DFX Intelligence
Private Credit Intelligence
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Borrower
A•••• B•••• L••••••
group grade Aon a schedule nowsponsor unattributed
Also written as: Bridge; CAF; Equity Loan; High Tech Industries; RCF Bridge
Principal held
at least $16.1M
sum of BDC pieces, a lower bound
Fair value
$14.7M
98c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
5
3 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
20
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 $13.4M | 99c | S+670 bp | unstated | 3 |
| second lien term loan second lien | at least $2.7M | 96c | PIK 10.50% | unstated | 3 |
| unsecured or subordinated term loan unsecured or subordinated | at least $38,000 | n/a | 24.00% | unstated | 3 |
| term loan lien unstated | unknown | 25c | PIK 10.00% | unstated | 3 |
| notes lien unstated exited Dec 31, 2025 | unknown | n/a | PIK 10.00% | unstated | 3 |
Equity pieces beside the debt: equity ($12,000 fair value, 3 BDCs), preferred equity ($62,000 fair value, 3 BDCs), other (n/a fair value, 3 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | equity equity Class B Common Stock | n/a | $3,000 100c | |
| B•••••• B••• I••• | preferred equity equity Preferred Stock | n/a | $18,000 26c | PIK 10.00% |
| B•••••• B••• I••• | term loan lien unstated Equity Loan Notes | n/a | $18,000 26c | PIK 10.00% |
| B•••••• B••• I••• | term loan unsecured or subordinated Subordinated Loan | n/a | $15,000 100c | 24.00% |
| B•••••• B••• I••• | equity equity Common Stock | n/a | $0 0c | |
| B•••••• B••• I••• | term loan first lien First Lien Senior Secured Term Loan 3 | $138,000 | $125,000 92c | S+670 bp |
| B•••••• B••• I••• | term loan first lien First Lien Senior Secured Term Loan 1 | $1.5M | $1.4M 102c | S+670 bp |
| B•••••• B••• I••• | term loan second lien Second Lien Senior Secured Term Loan | $780,000 | $683,000 101c | PIK 10.50% |
| B•••••• B••• I••• | equity equity Ordinary Shares | n/a | $0 | |
| B•••••• B••• I••• | term loan first lien First Lien Senior Secured Term Loan 2 | $2.2M | $2.0M 101c | S+670 bp |
| B•••••• C•••••• I••••••••• C••• | equity equity Class B Common Stock | n/a | $2,000 100c | |
| B•••••• C•••••• I••••••••• C••• | term loan first lien First Lien Senior Secured Term Loan 3 | $760,000 | $688,000 102c | S+670 bp |
| B•••••• C•••••• I••••••••• C••• | term loan lien unstated Equity Loan Notes | n/a | $9,000 26c | PIK 10.00% |
| B•••••• C•••••• I••••••••• C••• | equity equity Common Stock | n/a | $0 | |
| B•••••• C•••••• I••••••••• C••• | term loan second lien Second Lien Senior Secured Term Loan | $390,000 | $341,000 101c | PIK 10.50% |
| B•••••• C•••••• I••••••••• C••• | term loan first lien First Lien Senior Secured Term Loan 1 | $1.1M | $979,000 101c | S+670 bp |
| B•••••• C•••••• I••••••••• C••• | term loan unsecured or subordinated Subordinated Loan | $8,000 | $8,000 100c | 24.00% |
| B•••••• C•••••• I••••••••• C••• | term loan first lien First Lien Senior Secured Term Loan 2 | $69,000 | $63,000 93c | S+670 bp |
| B•••••• C•••••• I••••••••• C••• | preferred equity equity Preferred Stock | n/a | $9,000 26c | PIK 10.00% |
| B•••••• C•••••• I••••••••• C••• | equity equity Ordinary Shares | n/a | $0 | |
| B•••••• P•••••• C••••• C••• | term loan first lien First Lien Senior Secured Term Loan 3 | $3.0M | $2.7M 97c | S+670 bp |
| B•••••• P•••••• C••••• C••• | term loan unsecured or subordinated Subordinated Loan | $30,000 | $30,000 97c | 24.00% |
| B•••••• P•••••• C••••• C••• | term loan lien unstated Equity Loan Notes | n/a | $35,000 25c | PIK 10.00% |
| B•••••• P•••••• C••••• C••• | term loan first lien First Lien Senior Secured Term Loan 2 | $276,000 | $250,000 92c | S+670 bp |
| B•••••• P•••••• C••••• C••• | preferred equity equity Preferred Stock | n/a | $35,000 25c | PIK 10.00% |
| B•••••• P•••••• C••••• C••• | equity equity Ordinary Shares | n/a | $0 | |
| B•••••• P•••••• C••••• C••• | term loan first lien First Lien Senior Secured Term Loan 1 | $4.3M | $3.9M 100c | S+670 bp |
| B•••••• P•••••• C••••• C••• | equity equity Class B Common Stock | n/a | $7,000 100c | |
| B•••••• P•••••• C••••• C••• | term loan second lien Second Lien Senior Secured Term Loan | $1.6M | $1.4M 93c | PIK 10.50% |
| B•••••• P•••••• C••••• C••• | equity equity Common Stock | n/a | $0 0c |
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 | $16.1M | $14.6M | 98c | 6 |
| Mar 31, 2026 | 3 | $18.6M | $16.9M | 99c | 6 |
| Dec 31, 2025 | 3 | $21.4M | $19.7M | 102c | 20 |
| Sep 30, 2025 | 3 | $18.4M | $17.0M | 102c | 15 |
| Jun 30, 2025 | 3 | $18.3M | $16.9M | 104c | 15 |
| Mar 31, 2025 | 3 | $16.7M | $15.3M | 97c | 15 |
| Dec 31, 2024 | 3 | $22.6M | $21.1M | 95c | 26 |
| Sep 30, 2024 | 3 | $12.5M | $11.9M | 104c | 17 |
| Jun 30, 2024 | 3 | $12.0M | $11.6M | 100c | 12 |
| Mar 31, 2024 | 3 | $12.1M | $11.6M | 100c | 12 |
| Dec 31, 2023 | 3 | $13.0M | $12.4M | 101c | 13 |
| Sep 30, 2023 | 3 | $10.8M | $10.3M | 97c | 12 |
| Jun 30, 2023 | 3 | $10.5M | $10.2M | 104c | 6 |
| Mar 31, 2023 | 3 | $14.2M | $14.0M | 104c | 6 |
| Dec 31, 2022 | 3 | $20.4M | $19.9M | 102c | 7 |
| Sep 30, 2022 | 1 | $3.5M | $3.4M | 94c | 2 |
| Dec 31, 2021 | 1 | $3.4M | $3.4M | 104c | 0 |
What changed
- Spread changed (observed)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Dec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down across lendersDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- PIK interest appearsSep 30, 2024
- Marked down across lendersSep 30, 2024
- Spread changed (observed)Jun 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- ARGUS #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived