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
GMF Parent, Inc
Food Distributorsgroup grade Aon a schedule nowsponsor unattributed
Also written as: 25; GMF Group Holdings, LP; Inc. Term A Loan; Inc.Delayed Draw; Inc.Revolver 12
Principal held
at least $86.3M
sum of BDC pieces, a lower bound
Fair value
$92.4M
98c on cost, debt pieces
Unfunded
$33.5M
commitments not yet drawn
BDC lenders
11
11 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Dec 1, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
2
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 $85.0M | 98c | SOFR+450 bp | Dec 20, 2032 | 11 |
| first lien revolver first lien | at least $1.1M | 92c | S+450 bp | Dec 1, 2032 | 2 |
| revolver lien unstated | at least $317,000 | 101c | S+450 bp | unstated | 3 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| ARES CAPITAL CORP | revolver first lien First lien senior secured revolving loan | $800,000 | $700,000 88c | S+450 bp |
| ARES CAPITAL CORP | term loan first lien First lien senior secured loan | $40.4M | $39.2M 97c | S+450 bp |
| ARES CAPITAL CORP | equity equity Class A2 units | n/a | $5.4M 77c | |
| ARES CAPITAL CORP | unstated lien unstated | n/a | n/a | |
| ARES STRATEGIC INCOME FUND | equity equity Class A2 units | n/a | $1.9M 78c | |
| ARES STRATEGIC INCOME FUND | unstated lien unstated | n/a | n/a | |
| ARES STRATEGIC INCOME FUND | term loan first lien First lien senior secured loan | $13.9M | $13.5M 98c | S+450 bp |
| ARES STRATEGIC INCOME FUND | revolver first lien First lien senior secured revolving loan | $264,500 | $256,600 108c | S+450 bp |
| Barings BDC, Inc. | revolver lien unstated Revolver | $43,000 | $39,000 103c | S+450 bp |
| Barings BDC, Inc. | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| Barings BDC, Inc. | equity equity LLC Units | n/a | $113,000 82c | |
| Barings BDC, Inc. | term loan first lien First Lien Senior Secured Term Loan | $2.2M | $2.2M 100c | S+450 bp |
| Barings Capital Investment Corp | term loan first lien First Lien Senior Secured Term Loan | $1.4M | $1.4M 100c | S+450 bp |
| Barings Capital Investment Corp | equity equity LLC Units | n/a | $70,000 81c | |
| Barings Capital Investment Corp | revolver lien unstated Revolver | $27,000 | $24,000 100c | S+450 bp |
| Barings Capital Investment Corp | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| Barings Private Credit Corp | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| Barings Private Credit Corp | revolver lien unstated Revolver | $247,000 | $225,000 101c | S+450 bp |
| Barings Private Credit Corp | equity equity LLC Units | n/a | $657,000 82c | |
| Barings Private Credit Corp | term loan first lien First Lien Senior Secured Term Loan | $12.9M | $12.8M 100c | S+450 bp |
| Golub Capital BDC 4, Inc. | term loan first lien One stop 1 | $28,000 | $24,000 92c | S+450 bp |
| Golub Capital BDC 4, Inc. | term loan first lien One stop 3 | $0 | $-6,000 200c | |
| Golub Capital BDC 4, Inc. | term loan first lien One stop 2 | $1.9M | $1.9M 99c | S+450 bp |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 2 | Non-Affiliated Issuer | $295,000 | $292,000 99c | S+450 bp |
| GOLUB CAPITAL BDC, Inc. | equity equity LP interest | Non-Affiliated Issuer | n/a | $88,000 88c | |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 1 | Non-Affiliated Issuer | $4,000 | $4,000 100c | S+450 bp |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 3 | Non-Affiliated Issuer | $0 | $-1,000 | |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 3 | $0 | $-1,000 100c | |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 1 | $7,000 | $6,000 100c | S+450 bp |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 2 | $472,000 | $467,000 99c | S+450 bp |
| Golub Capital Direct Lending Unlevered Corp | term loan first lien One stop 1 | $3,000 | $3,000 100c | S+450 bp |
| Golub Capital Direct Lending Unlevered Corp | term loan first lien One stop 4 | $0 | $-1,000 | |
| Golub Capital Direct Lending Unlevered Corp | term loan first lien One stop 2 | $236,000 | $234,000 100c | S+450 bp |
| Golub Capital Private Credit Fund | term loan first lien One stop 3 | $0 | $-16,000 200c | |
| Golub Capital Private Credit Fund | term loan first lien One stop 1 | $82,000 | $73,000 94c | S+450 bp |
| Golub Capital Private Credit Fund | term loan first lien One stop 2 | $5.8M | $5.7M 99c | S+450 bp |
| Stepstone Private Credit Fund LLC | term loan first lien Term Loan A 12/25 | NCNA Debt Inv. | First Lien Senior Secured Loan | 12/20/2032 | $0 | $-20,000 154c | SOFR+100 bp |
| Stepstone Private Credit Fund LLC | term loan first lien NCNA Debt Inv. | First Lien Senior Secured Loan | 12/20/2032 | $5.1M | $5.0M 100c | SOFR+450 bp |
| Stepstone Private Credit Fund LLC | term loan first lien NCNA Debt Inv. | First Lien Senior Secured Loan | 12/20/2032 | $72,000 | $61,000 94c | SOFR+450 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 | 11 | $86.3M | $84.2M | 98c | 0 |
| Mar 31, 2026 | 11 | $85.6M | $84.7M | 100c | 0 |
| Dec 31, 2025 | 11 | $91.5M | $90.7M | 100c | 0 |
| Dec 31, 2024 | 3 | $0 | $0 | n/a | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- 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
- GMF PARENTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived
- Industry
- Food Distributorsreportedas one filer wrote it