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
A• S•••••••
Also written as: BayPine Regal Co-Invest, LP; Inc. (dba Relation; Inc. Asset Type; Letters of Credit; Relation; Relation Insurance; Undrawn Commitment
Principal held
at least $296M
sum of BDC pieces, a lower bound
Fair value
$285M
99c on cost, debt pieces
Unfunded
$55.1M
commitments not yet drawn
BDC lenders
10
8 on the latest quarter
Facilities
5
2 equity pieces beside them
Next maturity
Jul 24, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2021
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 $287M | 100c | SOFR+500 bp | Jul 24, 2033 | 9 |
| first lien delayed draw term loan first lien | at least $6.3M | 95c | SOFR+500 bp | Jul 24, 2033 | 2 |
| first lien revolver first lien | at least $3.2M | n/a | SOFR+500 bp | Jul 24, 2032 | 3 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 2 | |
| revolver lien unstated | unknown | n/a | unstated | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | revolver lien unstated Revolver Commitment Expiration Date 7/24/2032 | n/a | $-3,000 | |
| A•••••• P•••••• C••••• F••• | revolver first lien First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.75% Maturity Date | $685,000 | $-3,000 100c | SOFR+500 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Maturity Date | $6.1M | $6.1M 100c | SOFR+500 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% | $1.4M | $66,000 96c | SOFR+500 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 6/1/2028 | n/a | $-6,000 | |
| A•••••• S•••••••• C••••• F••• | revolver lien unstated Revolver Commitment Expiration Date 7/24/2032 | n/a | $-12,000 | |
| A•••••• S•••••••• C••••• F••• | term loan first lien First Lien Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% Maturity Date | $21.9M | $21.9M 100c | SOFR+500 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 6/1/2028 | n/a | $-23,000 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien First Lien Revolver Reference Rate and Spread S + 5.00% Interest Rate 8.75% Maturity Date | $2.5M | $-12,000 133c | SOFR+500 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.75% | $4.9M | $237,000 95c | SOFR+500 bp |
| A••• C•••••• C••• | equity equity Limited partnership interests | n/a | $5.0M 100c | |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan | $140M | $139M 99c | S+500 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• S•••••••• I••••• F••• | equity equity Limited partnership interests | n/a | $5.0M 100c | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan | $11.7M | $11.6M 101c | S+500 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Interest Rate 8.74% Reference Rate and Spr | n/a | $40,000 100c | SOFR+500 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Interest Rate 8.66% Reference Rate and Spr | $3.7M | $3.7M 100c | SOFR+500 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Reference Rate and Spread S + 5.00% Maturi | $413,000 | $-3,000 100c | SOFR+500 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Reference Rate and Spread S + 5.00% Maturi | $6.2M | $-47,000 100c | SOFR+500 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Interest Rate 8.66% Reference Rate and Spr | $55.4M | $55.1M 100c | SOFR+500 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Interest Rate 8.74% Reference Rate and Spr | n/a | $597,000 100c | SOFR+500 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Reference Rate and Spread S + 5.00% Maturi | $1.9M | $-14,000 100c | SOFR+500 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Interest Rate 8.66% Reference Rate and Spr | $16.6M | $16.5M 100c | SOFR+500 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Interest Rate 8.74% Reference Rate and Spr | n/a | $179,000 101c | SOFR+500 bp |
| W••• B•• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Interest Rate 8.66% Reference Rate and Spr | $20.6M | $20.5M 100c | SOFR+500 bp |
| W••• B•• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Reference Rate and Spread S + 5.00% Maturi | $2.3M | $-18,000 106c | SOFR+500 bp |
| W••• B•• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry I•••••••• Interest Rate 8.74% Reference Rate and Spr | n/a | $222,000 100c | SOFR+500 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 | 8 | $296M | $275M | 99c | 0 |
| Mar 31, 2026 | 6 | $368M | $236M | 100c | 0 |
| Dec 31, 2025 | 5 | $323M | $291M | 100c | 0 |
| Sep 30, 2025 | 5 | $217M | $200M | 100c | 0 |
| Jun 30, 2025 | 6 | $225M | $200M | 100c | 0 |
| Mar 31, 2025 | 5 | $220M | $191M | 100c | 0 |
| Dec 31, 2024 | 6 | $219M | $186M | 99c | 0 |
| Sep 30, 2024 | 5 | $215M | $179M | 99c | 0 |
| Jun 30, 2024 | 6 | $108M | $108M | 101c | 0 |
| Mar 31, 2024 | 6 | $108M | $106M | 101c | 0 |
| Dec 31, 2023 | 5 | $187M | $149M | 100c | 0 |
| Sep 30, 2023 | 2 | $27.1M | $26.4M | 97c | 0 |
| Jun 30, 2023 | 2 | $27.2M | $25.5M | 94c | 0 |
| Mar 31, 2023 | 2 | $27.1M | $26.0M | 96c | 0 |
| Dec 31, 2022 | 2 | $25.5M | $25.1M | 98c | 0 |
| Sep 30, 2022 | 1 | $49.6M | $49.6M | 100c | 0 |
| Mar 31, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $42.4M | $42.4M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Spread increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Mark recoveredMar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Maturity extended (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Maturity extended (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
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
Sponsor
- Q• G••••• F••••• O••••••• L••
- Form D signer consensus, grade Aestimated"Form D vehicle A• S••••••• Parent, LLC (2025-11-06), signers: Timothy J Hall"
- S•••••••• C••••••• L•••
- Form D signer consensus, grade Aestimated"Form D vehicle A• S••••••• Parent, LLC (2025-11-06), signers: Jaryd Nathan Solomon; Jaryd L Solomon"
- A••••••• H••••••• L••
- Form D signer consensus, grade Aestimated"Form D vehicle A• S••••••• Parent, LLC (2025-11-06), signers: Thomas O Lynch; Christopher E Watson; Jeffrey W Greenberg; Geoffrey O Kalish"
- A••••••• H••••••• L••
- Form D signer consensus, grade Aestimated"Form D vehicle A• S••••••• Parent, LLC (2025-11-06), signers: Geoffrey O Kalish; Jeffrey W Greenberg"
- B•••••• P•••• C•••••• P•••••••• L••
- Form D signer consensus, grade Aestimated"Form D vehicle A• S••••••• Parent, LLC (2025-11-06), signers: Timothy J Hall"
- A••••••• M••••••••• H••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedaquiline.com"portfolio card on https://aquiline.com/portfolio/: r••••••• i•••••••• | I•••••••• Distribution & Risk | R••••••• is one of the largest independent insurance brokers in the United States. Since its fou"
- B•••••• H••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedaquiline.com"BayPine LP (“B••••••”) is a private investment firm that drives digital transformation, innovation, and sustainable growth in market-leading essential services businesses."
- A••••••• C•••••• P••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedaquiline.com"A•••••••, a global private investment firm, today announced that it has entered into a definitive agreement to sell R•••••••, one of the largest independent insurance brokers in the United States, to "
Identity
- Group key
- A• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived
- Industry
- Insurance)reportedas one filer wrote it