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
F••••••••• B••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: FCP-Connect Holdings LLC
Principal held
at least $4.1M
sum of BDC pieces, a lower bound
Fair value
$4.4M
101c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Mar 12, 2029
no dated debt inside 24 months
On the tape since
Mar 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 |
|---|---|---|---|---|---|
| term loan lien unstated | at least $4.1M | 101c | SOFR+525 bp | Mar 12, 2029 | 2 |
Equity pieces beside the debt: equity (n/a fair value, 2 BDCs), preferred equity ($281,562 fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••• C•••••• I••••••••• C••• | equity equity Class A Common Shares | n/a | n/a | |
| S•••••• C•••••• I••••••••• C••• | preferred equity equity Series A Preferred Shares | n/a | $200,397 105c | |
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated Term Loan | $2.9M | $2.9M 101c | //stelluscapital.com/20260630#One Month Term Secured Overnight Financing Rate+525 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated Term Loan (PBDC SPV) | $328,826 | $328,826 101c | SOFR+525 bp |
| S•••••• P•••••• C••••• B•• | equity equity Class A Common Shares | $115 | n/a | |
| S•••••• P•••••• C••••• B•• | preferred equity equity Series A Preferred Shares | n/a | $81,165 105c | |
| S•••••• P•••••• C••••• B•• | term loan lien unstated Term Loan | $845,552 | $845,552 101c | 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 | 2 | $4.1M | $4.1M | 101c | 0 |
| Mar 31, 2026 | 2 | $4.5M | $4.4M | 100c | 0 |
| Dec 31, 2025 | 2 | $8.8M | $8.7M | 100c | 0 |
| Sep 30, 2025 | 2 | $5.2M | $5.1M | 101c | 0 |
| Jun 30, 2025 | 2 | $5.5M | $5.4M | 100c | 0 |
| Mar 31, 2025 | 2 | $5.8M | $5.7M | 100c | 0 |
| Dec 31, 2024 | 2 | $6.5M | $6.4M | 100c | 0 |
| Sep 30, 2024 | 2 | $6.0M | $5.9M | 100c | 0 |
| Jun 30, 2024 | 2 | $6.0M | $5.9M | 100c | 0 |
| Mar 31, 2024 | 2 | $6.1M | $5.9M | 100c | 0 |
What changed
- Spread changed (observed)Dec 31, 2024
- New borrower on a BDC scheduleMar 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
- FISCALNOTE BOARDSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived