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
S••••••• H•••••••• L••
Also written as: Insight Catastrophe Group, LLC; LLC Amendment No. 1; S••••••• LLC
Principal held
at least $141M
sum of BDC pieces, a lower bound
Fair value
$270M
100c on cost, debt pieces
Unfunded
$62.3M
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
5
2 equity pieces beside them
Next maturity
Jan 1, 2030
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
13
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 $134M | 100c | SOFR+450 bp | Jan 28, 2030 | 3 |
| first lien delayed draw term loan first lien | at least $6.2M | 101c | SOFR+450 bp | Jan 28, 2030 | 1 |
| second lien term loan second lien exited Dec 31, 2025 | at least $8.9M | 100c | SOFR+475 bp PIK 1.44% | Jan 28, 2030 | 2 |
| first lien revolver first lien exited Dec 31, 2022 | at least $5.9M | 100c | S+575 bp | Jan 1, 2028 | 1 |
| second lien delayed draw term loan second lien exited Dec 31, 2025 | at least $2.1M | 101c | SOFR+475 bp PIK 1.44% | Jan 28, 2030 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien First lien senior secured loan 1 | $34.3M | $34.3M 100c | S+450 bp |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan 2 | $23.9M | $23.9M 100c | S+450 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• C•••••• C••• | equity equity Series A units | n/a | $129M 184c | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan | $66.5M | $66.5M 101c | S+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/28/2030 One | $836,000 | $834,000 101c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/28/2030 One | $3.0M | $3.0M 100c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Term Loan B | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/28/2030 | $1.0M | $1.0M 100c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/28/2030 | $4.3M | $4.3M 101c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/28/2030 One | $3.9M | $3.9M 100c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/28/2030 | $1.4M | $1.4M 99c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/28/2030 | $1.4M | $1.4M 101c | SOFR+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 | 3 | $141M | $141M | 100c | 0 |
| Mar 31, 2026 | 3 | $181M | $181M | 100c | 0 |
| Dec 31, 2025 | 3 | $212M | $212M | 100c | 12 |
| Sep 30, 2025 | 2 | $164M | $164M | 100c | 0 |
| Jun 30, 2025 | 2 | $122M | $122M | 100c | 0 |
| Mar 31, 2025 | 2 | $123M | $123M | 100c | 0 |
| Dec 31, 2024 | 2 | $34.9M | $34.9M | 100c | 0 |
| Sep 30, 2024 | 2 | $68.3M | $68.2M | 100c | 0 |
| Jun 30, 2024 | 2 | $4.8M | $4.8M | 100c | 0 |
| Mar 31, 2024 | 2 | $4.8M | $4.8M | 101c | 0 |
| Dec 31, 2023 | 2 | $9.6M | $9.5M | 100c | 0 |
| Sep 30, 2023 | 2 | $5.4M | $5.3M | 100c | 0 |
| Jun 30, 2023 | 1 | $700,000 | $700,000 | 100c | 0 |
| Mar 31, 2023 | 1 | $700,000 | $700,000 | 100c | 0 |
| Dec 31, 2022 | 1 | $33.9M | $33.7M | 99c | 2 |
| Sep 30, 2022 | 1 | $14.1M | $14.1M | 100c | 1 |
What changed
- PIK interest appearsDec 31, 2025
- New lender joined a facilityDec 31, 2025
- PIK interest appearsDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- New lender joined a facilityMar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Marked down (one lender)Jun 30, 2024
- Facility left every BDC scheduleDec 31, 2022
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
- F•••••••• F•••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedflexpointford.com"portfolio card on https://flexpointford.com/investments/: visit website | S••••••• | S••••••• is one of the largest independent Managing General Underwriters focused on providing catastrophe-exposed p"
Identity
- Group key
- SAGESUREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Insurance Brokersreportedas one filer wrote it