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
Associations, Inc
Real Estate Management & Developmentgroup grade Aon a schedule nowsponsor unattributed
Also written as: 2021; 2024 2nd Amendment; 2024 Special Purpose; First Lien; First Lien - Drawn; First Lien - Undrawn; Inc. Special Purpose; Inc. Third Amendment
Principal held
at least $1.5B
sum of BDC pieces, a lower bound
Fair value
$1.5B
100c on cost, debt pieces
Unfunded
$116M
commitments not yet drawn
BDC lenders
29
22 on the latest quarter
Facilities
10
0 equity pieces beside them
Next maturity
Dec 1, 2027
$1.5M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
16
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 $1.4B | 100c | SOFR+650 bp PIK 14.25% | May 3, 2030 | 26 |
| other lien unstated | at least $104M | 100c | S+650 bp | Jul 3, 2028 | 13 |
| unsecured or subordinated subordinated debt unsecured or subordinated | at least $29.1M | 100c | 14.25% PIK 14.25% | May 1, 2030 | 4 |
| second lien term loan second lien | at least $13.6M | 100c | S+1425 bp PIK 100.00% | May 3, 2030 | 3 |
| first lien delayed draw term loan first lien | at least $608,000 | 100c | SOFR+650 bp | Jul 3, 2028 | 10 |
| first lien revolver first lien | at least $0 | n/a | SOFR+50 bp | Jul 2, 2028 | 10 |
| second lien revolver second lien | unknown | n/a | unstated | 3 | |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 9 | |
| revolver lien unstated | unknown | n/a | unstated | 8 | |
| second lien delayed draw term loan second lien | unknown | n/a | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| APS BDC, LLC | delayed draw term loan lien unstated Delayed Draw Term Loan 3 | n/a | n/a | |
| APS BDC, LLC | revolver lien unstated Revolver 2 | n/a | n/a | |
| APS BDC, LLC | unstated lien unstated | $87,000 | $0 | S+650 bp |
| APS BDC, LLC | unstated lien unstated | $1.4M | $1.4M 100c | S+650 bp |
| APS BDC, LLC | unstated lien unstated | $1.8M | $0 0c | S+650 bp |
| APS BDC, LLC | unstated lien unstated | $107,000 | $56,000 98c | S+650 bp |
| APS BDC, LLC | unstated lien unstated | $2.3M | $1.2M 101c | S+650 bp |
| APS BDC, LLC | unstated lien unstated | $3.3M | $3.3M 101c | S+650 bp |
| APS BDC, LLC | unstated lien unstated | $29.0M | $29.0M 101c | S+650 bp |
| APS BDC, LLC | unstated lien unstated | $3.0M | $3.0M 101c | S+650 bp |
| APS BDC, LLC | unstated lien unstated | $281,000 | $39,000 105c | S+650 bp |
| APS BDC, LLC | revolver lien unstated Revolver 1 | n/a | n/a | |
| APS BDC, LLC | delayed draw term loan lien unstated Delayed Draw Term Loan 1 | n/a | n/a | |
| APS BDC, LLC | delayed draw term loan lien unstated Delayed Draw Term Loan 2 | n/a | n/a | |
| Blue Owl Capital Corp | delayed draw term loan first lien First lien senior secured delayed draw term loan | n/a | $0 | |
| Blue Owl Capital Corp | term loan first lien First lien senior secured loan | Non-Affiliated | $318M | $318M 100c | S+650 bp |
| Blue Owl Capital Corp | revolver first lien First lien senior secured revolving loan | n/a | $0 | |
| 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 | $573M | $573M 100c | S+650 bp |
| Blue Owl Credit Income Corp. | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-controlled/non-affiliated | n/a | n/a | |
| Blue Owl Technology Finance Corp. | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-Affiliated Issuer | n/a | $0 | |
| Blue Owl Technology Finance Corp. | revolver first lien First lien senior secured revolving loan | Non-Affiliated Issuer | n/a | $0 | |
| Blue Owl Technology Finance Corp. | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $149M | $149M 100c | S+650 bp |
| Blue Owl Technology Income Corp. | revolver first lien First lien senior secured revolving loan | n/a | $0 | |
| Blue Owl Technology Income Corp. | delayed draw term loan first lien First lien senior secured delayed draw term loan | n/a | $0 | |
| Blue Owl Technology Income Corp. | term loan first lien First lien senior secured loan | $76.9M | $76.9M 100c | S+650 bp |
| Carlyle Credit Solutions, Inc. | term loan second lien Investment | Non-Affiliated Issuer | Second Lien Debt | $939,000 | $941,000 101c | S+1425 bp PIK 100.00% |
| 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 | $16.0M | $16.0M 100c | S+650 bp |
| Carlyle Credit Solutions, Inc. | term loan second lien Investment | Non-Affiliated Issuer | Second Lien Debt | $2.5M | $2.5M 100c | S+1425 bp PIK 100.00% |
| Carlyle Credit Solutions, Inc. | delayed draw term loan second lien Investments | Non-Affiliated Issuer | First and Second Lien Debt | Delayed Draw | n/a | n/a | |
| 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 second lien Investment | Non-Affiliated Issuer | Second Lien Debt | $7.4M | $7.4M 100c | S+1425 bp PIK 100.00% |
| Carlyle Secured Lending, Inc. | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $20.1M | $20.1M 100c | S+650 bp |
| Carlyle Secured Lending, Inc. | delayed draw term loan second lien Investments | Non-Affiliated | First and Second Lien Debt | Delayed Draw | n/a | n/a | |
| Carlyle Secured Lending, Inc. | term loan second lien Investment | Non-Affiliated Issuer | Second Lien Debt | $2.8M | $2.8M 100c | S+1425 bp PIK 100.00% |
| HPS Corporate Lending Fund | unstated lien unstated Non-Affiliated Issuer | $54.7M | $54.7M 100c | S+650 bp |
| HPS Corporate Lending Fund | unstated lien unstated Non-Affiliated Issuer | $3.5M | $0 0c | |
| HPS Corporate Lending Fund | delayed draw term loan first lien 1st Lien Senior Secured Delayed Draw Loan | n/a | n/a | |
| HPS Corporate Lending Fund | unstated lien unstated Non-Affiliated Issuer | $4.3M | $2.3M 100c | S+650 bp |
| HPS Corporate Lending Fund | revolver first lien 1st Lien Senior Secured Revolving Loan | n/a | n/a | |
| Kennedy Lewis Capital Co | term loan first lien First Lien Debt Original Purchase Date 6/12/2026 S+6.50% Interest Rate 10.42% Due 7/2/2028 | $3.9M | $2.0M 100c | SOFR+650 bp |
| Kennedy Lewis Capital Co | term loan first lien First Lien Debt Original Purchase Date 6/12/2026 S+6.50% Interest Rate 10.42% Due 7/2/2028 | $49.4M | $49.4M 100c | SOFR+650 bp |
| Kennedy Lewis Capital Co | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| Kennedy Lewis Capital Co | revolver lien unstated Revolver | n/a | n/a | |
| Kennedy Lewis Capital Co | term loan first lien First Lien Debt Original Purchase Date 6/12/2026 S+6.50% Due 7/2/2028 | $3.1M | n/a | SOFR+650 bp |
| LGAM Private Credit LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.42% Maturity Date 07/ | $858,000 | $858,000 100c | SOFR+650 bp |
| LGAM Private Credit LLC | revolver lien unstated Revolver Commitment Expiration Date 07/03/2028 | n/a | n/a | |
| LGAM Private Credit LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.42% Maturity Date 07/ | $36,000 | $36,000 103c | SOFR+650 bp |
| LGAM Private Credit LLC | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 07/03/2028 | n/a | n/a | |
| LGAM Private Credit LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.42% Maturity Date 07/ | $0 | $0 | SOFR+650 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest rate 10.43% Maturi | $0 | $0 0c | SOFR+650 bp |
| Morgan Stanley Direct Lending Fund | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 03/07/2028 | n/a | n/a | |
| Morgan Stanley Direct Lending Fund | revolver lien unstated Revolver Commitment Expiration Date 03/07/2028 | n/a | n/a | |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest rate 10.43% Maturi | $443,000 | $443,000 100c | SOFR+650 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest rate 10.43% Maturi | $10.7M | $10.7M 100c | SOFR+650 bp |
| New Mountain Finance Corp | term loan first lien First lien - Undrawn 1 | $1.8M | $0 0c | |
| New Mountain Finance Corp | subordinated debt unsecured or subordinated Subordinated 2 | $3.8M | $3.8M 100c | 14.25% PIK 14.25% |
| New Mountain Finance Corp | subordinated debt unsecured or subordinated Subordinated 1 | $9.8M | $9.8M 100c | 14.25% PIK 14.25% |
| New Mountain Finance Corp | term loan first lien First lien - Undrawn 2 | $3.1M | $0 0c | |
| New Mountain Finance Corp | term loan first lien First lien | $29.9M | $29.9M 100c | S+650 bp |
| New Mountain Finance Corp | term loan first lien First lien - Drawn | $2.0M | $2.0M 100c | S+650 bp |
| New Mountain Guardian IV BDC, L.L.C. | subordinated debt unsecured or subordinated Subordinated 1 | $5.5M | $5.5M 100c | 14.25% PIK 14.25% |
