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••••••• D•••••• L••
group grade Aon a schedule nowsponsor unattributed
Principal held
at least $9.9M
sum of BDC pieces, a lower bound
Fair value
$5.0M
52c on cost, debt pieces
Unfunded
$198,000
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
Apr 13, 2029
no dated debt inside 24 months
On the tape since
Mar 31, 2024
latest Jun 30, 2026
Events
12
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 $9.3M | 48c | S+1200 bp PIK 15.69% | Apr 13, 2029 | 1 |
| revolver lien unstated | at least $627,000 | 102c | S+1200 bp PIK 15.69% | Apr 13, 2029 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••••• C••• | warrants equity Warrants | n/a | n/a | |
| C•••••• S•••••••• C••• | term loan first lien First Lien 2 | n/a | n/a | |
| C•••••• S•••••••• C••• | revolver lien unstated Revolving Loans | n/a | n/a | |
| C•••••• S•••••••• C••• | revolver lien unstated Revolving Loan 2 | $487,000 | $496,000 102c | 18.00% |
| C•••••• S•••••••• C••• | revolver lien unstated Revolving Loan 1 | n/a | n/a | |
| C•••••• S•••••••• C••• | equity equity Class A Units | n/a | $0 0c | |
| C•••••• S•••••••• C••• | revolver lien unstated Revolving Loan 2 | n/a | n/a | |
| C•••••• S•••••••• C••• | term loan first lien First Lien 1 | n/a | n/a | |
| C•••••• S•••••••• C••• | equity equity Class A Units | n/a | n/a | |
| C•••••• S•••••••• C••• | term loan first lien First Lien 1 | $9.1M | $4.4M 49c | S+1200 bp PIK 15.69% |
| C•••••• S•••••••• C••• | revolver lien unstated Revolving Loan 1 | $140,000 | $132,000 102c | S+1200 bp PIK 15.69% |
| C•••••• S•••••••• C••• | term loan first lien First Lien 2 | $136,000 | $0 0c | 8.00% PIK 8.00% |
| C•••••• S•••••••• C••• | warrants equity Warrants (Expiration - December 18, 2030) | n/a | $0 |
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 | 1 | $9.9M | $5.0M | 52c | 3 |
| Mar 31, 2026 | 1 | $10.0M | $13.9M | 142c | 3 |
| Dec 31, 2025 | 1 | $9.7M | $7.2M | 75c | 3 |
| Sep 30, 2025 | 1 | $8.9M | $6.6M | 75c | 2 |
| Jun 30, 2025 | 1 | $8.8M | $7.1M | 81c | 2 |
| Mar 31, 2025 | 1 | $17.7M | $30.2M | 173c | 0 |
| Dec 31, 2024 | 1 | $8.8M | $8.7M | 101c | 0 |
| Sep 30, 2024 | 1 | $8.8M | $8.6M | 100c | 0 |
| Jun 30, 2024 | 1 | $8.8M | $8.6M | 100c | 0 |
| Mar 31, 2024 | 1 | $0 | $0 | n/a | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Mark recoveredMar 31, 2026
- Mark recoveredMar 31, 2026
- PIK interest increasedDec 31, 2025
- PIK interest increasedDec 31, 2025
- PIK interest increasedDec 31, 2025
- PIK interest increasedDec 31, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest appearsJun 30, 2025
- Marked down across lendersJun 30, 2025
- Spread changed (observed)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- Spread changed (observed)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Spread increasedJun 30, 2025
- Spread increasedJun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- 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
- BRANDNER DESIGNderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived