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.
Borrower
Flexera Software LLC
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: 2025; Emerald JV LP; Flexera Software LLC I; Verdelite JV LP
Principal held
at least $1.6B
sum of BDC pieces, a lower bound
Fair value
$1.6B
99c on cost, debt pieces
Unfunded
$71.2M
commitments not yet drawn
BDC lenders
37
31 on the latest quarter
Facilities
7
0 equity pieces beside them
Next maturity
Aug 1, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
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 $815M | 97c | SOFR+450 bp | Aug 31, 2032 | 27 |
| revolver lien unstated | at least $286M | 97c | S+450 bp | Aug 16, 2032 | 7 |
| first lien revolver first lien | at least $282M | 96c | SOFR+450 bp | Aug 31, 2032 | 13 |
| other lien unstated | at least $186M | 118c | S+480 bp | Aug 16, 2032 | 14 |
| term loan lien unstated | at least $15.2M | 98c | S+450 bp | Aug 16, 2032 | 1 |
| second lien revolver second lien | unknown | n/a | unstated | 2 | |
| delayed draw term loan lien unstated exited Mar 31, 2026 | unknown | n/a | unstated | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| 5C Lending Partners Corp. | term loan first lien Investment Type First Lien Term Loan Initial Acquisition Date 8/2025 Reference Rate and Sp | $21.1M | $20.2M 96c | SOFR+450 bp |
| 5C Lending Partners Corp. | revolver first lien Investment Type First Lien Revolver Initial Acquisition Date 8/2025 Reference Rate and Spr | n/a | $-68,000 1700c | SOFR+450 bp |
| 5C Lending Partners Corp. | term loan first lien Investment Type First Lien Term Loan Initial Acquisition Date 8/2025 Reference Rate and Sp | $6.4M | $7.0M 94c | //fasb.org/us-gaap/2025#Eurodollar+450 bp |
| AGL Private Credit Income Fund | term loan first lien First Lien Term Loan Reference Rate and Spread EURIBOR + 4.50% All In Rate 6.71% Acquisiti | $10.6M | $12.0M 97c | //www.aglprivatecreditincomefund.com/20260630#Euro Interbank Offered Rate+450 bp |
| AGL Private Credit Income Fund | revolver first lien Revolving Loan | n/a | n/a | |
| AGL Private Credit Income Fund | term loan first lien First Lien Term Loan #2 Reference Rate and Spread SOFR + 4.50% All In Rate 8.15% Acquisiti | $9.2M | $9.2M 100c | SOFR+450 bp |
| AGL Private Credit Income Fund | term loan first lien First Lien Term Loan Reference Rate and Spread SOFR + 4.50% All In Rate 8.15% Acquisition | $32.2M | $32.0M 99c | SOFR+450 bp |
| AGL Private Credit Income Fund | revolver first lien First Lien Revolving Loan Reference Rate and Spread SOFR + 4.50% Acquisition Date 8/13/202 | $0 | $-19,000 380c | SOFR+450 bp |
| ARES CAPITAL CORP | term loan first lien First lien senior secured loan | $18.6M | $18.2M 98c | S+475 bp |
| ARES CAPITAL CORP | term loan first lien First lien senior secured loan 1 | $6.6M | $6.5M 96c | S+475 bp |
| ARES CAPITAL CORP | unstated lien unstated | n/a | n/a | |
| ARES CAPITAL CORP | term loan first lien First lien senior secured loan 2 | $120M | $118M 98c | S+475 bp |
| ARES STRATEGIC INCOME FUND | term loan first lien First lien senior secured loan 1 | $111M | $109M 99c | S+475 bp |
| ARES STRATEGIC INCOME FUND | term loan first lien First lien senior secured loan 2 | $7.7M | $7.5M 96c | S+475 bp |
| ARES STRATEGIC INCOME FUND | unstated lien unstated | n/a | n/a | |
| Blackstone Private Credit Fund | revolver lien unstated Revolver | n/a | n/a | |
| Blackstone Private Credit Fund | revolver lien unstated Non-Affiliated Issuer | $187M | $182M 97c | S+450 bp |
| Blackstone Private Credit Fund | revolver lien unstated Non-Affiliated Issuer | $56.5M | $62.7M 95c | S+450 bp |
| Blackstone Secured Lending Fund | revolver lien unstated Revolver | n/a | n/a | |
| Blackstone Secured Lending Fund | revolver lien unstated Non-Affiliated Issuer | $32.2M | $31.3M 97c | S+450 bp |
| Blackstone Secured Lending Fund | revolver lien unstated Non-Affiliated Issuer | $9.7M | $10.8M 95c | S+450 bp |
| Blue Owl Capital Corp | term loan first lien First lien senior secured EUR term loan | Non-Affiliated | $5.3M | $5.9M 95c | S+450 bp |
| Blue Owl Capital Corp | revolver first lien First lien senior secured revolving loan | n/a | $-34,000 | |
| Blue Owl Capital Corp | term loan first lien First lien senior secured loan | Non-Affiliated | $17.6M | $17.1M 98c | S+450 bp |
| Blue Owl Credit Income Corp. | term loan first lien First lien senior secured EUR term loan | Non-Affiliated Issuer | $31.8M | $35.5M 95c | S+450 bp |
| Blue Owl Credit Income Corp. | revolver first lien First lien senior secured revolving loan | Non-controlled/non-affiliated | n/a | n/a | |
| Blue Owl Credit Income Corp. | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $129M | $126M 98c | S+450 bp |
| Blue Owl Technology Finance Corp. | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $21.0M | $20.5M 98c | S+450 bp |
| Blue Owl Technology Finance Corp. | term loan first lien First lien senior secured EUR term loan | Non-Affiliated Issuer | $5.3M | $5.9M 95c | S+450 bp |
| Blue Owl Technology Finance Corp. | revolver first lien First lien senior secured revolving loan | Non-Affiliated Issuer | n/a | $-34,000 | |
| Blue Owl Technology Income Corp. | revolver first lien First lien senior secured revolving loan | n/a | $-58,000 | |
| Blue Owl Technology Income Corp. | term loan first lien First lien senior secured EUR term loan | $9.4M | $10.4M 95c | S+450 bp |
| Blue Owl Technology Income Corp. | term loan first lien First lien senior secured loan | $36.2M | $35.2M 98c | S+450 bp |
| Carlyle Credit Solutions, Inc. | revolver second lien Investments | Non-Affiliated Issuer | First and Second Lien Debt | Revolver | n/a | n/a | |
| Carlyle Credit Solutions, Inc. | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $5.2M | $5.9M 96c | S+450 bp |
| Carlyle Credit Solutions, Inc. | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $22.4M | $21.8M 98c | S+450 bp |
| Carlyle Secured Lending, Inc. | revolver second lien Investments | Non-Affiliated | First and Second Lien Debt | Revolver | n/a | n/a | |
| Carlyle Secured Lending, Inc. | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $8.4M | $8.2M 98c | S+450 bp |
| Carlyle Secured Lending, Inc. | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $2.0M | $2.2M 96c | S+450 bp |
| FS KKR Capital Corp | unstated lien unstated | n/a | n/a | |
| FS KKR Capital Corp | unstated lien unstated Software & Services 1 | $59.8M | $57.6M 96c | S+480 bp |
| FS KKR Capital Corp | unstated lien unstated Software & Services 2 | $1.7M | $1.6M 94c | S+480 bp |
| FS KKR Capital Corp | unstated lien unstated Software & Services 3 | $6.5M | $6.2M 95c | S+480 bp |
| Golub Capital BDC 4, Inc. | term loan first lien One stop 4 | $1.6M | $1.5M 98c | S+450 bp |
| Golub Capital BDC 4, Inc. | term loan first lien One stop 2 | $0 | $-12,000 1200c | |
| Golub Capital BDC 4, Inc. | term loan first lien One stop 3 | $2.1M | $2.0M 95c | S+450 bp |
| Golub Capital BDC 4, Inc. | term loan first lien One stop 1 | $6.1M | $5.9M 98c | S+450 bp |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 3 | Non-Affiliated Issuer | $483,000 | $471,000 95c | S+450 bp |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 4 | Non-Affiliated Issuer | $500,000 | $488,000 98c | S+450 bp |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 1 | Non-Affiliated Issuer | $0 | $-3,000 | |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 2 | Non-Affiliated Issuer | $1.4M | $1.4M 98c | S+450 bp |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 4 | $380,000 | $370,000 98c | S+450 bp |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 1 | $0 | $-1,000 | |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 3 | $242,000 | $235,000 95c | S+450 bp |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 2 | $700,000 | $683,000 98c | S+450 bp |
