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
B•••••••• N•••••• H•••••••• I••
Financial Servicesgroup grade Aon a schedule nowsponsor S••••• L••• T••••••••• M••••••••• L•• carried
Also written as: Acronis International; ASG III, LLC; Commercial &; Consumer; Data Processing & Outsourced Services; Mews Systems B.V; MRI; SMR Holdings
Principal held
at least $151M
sum of BDC pieces, a lower bound
Fair value
$150M
99c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
18
7 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
5
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 $143M | 99c | SOFR+350 bp | Mar 31, 2029 | 14 |
| other lien unstated | at least $7.4M | 100c | S+350 bp | Mar 12, 2029 | 4 |
| second lien term loan second lien exited Dec 31, 2023 | at least $156M | 100c | S+700 bp | Jun 15, 2026 | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $2.5M | $2.5M 100c | S+350 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $43.3M | $43.1M 99c | S+350 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $89.0M | $88.5M 99c | S+350 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien First lien senior secured loan | $9.1M | $9.1M 99c | S+350 bp |
| C••••••• P•••••• C••••• I••••• C••• | term loan first lien Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 Interest Rate 7. | $1.3M | $1.3M 99c | SOFR+350 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $4.9M | $4.9M 100c | S+350 bp |
| S••••• C•••• C•••••• C••• | term loan first lien First Lien - Term Loan | $498,000 | $496,000 100c | 3.50% |
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 | 7 | $151M | $150M | 99c | 0 |
| Mar 31, 2026 | 7 | $185M | $182M | 99c | 0 |
| Dec 31, 2025 | 5 | $320M | $321M | 100c | 0 |
| Sep 30, 2025 | 6 | $314M | $315M | 100c | 0 |
| Jun 30, 2025 | 8 | $323M | $324M | 101c | 0 |
| Mar 31, 2025 | 7 | $355M | $353M | 100c | 0 |
| Dec 31, 2024 | 9 | $734M | $742M | 103c | 0 |
| Sep 30, 2024 | 12 | $513M | $515M | 102c | 0 |
| Jun 30, 2024 | 11 | $529M | $530M | 102c | 0 |
| Mar 31, 2024 | 12 | $533M | $534M | 102c | 0 |
| Dec 31, 2023 | 5 | $160M | $160M | 100c | 0 |
| Sep 30, 2023 | 4 | $54.1M | $53.4M | 99c | 0 |
| Jun 30, 2023 | 4 | $160M | $159M | 100c | 0 |
| Mar 31, 2023 | 3 | $156M | $151M | 98c | 0 |
| Dec 31, 2022 | 3 | $156M | $151M | 97c | 0 |
| Sep 30, 2022 | 3 | $175M | $170M | 98c | 0 |
| Dec 31, 2021 | 1 | $106M | $106M | 101c | 0 |
What changed
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityDec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Spread changed (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Facility left every BDC scheduleDec 31, 2023
- New lender joined a facilitySep 30, 2023
Sponsor
- S••••• L••• T••••••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedsilverlake.com"portfolio card on https://www.silverlake.com/portfolio/: B•••••••• N•••••• | Financial T•••••••••"
Identity
- Group key
- BLACKHAWK NETWORKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 18 BDCsderived
- Industry
- Financial Servicesreportedas one filer wrote it