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••••••••• I••
Also written as: Inc. Supplemental No. 4; Lead Venture Inc
Principal held
at least $133M
sum of BDC pieces, a lower bound
Fair value
$140M
175c on cost, debt pieces
Unfunded
$11.4M
commitments not yet drawn
BDC lenders
11
11 on the latest quarter
Facilities
7
0 equity pieces beside them
Next maturity
Jun 23, 2032
no dated debt inside 24 months
On the tape since
Mar 31, 2024
latest Jun 30, 2026
Events
7
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 $65.6M | 98c | SOFR+500 bp | Jun 23, 2032 | 9 |
| term loan lien unstated | at least $57.9M | n/a | 8.73% | Jun 23, 2032 | 2 |
| delayed draw term loan lien unstated | at least $5.4M | n/a | 8.73% | Jun 23, 2032 | 5 |
| first lien delayed draw term loan first lien | at least $3.3M | 97c | SOFR+500 bp | Jun 23, 2032 | 7 |
| revolver lien unstated | at least $293,000 | n/a | 8.48% | Jun 23, 2032 | 3 |
| first lien revolver first lien | at least $181,699 | 69c | SOFR+500 bp | Jun 23, 2032 | 7 |
| other lien unstated | unknown | n/a | unstated | 4 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Term Loan | 8.73% (S + 5.00%; 0.75% Flo | $19.2M | $18.5M 98c | SOFR+500 bp |
| A• P•••••• C••••• I•••••••• C••• | revolver first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Revolver | 8.48% (S + 5.00%; 0.75% Floo | $96,974 | $32,572 44c | SOFR+500 bp |
| A• P•••••• C••••• I•••••••• C••• | delayed draw term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Delayed Draw Term Loan | 8.73% (S + 5.0 | $1.8M | $1.7M 95c | SOFR+500 bp |
| A• P•••••• L•••••• F••• | delayed draw term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Delayed Draw | 8.73% (S + 5.00%; 0.75% | $397,495 | $370,838 95c | SOFR+500 bp |
| A• P•••••• L•••••• F••• | term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Term Loan | 8.73% (S +5.00%; 0.75% Floo | $4.3M | $4.1M 98c | SOFR+500 bp |
| A• P•••••• L•••••• F••• | revolver first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Revolver | 8.48% (S + 5.00%; 0.75% Floo | $21,671 | $7,279 44c | SOFR+500 bp |
| B• P••••••• L•••••• C••• | term loan first lien Senior Secured Loan Interest Rate 8.48% Reference Rate and Spread S + 4.75% Floor 1.00% Ma | $23,000 | $16,000 89c | SOFR+475 bp |
| B• P••••••• L•••••• C••• | term loan first lien Senior Secured Loan Interest Rate 8.48% Reference Rate and Spread S + 4.75% Floor 1.00% Ma | $4.6M | $4.5M 100c | SOFR+475 bp |
| B• P••••••• L•••••• C••• | term loan first lien Senior Secured Loan Interest Rate 8.48% Reference Rate and Spread S + 4.75% Floor 1.00% Ma | $430,000 | $414,000 98c | SOFR+475 bp |
| F••••••• P•••••• L•••••• F••• | unstated lien unstated | n/a | n/a | |
| F••••••• P•••••• L•••••• F••• | term loan first lien Investment First Lien - Term Loan Reference Rate and Spread SOFR+500 Interest Rate 8.7% Ma | $10,672 | $10.5M 100c | SOFR+500 bp |
| F••••••• P•••••• L•••••• F••• | delayed draw term loan first lien Investment First Lien - Delayed Draw Term Loan Reference Rate and Spread SOFR+500 Interest | $990 | $955,000 98c | SOFR+500 bp |
| F••••••• P•••••• L•••••• F••• | revolver first lien Investment First Lien - Revolving Credit Facility Reference Rate and Spread SOFR+500 Inter | $54 | $36,000 88c | SOFR+500 bp |
| L••• A••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw) [Member] | $4.6M | $4.3M | 8.73% |
| L••• A••••• P•••••• C••••• F••• | term loan lien unstated Term Loan) [Member] | $49.5M | $48.1M | 8.73% |
| L••• A••••• P•••••• C••••• F••• | revolver lien unstated Revolver) [Member] | $251,000 | $114,000 | 8.48% |
| L••• A••••• P•••••• C••••• F••• S• | delayed draw term loan lien unstated Delayed Draw) [Member] | $775,000 | $729,000 | 8.73% |
