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••
Road and Railgroup grade Aon a schedule nowsponsor unattributed
Also written as: a Delaware corporation purchase; Inc (Keep
Principal held
at least $105M
sum of BDC pieces, a lower bound
Fair value
$105M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Apr 8, 2027
$105M inside 24 months
On the tape since
Dec 31, 2022
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 $105M | 100c | SOFR+736 bp | Apr 8, 2027 | 4 |
| first lien delayed draw term loan first lien exited Dec 31, 2023 | at least $3.0M | 100c | S+768 bp | Apr 8, 2025 | 1 |
Equity pieces beside the debt: warrants ($878,362 fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• D••••• L•••••• C•••• | term loan first lien Instrument First Lien Incremental Term Loan 2 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spre | $516,650 | $514,067 100c | SOFR+736 bp |
| B•••••••• D••••• L•••••• C•••• | warrants equity Warrants to Purchase Common Stock Acquisition Date 11/27/2024 | n/a | n/a | |
| B•••••••• D••••• L•••••• C•••• | term loan first lien Instrument First Lien Incremental Term Loan 1 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spre | $1.0M | $995,000 100c | SOFR+736 bp |
| B•••••••• D••••• L•••••• C•••• | term loan first lien Instrument First Lien Incremental Term Loan 3 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spre | $483,350 | $480,933 100c | SOFR+736 bp |
| B•••••••• D••••• L•••••• C•••• | term loan first lien Instrument First Lien Term Loan (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total | $3.0M | $3.0M 100c | SOFR+736 bp |
| B•••••••• D••••• L•••••• C•••• | warrants equity Instrument Warrants to Purchase Common Stock | n/a | $73,197 98c | |
| B•••••••• P•••••• C••••• F••• | term loan first lien Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.01% M | $44.9M | $44.6M 100c | SOFR+736 bp |
| B•••••••• T•• C•••••• C•••• | term loan first lien First Lien Incremental Term Loan 1 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% To | $13.3M | $13.2M 100c | SOFR+736 bp |
| B•••••••• T•• C•••••• C•••• | term loan first lien First Lien Incremental Term Loan 2 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% To | $10.1M | $10.1M 100c | SOFR+736 bp |
| B•••••••• T•• C•••••• C•••• | warrants equity Warrants to Purchase Common Stock Expiration 11/27/2034 | n/a | $805,165 98c | |
| B•••••••• T•• C•••••• C•••• | term loan first lien First Lien Term Loan (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11. | $29.6M | $29.5M 100c | SOFR+736 bp |
| B•••••••• T•• C•••••• C•••• | term loan first lien First Lien Incremental Term Loan 3 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% To | $2.0M | $2.0M 100c | SOFR+736 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 | $105M | $104M | 100c | 0 |
| Mar 31, 2026 | 3 | $105M | $104M | 100c | 0 |
| Dec 31, 2025 | 3 | $105M | $105M | 101c | 0 |
| Sep 30, 2025 | 2 | $60.0M | $59.7M | 100c | 0 |
| Jun 30, 2025 | 2 | $60.0M | $59.5M | 100c | 0 |
| Mar 31, 2025 | 2 | $60.0M | $59.5M | 100c | 0 |
| Dec 31, 2024 | 2 | $65.0M | $64.7M | 101c | 0 |
| Sep 30, 2024 | 2 | $60.0M | $59.6M | 101c | 0 |
| Jun 30, 2024 | 2 | $60.0M | $59.5M | 101c | 0 |
| Mar 31, 2024 | 2 | $60.0M | $59.6M | 101c | 0 |
| Dec 31, 2023 | 3 | $65.0M | $64.7M | 100c | 0 |
| Sep 30, 2023 | 3 | $60.0M | $59.6M | 100c | 0 |
| Jun 30, 2023 | 3 | $60.0M | $59.4M | 109c | 0 |
| Mar 31, 2023 | 3 | $60.0M | $59.3M | 109c | 0 |
| Dec 31, 2022 | 3 | $90.0M | $89.4M | 100c | 0 |
What changed
- Maturity approachingApr 8, 2027
- Maturity approachingApr 8, 2027
- Maturity approachingApr 8, 2027
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Facility left every BDC scheduleDec 31, 2023
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- MOTIVE TECHNOLOGIESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Road and Railreportedas one filer wrote it