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
P•••••••• F••••• O••••• L••
Financial Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Kelso XI Tailwind Co-Investment, L.P; L.P 1
Principal held
at least $113M
sum of BDC pieces, a lower bound
Fair value
$113M
101c on cost, debt pieces
Unfunded
$19.5M
commitments not yet drawn
BDC lenders
5
5 on the latest quarter
Facilities
7
1 equity pieces beside them
Next maturity
May 15, 2028
$3.9M inside 24 months
On the tape since
Jun 30, 2023
latest Jun 30, 2026
Events
22
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 $72.9M | 100c | SOFR+450 bp | May 15, 2029 | 4 |
| term loan lien unstated | at least $24.0M | 102c | S+450 bp | May 15, 2029 | 1 |
| first lien delayed draw term loan first lien | at least $6.8M | 100c | SOFR+450 bp | May 15, 2029 | 2 |
| delayed draw term loan lien unstated | at least $5.5M | 101c | S+450 bp | May 15, 2029 | 3 |
| first lien revolver first lien | at least $2.9M | n/a | SOFR+450 bp | May 15, 2028 | 4 |
| revolver lien unstated | at least $1.0M | n/a | 0.50% | May 15, 2028 | 3 |
| other lien unstated | unknown | n/a | unstated | 3 |
Equity pieces beside the debt: equity ($4.0M fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.16% Mat | $374,000 | $-1,000 100c | SOFR+450 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/2/2028 | n/a | $-2,000 | |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Interest | n/a | $41,000 100c | SOFR+450 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.26% Ma | $4.7M | $4.7M 100c | SOFR+450 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Commitment Type Revolver Commitment Expiration Date 5/15/2028 | n/a | $-1,000 | |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Interest | $1.5M | $1.4M 101c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Interest | n/a | $102,000 100c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 6/2/2028 | n/a | $-6,000 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien Commitment Type Revolver Commitment Expiration Date 5/15/2028 | n/a | $-6,000 | |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Interest | $5.0M | $5.0M 100c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.26% Ma | $2.6M | $2.6M 100c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.26% Ma | $2.4M | $2.4M 100c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.26% Ma | $23.2M | $23.1M 100c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.26% Mat | $2.5M | $-6,000 46c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Interest | $279,000 | $279,000 101c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.26% Ma | $520,000 | $519,000 101c | SOFR+450 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan 1 | $8.0M | $8.0M 100c | S+450 bp |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan | $2.4M | $2.4M 100c | S+450 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• C•••••• C••• | equity equity Limited partnership interests | n/a | $3.8M 190c | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| A••• S•••••••• I••••• F••• | equity equity Limited partnership interests | n/a | $186,900 194c | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan | $29.1M | $29.1M 101c | S+450 bp |
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated Delayed Draw Term Loan 2 | Non-Affiliated Issuer | $1.4M | $1.4M 102c | S+450 bp |
| W••••• T••• C•••••• C••• | term loan lien unstated Term Loan 2 | Non-Affiliated Issuer | $15.3M | $15.5M 101c | S+450 bp |
| W••••• T••• C•••••• C••• | revolver lien unstated Revolver | Non-Affiliated Issuer | $1.0M | $0 0c | 0.50% |
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated Delayed Draw Term Loan 1 | Non-Affiliated Issuer | $4.0M | $4.1M 101c | S+450 bp |
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated Delayed Draw Term Loan 3 | Non-Affiliated Issuer | $50,000 | $3,000 150c | S+450 bp |
| W••••• T••• C•••••• C••• | term loan lien unstated Term Loan 3 | Non-Affiliated Issuer | $8.2M | $8.2M 102c | S+450 bp |
| W••••• T••• C•••••• C••• | revolver lien unstated Revolver | n/a | n/a | |
| W••••• T••• C•••••• C••• | term loan lien unstated Term Loan 1 | Non-Affiliated Issuer | $552,000 | $557,000 101c | S+450 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 | $113M | $109M | 101c | 0 |
| Mar 31, 2026 | 5 | $104M | $95.6M | 100c | 0 |
| Dec 31, 2025 | 5 | $101M | $92.1M | 101c | 0 |
| Sep 30, 2025 | 5 | $101M | $90.4M | 101c | 0 |
| Jun 30, 2025 | 5 | $95.5M | $90.3M | 101c | 0 |
| Mar 31, 2025 | 5 | $95.7M | $90.3M | 100c | 0 |
| Dec 31, 2024 | 5 | $147M | $137M | 100c | 0 |
| Sep 30, 2024 | 3 | $31.2M | $31.3M | 101c | 0 |
| Jun 30, 2024 | 3 | $36.2M | $31.0M | 101c | 0 |
| Mar 31, 2024 | 3 | $29.0M | $28.7M | 101c | 0 |
| Dec 31, 2023 | 2 | $25.9M | $25.9M | 102c | 0 |
| Sep 30, 2023 | 2 | $25.9M | $25.6M | 101c | 0 |
| Jun 30, 2023 | 2 | $5.6M | $5.5M | 101c | 0 |
What changed
- Maturity approachingMay 15, 2028
- Maturity approachingMay 15, 2028
- Mark recoveredJun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down across lendersMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down across lendersMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Dec 31, 2025
- Mark recoveredSep 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- Mark recoveredDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Marked down (one lender)Sep 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- PATHSTONE FAMILY OFFICEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Financial Servicesreportedas one filer wrote it