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
M••••••• T••••••••• I••••••••• H•••••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: Inc. - Funded; Inc. - Series A Preferred Shares; Mandolin Technology Holdings, Inc
Principal held
at least $210M
sum of BDC pieces, a lower bound
Fair value
$213M
85c on cost, debt pieces
Unfunded
$10.0M
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Apr 30, 2028
$2.0M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
12
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $191M | 85c | S+650 bp PIK 6.50% | Jul 30, 2029 | 2 |
| second lien term loan second lien | at least $19.0M | 81c | PIK 10.30% | Jul 30, 2029 | 1 |
| other lien unstated exited Dec 31, 2022 | at least $162M | 98c | S+650 bp | Jul 30, 2029 | 2 |
Equity pieces beside the debt: preferred equity ($34.9M fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Non-Affiliated Issuer | $34.7M | $26.7M 77c | S+650 bp PIK 6.50% |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Non-Affiliated Issuer | $61.1M | $55.0M 91c | S+625 bp |
| B••••••••• P•••••• C••••• F••• | preferred equity equity Series A Preferred Shares | Non-Affiliated Issuer | n/a | $31.4M 101c | 10.50% |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Non-Affiliated Issuer | $74.8M | $63.2M 85c | S+375 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Non-Affiliated Issuer | $1.8M | $1.2M 70c | S+375 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Non-Affiliated Issuer | $196,000 | $136,000 70c | S+375 bp |
| B••••••••• S•••••• L•••••• F••• | preferred equity equity Series A Preferred Shares | Non-Affiliated Issuer | n/a | $3.5M 101c | 10.50% |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Non-Affiliated Issuer | $3.9M | $3.0M 77c | S+650 bp PIK 6.50% |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Non-Affiliated Issuer | $8.3M | $7.0M 85c | S+375 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Non-Affiliated Issuer | $6.8M | $6.1M 91c | S+625 bp |
| S•••• P•••• C••••• C••• | term loan second lien Second Lien Term Loan, Due 7/30/2029 | $19.0M | $15.3M 81c | PIK 10.30% |
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 | $210M | $178M | 85c | 3 |
| Mar 31, 2026 | 3 | $211M | $185M | 88c | 3 |
| Dec 31, 2025 | 3 | $211M | $187M | 89c | 2 |
| Sep 30, 2025 | 3 | $211M | $187M | 90c | 2 |
| Jun 30, 2025 | 3 | $208M | $184M | 90c | 2 |
| Mar 31, 2025 | 3 | $206M | $180M | 89c | 2 |
| Dec 31, 2024 | 3 | $419M | $374M | 90c | 0 |
| Sep 30, 2024 | 3 | $216M | $203M | 95c | 0 |
| Jun 30, 2024 | 3 | $214M | $202M | 96c | 0 |
| Mar 31, 2024 | 3 | $214M | $203M | 96c | 0 |
| Dec 31, 2023 | 3 | $214M | $203M | 96c | 0 |
| Sep 30, 2023 | 3 | $208M | $194M | 95c | 0 |
| Jun 30, 2023 | 3 | $209M | $188M | 92c | 0 |
| Mar 31, 2023 | 3 | $151M | $143M | 96c | 0 |
| Dec 31, 2022 | 3 | $180M | $172M | 97c | 0 |
| Sep 30, 2022 | 2 | $125M | $123M | 99c | 0 |
| Dec 31, 2021 | 2 | $131M | $129M | 100c | 0 |
What changed
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- Maturity shortened (observed)Mar 31, 2025
- Maturity shortened (observed)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- 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
- Spread changed (observed)Sep 30, 2023
- Spread changed (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Facility left every BDC scheduleDec 31, 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
- MANDOLIN TECHNOLOGYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 4 BDCsderived