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
T•••• C•••• S•••••••• I••
Environmental Industriesgroup grade Aon a schedule nowsponsor unattributed
Principal held
at least $45.5M
sum of BDC pieces, a lower bound
Fair value
$50.2M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Sep 7, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
14
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 $33.3M | 100c | SOFR+585 bp | Sep 7, 2029 | 2 |
| first lien delayed draw term loan first lien | at least $12.3M | 100c | SOFR+585 bp | Sep 7, 2029 | 1 |
| first lien revolver first lien | at least $1,000 | n/a | Sep 7, 2028 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• P•••••• C••••• | term loan first lien First Lien Senior Secured Loan SOFR Floor 1.00% Spread 5.85% Interest Rate 9.52% Maturity | $5.7M | $5.7M 100c | SOFR+585 bp |
| B••• C•••••• S•••••••• F••••••• I••• | revolver first lien First Lien Senior Secured Loan - Revolver Maturity Date 9/7/2028 | $1,000 | $1,000 -5c | |
| B••• C•••••• S•••••••• F••••••• I••• | unstated lien unstated Acquisition Date 11/4/2022 | n/a | n/a | |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien First Lien Senior Secured Loan SOFR Spread 5.85% Interest Rate 9.51% Maturity Date 9/7/202 | $27.6M | $27.6M 100c | SOFR+585 bp |
| B••• C•••••• S•••••••• F••••••• I••• | equity equity Equity Interest | $3.5M | $4.7M 133c | |
| B••• C•••••• S•••••••• F••••••• I••• | delayed draw term loan first lien First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 5.85% Interest Rate | $12.3M | $12.3M 100c | SOFR+585 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 | 2 | $45.5M | $45.5M | 100c | 0 |
| Mar 31, 2026 | 1 | $43.3M | $43.3M | 100c | 0 |
| Dec 31, 2025 | 1 | $43.3M | $43.3M | 100c | 0 |
| Sep 30, 2025 | 1 | $43.3M | $43.3M | 101c | 2 |
| Jun 30, 2025 | 1 | $42.5M | $42.5M | 101c | 2 |
| Mar 31, 2025 | 1 | $42.6M | $42.6M | 101c | 3 |
| Dec 31, 2024 | 1 | $40.5M | $40.5M | 101c | 3 |
| Sep 30, 2024 | 1 | $39.0M | $39.0M | 101c | 2 |
| Jun 30, 2024 | 1 | $37.7M | $37.7M | 101c | 2 |
| Mar 31, 2024 | 1 | $37.4M | $37.4M | 101c | 1 |
| Dec 31, 2023 | 1 | $74.3M | $74.3M | 101c | 0 |
| Sep 30, 2023 | 1 | $37.1M | $36.9M | 100c | 0 |
| Jun 30, 2023 | 1 | $26.6M | $26.2M | 100c | 0 |
| Mar 31, 2023 | 1 | $26.6M | $26.1M | 103c | 0 |
| Dec 31, 2022 | 1 | $51.4M | $50.6M | 100c | 0 |
| Sep 30, 2022 | 1 | $25.7M | $25.3M | 99c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Spread increasedSep 30, 2025
- PIK interest appearsSep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread increasedJun 30, 2025
- Spread changed (observed)Dec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest increasedSep 30, 2024
- PIK interest increasedSep 30, 2024
- Spread changed (observed)Jun 30, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsMar 31, 2024
- PIK interest appearsMar 31, 2024
- Spread changed (observed)Jun 30, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- TITAN CLOUD SOFTWAREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Environmental Industriesreportedas one filer wrote it