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.
Borrower
Aptean, Inc
Industrial Conglomeratesgroup grade Aon a schedule nowsponsor unattributed
Also written as: 1; Aptean Acquiror Inc; Aptean Acquiror, Inc; Inc. Type
Principal held
at least $661M
sum of BDC pieces, a lower bound
Fair value
$653M
99c on cost, debt pieces
Unfunded
$71.8M
commitments not yet drawn
BDC lenders
27
20 on the latest quarter
Facilities
7
1 equity pieces beside them
Next maturity
Jan 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
7
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 $574M | 99c | SOFR+475 bp | Jan 30, 2031 | 22 |
| other lien unstated | at least $73.3M | 99c | S+475 bp | Jan 30, 2031 | 12 |
| term loan lien unstated | at least $12.1M | 97c | SOFR+475 bp | Jan 30, 2031 | 1 |
| first lien revolver first lien | at least $1.3M | 101c | SOFR+475 bp | Jan 30, 2031 | 14 |
| revolver lien unstated | at least $193,874 | 95c | Prime+475 bp | Jan 30, 2031 | 8 |
| delayed draw term loan lien unstated | unknown | n/a | Jan 30, 2031 | 8 | |
| first lien delayed draw term loan first lien | unknown | n/a | unstated | 13 |
Equity pieces beside the debt: preferred equity ($22.8M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| ARES CAPITAL CORP | unstated lien unstated | n/a | n/a | |
| ARES CAPITAL CORP | revolver first lien First lien senior secured revolving loan | $100,000 | $100,000 100c | S+475 bp |
| ARES CAPITAL CORP | term loan first lien First lien senior secured loan | $19.9M | $19.7M 99c | S+475 bp |
| ARES STRATEGIC INCOME FUND | revolver first lien First lien senior secured revolving loan 2 | $135,500 | $134,100 102c | S+375 bp |
| ARES STRATEGIC INCOME FUND | term loan first lien First lien senior secured loan | $48.4M | $47.9M 99c | S+475 bp |
| ARES STRATEGIC INCOME FUND | revolver first lien First lien senior secured revolving loan 1 | $948,200 | $938,700 102c | S+475 bp |
| ARES STRATEGIC INCOME FUND | unstated lien unstated | n/a | n/a | |
| Blackstone Private Credit Fund | revolver lien unstated Revolver | n/a | n/a | |
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $72.2M | $71.5M 99c | S+475 bp |
| Blackstone Private Credit Fund | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $1.1M | $1.0M 100c | S+375 bp |
| Blue Owl Capital Corp | revolver first lien First lien senior secured revolving loan | n/a | $0 | |
| Blue Owl Capital Corp | term loan first lien First lien senior secured loan | Non-Affiliated | $19.5M | $18.9M 99c | S+475 bp |
| Blue Owl Capital Corp II | term loan first lien First lien senior secured loan | Non Affiliated | $3.7M | $3.6M 98c | S+475 bp |
| Blue Owl Capital Corp II | revolver first lien First lien senior secured revolving loan | Non-Affiliated | n/a | n/a | |
| Blue Owl Credit Income Corp. | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-controlled/non-affiliated | n/a | n/a | |
| Blue Owl Credit Income Corp. | revolver first lien First lien senior secured revolving loan | Non-controlled/non-affiliated | n/a | n/a | |
| Blue Owl Credit Income Corp. | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $124M | $120M 98c | S+475 bp |
| Blue Owl Technology Finance Corp. | revolver first lien First lien senior secured revolving loan | Non-Affiliated Issuer | n/a | $0 | |
| Blue Owl Technology Finance Corp. | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $17.3M | $16.8M 98c | S+475 bp |
| Blue Owl Technology Finance Corp. | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-Affiliated Issuer | n/a | $-77,000 | |
| Blue Owl Technology Income Corp. | revolver first lien First lien senior secured revolving loan | n/a | $0 | |
| Blue Owl Technology Income Corp. | term loan first lien First lien senior secured loan | $44.3M | $43.0M 98c | S+475 bp |
| Blue Owl Technology Income Corp. | delayed draw term loan first lien First lien senior secured delayed draw term loan | n/a | $-83,000 | |
| Fidelity Private Credit Fund | term loan lien unstated Term Loan Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% Maturity Date 1/30/20 | $12.1M | $11.7M 97c | SOFR+475 bp |
| Fidelity Private Credit Fund | revolver lien unstated Revolving Credit Facility Reference Rate and Spread Prime + 3.75% Interest Rate 10.50% Mat | $24,234 | $23,483 97c | Prime+375 bp |
| Fidelity Private Credit Fund | revolver lien unstated Revolving Credit Facility Reference Rate and Spread SOFR + 4.75% Interest Rate 8.42% Matur | $169,640 | $164,381 97c | SOFR+475 bp |
| Fidelity Private Credit Fund | delayed draw term loan lien unstated Delayed Draw Term Loan Maturity Date 1/30/2031 | n/a | $-26,088 885c | |
| Goldman Sachs Private Credit Corp. | term loan first lien 1st Lien/Senior Secured Debt Industry Software Interest Rate 8.68% Reference Rate and Spre | $8.4M | $1.8M 97c | SOFR+475 bp |
| Goldman Sachs Private Credit Corp. | term loan first lien 1st Lien/Senior Secured Debt Industry Software Interest Rate 8.42% Reference Rate and Spre | $123M | $122M 99c | SOFR+475 bp |
| Goldman Sachs Private Credit Corp. | term loan first lien 1st Lien/Senior Secured Debt Industry Software Reference Rate and Spread S + 4.75% Maturit | $11.1M | $-139,000 323c | SOFR+475 bp |
| Jefferies Credit Partners BDC Inc. | revolver first lien Investment Type First Lien Revolver | n/a | $-2,000 | |
| Jefferies Credit Partners BDC Inc. | delayed draw term loan first lien Investment Type First Lien Delayed Draw Term Loan | n/a | $-5,000 | |
| LGAM Private Credit LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/30 | $0 | $-7,000 350c | SOFR+475 bp |
| LGAM Private Credit LLC | revolver lien unstated Revolver Commitment Expiration Date 01/30/2031 | n/a | n/a | |
| LGAM Private Credit LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/30 | $3.8M | $3.7M 99c | SOFR+475 bp |
| LGAM Private Credit LLC | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 02/14/2027 | n/a | n/a | |
| LGAM Private Credit LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturity Date 1/30 | $58,000 | $53,000 95c | Prime+475 bp |
| Morgan Stanley Direct Lending Fund | revolver lien unstated Revolver Commitment Expiration Date 01/30/2031 | n/a | n/a | |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $8.4M | $8.2M 98c | SOFR+5 bp |
| Morgan Stanley Direct Lending Fund | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 02/14/2027 | n/a | n/a | |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $88,000 | $81,000 92c | SOFR+5 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $0 | $-59,000 454c | SOFR+5 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $361,000 | $333,000 94c | SOFR+5 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $25.3M | $24.8M 99c | SOFR+5 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $0 | $-38,000 -1267c | SOFR+5 bp |
| North Haven Private Income Fund A LLC | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 02/14/2027 | n/a | $-12,000 | |
| North Haven Private Income Fund A LLC | revolver lien unstated Revolver Commitment Expiration Date 01/30/2031 | n/a | $-3,000 | |
| North Haven Private Income Fund A LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $4.3M | $4.2M 99c | SOFR+475 bp |
| North Haven Private Income Fund A LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $57,000 | $53,000 95c | SOFR+475 bp |
| North Haven Private Income Fund A LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $0 | $-12,000 400c | SOFR+475 bp |
| North Haven Private Income Fund LLC | revolver first lien Revolver Commitment Expiration Date 01/30/2031 | n/a | n/a | |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity | $1.4M | $1.3M 95c | SOFR+475 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity | $0 | $-12,000 400c | SOFR+475 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.42% Maturity | $76.5M | $75.1M 99c | SOFR+475 bp |
| North Haven Private Income Fund LLC | delayed draw term loan first lien Delayed Draw Term Loan Commitment Expiration Date 02/14/2027 | n/a | n/a | |
| Senior Credit Investments, LLC | delayed draw term loan first lien Investment Type First Lien Delayed Draw Term Loan | n/a | $-1,000 | |
| Senior Credit Investments, LLC | revolver first lien Investment Type First Lien Revolver | n/a | $-1,000 | |
| Stepstone Private Credit Fund LLC | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/30/2031 | $12.4M | $12.4M 100c | SOFR+475 bp |
| Stepstone Private Credit Fund LLC | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/30/2031 | $268,000 | $267,000 100c | SOFR+475 bp |
| Stepstone Private Credit Fund LLC | revolver first lien Revolving Credit | NCNA Debt Inv. | First Lien Senior Secured Loan | 1/30/2031 | $165,000 | $156,000 95c | SOFR+475 bp |
| T Series BDC LLC | revolver lien unstated Revolver Commitment Expiration Date 01/30/2031 | n/a | n/a | |
| T Series BDC LLC | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 02/14/2027 | n/a | n/a | |
| T Series BDC LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $0 | $-5,000 500c | SOFR+475 bp |
| T Series BDC LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $21.4M | $21.0M 99c | SOFR+475 bp |
| T Series BDC LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.42% Maturit | $382,000 | $352,000 95c | SOFR+475 bp |
| T. Rowe Price OHA Select Private Credit Fund | preferred equity equity Preferred Equity | $22.8M | $22.8M 101c | 13.50% PIK 13.50% |
| VISTA CREDIT STRATEGIC LENDING CORP. | revolver lien unstated Revolver Commitment Expiration Date 1/30/2031 | n/a | n/a | |
| VISTA CREDIT STRATEGIC LENDING CORP. | delayed draw term loan lien unstated Delayed Draw Commitment Expiration Date 1/30/2031 | n/a | n/a |
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 | 20 | $661M | $631M | 99c | 0 |
| Mar 31, 2026 | 20 | $710M | $682M | 99c | 1 |
| Dec 31, 2025 | 22 | $920M | $882M | 101c | 0 |
| Sep 30, 2025 | 22 | $724M | $704M | 101c | 1 |
| Jun 30, 2025 | 22 | $704M | $694M | 101c | 1 |
| Mar 31, 2025 | 23 | $599M | $529M | 100c | 0 |
| Dec 31, 2024 | 19 | $808M | $794M | 101c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- Lender left a facilityDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- PIK interest appearsJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Marked down across lendersMar 31, 2025
- Lender left a facilityMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- APTEANderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 27 BDCsderived
- Industry
- Industrial Conglomeratesreportedas one filer wrote it