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

A••••••• B•••••••• a•• T••••••••• C•••••• L••

group grade Aon a schedule nowsponsor unattributed

Also written as: Equity Securities

Principal held

at least $5.6M

sum of BDC pieces, a lower bound

Fair value

$1.6M

44c on cost, debt pieces

Unfunded

$1.1M

commitments not yet drawn

BDC lenders

1 on the latest quarter

Facilities

3 equity pieces beside them

Next maturity

unstated

no dated debt inside 24 months

On the tape since

Sep 30, 2022

latest Jun 30, 2026

Events

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 $4.1M	44c	S+1200 bp PIK 2.00%	unstated	2
first lien revolver first lien	at least $1.5M	44c	S+1200 bp PIK 2.00%	unstated	2
first lien delayed draw term loan first lien exited Mar 31, 2025	at least $4.1M	104c	S+1200 bp PIK 2.00%	Jun 10, 2025	2
delayed draw term loan lien unstated exited Dec 31, 2022	at least $3.4M	101c	Prime+1200 bp PIK 2.00%	Jun 10, 2025	1
revolver lien unstated exited Dec 31, 2022	at least $1.0M	98c	Prime+1200 bp PIK 2.00%	Jun 10, 2025	1

Equity pieces beside the debt: warrants ($0 fair value, 2 BDCs), equity ($111,000 fair value, 1 BDC), other (n/a fair value, 1 BDC)

Lenders

every BDC piece at the latest quarter end

BDC	Instrument	Principal	Fair value	Rate
M••••• C•••••• I••••• P••• C•••	warrants equity Warrant to purchase the equity) \| Equity Securities	$0	$0 0c
M••••• C•••••• I••••• P••• C•••	term loan first lien Senior Secured Loans	$4.1M	$1.4M 44c	S+1200 bp PIK 2.00%
M••••• C•••••• I••••• P••• C•••	revolver first lien Revolver)	n/a	n/a
M••••• C•••••• I••••• P••• C•••	revolver first lien Revolver) \| Senior Secured Loans	$1.5M	$138,000 44c	S+1200 bp PIK 2.00%

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	1	$5.6M	$1.6M	44c	2
Mar 31, 2026	1	$3.7M	$1.3M	42c	2
Dec 31, 2025	2	$5.6M	$4.6M	103c	4
Sep 30, 2025	2	$5.5M	$4.5M	102c	4
Jun 30, 2025	2	$5.5M	$4.5M	102c	4
Mar 31, 2025	2	$5.6M	$4.5M	104c	4
Dec 31, 2024	2	$13.1M	$10.5M	104c	10
Sep 30, 2024	2	$5.6M	$4.5M	104c	4
Jun 30, 2024	2	$5.6M	$4.6M	107c	4
Mar 31, 2024	2	$5.6M	$4.6M	110c	4
Dec 31, 2023	2	$15.0M	$12.4M	112c	10
Sep 30, 2023	2	$5.6M	$4.3M	103c	4
Jun 30, 2023	2	$6.1M	$4.7M	103c	4
Mar 31, 2023	2	$6.1M	$4.6M	103c	4
Dec 31, 2022	2	$13.1M	$9.9M	101c	8
Sep 30, 2022	1	$2.3M	$1.8M	101c	0

What changed

Marked down across lendersMar 31, 2026
A••••••• B•••••••• a•• T••••••••• C•••••• L•• term loan: marked from 103 to 42 cents on cost across 1 lender(s)
Marked down across lendersMar 31, 2026
A••••••• B•••••••• a•• T••••••••• C•••••• L•• revolver: marked from 103 to 42 cents on cost across 1 lender(s)
Marked down (one lender)Mar 31, 2026
M••••• C•••••• I••••• P••• C•••: fair value markdown in A••••••• B•••••••• a•• T••••••••• C•••••• L•• (103 to 42 cents on cost)
Marked down (one lender)Mar 31, 2026
M••••• C•••••• I••••• P••• C•••: fair value markdown in A••••••• B•••••••• a•• T••••••••• C•••••• L•• (103 to 42 cents on cost)
Facility left every BDC scheduleMar 31, 2025
A••••••• B•••••••• a•• T••••••••• C•••••• L•• delayed draw (first lien) left every BDC schedule after 2025-03-31 (2 lenders, $4.1M last held)
Spread changed (observed)Dec 31, 2022
A••••••• B•••••••• a•• T••••••••• C•••••• L•• delayed draw: spread moved from 10.00% to 12.00%
PIK interest appearsDec 31, 2022
A••••••• B•••••••• a•• T••••••••• C•••••• L•• delayed draw: PIK interest of 2.00% appears (was cash pay)
Facility left every BDC scheduleDec 31, 2022
A••••••• B•••••••• a•• T••••••••• C•••••• L•• delayed draw (unknown) left every BDC schedule after 2022-12-31 (1 lender, $3.4M last held)
New lender joined a facilityDec 31, 2022
M••••• C•••••• I••••• P••• C••• joins A••••••• B•••••••• a•• T••••••••• C•••••• L•• delayed draw (first lien) held by 1 other BDC
PIK interest appearsDec 31, 2022
A••••••• B•••••••• a•• T••••••••• C•••••• L•• revolver: PIK interest of 2.00% appears (was cash pay)
Spread changed (observed)Dec 31, 2022
A••••••• B•••••••• a•• T••••••••• C•••••• L•• revolver: spread moved from 10.00% to 12.00%
New lender joined a facilityDec 31, 2022
M••••• C•••••• I••••• P••• C••• joins A••••••• B•••••••• a•• T••••••••• C•••••• L•• revolver (first lien) held by 1 other BDC
Facility left every BDC scheduleDec 31, 2022
A••••••• B•••••••• a•• T••••••••• C•••••• L•• revolver (unknown) left every BDC schedule after 2022-12-31 (1 lender, $1.0M last held)
Spread increasedDec 31, 2022
M••••• C•••••• C•••: spread increased in A••••••• B•••••••• a•• T••••••••• C•••••• L•• (10.00% to 12.00%)
Spread increasedDec 31, 2022
M••••• C•••••• C•••: spread increased in A••••••• B•••••••• a•• T••••••••• C•••••• L•• (10.00% to 12.00%)
PIK interest appearsDec 31, 2022
M••••• C•••••• C•••: pik added in A••••••• B•••••••• a•• T••••••••• C•••••• L•• (0.00% to 2.00%)
PIK interest appearsDec 31, 2022
M••••• C•••••• C•••: pik added in A••••••• B•••••••• a•• T••••••••• C•••••• L•• (0.00% to 2.00%)
New borrower on a BDC scheduleSep 30, 2022
A••••••• B•••••••• a•• T••••••••• C•••••• L•• first appears in a BDC schedule (1 lender)

Every change including routine ones

Identity

Group key: AMERICAN BROADBAND AND TELECOMMUNICATIONSderivedthe codename stem after legal suffixes and deal words
Spellings: 1 across 2 BDCsderived