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
L•••• L••••••• I••
Also written as: 2022; 7; Inc. - Funded; Inc. - Unfunded; Inc. Acquisitions 2; Inc. SP L2 Holdings LLC
Principal held
at least $28.8M
sum of BDC pieces, a lower bound
Fair value
$24.2M
84c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Nov 9, 2026
$28.8M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
29
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 $18.1M | 82c | SOFR+765 bp PIK 1.00% | Nov 9, 2026 | 2 |
| term loan lien unstated | at least $8.1M | 91c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+750 bp | Nov 9, 2027 | 1 |
| first lien revolver first lien | at least $2.5M | 81c | SOFR+765 bp PIK 1.00% | Nov 9, 2026 | 2 |
| revolver lien unstated | at least $91,508 | n/a | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+750 bp | Nov 9, 2027 | 1 |
Equity pieces beside the debt: equity (n/a fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien First Lien Secured Debt Revolver Acquisition 2/7/2022 Maturity 11/9/2026 Industry Leisure | $722,000 | $587,000 81c | SOFR+765 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien First Lien Secured Debt Acquisition 2/7/2022 Maturity 11/9/2026 Industry Leisure Products | $8.3M | $6.7M 82c | SOFR+765 bp |
| P••••••••• I••••••••• C••• | revolver first lien First Lien Secured Debt Revolver Acquisition 11/4/2021 Maturity 11/9/2026 Industry Consume | $1.8M | $1.4M 81c | SOFR+765 bp PIK 1.00% |
| P••••••••• I••••••••• C••• | term loan first lien First Lien Secured Debt Acquisition 11/4/2021 Maturity 11/9/2026 Industry Consumer Product | $9.8M | $8.0M 81c | SOFR+765 bp PIK 1.00% |
| S•••••• C•••••• I••••••••• C••• | equity equity Class A Units (SBIC) | n/a | n/a n/a | |
| S•••••• C•••••• I••••••••• C••• | equity equity Class C Units (SBIC) | n/a | n/a n/a | |
| S•••••• C•••••• I••••••••• C••• | revolver lien unstated Revolver | $91,508 | $82,815 91c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+750 bp |
| S•••••• C•••••• I••••••••• C••• | equity equity Class A Units | n/a | n/a | |
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated Term Loan A (SBIC) | $8.1M | $7.3M 91c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+750 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 | 3 | $28.8M | $24.2M | 84c | 2 |
| Mar 31, 2026 | 3 | $20.6M | $23.3M | 81c | 6 |
| Dec 31, 2025 | 3 | $28.0M | $23.3M | 84c | 6 |
| Sep 30, 2025 | 3 | $34.7M | $28.0M | 82c | 8 |
| Jun 30, 2025 | 3 | $22.5M | $21.2M | 95c | 6 |
| Mar 31, 2025 | 3 | $22.5M | $21.1M | 94c | 6 |
| Dec 31, 2024 | 3 | $22.5M | $20.6M | 95c | 7 |
| Sep 30, 2024 | 3 | $50.3M | $45.3M | 96c | 8 |
| Jun 30, 2024 | 3 | $22.9M | $20.4M | 98c | 0 |
| Mar 31, 2024 | 3 | $23.0M | $22.3M | 100c | 0 |
| Dec 31, 2023 | 3 | $23.0M | $22.2M | 100c | 0 |
| Sep 30, 2023 | 3 | $37.8M | $32.7M | 100c | 0 |
| Jun 30, 2023 | 3 | $23.1M | $20.0M | 100c | 0 |
| Mar 31, 2023 | 3 | $23.2M | $21.4M | 99c | 0 |
| Dec 31, 2022 | 1 | $7.6M | $7.4M | 100c | 0 |
| Sep 30, 2022 | 3 | $27.8M | $16.4M | 100c | 0 |
| Dec 31, 2021 | 1 | $7.6M | $7.6M | 100c | 0 |
What changed
- Maturity approachingNov 9, 2027
- Maturity approachingNov 9, 2027
- Maturity approachingNov 9, 2027
- Maturity approachingNov 9, 2027
- Maturity approachingNov 9, 2026
- Maturity approachingNov 9, 2026
- Maturity approachingNov 9, 2026
- Maturity approachingNov 9, 2026
- Maturity approachingNov 9, 2026
- Maturity approachingNov 9, 2026
- Marked down across lendersSep 30, 2025
- PIK interest increasedSep 30, 2025
- Marked down across lendersSep 30, 2025
- PIK interest increasedSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Maturity shortened (observed)Mar 31, 2025
- Maturity shortened (observed)Mar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
Sponsor
- S•••••• C•••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedstelluscapital.com"portfolio card on https://www.stelluscapital.com/portfolio/: L•••• L•••••• | INVESTMENT TYPE Unitranche | INDUSTRYConsumer Products/Services"
Identity
- Group key
- LEDGE LOUNGERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Leisure Productsreportedas one filer wrote it