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
S•••••• M•••••
Construction & Buildinggroup grade Aon a schedule nowsponsor unattributed
Principal held
at least $36.3M
sum of BDC pieces, a lower bound
Fair value
$27.5M
77c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
3 equity pieces beside them
Next maturity
Aug 16, 2027
$32.1M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
17
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 revolver first lien | at least $18.6M | 76c | SOFR+701 bp | Dec 31, 2029 | 1 |
| first lien term loan first lien | at least $17.8M | 78c | SOFR+601 bp PIK 6.86% | Dec 31, 2029 | 1 |
Equity pieces beside the debt: other (n/a fair value, 1 BDC), preferred equity (n/a fair value, 1 BDC), equity ($228,000 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien First Lien Senior Secured Loan SOFR Floor 1.00% Spread 6.86% PIK Interest Rate 10.52% Matu | $1.6M | $1.2M 79c | 10.52% PIK 6.86% |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien First Lien Senior Secured Loan SOFR Floor 1.00% Spread 6.01% (1.00% PIK) Interest Rate 10. | $4.0M | $3.1M 78c | SOFR+601 bp PIK 1.00% |
| B••• C•••••• S•••••••• F••••••• I••• | preferred equity equity Preferred Equity | n/a | n/a n/a | |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien First Lien Senior Secured Loan SOFR Spread 6.01% (1.00% PIK) Interest Rate 10.65% Maturity | $928,000 | $708,000 77c | SOFR+601 bp PIK 1.00% |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien First Lien Senior Secured Loan SOFR Spread 6.86% PIK Interest Rate 10.51% Maturity Date 8/ | $3.3M | $2.5M 78c | 10.51% PIK 6.86% |
| B••• C•••••• S•••••••• F••••••• I••• | revolver first lien First Lien Senior Secured Loan - Revolver SOFR Floor 1.00% Spread 7.01% Interest Rate 10.6 | $39,000 | $39,000 100c | SOFR+701 bp |
| B••• C•••••• S•••••••• F••••••• I••• | revolver first lien First Lien Senior Secured Loan - Revolver SOFR Spread 7.01% Interest Rate 10.74% Maturity | $18.5M | $13.9M 76c | SOFR+701 bp |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien First Lien Senior Secured Loan SOFR Floor 1.00% Spread 6.86% PIK Interest Rate 10.48% Matu | $7.8M | $6.0M 79c | 10.48% PIK 6.86% |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien First Lien Senior Secured Loan SOFR Floor 1.00% Spread 6.01% (1.00% PIK) Interest Rate 10. | $130,000 | $104,000 82c | SOFR+601 bp PIK 1.00% |
| B••• C•••••• S•••••••• F••••••• I••• | unstated lien unstated Acquisition Date 7/15/2021 | n/a | n/a | |
| B••• C•••••• S•••••••• F••••••• I••• | revolver first lien First Lien Senior Secured Loan - Revolver Maturity Date 12/31/2029 | n/a | $-382 | |
| B••• C•••••• S•••••••• F••••••• I••• | unstated lien unstated Acquisition Date 8/16/2021 | 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 | 1 | $36.3M | $27.5M | 77c | 6 |
| Mar 31, 2026 | 1 | $33.0M | $33.0M | 100c | 6 |
| Dec 31, 2025 | 1 | $51.4M | $51.4M | 100c | 9 |
| Sep 30, 2025 | 1 | $26.7M | $26.7M | 100c | 7 |
| Jun 30, 2025 | 1 | $31.6M | $31.6M | 100c | 5 |
| Mar 31, 2025 | 1 | $30.6M | $30.6M | 100c | 5 |
| Dec 31, 2024 | 1 | $59.1M | $59.1M | 101c | 10 |
| Sep 30, 2024 | 1 | $27.7M | $27.7M | 101c | 5 |
| Jun 30, 2024 | 1 | $36.0M | $36.0M | 101c | 5 |
| Mar 31, 2024 | 1 | $31.6M | $31.6M | 101c | 4 |
| Dec 31, 2023 | 1 | $24.1M | $24.1M | 101c | 3 |
| Sep 30, 2023 | 1 | $29.0M | $29.0M | 100c | 0 |
| Jun 30, 2023 | 1 | $27.6M | $27.6M | 100c | 3 |
| Mar 31, 2023 | 1 | $31.0M | $31.0M | 100c | 3 |
| Dec 31, 2022 | 1 | $59.8M | $59.2M | 100c | 0 |
| Sep 30, 2022 | 1 | $25.4M | $25.4M | 100c | 0 |
| Dec 31, 2021 | 1 | $2.2M | $2.2M | 105c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Marked down across lendersJun 30, 2026
- PIK interest increasedJun 30, 2026
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Spread increasedSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Dec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- Spread changed (observed)Mar 31, 2023
- PIK interest appearsMar 31, 2023
- Spread changed (observed)Mar 31, 2023
- PIK interest appearsMar 31, 2023
- PIK interest appearsMar 31, 2023
- PIK interest appearsMar 31, 2023
- Spread changed (observed)Dec 31, 2022
- Spread changed (observed)Dec 31, 2022
- Spread increasedDec 31, 2022
- Spread changed (observed)Sep 30, 2022
- Spread increasedSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- S•••••• M•••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Construction & Buildingreportedas one filer wrote it