| Golub Capital Direct Lending Unlevered Corp | term loan first lien One stop 3 | $0 | $-1,000 | |
| Golub Capital Direct Lending Unlevered Corp | term loan first lien One stop 1 | $242,000 | $235,000 95c | S+450 bp |
| Golub Capital Direct Lending Unlevered Corp | term loan first lien One stop 4 | $187,000 | $182,000 98c | S+450 bp |
| Golub Capital Direct Lending Unlevered Corp | term loan first lien One stop 2 | $700,000 | $683,000 98c | S+450 bp |
| Golub Capital Private Credit Fund | term loan first lien One stop 2 | $31.8M | $31.0M 98c | S+450 bp |
| Golub Capital Private Credit Fund | term loan first lien One stop 4 | $10.0M | $9.8M 98c | S+450 bp |
| Golub Capital Private Credit Fund | term loan first lien One stop 1 | $10.9M | $10.7M 95c | S+450 bp |
| Golub Capital Private Credit Fund | term loan first lien One stop 3 | $0 | $-61,000 2033c | |
| HPS Corporate Lending Fund | revolver first lien Non-Affiliated Issuer | $200M | $194M 97c | S+450 bp |
| HPS Corporate Lending Fund | revolver first lien 1st Lien Senior Secured Revolving Loan | n/a | n/a | |
| HPS Corporate Lending Fund | revolver first lien Non-Affiliated Issuer | $16.8M | $-471,000 1273c | |
| HPS Corporate Lending Fund | revolver first lien Non-Affiliated Issuer | $65.3M | $72.2M 95c | S+450 bp |
| Jefferies Credit Partners BDC Inc. | revolver first lien Investment Type First Lien Revolver | n/a | $0 | |
| KKR Enhanced US Direct Lending Fund-L Inc. | unstated lien unstated | $1.5M | $-53,000 | S+450 bp |
| KKR Enhanced US Direct Lending Fund-L Inc. | unstated lien unstated | $5.5M | $6.1M | S+475 bp |
| KKR Enhanced US Direct Lending Fund-L Inc. | unstated lien unstated | $18.3M | $17.7M | S+475 bp |
| KKR Enhanced US Direct Lending Fund-L Inc. | unstated lien unstated | $10.8M | $10.4M | S+475 bp |
| KKR FS Income Trust | unstated lien unstated Software & Services 2 | $11.2M | $12.4M 94c | S+480 bp |
| KKR FS Income Trust | unstated lien unstated Software & Services 1 | $37.3M | $35.9M 96c | S+480 bp |
| KKR FS Income Trust | unstated lien unstated | n/a | n/a | |
| KKR FS Income Trust | unstated lien unstated Software & Services 3 | $3.0M | $2.9M 96c | S+480 bp |
| KKR FS Income Trust Select | unstated lien unstated | n/a | n/a | |
| KKR FS Income Trust Select | unstated lien unstated Software & Services 2 | $6.7M | $7.4M 94c | S+480 bp |
| KKR FS Income Trust Select | unstated lien unstated Software & Services 1 | $22.3M | $21.5M 96c | S+480 bp |
| KKR FS Income Trust Select | unstated lien unstated Software & Services 3 | $1.8M | $1.7M 96c | S+480 bp |
| Oaktree Strategic Credit Fund | unstated lien unstated | n/a | n/a | |
| Oaktree Strategic Credit Fund | term loan first lien First Lien Term Loan 1 | $11.7M | $11.2M 97c | S+475 bp |
| Oaktree Strategic Credit Fund | term loan first lien First Lien Term Loan 2 | $40.8M | $39.1M 96c | S+475 bp |
| Oaktree Strategic Credit Fund | term loan first lien First Lien Term Loan 3 | $12.3M | $13.5M 94c | S+475 bp |
| Oaktree Strategic Credit Fund | revolver first lien First Lien Revolver | $0 | $-125,000 1563c | S+475 bp |
| OHA Senior Private Lending Fund (U) LLC | term loan first lien First Lien Debt | $21,000 | $24,000 96c | S+450 bp |
| OHA Senior Private Lending Fund (U) LLC | term loan first lien First Lien Debt | $5,000 | $0 | S+450 bp |
| OHA Senior Private Lending Fund (U) LLC | revolver lien unstated 2025 Revolver | n/a | n/a | |
