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
I•• H•••••• C•••
Professional Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Beeline; Service; Services; Software
Principal held
at least $223M
sum of BDC pieces, a lower bound
Fair value
$220M
99c on cost, debt pieces
Unfunded
$5.4M
commitments not yet drawn
BDC lenders
21
15 on the latest quarter
Facilities
8
0 equity pieces beside them
Next maturity
May 1, 2028
$7.5M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
15
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 $118M | 99c | SOFR+525 bp PIK 8.98% | May 2, 2029 | 14 |
| revolver lien unstated | at least $61.8M | 98c | S+525 bp | May 2, 2029 | 2 |
| first lien delayed draw term loan first lien | at least $41.6M | 99c | SOFR+525 bp | May 2, 2029 | 4 |
| first lien revolver first lien | at least $1.4M | 100c | S+525 bp | May 1, 2028 | 7 |
| other lien unstated | unknown | n/a | unstated | 9 | |
| second lien revolver second lien | unknown | n/a | unstated | 3 | |
| delayed draw term loan lien unstated exited Jun 30, 2025 | unknown | n/a | unstated | 2 | |
| second lien delayed draw term loan second lien exited Jun 30, 2025 | unknown | n/a | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | revolver first lien First lien senior secured revolving loan | $1.4M | $1.4M 100c | S+525 bp |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan | $1.4M | $1.4M 100c | S+525 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| B•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Co | $2.7M | $2.6M 99c | SOFR+525 bp |
| B•••••••• P•••••• C••••• F••• | delayed draw term loan first lien Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Co | $39.0M | $38.4M 99c | SOFR+525 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Non-Affiliated Issuer | $3.3M | $3.2M 97c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Non-Affiliated Issuer | $5.8M | $5.7M 98c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Non-Affiliated Issuer | $46.7M | $45.8M 98c | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Non-Affiliated Issuer | $618,000 | $606,000 98c | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Non-Affiliated Issuer | $354,000 | $343,000 97c | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Non-Affiliated Issuer | $5.0M | $4.9M 98c | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| C•••••• C••••• S••••••••• I••• | term loan first lien Investment | Non-Affiliated Issuer | First Lien D••• | $11.3M | $11.2M 100c | S+525 bp |
| C•••••• C••••• S••••••••• I••• | revolver second lien Investments | Non-Affiliated Issuer | First and Second Lien D••• | Revolver | n/a | n/a | |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | Non-Affiliated Issuer | First Lien D••• | $11.9M | $11.8M 99c | S+525 bp |
| C•••••• S•••••• L••••••• I••• | revolver second lien Investments | Non-Affiliated | First and Second Lien D••• | Revolver | n/a | n/a | |
| F••••••• B•• C•••••• C••• | term loan first lien | $17.5M | $17.2M 99c | S+525 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $5.9M | $5.8M 98c | S+525 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $912,000 | $889,000 98c | S+525 bp |
| F••••••• B•• C•••••• C••• | term loan first lien Senior S•••••• First Lien D••• | n/a | n/a | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $1.5M | $1.5M 98c | S+525 bp PIK 8.98% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $1.6M | $1.6M 99c | S+525 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $66,000 | $65,000 98c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | Non-Affiliated Issuer | $135,000 | $131,000 98c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | Non-Affiliated Issuer | $4.1M | $4.0M 99c | S+525 bp PIK 8.98% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | Non-Affiliated Issuer | $23.2M | $22.7M 98c | S+525 bp PIK 8.98% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $42,000 | $41,000 100c | S+525 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $390,000 | $382,000 99c | S+525 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $939,000 | $921,000 99c | S+525 bp PIK 8.98% |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 3 | $192,000 | $188,000 99c | S+525 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $36,000 | $35,000 97c | S+525 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $809,000 | $793,000 98c | S+525 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien D••• Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturit | $5.7M | $5.7M 100c | SOFR+525 bp |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien First Lien D••• Commitment Type Revolver Commitment Expiration Date 02/05/2028 | n/a | n/a | |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien D••• Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturit | $1.9M | $1.9M 101c | SOFR+525 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien D••• Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturit | $270,000 | $270,000 101c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien D••• Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $578,000 | $578,000 101c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien D••• Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $4.0M | $4.0M 101c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien D••• Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $12.2M | $12.2M 100c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien First Lien D••• Commitment Type Revolver Commitment Expiration Date 05/02/2028 | n/a | n/a | |
| T• S••••• B•• L•• | term loan first lien First Lien D••• Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $8.1M | $8.1M 100c | SOFR+525 bp |
| T• S••••• B•• L•• | revolver first lien First Lien D••• Commitment Type Revolver Commitment Expiration Date 05/02/2028 | n/a | n/a | |
| T• S••••• B•• L•• | term loan first lien First Lien D••• Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $2.7M | $2.7M 101c | SOFR+525 bp |
| T• S••••• B•• L•• | term loan first lien First Lien D••• Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $385,000 | $385,000 101c | SOFR+525 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 | 15 | $223M | $220M | 99c | 4 |
| Mar 31, 2026 | 15 | $221M | $219M | 99c | 25 |
| Dec 31, 2025 | 15 | $221M | $221M | 100c | 27 |
| Sep 30, 2025 | 15 | $255M | $254M | 100c | 37 |
| Jun 30, 2025 | 15 | $224M | $224M | 100c | 29 |
| Mar 31, 2025 | 12 | $119M | $119M | 100c | 0 |
| Dec 31, 2024 | 12 | $237M | $237M | 101c | 0 |
| Sep 30, 2024 | 13 | $115M | $115M | 100c | 0 |
| Jun 30, 2024 | 12 | $114M | $114M | 101c | 0 |
| Mar 31, 2024 | 11 | $61.7M | $61.5M | 100c | 0 |
| Dec 31, 2023 | 11 | $64.1M | $63.6M | 100c | 0 |
| Sep 30, 2023 | 12 | $50.4M | $49.9M | 100c | 0 |
| Jun 30, 2023 | 12 | $59.5M | $58.6M | 99c | 0 |
| Mar 31, 2023 | 12 | $58.7M | $57.8M | 100c | 0 |
| Dec 31, 2022 | 9 | $83.7M | $82.5M | 99c | 0 |
| Sep 30, 2022 | 8 | $55.6M | $54.9M | 100c | 0 |
| Dec 31, 2021 | 1 | $151M | $151M | 101c | 0 |
What changed
- Maturity approachingMay 1, 2028
- Spread changed (observed)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- Maturity shortened (observed)Dec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- Lender left 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
- PIK interest appearsJun 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityJun 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
- IQN HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 21 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it