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••••• C•••••••••
Biotechnologygroup grade Aon a schedule nowsponsor unattributed
Also written as: ACM; ACM Holdings I, LLC; ACM Note Holdings, LLC; Undrawn Commitment
Principal held
at least $92.1M
sum of BDC pieces, a lower bound
Fair value
$83.0M
91c on cost, debt pieces
Unfunded
$6.6M
commitments not yet drawn
BDC lenders
12
8 on the latest quarter
Facilities
8
2 equity pieces beside them
Next maturity
Dec 1, 2028
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 $53.9M | 101c | SOFR+565 bp | Dec 21, 2029 | 11 |
| unsecured or subordinated term loan unsecured or subordinated | at least $26.0M | 94c | PIK 12.00% | Jun 1, 2029 | 1 |
| first lien delayed draw term loan first lien | at least $9.9M | 25c | SOFR+565 bp | Dec 21, 2029 | 8 |
| delayed draw term loan lien unstated | at least $2.3M | 100c | SOFR+550 bp | Dec 21, 2029 | 1 |
| revolver lien unstated | at least $0 | n/a | SOFR+565 bp | Dec 21, 2029 | 2 |
| first lien revolver first lien | at least $0 | n/a | SOFR+565 bp | Dec 21, 2029 | 8 |
| notes lien unstated | unknown | n/a | unstated | 2 | |
| second lien term loan second lien exited Mar 31, 2023 | at least $19.9M | 100c | PIK 8.00% | Jun 1, 2029 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien Note Holdings, LLC | First lien senior secured loan | $7.2M | $7.2M 100c | S+550 bp |
| A••• C•••••• C••• | term loan unsecured or subordinated Note Holdings, LLC | Senior subordinated loan | $26.0M | $24.5M 94c | PIK 12.00% |
| A••• C•••••• C••• | term loan first lien Note Holdings, LLC | First lien senior secured loan 1 | $9.8M | $9.8M 100c | S+550 bp |
| A••• C•••••• C••• | notes lien unstated Note Holdings, LLC | n/a | n/a | |
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan 1 | $4.3M | $4.3M 102c | S+550 bp |
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan 2 | $5.0M | $5.0M 101c | S+550 bp |
| A••• S•••••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| B•••••••• D••••• L•••••• C•••• | term loan first lien Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% S 5.65 Total Coupon 9.24% Mat 12/2 | $928,732 | $920,373 101c | SOFR+565 bp |
| B•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% S 5.60 Total Coupon 9 | $68,362 | $67,747 101c | SOFR+560 bp |
| B•••••••• D••••• L•••••• C•••• | revolver lien unstated Instrument Sr Secured Revolver Ref SOFR(M) Floor 1.00% S 5.65 Total Coupon 9.24% Mat 12/21 | $0 | $-1,155 60c | SOFR+565 bp |
| B•••••••• P•••••• C••••• F••• | delayed draw term loan first lien Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.60% Total Co | $70,948 | $70,309 99c | SOFR+560 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.65% Total Coupon 9.32% Ma | $963,863 | $955,188 99c | SOFR+565 bp |
| B•••••••• P•••••• C••••• F••• | revolver first lien Instrument First Lien Revolver Ref SOFR(Q) Spread 5.65% Total Coupon 9.32% Maturity 12/21/ | $0 | $-2,024 232c | SOFR+565 bp |
| B•••••••• P•••••• C••••• F••• | delayed draw term loan first lien Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Spread 5.65% Total Coupon 9.32% M | $1.3M | $1.3M 100c | SOFR+565 bp |
| B•••••••• T•• C•••••• C•••• | delayed draw term loan first lien First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.60% Total Coupon 9.24% | $622,060 | $616,461 100c | SOFR+560 bp |
| B•••••••• T•• C•••••• C•••• | term loan first lien First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.65% Total Coupon 9.32% Maturity 12/2 | $8.5M | $8.4M 100c | SOFR+565 bp |
