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••••• M•••••• C•••••••• L••
Internet Services & Infrastructuregroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC 2025; LLC 2025 Incremental DDTL Loan; S••••• M•••••• C••••••• Holdings LLC
Principal held
at least $29.2M
sum of BDC pieces, a lower bound
Fair value
$22.5M
100c on cost, debt pieces
Unfunded
$6.7M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Nov 30, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
3
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 $22.6M | 100c | SOFR+514 bp | Nov 30, 2029 | 2 |
| first lien delayed draw term loan first lien | at least $6.7M | n/a | SOFR+514 bp | Nov 30, 2029 | 2 |
| first lien revolver first lien exited Jun 30, 2025 | at least $0 | n/a | 0.50% | Nov 30, 2029 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••• P•••• D••••• L•••••• B•• | delayed draw term loan first lien Investment First Lien Debt - Delayed Draw Reference Rate and Spread S + 5.14% Maturity Dat | $6.7M | $0 0c | SOFR+514 bp |
| S•••• P•••• D••••• L•••••• B•• | delayed draw term loan first lien Commitment Type First Lien Debt - Delayed Draw Commitment Expiration Date 11/30/2029 | n/a | n/a | |
| S•••• P•••• D••••• L•••••• B•• | term loan first lien Investment First Lien Debt - Term Loan Reference Rate and Spread S + 5.14% Interest Rate 8 | $10.3M | $10.3M 100c | SOFR+514 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 11/30/2029 One | $4.1M | $4.1M 100c | SOFR+514 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | $4.2M | $4.2M 100c | SOFR+514 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 11/30/2029 | $0 | $-3,000 100c | SOFR+100 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 11/30/2029 | $628,000 | $623,000 100c | SOFR+514 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | $3.3M | $3.2M 100c | SOFR+514 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 | 2 | $29.2M | $22.5M | 100c | 0 |
| Mar 31, 2026 | 2 | $29.6M | $22.7M | 100c | 0 |
| Dec 31, 2025 | 2 | $28.7M | $22.8M | 100c | 0 |
| Sep 30, 2025 | 1 | $11.7M | $11.6M | 100c | 0 |
| Jun 30, 2025 | 1 | $11.7M | $11.7M | 100c | 0 |
| Mar 31, 2025 | 1 | $8.7M | $8.6M | 100c | 0 |
| Dec 31, 2024 | 1 | $33.2M | $32.8M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Facility left every BDC scheduleJun 30, 2025
- New borrower on a BDC scheduleDec 31, 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
- SALUTE MISSION CRITICALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 2 BDCsderived
- Industry
- Internet Services & Infrastructurereportedas one filer wrote it