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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Borrower
B•••••• E••••••••• S••••••• H••••• L••••••
group grade Aon a schedule nowsponsor unattributed
Also written as: Bridge
Principal held
at least $27.7M
sum of BDC pieces, a lower bound
Fair value
$24.9M
90c on cost, debt pieces
Unfunded
$0
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
11
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 $27.7M | 90c | S+280 bp PIK 5.00% | unstated | 3 |
| revolver lien unstated exited Dec 31, 2022 | unknown | n/a | unstated | 1 |
Equity pieces beside the debt: other (n/a fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | term loan first lien First Lien Senior Secured Term Loan | $16.5M | $14.8M 89c | S+280 bp PIK 5.00% |
| B•••••• C•••••• I••••••••• C••• | term loan first lien First Lien Senior Secured Term Loan | $2.6M | $2.3M 90c | S+280 bp PIK 5.00% |
| B•••••• P•••••• C••••• C••• | unstated lien unstated Capex / Acquisition Facility | n/a | n/a | |
| B•••••• P•••••• C••••• C••• | term loan first lien First Lien Senior Secured Term Loan | $8.6M | $7.8M 91c | S+280 bp PIK 5.00% |
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 | 3 | $27.7M | $24.9M | 90c | 3 |
| Mar 31, 2026 | 3 | $27.5M | $23.9M | 87c | 3 |
| Dec 31, 2025 | 3 | $29.9M | $25.6M | 87c | 4 |
| Sep 30, 2025 | 3 | $27.4M | $24.8M | 92c | 3 |
| Jun 30, 2025 | 3 | $27.4M | $25.7M | 98c | 0 |
| Mar 31, 2025 | 3 | $25.8M | $25.4M | 96c | 0 |
| Dec 31, 2024 | 3 | $46.8M | $46.3M | 94c | 0 |
| Sep 30, 2024 | 3 | $26.3M | $26.3M | 102c | 0 |
| Jun 30, 2024 | 3 | $24.4M | $24.4M | 96c | 0 |
| Mar 31, 2024 | 3 | $24.3M | $24.3M | 96c | 0 |
| Dec 31, 2023 | 3 | $24.5M | $24.2M | 95c | 0 |
| Sep 30, 2023 | 3 | $23.4M | $23.0M | 91c | 0 |
| Jun 30, 2023 | 3 | $24.4M | $23.9M | 95c | 0 |
| Mar 31, 2023 | 3 | $23.7M | $23.1M | 92c | 0 |
| Dec 31, 2022 | 3 | $23.0M | $22.4M | 90c | 0 |
| Sep 30, 2022 | 1 | $12.8M | $12.5M | 82c | 0 |
| Dec 31, 2021 | 1 | $15.5M | $15.4M | 102c | 0 |
What changed
- PIK interest increasedMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- PIK interest increasedMar 31, 2026
- PIK interest increasedMar 31, 2026
- PIK interest increasedMar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down across lendersSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Mark recoveredDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Facility left every BDC scheduleDec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- BRITISH ENGINEERING SERVICESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived