lower bound
Fair value
$870M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Nov 1, 2027
$17.3M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
7
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $869M | 101c | SOFR+525 bp | Oct 18, 2030 | 6 |
| first lien delayed draw term loan first lien | at least $2.9M | 97c | SOFR+700 bp | Nov 1, 2027 | 1 |
| first lien revolver first lien | at least $1.3M | 96c | SOFR+700 bp | Nov 1, 2027 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C•••••• C••• | term loan first lien First lien senior secured loan | Non-Affiliated | $331M | $330M 101c | S+525 bp |
| B••• O•• C•••••• C••• I• | term loan first lien First lien senior secured loan | Non Affiliated | $8.4M | $8.4M 100c | S+525 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $504M | $503M 100c | S+525 bp |
| C••••••••• C••••• P••••••• B•• I• I••• | term loan first lien First Lien Senior Secured Term Loan B, Health Care Equipment & Services, Spread Above Inde | $1.1M | $1.1M 97c | SOFR+700 bp |
| C••••••••• C••••• P••••••• B•• I• I••• | term loan first lien First Lien Senior Secured Term Loan, Health Care Equipment & Services, Spread Above Index | $12.0M | $11.5M 97c | SOFR+700 bp |
| C••••••••• C••••• P••••••• B•• I• I••• | delayed draw term loan first lien First Lien Senior Secured Delayed Draw Term Loan, Health Care Equipment & Services, Spread | $1.2M | $1.2M 96c | SOFR+700 bp |
| C••••••••• C••••• P••••••• B•• I• I••• | delayed draw term loan first lien First Lien Senior Secured Delayed Draw Term Loan 4th Amend, Health Care Equipment & Servic | $484,000 | $465,000 97c | SOFR+700 bp |
| C••••••••• C••••• P••••••• B•• I• I••• | revolver first lien First Lien Senior Secured Revolving Credit Line, Health Care Equipment & Services, Spread | $1.3M | $1.3M 96c | SOFR+700 bp |
| C••••••••• C••••• P••••••• B•• I• I••• | delayed draw term loan first lien First Lien Senior Secured Delayed Draw Term Loan 2nd Amend, Health Care Equipment & Servic | $1.2M | $1.1M 97c | SOFR+700 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 10/18/2030 | $8.3M | $8.2M 100c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 10/18/2030 One | $3.9M | $3.9M 100c | SOFR+525 bp |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 5 | $873M | $870M | 100c | 0 |
| Mar 31, 2026 | 5 | $875M | $872M | 101c | 0 |
| Dec 31, 2025 | 5 | $951M | $950M | 101c | 0 |
| Sep 30, 2025 | 5 | $941M | $941M | 101c | 0 |
| Jun 30, 2025 | 5 | $943M | $943M | 101c | 0 |
| Mar 31, 2025 | 5 | $945M | $944M | 101c | 0 |
| Dec 31, 2024 | 5 | $1.7B | $1.7B | 101c | 0 |
| Sep 30, 2024 | 6 | $869M | $868M | 101c | 0 |
| Jun 30, 2024 | 6 | $871M | $871M | 101c | 0 |
| Mar 31, 2024 | 5 | $550M | $544M | 100c | 0 |
| Dec 31, 2023 | 5 | $549M | $540M | 100c | 0 |
| Sep 30, 2023 | 1 | $15.3M | $14.8M | 98c | 0 |
| Jun 30, 2023 | 1 | $13.8M | $13.3M | n/a | 0 |
| Mar 31, 2023 | 1 | $13.4M | $12.9M | n/a | 0 |
| Dec 31, 2022 | 1 | $25.9M | $24.9M | 98c | 0 |
What changed
- Maturity approachingNov 1, 2027
- Maturity approachingNov 1, 2027
- Maturity approachingNov 1, 2027
- Maturity approachingNov 1, 2027
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityJun 30, 2024
- Spread changed (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
Sponsor
- T•••• C•••••• M••••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedtracecapital.com"portfolio card on https://www.tracecapital.com/portfolio: R•••••••"
Identity
- Group key
- RUSHMOREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 6 BDCsderived
- Industry
- Food Distributorsreportedas one filer wrote it