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••••• S•••••••• I••
Health Care Technologygroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. - Funded; S••••• S••••••• Intermediate Holdings Inc; S••••• S••••••• Intermediate Holdings, Inc
Principal held
at least $213M
sum of BDC pieces, a lower bound
Fair value
$321M
68c on cost, debt pieces
Unfunded
$0
commitments not yet drawn
BDC lenders
15
9 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Dec 1, 2027
$59.9M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
32
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $154M | 69c | SOFR+787 bp PIK 4.00% | Dec 22, 2028 | 4 |
| first lien term loan first lien | at least $49.9M | 67c | SOFR+450 bp | Dec 22, 2027 | 10 |
| first lien revolver first lien | at least $10.0M | 65c | S+375 bp | Dec 1, 2027 | 1 |
| other lien unstated | unknown | 22c | unstated | 4 |
Equity pieces beside the debt: preferred equity ($176M fair value, 5 BDCs), equity ($182,000 fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | preferred equity equity U.S. Preferred Stock | Series A Preferred Shares | 11/30/2018 | n/a | $1.8M 154c | |
| A• P•••••• C••••• I•••••••• C••• | term loan second lien U.S. Corporate Debt | 2nd Lien/Junior Secured Debt | Term Loan | 11.63% (S + 7.87%; 0.75% | $3.1M | $1.9M 61c | SOFR+787 bp |
| A• P•••••• L•••••• F••• | term loan second lien US Corporate Debt | US 2nd Lien/Junior Secured Debt | Term Loan | 1.64% (S + 7.87%; 0.75% | $988,342 | $600,418 64c | SOFR+787 bp |
| A••• C•••••• C••• | term loan second lien Second lien senior secured loan 2 | $56.2M | $39.4M 70c | S+1000 bp PIK 4.00% |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan 1 | $17.0M | $11.2M 66c | S+525 bp |
| A••• C•••••• C••• | revolver first lien First lien senior secured revolving loan 1 | $800,000 | $500,000 63c | S+375 bp |
| A••• C•••••• C••• | preferred equity equity Series C-1 preferred shares | n/a | $88.5M 64c | PIK 11.00% |
| A••• C•••••• C••• | revolver first lien First lien senior secured revolving loan 2 | $9.2M | $6.0M 65c | S+275 bp |
| A••• C•••••• C••• | term loan second lien Second lien senior secured loan 1 | $76.2M | $51.1M 67c | S+788 bp |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan 2 | $28.3M | $18.5M 66c | S+450 bp |
| A••• C•••••• C••• | preferred equity equity Series C-2 preferred shares | n/a | $44.3M 64c | PIK 11.00% |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan | $829,900 | $542,700 71c | S+450 bp |
| A••• S•••••••• I••••• F••• | term loan second lien Second lien senior secured loan | $17.0M | $11.4M 80c | S+788 bp |
| B• P••••••• L•••••• C••• | term loan first lien Senior Secured Loan Interest R••• 8.15% Reference R••• and Spread S + 4.50% Floor 0.75% Ma | $1.1M | $715,000 66c | SOFR+450 bp |
| G•••• C•••••• B••• I••• | unstated lien unstated LLC interest | Non-Affiliated Issuer | n/a | $35,000 22c | |
| G•••• C•••••• B••• I••• | preferred equity equity Preferred stock 2 | Non-Affiliated Issuer | n/a | $6.5M 95c | PIK 14.23% |
| G•••• C•••••• B••• I••• | preferred equity equity Preferred stock 1 | Non-Affiliated Issuer | n/a | $17.7M 80c | PIK 11.00% |
| G•••• C•••••• B••• I••• | preferred equity equity Preferred stock 4 | Non-Affiliated Issuer | n/a | $1.4M 82c | PIK 11.00% |
| G•••• C•••••• B••• I••• | equity equity Common stock | Non-Affiliated Issuer | n/a | $182,000 77c | |
| G•••• C•••••• B••• I••• | preferred equity equity Preferred stock 3 | Non-Affiliated Issuer | n/a | $2.3M 84c | PIK 11.00% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien Senior secured | $2.7M | $1.8M 70c | S+450 bp |
| N•• M••••••• F•••••• C••• | preferred equity equity Series A preferred shares | n/a | n/a | |
| N•• M••••••• F•••••• C••• | preferred equity equity Series A Preferred Shares 2 | n/a | $64,000 70c | 14.33% PIK 10.50% |
| N•• M••••••• F•••••• C••• | preferred equity equity Series A Preferred Shares 1 | n/a | $13.9M 71c | 14.33% PIK 10.50% |
| N•• M••••••• F•••••• C••• | preferred equity equity Series A preferred shares | $19.8M | n/a | |
| S•••• S••••• L•••••• P••••••• | term loan first lien Investment First-lien loan ($1,263 par, due 12/2027) Initial Acquisition Date 4/4/2025, Re | n/a | $826,000 73c | SOFR+460 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 | $213M | $144M | 68c | 1 |
| Mar 31, 2026 | 11 | $216M | $157M | 74c | 1 |
| Dec 31, 2025 | 12 | $220M | $193M | 89c | 1 |
| Sep 30, 2025 | 12 | $227M | $189M | 93c | 1 |
| Jun 30, 2025 | 10 | $218M | $183M | 94c | 1 |
| Mar 31, 2025 | 9 | $195M | $176M | 90c | 1 |
| Dec 31, 2024 | 9 | $207M | $194M | 95c | 1 |
| Sep 30, 2024 | 8 | $187M | $174M | 94c | 1 |
| Jun 30, 2024 | 8 | $186M | $179M | 97c | 1 |
| Mar 31, 2024 | 8 | $109M | $103M | 95c | 0 |
| Dec 31, 2023 | 9 | $109M | $96.6M | 89c | 0 |
| Sep 30, 2023 | 8 | $99.8M | $90.4M | 91c | 0 |
| Jun 30, 2023 | 7 | $96.2M | $87.3M | 91c | 0 |
| Mar 31, 2023 | 7 | $95.1M | $85.5M | 90c | 0 |
| Dec 31, 2022 | 7 | $107M | $91.6M | 85c | 0 |
| Sep 30, 2022 | 4 | $91.6M | $87.1M | 95c | 0 |
| Dec 31, 2021 | 2 | $69.9M | $69.9M | 100c | 0 |
What changed
- Maturity approachingDec 22, 2027
- Maturity approachingDec 22, 2027
- Maturity approachingDec 1, 2027
- Maturity approachingDec 1, 2027
- Marked down across lendersJun 30, 2026
- Marked down across lendersJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SYMPLR SOFTWAREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 15 BDCsderived
- Industry
- Health Care Technologyreportedas one filer wrote it