| New Mountain Guardian IV BDC, L.L.C. | term loan first lien First Lien | $27.0M | $27.0M 100c | S+650 bp |
| New Mountain Guardian IV BDC, L.L.C. | term loan first lien First Lien - Drawn | $1.1M | $1.1M 100c | S+650 bp |
| New Mountain Guardian IV BDC, L.L.C. | subordinated debt unsecured or subordinated Subordinated 2 | $2.1M | $2.1M 100c | 14.25% PIK 14.25% |
| New Mountain Guardian IV Income Fund, L.L.C. | term loan first lien First Lien - Drawn | Non-Affiliated Issuer | $318,000 | $318,000 100c | S+650 bp |
| New Mountain Guardian IV Income Fund, L.L.C. | term loan first lien First Lien | Non-Affiliated Issuer | $7.7M | $7.7M 100c | S+650 bp |
| New Mountain Guardian IV Income Fund, L.L.C. | subordinated debt unsecured or subordinated Subordinated 2 | Non-Affiliated Issuer | $595,000 | $595,000 100c | 14.25% PIK 14.25% |
| New Mountain Guardian IV Income Fund, L.L.C. | subordinated debt unsecured or subordinated Subordinated 1 | Non-Affiliated Issuer | $1.6M | $1.6M 100c | 14.25% PIK 14.25% |
| New Mountain Private Credit Fund | term loan first lien First Lien 2 | Non-Affiliated Issuer | $8.2M | $8.2M 100c | S+650 bp |
| New Mountain Private Credit Fund | term loan first lien First Lien Drawn | Non-Affiliated Issuer | $107,000 | $107,000 100c | S+650 bp |
| New Mountain Private Credit Fund | term loan first lien First Lien Undrawn 1 | Non-Affiliated Issuer | $1.5M | $0 0c | |
| New Mountain Private Credit Fund | term loan first lien First Lien 1 | Non-Affiliated Issuer | $9.2M | $9.2M 100c | S+650 bp |
| New Mountain Private Credit Fund | term loan first lien First Lien 3 | Non-Affiliated Issuer | $1.0M | $1.0M 100c | S+650 bp |
| New Mountain Private Credit Fund | term loan first lien First Lien Undrawn 2 | Non-Affiliated Issuer | $664,000 | $0 | |
| NMF SLF I, Inc. | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | $775,000 | $0 | |
| NMF SLF I, Inc. | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | $1.3M | $0 | |
| NMF SLF I, Inc. | term loan first lien First Lien | Non-Affiliated Issuer | $20.9M | $20.9M 100c | S+650 bp |
| NMF SLF I, Inc. | subordinated debt unsecured or subordinated Subordinated | Non-Affiliated Issuer | $1.6M | $1.6M 100c | 14.25% PIK 14.25% |
| NMF SLF I, Inc. | subordinated debt unsecured or subordinated Subordinated | Non-Affiliated Issuer | $4.2M | $4.2M 100c | 14.25% PIK 14.25% |
| NMF SLF I, Inc. | term loan first lien First Lien - Drawn | Non-Affiliated Issuer | $862,000 | $862,000 100c | S+650 bp |
| North Haven Private Income Fund A LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.42% Maturi | $36,000 | $36,000 100c | SOFR+650 bp |
| North Haven Private Income Fund A LLC | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 07/03/2028 | n/a | $0 | |
| North Haven Private Income Fund A LLC | revolver lien unstated Revolver Commitment Expiration Date 07/03/2028 | n/a | $0 | |
| North Haven Private Income Fund A LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.42% Maturi | $858,000 | $858,000 100c | SOFR+650 bp |
| North Haven Private Income Fund A LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.42% Maturi | $0 | $0 | SOFR+650 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 6.50% Interest Rate 10.42% Maturity | $0 | $0 | SOFR+650 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 6.50% Interest Rate 10.42% Maturity | $443,000 | $443,000 100c | SOFR+650 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 6.50% Interest Rate 10.42% Maturity | $10.7M | $10.7M 100c | SOFR+650 bp |
| North Haven Private Income Fund LLC | revolver first lien Revolver Commitment Expiration Date 07/03/2028 | n/a | n/a | |
| North Haven Private Income Fund LLC | delayed draw term loan first lien Delayed Draw Term Loan Commitment Expiration Date 07/03/2028 | n/a | n/a | |
| OHA Senior Private Lending Fund (U) LLC | term loan first lien First Lien Debt | $349,000 | $349,000 100c | 14.25% PIK 14.25% |
| OHA Senior Private Lending Fund (U) LLC | revolver lien unstated 2024 2nd Amendment Revolver | n/a | n/a | |
| OHA Senior Private Lending Fund (U) LLC | term loan first lien First Lien Debt | $286,000 | $0 | S+650 bp |
