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
N••• I••••••••• I••
Trading Companies & Distributorsgroup grade Aon a schedule nowsponsor unattributed
Also written as: 2024; Inc. Asset Type; Inc.4; National Carwash Solutions; N••• Holdings LP
Principal held
at least $361M
sum of BDC pieces, a lower bound
Fair value
$307M
92c on cost, debt pieces
Unfunded
$5.6M
commitments not yet drawn
BDC lenders
8
6 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
Dec 31, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
9
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 $344M | 91c | SOFR+750 bp PIK 2.25% | Dec 31, 2029 | 7 |
| other lien unstated | at least $17.1M | 96c | S+750 bp PIK 2.25% | Dec 31, 2029 | 3 |
| revolver lien unstated | unknown | n/a | unstated | 2 | |
| first lien delayed draw term loan first lien exited Mar 31, 2024 | at least $124,000 | 103c | S+600 bp | Dec 29, 2026 | 1 |
| delayed draw term loan lien unstated exited Mar 31, 2026 | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: equity ($2.7M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•• B••• L•• | unstated lien unstated | $15.3M | $14.2M 96c | S+750 bp PIK 2.25% |
| A•• B••• L•• | unstated lien unstated | $120,000 | $111,000 97c | S+750 bp PIK 2.25% |
| A•• B••• L•• | revolver lien unstated Revolver | n/a | n/a | |
| A•• B••• L•• | unstated lien unstated | $1.7M | $485,000 85c | S+525 bp |
| A••• C•••••• C••• | equity equity Class A-2 common units | n/a | $2.7M 21c | |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry Trading Companies & Distributors Interest Rate 8.91% | $3.0M | $760,000 74c | SOFR+525 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry Trading Companies & Distributors Interest Rate 11.16 | $206,000 | $186,000 91c | SOFR+750 bp PIK 2.25% |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry Trading Companies & Distributors Interest Rate 11.16 | $26.3M | $23.7M 91c | SOFR+750 bp PIK 2.25% |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry Trading Companies & Distributors Interest Rate 11.16 | $1.6M | $1.5M 96c | SOFR+750 bp PIK 2.25% |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry Trading Companies & Distributors Interest Rate 8.91% | $23.4M | $6.0M 76c | SOFR+525 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry Trading Companies & Distributors Interest Rate 11.16 | $206M | $186M 92c | SOFR+750 bp PIK 2.25% |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry Trading Companies & Distributors Interest Rate 8.91% | $1.5M | $380,000 74c | SOFR+525 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry Trading Companies & Distributors Interest Rate 11.16 | $103,000 | $93,000 91c | SOFR+750 bp PIK 2.25% |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry Trading Companies & Distributors Interest Rate 11.16 | $13.1M | $11.9M 91c | SOFR+750 bp PIK 2.25% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | revolver lien unstated 2024 Revolver | n/a | n/a | |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien First Lien Debt | $481,000 | $447,000 93c | S+750 bp PIK 2.25% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien First Lien Debt | $61.4M | $56.9M 93c | S+750 bp PIK 2.25% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien First Lien Debt | $7.0M | $1.9M 81c | S+525 bp PIK 2.25% |
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 | 6 | $361M | $304M | 92c | 11 |
| Mar 31, 2026 | 6 | $365M | $309M | 94c | 11 |
| Dec 31, 2025 | 5 | $674M | $535M | 93c | 12 |
| Sep 30, 2025 | 5 | $333M | $269M | 93c | 6 |
| Jun 30, 2025 | 6 | $357M | $291M | 94c | 7 |
| Mar 31, 2025 | 6 | $355M | $290M | 95c | 8 |
| Dec 31, 2024 | 6 | $497M | $403M | 96c | 13 |
| Sep 30, 2024 | 6 | $352M | $291M | 98c | 15 |
| Jun 30, 2024 | 6 | $335M | $289M | 100c | 0 |
| Mar 31, 2024 | 3 | $139M | $139M | 100c | 0 |
| Dec 31, 2023 | 2 | $135M | $134M | 100c | 0 |
| Sep 30, 2023 | 2 | $125M | $124M | 100c | 0 |
| Jun 30, 2023 | 2 | $125M | $122M | 98c | 0 |
| Mar 31, 2023 | 1 | $96.9M | $93.9M | 97c | 0 |
| Dec 31, 2022 | 2 | $197M | $193M | 98c | 0 |
| Sep 30, 2022 | 1 | $147M | $146M | 99c | 0 |
| Dec 31, 2021 | 1 | $189M | $187M | 99c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Lender left a facilityMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- New lender joined a facilityDec 31, 2025
- PIK interest increasedMar 31, 2025
- PIK interest increasedMar 31, 2025
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Lender left a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Spread increasedMar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Spread increasedSep 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- N••• INTERMEDIATEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 8 BDCsderived
- Industry
- Trading Companies & Distributorsreportedas one filer wrote it