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
P••••••• P••••••••• A••••••••• L••
Commercial Services & Suppliesgroup grade Aon a schedule nowsponsor T•• S••••••• G••••• L••• inferred
Also written as: LLC Amendment No. 4; Pavement Preservation; Pavement Preservation Group; Pavement Preservation Group Inc; Undrawn Commitment
Principal held
at least $99.8M
sum of BDC pieces, a lower bound
Fair value
$94.9M
119c on cost, debt pieces
Unfunded
$1.6M
commitments not yet drawn
BDC lenders
9
9 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Aug 1, 2030
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 term loan first lien | at least $63.7M | 100c | SOFR+525 bp | Aug 9, 2030 | 5 |
| other lien unstated | at least $31.4M | 200c | S+530 bp | Aug 9, 2030 | 6 |
| first lien revolver first lien | at least $2.4M | 100c | SOFR+525 bp | Aug 9, 2030 | 3 |
| first lien delayed draw term loan first lien | at least $2.3M | 100c | SOFR+525 bp | Aug 9, 2030 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| F• K•• C•••••• C••• | unstated lien unstated | $300,000 | $300,000 100c | S+530 bp |
| F• K•• C•••••• C••• | unstated lien unstated | $400,000 | $400,000 100c | S+530 bp |
| F• K•• C•••••• C••• | unstated lien unstated | $4.3M | $4.3M 100c | S+530 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.89% Refer | $11.3M | $11.1M 100c | SOFR+525 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.91% Refer | $1.9M | $687,000 100c | SOFR+525 bp |
| K•• E••••••• U• D••••• L•••••• F••••• I••• | unstated lien unstated | $14.1M | $14.1M | S+525 bp |
| K•• E••••••• U• D••••• L•••••• F••••• I••• | unstated lien unstated | $2.3M | $903,000 | S+525 bp |
| K•• F• I••••• T•••• | unstated lien unstated | $5.4M | $5.4M 100c | S+530 bp |
| K•• F• I••••• T•••• | unstated lien unstated | n/a | n/a | |
| K•• F• I••••• T•••• | unstated lien unstated | $535,000 | $535,000 100c | S+530 bp |
| K•• F• I••••• T•••• | unstated lien unstated | $342,000 | $342,000 100c | S+530 bp |
| K•• F• I••••• T•••• S••••• | unstated lien unstated | $3.2M | $3.2M 100c | S+530 bp |
| K•• F• I••••• T•••• S••••• | unstated lien unstated | $205,000 | $205,000 100c | S+530 bp |
| K•• F• I••••• T•••• S••••• | unstated lien unstated | n/a | n/a | |
| K•• F• I••••• T•••• S••••• | unstated lien unstated | $321,000 | $321,000 100c | S+530 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | revolver first lien First Lien Secured Debt - Revolver S+525, 1.00% Floor Maturity Date 08/09/30 | $248,000 | $235,000 99c | SOFR+525 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | delayed draw term loan first lien First Lien Secured Debt - Delayed Draw S+525, 1.00% Floor Maturity Date 08/09/30 | $100,000 | $98,000 99c | SOFR+525 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | term loan first lien First Lien Secured Debt - Term Loan S+525, 1.00% Floor Maturity Date 08/09/30 | $6.6M | $6.5M 100c | SOFR+525 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | unstated lien unstated | n/a | n/a | |
| M••••• F•••••••• I••••••••• C••• | term loan first lien First Lien Secured Debt - Term Loan SOFR+525, 1.00% Floor Maturity Date 08/09/30 | $10.8M | $10.6M 100c | SOFR+525 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien First Lien Secured Debt - Revolver SOFR+525, 1.00% Floor Maturity Date 08/09/30 | $713,000 | $677,000 100c | SOFR+525 bp |
| M••••• F•••••••• I••••••••• C••• | delayed draw term loan first lien First Lien Secured Debt - Delayed Draw SOFR+525, 1.00% Floor Maturity Date 08/09/30 | $2.2M | $2.1M 100c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 8/9/2030 | $22.3M | $21.9M 100c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Credit Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 8/9/2030 | $1.4M | $1.4M 100c | SOFR+525 bp |
| W••• B•• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.89% Refer | $9.3M | $9.1M 100c | SOFR+525 bp |
| W••• B•• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.91% Refer | $1.5M | $561,000 100c | SOFR+525 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 | 9 | $99.8M | $94.9M | 119c | 0 |
| Mar 31, 2026 | 2 | $19.9M | $19.3M | 99c | 0 |
| Dec 31, 2025 | 2 | $15.9M | $15.6M | 101c | 0 |
| Sep 30, 2025 | 2 | $16.0M | $15.8M | 101c | 0 |
| Jun 30, 2025 | 2 | $16.4M | $16.1M | 100c | 0 |
| Mar 31, 2025 | 2 | $16.0M | $15.6M | 100c | 0 |
| Dec 31, 2024 | 2 | $16.0M | $15.7M | 100c | 0 |
| Sep 30, 2024 | 2 | $10.4M | $10.1M | 100c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Mark recoveredJun 30, 2026
- Lender left a facilityMar 31, 2025
- New borrower on a BDC scheduleSep 30, 2024
Sponsor
- T•• S••••••• G••••• L•••
- Form D signer consensus, grade Aestimated"Form D vehicle P••••••• P••••••••• Investments, LP (2024-08-09), signers: Brandon Baudin; Brad Staller"
- T•• S••••••• G••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedsterling-group.com"listed on https://sterling-group.com/portfolio/: P••••••• P••••••••• G••••• I••• (pavementpreservationgroup.com)"
Identity
- Group key
- PAVEMENT PRESERVATIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 9 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it