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
R•••••• I••••••••• U• I••••••••• H•••••• I••
Capital Marketsgroup grade Aon a schedule nowsponsor unattributed
Principal held
at least $122M
sum of BDC pieces, a lower bound
Fair value
$121M
101c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
7
1 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Dec 29, 2032
no dated debt inside 24 months
On the tape since
Jun 30, 2024
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 $122M | 101c | SOFR+500 bp PIK 0.75% | Dec 29, 2032 | 6 |
| first lien revolver first lien | unknown | n/a | SOFR+500 bp | Dec 29, 2032 | 2 |
| other lien unstated exited Sep 30, 2025 | at least $5.8M | 97c | S+650 bp PIK 1.50% | May 28, 2027 | 1 |
| revolver lien unstated exited Mar 31, 2026 | unknown | n/a | unstated | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment Type First Lien Secured D••• - Term Loan Interest Rate S+500, Cash plus 0.75% P | $122M | $121M 101c | SOFR+500 bp PIK 0.75% |
| A••••• D••• S•••••••• B•• | revolver first lien Investment Type First Lien Secured D••• - Revolver Interest Rate S+500, 2.00% Floor Maturi | n/a | $-80,000 54c | SOFR+500 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 | 1 | $122M | $121M | 101c | 1 |
| Mar 31, 2026 | 2 | $122M | $120M | 100c | 1 |
| Dec 31, 2025 | 2 | $121M | $119M | 100c | 0 |
| Sep 30, 2025 | 6 | $29.3M | $28.3M | 99c | 5 |
| Jun 30, 2025 | 6 | $29.3M | $27.9M | 99c | 5 |
| Mar 31, 2025 | 5 | $30.7M | $28.6M | 102c | 6 |
| Dec 31, 2024 | 6 | $42.1M | $38.1M | 102c | 9 |
| Sep 30, 2024 | 4 | $11.0M | $9.9M | 94c | 4 |
| Jun 30, 2024 | 4 | $13.0M | $11.9M | 96c | 4 |
What changed
- Spread changed (observed)Jun 30, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- PIK interest appearsMar 31, 2025
- Lender left a facilityMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Spread increasedMar 31, 2025
- PIK interest appearsMar 31, 2025
- New lender joined a facilityDec 31, 2024
- Spread increasedSep 30, 2024
- New borrower on a BDC scheduleJun 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
- RUSSELL INSTITUTIONALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Capital Marketsreportedas one filer wrote it