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•••• C• F•• • A••••••••• I•••••••• S•••••••• L••

I••••••••group grade Aoff every schedule since Mar 31, 2025sponsor unattributed

Also written as: 2021; 2024; LLC (dba PCF; LLC (PCF; LLC Sr Secured; LLC Tranche E Delayed; PCF

Principal held

at least $584M

sum of BDC pieces, a lower bound

Fair value

$578M

100c on cost, debt pieces

Unfunded

$18.5M

commitments not yet drawn

BDC lenders

20 on the latest quarter

Facilities

0 equity pieces beside them

Next maturity

Nov 1, 2027

no dated debt inside 24 months

On the tape since

Dec 31, 2021

latest Mar 31, 2025

Events

dated, non-routine

Capital structure as the BDCs see it

latest quarter end Mar 31, 2025

Facility	Held	On cost	Pricing	Maturity	BDCs
first lien term loan first lien exited Mar 31, 2025	at least $387M	100c	SOFR+550 bp	Jul 19, 2030	20
other lien unstated exited Mar 31, 2025	at least $127M	100c	S+550 bp	Nov 1, 2028	9
first lien delayed draw term loan first lien exited Mar 31, 2025	at least $61.1M	100c	SOFR+550 bp	Nov 1, 2028	16
delayed draw term loan lien unstated exited Dec 31, 2024	at least $26.7M	101c	S+550 bp	Nov 1, 2028	5
first lien revolver first lien exited Mar 31, 2025	at least $8.7M	101c	S+650 bp	unstated	8
term loan lien unstated exited Dec 31, 2024	at least $1.7M	100c	S+550 bp	Nov 1, 2028	1
revolver lien unstated exited Mar 31, 2025	unknown	n/a		unstated	3

Lenders

every BDC piece at the latest quarter end

BDC	Instrument	Principal	Fair value	Rate
A• P•••••• C••••• I•••••••• C•••	delayed draw term loan first lien US Corporate Debt \| 1st Lien/S••••• Secured Debt \| Delayed Draw Term Loan \| 9.82% (S + 5.5	$1.2M	$1.2M 100c	SOFR+550 bp
A• P•••••• C••••• I•••••••• C•••	delayed draw term loan first lien US Corporate Debt \| 1st Lien/S••••• Secured Debt \| Delayed Draw Term Loan \| 9.82% (S + 5.5	$5.8M	$5.8M 100c	SOFR+550 bp
A• P•••••• C••••• I•••••••• C•••	term loan first lien US Corporate Debt \| 1st Lien/S••••• Secured Debt \| Term Loan \| 9.82% (S + 5.50%; 0.75% Flo	$490,909	$487,227 100c	SOFR+550 bp
A• P•••••• L•••••• F•••	delayed draw term loan first lien US Corporate Debt \| 1st Lien/S••••• Secured Debt \| Delayed Draw Term Loan \| 9.82% (S + 5.5	$2.7M	$2.7M 100c	SOFR+550 bp
A• P•••••• L•••••• F•••	term loan first lien US Corporate Debt \| 1st Lien/S••••• Secured Debt \| Term Loan \| 9.82% (S + 5.50%; 0.75% Flo	$192,113	$190,672 100c	SOFR+550 bp
A• P•••••• L•••••• F•••	delayed draw term loan first lien US Corporate Debt \| 1st Lien/S••••• Secured Debt \| Delayed Draw Term Loan \| 9.82% (S + 5.5	$480,744	$477,138 100c	SOFR+550 bp
B•••••••• D••••• L•••••• C••••	term loan first lien First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.82% Maturity 11/1	$2.1M	$2.1M 100c	SOFR+550 bp
B•••••••• D••••• L•••••• C••••	term loan first lien First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 10.81% Maturity 7/1	$155,964	$157,524 103c	SOFR+650 bp
B•••••••• D••••• L•••••• C••••	delayed draw term loan first lien First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.81%	$99,374	$-298 46c	SOFR+550 bp
B•••••••• D••••• L•••••• C••••	delayed draw term loan first lien First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.50% Total Coupon 9.82%	$576,868	$575,137 100c	SOFR+550 bp
B•••••••• D••••• L•••••• C••••	delayed draw term loan first lien First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.50% Total Coupon 9.82%	$885,953	$883,295 101c	SOFR+550 bp
B•••••••• D••••• L•••••• C••••	term loan first lien First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.50% Total Coupon 9.82% Maturity 11/1	$354,041	$352,979 101c	SOFR+550 bp
B•••••••• P•••••• C••••• F•••	delayed draw term loan first lien Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.5% Total Cou	$6.9M	$6.9M 101c	SOFR+550 bp
B•••••••• P•••••• C••••• F•••	term loan first lien Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.5% Total Coupon 10.81% Ma	$3.4M	$3.4M 102c	SOFR+650 bp
B•••••••• T•• C•••••• C••••	term loan first lien First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.50% Total Coupon 9.82% Maturity 11/1	$1.7M	$1.7M 102c	SOFR+550 bp
B•••••••• T•• C•••••• C••••	delayed draw term loan first lien First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.50% Total Coupon 9.82%	$4.2M	$4.2M 102c	SOFR+550 bp
B••• O•• C•••••• C•••	delayed draw term loan first lien First lien senior secured delayed draw term loan	$33.7M	$33.7M 100c	S+550 bp
B••• O•• C•••••• C•••	term loan first lien First lien senior secured loan	$102M	$102M 100c	S+550 bp
B••• O•• C•••••• C•••	revolver first lien First lien senior secured revolving loan1	n/a	$0
B••• O•• C•••••• C••• I•	term loan first lien First lien senior secured loan	$13.7M	$13.7M 100c	S+550 bp
B••• O•• C•••••• C••• I•	delayed draw term loan first lien First lien senior secured delayed draw term loan	$4.5M	$4.5M 100c	S+550 bp
B••• O•• C•••••• C••• I•	revolver first lien First lien senior secured revolving loan	n/a	n/a
B••• O•• C••••• I••••• C••••	revolver first lien First lien senior secured revolving loan	n/a	n/a
B••• O•• C••••• I••••• C••••	term loan first lien First lien senior secured loan 1	$155M	$155M 100c	S+550 bp
B••• O•• C••••• I••••• C••••	term loan first lien First lien senior secured loan 2	$27.9M	$27.9M 100c	S+550 bp
B••• O•• T••••••••• I••••• C••••	term loan first lien First lien senior secured loan	$24.3M	$24.3M 100c	S+550 bp
L••• P•••••• C••••• L••	term loan first lien First Lien Debt 1	$1.5M	$1.5M 101c	S+550 bp
L••• P•••••• C••••• L••	term loan first lien First Lien Debt 2	$751,000	$751,000 101c	S+550 bp
L••• P•••••• C••••• L••	unstated lien unstated	n/a	n/a
M••••• S•••••• D••••• L•••••• F•••	unstated lien unstated	n/a	n/a
M••••• S•••••• D••••• L•••••• F•••	term loan first lien First Lien Debt 3	$0	$-7,000 175c	S+550 bp
M••••• S•••••• D••••• L•••••• F•••	term loan first lien First Lien Debt 2	$8.6M	$8.5M 100c	S+550 bp
M••••• S•••••• D••••• L•••••• F•••	unstated lien unstated	n/a	n/a
M••••• S•••••• D••••• L•••••• F•••	term loan first lien First Lien Debt 1	$19.9M	$19.8M 100c	S+550 bp
N•••• H•••• P•••••• I••••• F••• A• L••	unstated lien unstated	$751,000	$751,000 101c	S+550 bp
N•••• H•••• P•••••• I••••• F••• A• L••	unstated lien unstated	$591,000	$591,000 102c	S+550 bp
N•••• H•••• P•••••• I••••• F••• A• L••	unstated lien unstated	n/a	n/a
N•••• H•••• P•••••• I••••• F••• L••	unstated lien unstated	$24.5M	$24.3M 100c	S+550 bp
N•••• H•••• P•••••• I••••• F••• L••	delayed draw term loan first lien Delayed Draw Term Loan	n/a	n/a
N•••• H•••• P•••••• I••••• F••• L••	unstated lien unstated	$22.9M	$22.8M 100c	S+550 bp
N•••• H•••• P•••••• I••••• F••• L••	revolver first lien Revolver	n/a	n/a
N•••• H•••• P•••••• I••••• F••• L••	unstated lien unstated	$0	$-4,000 400c	S+550 bp
O•• S••••• P•••••• L•••••• F••• •• L••	unstated lien unstated	n/a	n/a
O•• S••••• P•••••• L•••••• F••• •• L••	revolver first lien	$6.5M	$6.5M 101c	S+550 bp
O•• S••••• P•••••• L•••••• F••• •• L••	revolver first lien	$1.8M	$1.8M 101c	S+550 bp
O•• S••••• P•••••• L•••••• F••• •• L••	revolver first lien	$310,000	$0 0c	S+550 bp
O•• S••••• P•••••• L•••••• F••• •• L••	revolver first lien	$99,000	$99,000 101c	S+650 bp
S•• I••••••••• C••••	term loan first lien \| First Lien Bank Debt/S••••• Secured Loans \| 4/2022 \| 11/2028	$16.7M	$16.7M 101c	SOFR+550 bp
S•• P•••••• C••••• B•• I• L••	term loan first lien Bank Debt/S••••• Secured Loans — 234.7% \| 7/2023 \| 11/2028	$372,000	$372,000 101c	10.81%
S•••••••• P•••••• C••••• F••• L••	term loan first lien Term Loan \| Non-Controlled, Non-Affiliated Debt Investments \| First Lien S••••• Secured \|	$1.6M	$1.6M 101c	5.50%
S•••••••• P•••••• C••••• F••• L••	term loan first lien Term Loan \| Non-Controlled, Non-Affiliated Debt Investments \| First Lien S••••• Secured \|	$4.9M	$4.9M 101c	5.50%
S•••••••• P•••••• C••••• F••• L••	term loan first lien Term Loan \| Non-Controlled, Non-Affiliated Debt Investments \| First Lien S••••• Secured \|	$2.5M	$2.4M 100c	6.50%
T• S••••• B•• L••	unstated lien unstated	$14.1M	$14.0M 100c	S+550 bp
T• S••••• B•• L••	delayed draw term loan first lien Delayed Draw Term Loan	n/a	n/a
T• S••••• B•• L••	unstated lien unstated	$3.4M	$3.4M 101c	S+550 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••	unstated lien unstated	$11.1M	$11.1M 101c	S+550 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••	unstated lien unstated	$3.1M	$3.1M 101c	S+550 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••	unstated lien unstated	$37.0M	$32.9M 100c	S+550 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••	unstated lien unstated	$3.1M	$3.1M 101c	S+550 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••	unstated lien unstated	$1.3M	$1.3M 101c	S+550 bp
T• R••• P•••• O•• S••••• P•••••• C••••• F•••	unstated lien unstated	$532,000	$0 0c	S+550 bp
W••••• T••• C•••••• C•••	unstated lien unstated	$859,000	$859,000 100c	S+550 bp
W••••• T••• C•••••• C•••	unstated lien unstated	$2.2M	$2.2M 100c	S+550 bp
W••••• T••• C•••••• C•••	revolver lien unstated Revolver	n/a	n/a
W••••• T••• C•••••• C•••	unstated lien unstated	$1.2M	$1.2M 100c	S+550 bp
W••••• T••• C•••••• C•••	unstated lien unstated	$511,000	$511,000 100c	S+550 bp
W••••• T••• C•••••• C•••	unstated lien unstated	$100,000	$0	0.50%

Through time

the borrower's pieces summed across BDCs, every quarter end

Quarter end	BDCs	Principal held	Fair value	On cost
Mar 31, 2025	20	$584M	$578M	100c
Dec 31, 2024	20	$1.2B	$1.2B	100c
Sep 30, 2024	20	$575M	$558M	100c
Jun 30, 2024	20	$555M	$522M	100c
Mar 31, 2024	19	$515M	$514M	101c
Dec 31, 2023	21	$582M	$578M	100c
Sep 30, 2023	19	$455M	$444M	99c
Jun 30, 2023	14	$531M	$527M	101c
Mar 31, 2023	13	$513M	$509M	101c
Dec 31, 2022	1	$1.1M	$1.0M	96c

What changed

Every change including routine ones

Identity

Group key: PETER C FOY AND ASSOCIATES INSURANCE SERVICESderivedthe codename stem after legal suffixes and deal words
Spellings: 1 across 24 BDCsderived
Industry: I••••••••reportedas one filer wrote it