| K•••• A••••••• B••• I••• | term loan first lien First lien senior secured loan - Interest Rate 9.32% - Spread 5.65% - Reference SOFR(Q) - | $2.0M | $2.0M 100c | SOFR+565 bp |
| K•••• A••••••• B••• I••• | term loan first lien First lien senior secured loan - Interest Rate 9.32% - Spread 5.65% - Reference SOFR(Q) - | $11.3M | $11.3M 101c | SOFR+565 bp |
| K•••• A••••••• B••• I••• | delayed draw term loan first lien First lien senior secured delayed draw loan - Interest Rate 9.24% - Spread 5.60% - Referen | $834,000 | $834 0c | SOFR+560 bp |
| K•••• A••••••• B••• I••• | delayed draw term loan first lien First lien senior secured delayed draw loan - Interest Rate 9.32% - Spread 5.65% - Referen | $6.5M | $6,455 0c | SOFR+565 bp |
| K•••• A••••••• B••• I••• | revolver first lien First lien senior secured revolving loan - Interest Rate 9.32% - Spread 5.65% - Reference | $0 | $0 | SOFR+565 bp |
| K•••• A••••••• B••• I••• | delayed draw term loan first lien First lien senior secured delayed draw loan - Interest Rate 9.24% - Spread 5.60% - Referen | $188,000 | $188 0c | SOFR+560 bp |
| K•••• D• 2•••• I••• | term loan first lien First lien senior secured loan - Interest Rate 9.32% - Spread 5.65% - Reference SOFR(Q) - | $36,000 | $36,000 100c | SOFR+565 bp |
| K•••• D• 2•••• I••• | revolver first lien First lien senior secured revolving loan - Interest Rate 9.32% - Spread 5.65% - Reference | $0 | $0 | SOFR+565 bp |
| K•••• D• 2•••• I••• | delayed draw term loan first lien First lien senior secured delayed draw loan - Interest Rate 9.32% - Spread 5.65% - Referen | $118,000 | $118,000 101c | SOFR+565 bp |
| K•••• D• 2•••• I••• | term loan first lien First lien senior secured loan - Interest Rate 9.32% - Spread 5.65% - Reference SOFR(Q) - | $4.0M | $4.0M 100c | SOFR+565 bp |
| K•••• D• 2•••• I••• | delayed draw term loan first lien First lien senior secured delayed draw loan - Interest Rate 9.24% - Spread 5.60% - Referen | $292,000 | $292,000 100c | SOFR+560 bp |
| K•••• D• 2•••• I••• | delayed draw term loan first lien First lien senior secured delayed draw loan - Interest Rate 9.24% - Spread 5.60% - Referen | $3,000 | $3,000 100c | SOFR+560 bp |
| T•••• P•••• P•••••• C•••••• P••••••• | revolver lien unstated Revolver | n/a | $-1,685 105c | SOFR+550 bp |
| T•••• P•••• P•••••• C•••••• P••••••• | delayed draw term loan lien unstated Delayed Draw Term Loan | $2.3M | $2.3M 100c | SOFR+550 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 | 8 | $92.1M | $83.0M | 91c | 1 |
| Mar 31, 2026 | 10 | $138M | $138M | 102c | 1 |
| Dec 31, 2025 | 10 | $149M | $149M | 102c | 1 |
| Sep 30, 2025 | 9 | $127M | $127M | 102c | 1 |
| Jun 30, 2025 | 9 | $128M | $127M | 102c | 1 |
| Mar 31, 2025 | 8 | $116M | $116M | 103c | 1 |
| Dec 31, 2024 | 9 | $151M | $151M | 103c | 1 |
| Sep 30, 2024 | 8 | $113M | $113M | 103c | 1 |
| Jun 30, 2024 | 8 | $114M | $114M | 103c | 1 |
| Mar 31, 2024 | 8 | $115M | $114M | 103c | 1 |
| Dec 31, 2023 | 9 | $110M | $108M | 104c | 1 |
| Sep 30, 2023 | 9 | $109M | $108M | 104c | 1 |
| Jun 30, 2023 | 9 | $109M | $105M | 102c | 1 |
| Mar 31, 2023 | 8 | $64.1M | $60.7M | 116c | 1 |
| Dec 31, 2022 | 8 | $87.2M | $82.9M | 99c | 2 |
| Sep 30, 2022 | 1 | $107M | $107M | 100c | 0 |
| Dec 31, 2021 | 1 | $107M | $97.0M | 91c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Marked down across lendersJun 30, 2026
- Marked down across lendersJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2026
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- ALCAMIderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 12 BDCsderived
- Industry
- Biotechnologyreportedas one filer wrote it