| L••• A••••• P•••••• C••••• F••• S• | term loan lien unstated Term Loan) [Member] | $8.4M | $8.1M | 8.73% |
| L••• A••••• P•••••• C••••• F••• S• | revolver lien unstated Revolver) [Member] | $42,000 | $19,000 | 8.48% |
| M••••• S•••••• D••••• L•••••• F••• | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20 | n/a | n/a | |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit | $8.8M | $8.5M 99c | SOFR+500 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit | $813,000 | $766,000 96c | SOFR+500 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit | $44,000 | $21,000 62c | SOFR+500 bp |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 06/23/2032 | n/a | n/a | |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 06/23/2032 | n/a | n/a | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.73% Maturity | $9.3M | $9.1M 99c | SOFR+500 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20 | n/a | n/a | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.73% Maturity | $866,000 | $816,000 96c | SOFR+500 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.00% Interest Rate 8.73% Maturity | $47,000 | $22,000 61c | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 06/23/2032 | $63,000 | $53,000 96c | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 06/23/2032 | $6.5M | $6.4M 99c | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 06/23/2032 One | $6.0M | $5.9M 99c | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 06/23/2032 | $1.2M | $1.1M 100c | SOFR+500 bp |
| T• S••••• B•• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit | $4.4M | $4.2M 99c | SOFR+500 bp |
| T• S••••• B•• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit | $22,000 | $10,000 59c | SOFR+500 bp |
| T• S••••• B•• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 06/23/2032 | n/a | n/a | |
| T• S••••• B•• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.00% Interest Rate 8.73% Maturit | $404,000 | $381,000 96c | SOFR+500 bp |
| T• S••••• B•• L•• | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 06/23/20 | n/a | n/a | |
| V•••• C••••• S•••••••• L•••••• C•••• | delayed draw term loan lien unstated Commitment Type Delayed Draw Commitment Expiration Date 6/23/2032 | n/a | n/a | |
| V•••• C••••• S•••••••• L•••••• C•••• | revolver lien unstated Commitment Type Revolver Commitment Expiration Date 6/23/2032 | 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 | 11 | $133M | $140M | 175c | 0 |
| Mar 31, 2026 | 10 | $109M | $107M | 100c | 0 |
| Dec 31, 2025 | 11 | $212M | $210M | 143c | 0 |
| Sep 30, 2025 | 10 | $103M | $102M | 101c | 0 |
| Jun 30, 2025 | 10 | $103M | $101M | 100c | 0 |
| Mar 31, 2025 | 5 | $13.8M | $13.6M | 100c | 0 |
| Dec 31, 2024 | 5 | $26.7M | $26.6M | 100c | 0 |
| Sep 30, 2024 | 5 | $9.6M | $9.5M | 100c | 0 |
| Jun 30, 2024 | 1 | $1.3M | $1.3M | 102c | 0 |
| Mar 31, 2024 | 2 | $1.3M | $1.3M | 100c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Lender left a facilityJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
Sponsor
- W• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedwcapgroup.com"portfolio card on https://wcapgroup.com/portfolio-companies: L••••••••• | L••••••••• | L••••••••• is the market-leading SaaS provider of dealership solutions, including digital retailing, e-commerce, "
- T••• W••• C•••••• M••••••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedtruewind.com"portfolio card on https://truewind.com/portfolio/: The market leader for digital dealer solutions, including online digital retailing, digital storefront, e-commerce, digital marketing, DMS and propri"
Identity
- Group key
- LEADVENTUREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 11 BDCsderived
- Industry
- Automobilesreportedas one filer wrote it