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
N••• C••••••••• L••
group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: Affiliated; Equity Investments; Equity Securities; LLC units; N E C B C•••••••••
Principal held
at least $1.4M
sum of BDC pieces, a lower bound
Fair value
$418,000
32c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2020
latest Dec 31, 2025
Events
8
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien revolver first lien exited Dec 31, 2025 | at least $1.4M | 32c | S+1100 bp | unstated | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• C•••••• C••• | equity equity 20.8% of LLC units) | Equity Investments | Affiliated | n/a | $0 0c | |
| M••••• C•••••• C••• | equity equity Equity Interest | n/a | n/a | |
| M••••• C•••••• C••• | equity equity LLC units | n/a | n/a | |
| M••••• C•••••• C••• | revolver first lien Revolver) | n/a | n/a | |
| M••••• C•••••• C••• | revolver first lien Revolver) | Senior Secured Loans | Affiliated | $1.4M | $418,000 32c | S+1100 bp |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 1 | $1.4M | $418,000 | 32c | 0 |
| Sep 30, 2025 | 1 | $1.4M | $422,000 | 32c | 0 |
| Jun 30, 2025 | 1 | $1.4M | $422,000 | 32c | 0 |
| Mar 31, 2025 | 1 | $1.4M | $422,000 | 32c | 0 |
| Dec 31, 2024 | 1 | $4.1M | $1.7M | 43c | 0 |
| Sep 30, 2024 | 1 | $1.4M | $422,000 | 32c | 0 |
| Jun 30, 2024 | 1 | $1.4M | $424,000 | 32c | 0 |
| Mar 31, 2024 | 1 | $1.4M | $424,000 | 32c | 0 |
| Dec 31, 2023 | 1 | $2.7M | $1.7M | 65c | 0 |
| Sep 30, 2023 | 1 | $1.4M | $424,000 | 32c | 1 |
| Jun 30, 2023 | 1 | $1.4M | $426,000 | 32c | 1 |
| Mar 31, 2023 | 1 | $1.4M | $382,000 | 29c | 1 |
| Dec 31, 2022 | 1 | $2.7M | $1.1M | 44c | 2 |
| Sep 30, 2022 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2022 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $0 | $1.3M | n/a | 0 |
| Sep 30, 2021 | 1 | $0 | $687,000 | n/a | 0 |
| Dec 31, 2020 | 1 | $0 | $834,000 | n/a | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Mark recoveredDec 31, 2024
- Marked down across lendersMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Mark recoveredDec 31, 2023
- PIK interest increasedJun 30, 2023
- PIK interest increasedJun 30, 2023
- Marked down across lendersMar 31, 2023
- Marked down (one lender)Mar 31, 2023
- PIK interest appearsDec 31, 2022
- PIK interest appearsDec 31, 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
- N••• COLLECTIONSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived