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
E••• P••••••••• I••
Diversified Consumer Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. Investments; Incremental TL
Principal held
at least $126M
sum of BDC pieces, a lower bound
Fair value
$120M
101c on cost, debt pieces
Unfunded
$27.8M
commitments not yet drawn
BDC lenders
10
9 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Feb 14, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
8
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 $120M | 101c | SOFR+450 bp | Feb 14, 2031 | 9 |
| first lien delayed draw term loan first lien | at least $5.1M | n/a | SOFR+450 bp | Feb 14, 2031 | 4 |
| first lien revolver first lien | at least $497,000 | 98c | SOFR+450 bp | Feb 14, 2031 | 2 |
| revolver lien unstated | unknown | n/a | unstated | 5 | |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 7 | |
| other lien unstated exited Jun 30, 2025 | at least $44.4M | 102c | S+550 bp | unstated | 8 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 02/1 | $149,000 | $149,000 104c | SOFR+450 bp |
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 02/1 | $0 | $-0 0c | SOFR+450 bp |
| L••• P•••••• C••••• L•• | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 08/14/2026 | n/a | n/a | |
| L••• P•••••• C••••• L•• | revolver lien unstated Revolver Commitment Expiration Date 02/14/2031 | n/a | n/a | |
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 02/1 | $4.9M | $4.9M 101c | SOFR+450 bp |
| M••••• S•••••• D••••• L•••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 08/14/2026 | n/a | n/a | |
| M••••• S•••••• D••••• L•••••• F••• | revolver lien unstated Revolver Commitment Expiration Date 02/14/2031 | n/a | n/a | |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturit | $0 | $-0 0c | SOFR+450 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturit | $1.0M | $1.0M 104c | SOFR+450 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturit | $18.5M | $18.5M 101c | SOFR+450 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity | $5.0M | $5.0M 100c | SOFR+5 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 02/1 | $112,000 | $112,000 105c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 02/1 | $3.8M | $3.8M 101c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturity Date 02/1 | $0 | $0 0c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 08/14/2026 | n/a | $0 | |
| N•••• H•••• P•••••• I••••• F••• A• L•• | revolver lien unstated Revolver Commitment Expiration Date 02/14/2031 | n/a | $0 | |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien Revolver Commitment Expiration Date 02/14/2031 | n/a | n/a | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity | $31.1M | $31.1M 101c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity | $1.7M | $1.7M 104c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 2/14/2031 One | $0 | $0 | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | delayed draw term loan first lien Delayed Draw Term Loan Commitment Expiration Date 08/14/2026 | n/a | n/a | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 2/14/2031 | $4.8M | $4.8M 100c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 2/14/2031 Two | $263,000 | $263,000 100c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.14% Maturity | $0 | $0 0c | SOFR+450 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $3.0M | $-56,000 | S+450 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien Delayed Draw Loan | n/a | n/a | |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien First Lien Debt | $10.4M | $10.2M 99c | S+450 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien First Lien Debt | $18.5M | $18.1M 99c | S+450 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien Delayed Draw Loan | n/a | n/a | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $2.1M | $-38,000 543c | S+450 bp |
| S• I••••••••• F••• I• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.14% Maturit | $4.5M | $4.5M 100c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Credit Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 2/14/2031 | $497,000 | $482,000 98c | 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 | 2/14/2031 | $0 | $-26,000 217c | SOFR+100 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 2/14/2031 One | $3.7M | $3.6M 100c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien NCNA Debt Inv. | First Lien Senior Secured Loan | 2/14/2031 | $4.3M | $4.2M 100c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 2/14/2031 | $3.4M | $3.3M 100c | SOFR+450 bp |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S+ 4.50% Interest Rate 8.14% Maturity Date 02/14 | $0 | $-0 0c | SOFR+450 bp |
| T• S••••• B•• L•• | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 08/14/2026 | n/a | n/a | |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S+ 4.50% Interest Rate 8.14% Maturity Date 02/14 | $59,000 | $59,000 105c | SOFR+450 bp |
| T• S••••• B•• L•• | revolver lien unstated Revolver Commitment Expiration Date 02/14/2031 | n/a | n/a | |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S+ 4.50% Interest Rate 8.14% Maturity Date 02/14 | $4.0M | $4.0M 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 | 9 | $126M | $120M | 101c | 0 |
| Mar 31, 2026 | 9 | $123M | $117M | 100c | 0 |
| Dec 31, 2025 | 9 | $124M | $118M | 101c | 0 |
| Sep 30, 2025 | 8 | $94.6M | $89.2M | 102c | 0 |
| Jun 30, 2025 | 8 | $94.9M | $89.5M | 102c | 0 |
| Mar 31, 2025 | 8 | $96.3M | $90.9M | 102c | 0 |
| Dec 31, 2024 | 8 | $195M | $184M | 102c | 0 |
| Sep 30, 2024 | 6 | $72.7M | $72.6M | 102c | 0 |
| Jun 30, 2024 | 6 | $74.0M | $73.7M | 102c | 0 |
| Mar 31, 2024 | 7 | $78.1M | $76.2M | 100c | 0 |
| Dec 31, 2023 | 2 | $0 | $0 | n/a | 0 |
What changed
- Spread changed (observed)Mar 31, 2026
- Mark recoveredMar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread increasedDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 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
- E••• PURCHASERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived
- Industry
- Diversified Consumer Servicesreportedas one filer wrote it