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•••• A• H•••••••• L••
group grade Bon a schedule nowsponsor unattributed
Also written as: 283; 584; 874; Equity Securities; Junior; LLC (314; LLC (325; LLC (45
Principal held
at least $23.0M
sum of BDC pieces, a lower bound
Fair value
$12.2M
56c on cost, debt pieces
Unfunded
$488,000
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
6
2 equity pieces beside them
Next maturity
Aug 20, 2026
$23.0M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
27
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated term loan unsecured or subordinated | at least $22.0M | 55c | S+640 bp PIK 10.25% | Aug 11, 2027 | 1 |
| first lien delayed draw term loan first lien | at least $975,000 | 103c | S+610 bp | Aug 20, 2026 | 1 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 1 | |
| term loan lien unstated exited Mar 31, 2025 | at least $12.2M | 49c | S+640 bp PIK 10.70% | Aug 11, 2027 | 1 |
| first lien term loan first lien exited Mar 31, 2026 | at least $9.8M | 113c | S+640 bp PIK 4.00% | Aug 11, 2027 | 1 |
| first lien revolver first lien exited Sep 30, 2024 | at least $2.4M | 84c | S+735 bp | Aug 11, 2027 | 1 |
Equity pieces beside the debt: preferred equity ($0 fair value, 1 BDC), equity ($0 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• C•••••• I••••• P••• C••• | term loan unsecured or subordinated Junior Secured Loans | $1.8M | $855,000 47c | S+640 bp PIK 10.13% |
| M••••• C•••••• I••••• P••• C••• | term loan unsecured or subordinated Junior Secured Loans | $4.0M | $0 0c | PIK 10.00% |
| M••••• C•••••• I••••• P••• C••• | preferred equity equity Series C preferred units) | Equity Securities | $0 | $0 0c | |
| M••••• C•••••• I••••• P••• C••• | preferred equity equity Class A preferred units) | Equity Securities | $0 | $0 0c | |
| M••••• C•••••• I••••• P••• C••• | equity equity Series B units) | Equity Securities | $0 | $0 0c | |
| M••••• C•••••• I••••• P••• C••• | term loan unsecured or subordinated Junior Secured Loans | $84,000 | $0 0c | PIK 4.00% |
| M••••• C•••••• I••••• P••• C••• | term loan unsecured or subordinated Junior Secured Loans | $4.9M | $0 0c | PIK 10.25% |
| M••••• C•••••• I••••• P••• C••• | term loan unsecured or subordinated Junior Secured Loans | $1.5M | $708,000 48c | S+615 bp |
| M••••• C•••••• I••••• P••• C••• | term loan unsecured or subordinated Junior Secured Loans | $4.4M | $4.6M 114c | S+620 bp PIK 4.00% |
| M••••• C•••••• I••••• P••• C••• | equity equity Series L units) | Equity Securities | $0 | $0 | |
| M••••• C•••••• I••••• P••• C••• | term loan unsecured or subordinated Junior Secured Loans | $5.3M | $5.5M 111c | S+640 bp PIK 9.88% |
| M••••• C•••••• I••••• P••• C••• | delayed draw term loan first lien Delayed Draw) | Senior Secured Loans | $975,000 | $500,000 103c | S+610 bp |
| M••••• C•••••• I••••• P••• C••• | delayed draw term loan lien unstated Delayed Draw) | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | term loan unsecured or subordinated Junior Secured Loans | $68,000 | $0 0c |
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 | 1 | $23.0M | $12.2M | 56c | 6 |
| Mar 31, 2026 | 1 | $22.3M | $13.1M | 61c | 6 |
| Dec 31, 2025 | 1 | $22.4M | $13.1M | 61c | 6 |
| Sep 30, 2025 | 1 | $22.3M | $15.3M | 70c | 6 |
| Jun 30, 2025 | 1 | $22.5M | $16.1M | 73c | 6 |
| Mar 31, 2025 | 1 | $21.9M | $15.7M | 71c | 4 |
| Dec 31, 2024 | 1 | $43.7M | $32.9M | 74c | 8 |
| Sep 30, 2024 | 1 | $21.4M | $17.8M | 84c | 0 |
| Jun 30, 2024 | 1 | $21.2M | $17.7M | 84c | 5 |
| Mar 31, 2024 | 1 | $21.2M | $19.8M | 95c | 5 |
| Dec 31, 2023 | 1 | $45.3M | $41.9M | 95c | 12 |
| Sep 30, 2023 | 1 | $21.1M | $20.4M | 97c | 5 |
| Jun 30, 2023 | 1 | $21.5M | $20.5M | 98c | 0 |
| Mar 31, 2023 | 1 | $21.3M | $18.5M | 99c | 0 |
| Dec 31, 2022 | 1 | $42.6M | $37.6M | 101c | 0 |
What changed
- Maturity approachingAug 11, 2027
- Maturity approachingAug 11, 2027
- Maturity approachingAug 20, 2026
- Maturity approachingAug 20, 2026
- Maturity approachingAug 20, 2026
- Mark recoveredJun 30, 2026
- Facility left every BDC scheduleMar 31, 2026
- Marked down across lendersDec 31, 2025
- Mark recoveredDec 31, 2025
- Marked down across lendersJun 30, 2025
- PIK interest increasedJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest increasedJun 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- Mark recoveredMar 31, 2025
- PIK interest appearsDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- PIK interest appearsDec 31, 2024
- Facility left every BDC scheduleSep 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- PIK interest increasedDec 31, 2023
- PIK interest increasedDec 31, 2023
- PIK interest increasedDec 31, 2023
- PIK interest increasedDec 31, 2023
- Spread changed (observed)Sep 30, 2023
- PIK interest appearsSep 30, 2023
- PIK interest appearsSep 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- ADEPTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived