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
L••••• T•• I••••••••• I•• I••
Also written as: 2023; 24; 25; Inc. - Unfunded; Inc. Acquisition 10; Inc. Acquisitions 5; Inc. Funded
Principal held
at least $99.5M
sum of BDC pieces, a lower bound
Fair value
$72.8M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Dec 31, 2026
$99.5M inside 24 months
On the tape since
Jun 30, 2023
latest Jun 30, 2026
Events
6
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 $90.7M | 100c | SOFR+525 bp | May 31, 2028 | 3 |
| first lien revolver first lien | at least $8.8M | 96c | SOFR+525 bp | May 31, 2028 | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien First Lien Secured Debt Acquisition 10/25/2023 Maturity 5/31/2028 Industry Personal Produc | $12.1M | $12.0M 100c | SOFR+525 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien First Lien Secured Debt Revolver Acquisition 5/24/2023 Maturity 5/31/2028 Industry Persona | $739,000 | $735,000 99c | SOFR+525 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien First Lien Secured Debt Term Loan Acquisition 5/24/2023 Maturity 12/31/2026 Industry Perso | $9.2M | $0 | 0.00% |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien First Lien Secured Debt Revolver Acquisition 5/24/2023 Maturity 5/31/2028 Industry Persona | $6.7M | $-33,000 | 0.00% |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien First Lien Secured Debt Acquisition 5/24/2023 Maturity 5/31/2028 Industry Personal Product | $57.2M | $56.9M 100c | SOFR+525 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien First Lien Secured Debt Term Loan Acquisition 5/24/2023 Maturity 12/31/2026 Industry Perso | $6.4M | $32,000 | 0.00% |
| P••••••••• I••••••••• C••• | term loan first lien First Lien Secured Debt Acquisition 5/25/2023 Maturity 5/31/2028 Industry Consumer Product | $347,000 | $346,000 100c | SOFR+525 bp |
| P••••••••• I••••••••• C••• | revolver first lien First Lien Secured Debt Revolver Acquisition 5/25/2023 Maturity 5/31/2028 Industry Consume | $1.2M | $-6,000 | 0.00% |
| P••••••••• I••••••••• C••• | term loan first lien First Lien Secured Debt Term Loan Acquisition 5/25/2023 Maturity 12/31/2026 Industry Consu | $1.2M | $6,000 | 0.00% |
| P••••••••• I••••••••• C••• | revolver first lien First Lien Secured Debt Revolver Acquisition 5/25/2023 Maturity 5/31/2028 Industry Consume | $138,000 | $137,000 99c | SOFR+525 bp |
| P••••••••• I••••••••• C••• | term loan first lien First Lien Secured Debt Term Loan - 2nd Amendment Acquisition 5/25/2023 Maturity 12/31/202 | $1.7M | $0 | 0.00% |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 5/31/2028 | $7,000 | $7,000 117c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 5/31/2028 One | $31,000 | $31,000 115c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 5/31/2028 | $2.6M | $2.6M 100c | SOFR+525 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 | $99.5M | $72.8M | 100c | 0 |
| Mar 31, 2026 | 3 | $100.0M | $75.0M | 100c | 0 |
| Dec 31, 2025 | 3 | $111M | $85.6M | 100c | 0 |
| Sep 30, 2025 | 3 | $165M | $137M | 101c | 0 |
| Jun 30, 2025 | 3 | $80.9M | $76.3M | 101c | 0 |
| Mar 31, 2025 | 3 | $66.2M | $63.0M | 102c | 0 |
| Dec 31, 2024 | 3 | $76.9M | $72.2M | 101c | 0 |
| Sep 30, 2024 | 3 | $250M | $183M | 100c | 0 |
| Jun 30, 2024 | 3 | $38.4M | $36.3M | 101c | 0 |
| Mar 31, 2024 | 3 | $38.5M | $35.9M | 100c | 0 |
| Dec 31, 2023 | 3 | $38.6M | $36.3M | 101c | 0 |
| Sep 30, 2023 | 3 | $74.4M | $69.7M | 100c | 0 |
| Jun 30, 2023 | 2 | $35.2M | $31.1M | 100c | 0 |
What changed
- Maturity approachingMay 31, 2028
- Maturity approachingMay 31, 2028
- Marked down (one lender)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread increasedSep 30, 2024
- New lender joined a facilityDec 31, 2023
- Spread increasedSep 30, 2023
- New borrower on a BDC scheduleJun 30, 2023
Sponsor
- G•••• C••••••
- the sponsor's own portfolio page lists a company of this nameestimatedgaugecapital.com"G•••• C•••••• (“G••••”), a leading middle market private equity firm, announced that it has partnered with the founder and team of L••••• T•• ( www.lovingtan.com ) (the “Company”) to form a strategic "
Identity
- Group key
- LOVING TANderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Consumer Productsreportedas one filer wrote it