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
W••••••• P••••• H••••••• I••• I••
Also written as: 083; 208; 875; 970; Equity Securities; Inc. (111; Inc. (116; Inc. (24
Principal held
at least $46.0M
sum of BDC pieces, a lower bound
Fair value
$25.4M
59c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
6
2 equity pieces beside them
Next maturity
Jun 2, 2028
$46.0M inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
25
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 $36.6M | 48c | S+685 bp | Jun 2, 2028 | 2 |
| first lien revolver first lien | at least $5.3M | 100c | S+685 bp | Jun 2, 2028 | 2 |
| first lien term loan first lien | at least $4.1M | 100c | S+685 bp | Jun 2, 2028 | 2 |
| term loan lien unstated exited Sep 30, 2025 | at least $33.8M | 57c | S+685 bp PIK 11.01% | Jun 2, 2028 | 2 |
| first lien delayed draw term loan first lien exited Sep 30, 2025 | unknown | n/a | unstated | 2 | |
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: preferred equity ($0 fair value, 2 BDCs), other (n/a fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• C•••••• I••••• P••• C••• | preferred equity equity Series A preferred stock) | Equity Securities | $0 | $0 | |
| M••••• C•••••• I••••• P••• C••• | unstated lien unstated | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | revolver first lien Revolver) | Senior Secured Loans | $5.3M | $5.3M 100c | S+685 bp |
| M••••• C•••••• I••••• P••• C••• | preferred equity equity Series B preferred stock) | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | preferred equity equity Series A preferred stock) | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | preferred equity equity Series B preferred stock) | Equity Securities | $0 | $0 | |
| M••••• C•••••• I••••• P••• C••• | term loan first lien Senior Secured Loans | $4.1M | $4.1M 100c | S+685 bp |
| M••••• C•••••• I••••• P••• C••• | unstated lien unstated | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | revolver first lien Revolver) | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | term loan unsecured or subordinated Junior Secured Loans | $36.6M | $16.0M 48c | S+685 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 | 1 | $46.0M | $25.4M | 59c | 0 |
| Mar 31, 2026 | 1 | $36.9M | $21.6M | 60c | 0 |
| Dec 31, 2025 | 2 | $43.6M | $30.5M | 72c | 3 |
| Sep 30, 2025 | 2 | $42.5M | $26.9M | 65c | 3 |
| Jun 30, 2025 | 2 | $40.3M | $26.7M | 69c | 6 |
| Mar 31, 2025 | 2 | $39.7M | $31.0M | 84c | 6 |
| Dec 31, 2024 | 2 | $85.4M | $73.0M | 93c | 15 |
| Sep 30, 2024 | 2 | $31.9M | $29.3M | 93c | 8 |
| Jun 30, 2024 | 2 | $31.5M | $29.7M | 96c | 8 |
| Mar 31, 2024 | 2 | $29.7M | $28.4M | 97c | 6 |
| Dec 31, 2023 | 2 | $102M | $101M | 100c | 16 |
| Sep 30, 2023 | 2 | $29.0M | $28.7M | 101c | 6 |
| Jun 30, 2023 | 2 | $28.7M | $28.6M | 100c | 0 |
| Mar 31, 2023 | 2 | $28.7M | $26.0M | 101c | 0 |
| Dec 31, 2022 | 2 | $57.4M | $52.1M | 101c | 0 |
| Sep 30, 2022 | 1 | $6.5M | $4.5M | 101c | 0 |
What changed
- Maturity approachingJun 2, 2028
- Maturity approachingJun 2, 2028
- Maturity approachingJun 2, 2028
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersDec 31, 2025
- PIK interest increasedSep 30, 2025
- Marked down across lendersSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- PIK interest increasedSep 30, 2025
- Mark recoveredSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- Mark recoveredDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- PIK interest increasedDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Mark recoveredDec 31, 2024
- PIK interest increasedDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- PIK interest increasedDec 31, 2024
Sponsor
- T•••• C•••••• M••••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedtracecapital.com"portfolio card on https://www.tracecapital.com/portfolio: W•••••••"
Identity
- Group key
- WHISTLERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 2 BDCsderived