| OHA Senior Private Lending Fund (U) LLC | term loan first lien First Lien Debt | $4.5M | $4.5M 100c | S+650 bp |
| OHA Senior Private Lending Fund (U) LLC | term loan first lien First Lien Debt | $355,000 | $187,000 100c | S+650 bp |
| OHA Senior Private Lending Fund (U) LLC | delayed draw term loan lien unstated 2024 Special Purpose Delayed Draw Term Loan | n/a | n/a | |
| OHA Senior Private Lending Fund (U) LLC | term loan first lien First Lien Debt | $914,000 | $915,000 100c | 14.25% PIK 14.25% |
| Stepstone Private Credit Fund LLC | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 7/3/2028 | $325,000 | $325,000 100c | SOFR+650 bp |
| Stepstone Private Credit Fund LLC | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 7/2/2028 | $0 | $0 | SOFR+50 bp |
| Stepstone Private Credit Fund LLC | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 7/3/2028 One | $283,000 | $283,000 100c | SOFR+650 bp |
| Stepstone Private Credit Fund LLC | term loan first lien Term Loan A | NCNA Debt Inv. | First Lien Senior Secured Loan | 7/2/2028 | $6.9M | $6.9M 100c | SOFR+650 bp |
| Stepstone Private Credit Fund LLC | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 7/2/2028 | $3.6M | $3.6M 100c | SOFR+600 bp |
| Stepstone Private Credit Fund LLC | term loan first lien Term Loan A | NCNA Debt Inv. | First Lien Senior Secured Loan | 7/2/2028 One | $7.9M | $7.9M 100c | SOFR+650 bp |
| Stepstone Private Credit Fund LLC | delayed draw term loan first lien Delayed Draw Term B Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 7/2/2028 | $0 | $-27,000 100c | SOFR+100 bp |
| Stepstone Private Credit Fund LLC | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 7/2/2028 One | $0 | $0 | SOFR+50 bp |
| T Series BDC LLC | revolver lien unstated Revolver Commitment Expiration Date 07/03/2028 | n/a | n/a | |
| T Series BDC LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.42% Maturity Date 07/ | $0 | $0 | SOFR+650 bp |
| T Series BDC LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.42% Maturity Date 07/ | $2.6M | $2.6M 100c | SOFR+650 bp |
| T Series BDC LLC | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 07/03/2028 | n/a | n/a | |
| T Series BDC LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 6.50% Interest Rate 10.42% Maturity Date 07/ | $106,000 | $106,000 100c | SOFR+650 bp |
| T. Rowe Price OHA Select Private Credit Fund | term loan first lien First Lien Debt | $775,000 | $0 | S+650 bp |
| T. Rowe Price OHA Select Private Credit Fund | term loan first lien First Lien Debt | $946,000 | $946,000 100c | 14.25% PIK 14.25% |
| T. Rowe Price OHA Select Private Credit Fund | term loan first lien First Lien Debt | $2.5M | $2.5M 100c | 14.25% PIK 14.25% |
| T. Rowe Price OHA Select Private Credit Fund | delayed draw term loan lien unstated 2024 Special Purpose Delayed Draw Term Loan | n/a | n/a | |
| T. Rowe Price OHA Select Private Credit Fund | term loan first lien First Lien Debt | $12.3M | $12.3M 100c | S+650 bp |
| T. Rowe Price OHA Select Private Credit Fund | term loan first lien First Lien Debt | $960,000 | $506,000 100c | S+650 bp |
| T. Rowe Price OHA Select Private Credit Fund | revolver lien unstated 2024 2nd Amendment Revolver | n/a | n/a |
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 | 22 | $1.5B | $1.5B | 100c | 16 |
| Mar 31, 2026 | 22 | $1.5B | $1.5B | 100c | 16 |
| Dec 31, 2025 | 21 | $1.7B | $1.7B | 100c | 20 |
| Sep 30, 2025 | 21 | $1.5B | $1.5B | 100c | 15 |
| Jun 30, 2025 | 20 | $1.4B | $1.4B | 100c | 13 |
| Mar 31, 2025 | 12 | $1.3B | $1.3B | 100c | 4 |
What changed
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- 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
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- PIK interest appearsJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- PIK interest appearsJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- PIK interest appearsSep 30, 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
- ASSOCIATIONSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 29 BDCsderived
- Industry
- Real Estate Management & Developmentreportedas one filer wrote it