| OHA Senior Private Lending Fund (U) LLC | term loan first lien First Lien Debt | $70,000 | $70,000 100c | S+450 bp |
| Onex Direct Lending BDC Fund | term loan first lien First Lien Amendment No. 1 Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% | $804,817 | $741,237 93c | SOFR+450 bp |
| Onex Direct Lending BDC Fund | term loan first lien First Lien Term Loan Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Interest Rate 8 | $3.8M | $3.5M 92c | SOFR+450 bp |
| Onex Direct Lending BDC Fund | revolver lien unstated Revolver | n/a | n/a | |
| Onex Direct Lending BDC Fund | revolver first lien First Lien Revolver Reference Rate and Spread 3M SOFR + 4.50% Floor 0.50% Initial Acquisit | n/a | $-17,033 | SOFR+450 bp |
| Senior Credit Investments, LLC | revolver first lien Investment Type First Lien Revolver | n/a | $-0 | |
| Stone Point Credit Corp | term loan first lien First Lien Term Loan, Due 8/16/2032 One | $2.8M | $3.2M 96c | //www.stonepoint.com/20260630#Euro Inter Bank Offer Rate+450 bp |
| Stone Point Credit Corp | revolver first lien First Lien Revolving Loan, Due 8/16/2032 | n/a | $-23,000 1150c | SOFR+450 bp |
| Stone Point Credit Corp | term loan first lien First Lien Term Loan, Due 8/16/2032 | $4.8M | $4.7M 98c | SOFR+450 bp |
| Stone Point Credit Income Fund | term loan first lien First Lien Term Loan 2 | $1.2M | $1.4M 96c | S+450 bp |
| Stone Point Credit Income Fund | term loan first lien First Lien Term Loan 1 | $2.1M | $2.0M 98c | S+450 bp |
| Stone Point Credit Income Fund | revolver first lien First Lien Revolver | $0 | $-10,044 1005c | S+450 bp |
| Stone Point Credit Income Fund | revolver first lien First Lien Revolving Loan | n/a | n/a | |
| T. Rowe Price OHA Select Private Credit Fund | revolver lien unstated 2025 Revolver | n/a | n/a | |
| T. Rowe Price OHA Select Private Credit Fund | term loan first lien First Lien Debt | $1.6M | $-8,000 400c | S+450 bp |
| T. Rowe Price OHA Select Private Credit Fund | term loan first lien First Lien Debt | $21.4M | $21.3M 100c | S+450 bp |
| T. Rowe Price OHA Select Private Credit Fund | term loan first lien First Lien Debt | $6.5M | $7.4M 97c | S+450 bp |
| Willow Tree Capital Corp | revolver lien unstated Revolver | Non-Affiliated Issuer | $50,000 | $-1,000 | 0.25% |
| Willow Tree Capital Corp | revolver lien unstated Revolver | n/a | n/a | |
| Willow Tree Capital Corp | term loan lien unstated Term Loan 2 | Non-Affiliated Issuer | $3.0M | $3.4M 97c | S+450 bp |
| Willow Tree Capital Corp | term loan lien unstated Term Loan 1 | Non-Affiliated Issuer | $9.9M | $9.7M 99c | S+450 bp |
| Willow Tree Capital Corp | term loan lien unstated Term Loan 3 | Non-Affiliated Issuer | $2.4M | $2.3M 99c | S+450 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 | 31 | $1.6B | $1.6B | 99c | 0 |
| Mar 31, 2026 | 31 | $1.4B | $1.4B | 100c | 0 |
| Dec 31, 2025 | 32 | $1.7B | $1.8B | 102c | 0 |
| Sep 30, 2025 | 32 | $1.4B | $1.4B | 102c | 0 |
| Jun 30, 2025 | 3 | $57.0M | $57.1M | 100c | 0 |
| Mar 31, 2025 | 3 | $53.0M | $52.8M | 100c | 0 |
| Dec 31, 2024 | 5 | $66.2M | $66.7M | 101c | 0 |
| Sep 30, 2024 | 4 | $49.5M | $49.5M | 100c | 0 |
| Jun 30, 2024 | 3 | $58.2M | $58.5M | 100c | 0 |
| Mar 31, 2024 | 7 | $65.3M | $65.4M | 101c | 0 |
| Dec 31, 2023 | 8 | $74.2M | $74.2M | 101c | 0 |
| Sep 30, 2023 | 7 | $45.0M | $44.8M | 100c | 0 |
| Jun 30, 2023 | 6 | $44.4M | $43.7M | 99c | 0 |
| Mar 31, 2023 | 4 | $38.2M | $37.3M | 241c | 0 |
| Dec 31, 2022 | 5 | $82.3M | $78.7M | 96c | 0 |
| Sep 30, 2022 | 1 | $18.1M | $17.4M | 96c | 0 |
| Dec 31, 2021 | 1 | $16.4M | $16.4M | 100c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- FLEXERA SOFTWAREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 37 BDCsderived
- Industry
- Softwarereportedas one filer wrote it