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
Aprio Advisory Group, LLC
Financial Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC 2025-2; LLC Asset Type; LLC One; LLC One Asset Type
Principal held
at least $150M
sum of BDC pieces, a lower bound
Fair value
$121M
101c on cost, debt pieces
Unfunded
$63.8M
commitments not yet drawn
BDC lenders
16
16 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Aug 1, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 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 delayed draw term loan first lien | at least $83.4M | 99c | SOFR+475 bp | Aug 1, 2031 | 9 |
| first lien term loan first lien | at least $55.9M | 99c | SOFR+475 bp | Aug 1, 2031 | 10 |
| first lien revolver first lien | at least $5.8M | n/a | SOFR+475 bp | Aug 1, 2031 | 6 |
| delayed draw term loan lien unstated | at least $3.7M | n/a | 8.48% | Aug 1, 2031 | 9 |
| revolver lien unstated | at least $1.6M | n/a | S+475 bp | Aug 1, 2031 | 10 |
| other lien unstated exited Dec 31, 2025 | at least $0 | n/a | S+475 bp | Aug 1, 2031 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| 26North BDC, Inc. | delayed draw term loan first lien Debt Investments | First Lien Senior Secured Delayed Draw Term Loan | SOFR + 4.750 | 8.482 | n/a | $2.2M 92c | SOFR+475 bp |
| 26North BDC, Inc. | revolver first lien Debt Investments | First Lien Senior Secured Revolving Loan | 12/23/2025 | 8/1/2031 | n/a | $-31,000 107c | SOFR+475 bp |
| Antares Private Credit Fund | delayed draw term loan first lien Delayed Draw Term Loan Commitment Expiration Date 4/26/2027 | n/a | $-5,000 | |
| Antares Private Credit Fund | revolver first lien Revolver Commitment Expiration Date 8/1/2031 | n/a | $-8,000 | |
| Antares Private Credit Fund | delayed draw term loan first lien First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% | $3.2M | $3.2M 100c | SOFR+475 bp |
| Antares Private Credit Fund | delayed draw term loan first lien First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% | $5.1M | $4.2M 100c | SOFR+475 bp |
| Antares Private Credit Fund | revolver first lien First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date | $1.6M | $-8,000 267c | SOFR+475 bp |
| Antares Private Credit Fund | term loan first lien First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date | $8.3M | $8.2M 100c | SOFR+475 bp |
| Antares Strategic Credit Fund | term loan first lien First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date | $1.7M | $1.6M 100c | SOFR+475 bp |
| Antares Strategic Credit Fund | term loan first lien First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date | $18.2M | $18.1M 100c | SOFR+475 bp |
| Antares Strategic Credit Fund | revolver first lien Revolver Commitment Expiration Date 8/1/2031 | n/a | $-20,000 | |
| Antares Strategic Credit Fund | delayed draw term loan first lien First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% | $2.5M | $156,000 96c | SOFR+475 bp |
| Antares Strategic Credit Fund | delayed draw term loan first lien First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% | $16.2M | $16.1M 100c | SOFR+475 bp |
| Antares Strategic Credit Fund | revolver first lien First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date | $4.0M | $-20,000 286c | SOFR+475 bp |
| Antares Strategic Credit Fund | delayed draw term loan first lien Delayed Draw Term Loan Commitment Expiration Date 12/24/2027 | n/a | $-12,000 | |
| Antares Strategic Credit Fund II LLC | delayed draw term loan first lien First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% | $260,000 | $258,000 100c | SOFR+475 bp |
| Antares Strategic Credit Fund II LLC | revolver first lien Revolver Commitment Expiration Date 8/1/2031 | n/a | $-1,000 | |
| Antares Strategic Credit Fund II LLC | delayed draw term loan first lien Delayed Draw Term Loan Commitment Expiration Date 12/24/2027 | n/a | $-7,000 | |
| Antares Strategic Credit Fund II LLC | revolver first lien First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date | $132,000 | $-1,000 100c | SOFR+475 bp |
| Antares Strategic Credit Fund II LLC | delayed draw term loan first lien First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% | $1.5M | $93,000 96c | SOFR+475 bp |
| Antares Strategic Credit Fund II LLC | term loan first lien First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% Maturity Date | $596,000 | $593,000 100c | SOFR+475 bp |
| Franklin BSP Capital Corp | term loan first lien | $757,000 | $655,000 93c | S+475 bp |
| Franklin BSP Capital Corp | term loan first lien Senior Secured First Lien Debt | n/a | n/a | |
| Franklin BSP Capital Corp | term loan first lien Senior Secured First Lien Debt | n/a | n/a | |
| Franklin BSP Capital Corp | term loan first lien | $0 | $-8,000 100c | S+475 bp |
| Lord Abbett Private Credit Fund | delayed draw term loan lien unstated Delayed Draw) [Member] | $3.3M | $2.6M | 8.48% |
| Lord Abbett Private Credit Fund | revolver lien unstated Revolver) [Member] | $0 | $-59,000 | |
| Lord Abbett Private Credit Fund S | revolver lien unstated Revolver) [Member] | $0 | $-8,000 | |
| Lord Abbett Private Credit Fund S | delayed draw term loan lien unstated Delayed Draw) [Member] | $450,000 | $349,000 | 8.48% |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest rate 8.48% Maturit | $90,000 | $83,000 99c | SOFR+475 bp |
| Morgan Stanley Direct Lending Fund | revolver lien unstated Revolver Commitment Expiration Date 08/01/2031 | 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 8.48% Maturit | $0 | $-1,000 100c | SOFR+475 bp |
| Morgan Stanley Direct Lending Fund | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 12/23/2027 | n/a | n/a | |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 8/1/2031 One | $0 | $-2,000 50c | SOFR+475 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 8/1/2031 | $323,000 | $296,000 99c | SOFR+475 bp |
| Nuveen Churchill Direct Lending Corp. | revolver lien unstated Revolving Loan | $8,000 | $0 | S+475 bp |
| Nuveen Churchill Direct Lending Corp. | revolver lien unstated Revolving Loan | n/a | n/a | |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $92,000 | $5,000 83c | S+475 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien Delayed Draw Loan | n/a | n/a | |
| Nuveen Churchill Private Capital Income Fund | revolver lien unstated Revolving Loan | $1.6M | $-16,000 160c | S+475 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien Delayed Draw Loan | n/a | n/a | |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $17.4M | $995,000 89c | S+475 bp |
| Nuveen Churchill Private Capital Income Fund | revolver lien unstated Revolving Loan | n/a | n/a | |
| SL Investment Fund II LLC | term loan first lien Investment First Lien Debt Refrence Rate and Spread S + 4.75% Interest Rate 8.48% Maturity | $0 | $-4,000 67c | SOFR+475 bp |
| SL Investment Fund II LLC | revolver lien unstated Revolver Commitment Expiration Date 8/1/2031 | n/a | n/a | |
| SL Investment Fund II LLC | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 12/23/2027 | n/a | n/a | |
| SL Investment Fund II LLC | term loan first lien Investment First Lien Debt Refrence Rate and Spread S + 4.75% Interest Rate 8.48% Maturity | $490,000 | $449,000 99c | SOFR+475 bp |
| Stepstone Private Credit Fund LLC | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 8/1/2031 | $0 | $-10,000 111c | SOFR+50 bp |
| Stepstone Private Credit Fund LLC | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 8/1/2031 | $1.5M | $1.3M 97c | SOFR+475 bp |
| Stone Point Credit Corp | revolver first lien First Lien Revolving Loan, Due 8/1/2031 | n/a | $-81,000 253c | SOFR+475 bp |
| Stone Point Credit Corp | term loan first lien First Lien Term Loan, Due 8/1/2031 | $2.7M | $2.7M 100c | SOFR+475 bp |
| Stone Point Credit Corp | delayed draw term loan first lien First Lien Delayed Draw Term Loan, Due 8/1/2031 | $8.7M | $8.5M 99c | SOFR+475 bp |
| Stone Point Credit Corp | term loan first lien First Lien Term Loan, Due 8/1/2031 One | $19.9M | $19.6M 99c | SOFR+475 bp |
| Stone Point Credit Corp | delayed draw term loan first lien First Lien Delayed Draw Term Loan, Due 8/1/2031, Two | $13.7M | $13.5M 100c | SOFR+475 bp |
| Stone Point Credit Corp | delayed draw term loan first lien First Lien Delayed Draw Term Loan, Due 8/1/2031 One | $17,000 | $13,000 81c | SOFR+475 bp |
| Stone Point Credit Income Fund | delayed draw term loan first lien First Lien Delayed Draw Term Loan 1 | $13.2M | $12.8M 99c | S+475 bp |
| Stone Point Credit Income Fund | delayed draw term loan first lien First Lien Delayed Draw Term Loan 2 | n/a | n/a | |
| Stone Point Credit Income Fund | term loan first lien First Lien Term Loan | $2.5M | $2.4M 100c | S+475 bp |
| T Series BDC LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 08/0 | $0 | $-2,000 50c | SOFR+475 bp |
| T Series BDC LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 08/0 | $323,000 | $296,000 99c | SOFR+475 bp |
| T Series BDC LLC | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 12/23/2027 | n/a | n/a | |
| T Series BDC LLC | revolver lien unstated Revolver Commitment Expiration Date 08/01/2031 | 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 | 16 | $150M | $121M | 101c | 0 |
| Mar 31, 2026 | 15 | $138M | $113M | 99c | 0 |
| Dec 31, 2025 | 16 | $129M | $97.1M | 99c | 0 |
| Sep 30, 2025 | 5 | $98.8M | $82.3M | 100c | 0 |
| Jun 30, 2025 | 4 | $97.5M | $80.9M | 100c | 0 |
| Mar 31, 2025 | 3 | $73.8M | $70.3M | 100c | 0 |
| Dec 31, 2024 | 6 | $72.8M | $62.3M | 100c | 0 |
| Sep 30, 2024 | 2 | $52.2M | $41.0M | 100c | 0 |
What changed
- Spread increasedJun 30, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityDec 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
- APRIO ADVISORYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 16 BDCsderived
- Industry
- Financial Servicesreportedas one filer wrote it