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
U•• D•••••• L••
Commercial Services & Suppliesgroup grade Aon a schedule nowsponsor unattributed
Principal held
at least $235M
sum of BDC pieces, a lower bound
Fair value
$385M
101c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
11
7 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Apr 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
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 $220M | 101c | SOFR+525 bp | Apr 30, 2031 | 9 |
| first lien delayed draw term loan first lien | at least $9.0M | 100c | SOFR+525 bp | Apr 30, 2031 | 3 |
| first lien revolver first lien | at least $6.6M | 102c | SOFR+525 bp | Apr 30, 2030 | 4 |
| term loan lien unstated exited Mar 31, 2024 | at least $56.4M | 101c | S+650 bp | Sep 8, 2026 | 2 |
Equity pieces beside the debt: other ($14.9M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | revolver first lien Investment Type First Lien Secured D••• - Revolver Interest Rate S+525, 0.75% Floor Maturi | $2.1M | $2.0M 100c | SOFR+525 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment Type First Lien Secured D••• - Term Loan Interest Rate S+525, 0.75% Floor Matur | $15.8M | $15.5M 100c | SOFR+525 bp |
| A••••• D••• S•••••••• B•• | delayed draw term loan first lien Investment Type First Lien Secured D••• - Delayed Draw Interest Rate S+525, 0.75% Floor Ma | $3.1M | $3.1M 99c | SOFR+525 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.91% R | $1.2M | $1.1M 100c | SOFR+525 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.91% R | $11.0M | $10.9M 100c | SOFR+525 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.91% R | $777,000 | $392,000 99c | SOFR+525 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.92% R | $2.1M | $2.1M 100c | SOFR+525 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.92% R | $20.5M | $20.3M 100c | SOFR+525 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.91% R | $12.0M | $10.3M 100c | SOFR+525 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.91% R | $7.6M | $3.8M 99c | SOFR+525 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.91% R | $107M | $105M 100c | SOFR+525 bp |
| M•• I••••••••• C•••• | revolver first lien First Lien D••• Revolving Credit Facility Add on Reference Rate and Spread S + 5.25% Inter | $687,000 | $675,000 99c | SOFR+525 bp |
| M•• I••••••••• C•••• | delayed draw term loan first lien First Lien D••• Delayed Draw Term Loan Reference Rate and Spread S + 5.25% Interest Rate F | $3.9M | $3.9M 100c | SOFR+525 bp |
| M•• I••••••••• C•••• | revolver first lien First Lien D••• Commitment Type Revolver Commitment Expiration Date 4/30/2030 One | n/a | n/a | |
| M•• I••••••••• C•••• | revolver first lien First Lien D••• Commitment Type Revolver Commitment Expiration Date 4/30/2030 | n/a | n/a | |
| M•• I••••••••• C•••• | revolver first lien First Lien D••• Commitment Type Revolver Commitment Expiration Date 4/30/2030 | n/a | n/a | |
| M•• I••••••••• C•••• | term loan first lien First Lien D••• Term Loan Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% In | $3.4M | $3.4M 100c | SOFR+525 bp |
| M•• I••••••••• C•••• | revolver first lien First Lien D••• Commitment Type Revolver Commitment Expiration Date 4/30/2030 | n/a | n/a | |
| M•• I••••••••• C•••• | revolver first lien First Lien D••• Revolving Credit Facility Reference Rate and Spread S + 5.25% Interest Rat | $2.0M | $2.0M 100c | SOFR+525 bp |
| M•• I••••••••• C•••• | term loan first lien First Lien D••• Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rat | $16.3M | $16.2M 100c | SOFR+525 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.91% R | $249,000 | $126,000 100c | SOFR+525 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.92% R | $696,000 | $689,000 100c | SOFR+525 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.91% R | $3.6M | $3.6M 100c | SOFR+525 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured D••• Industry Commercial Services & Supplies Interest Rate 8.91% R | $410,000 | $351,000 100c | SOFR+525 bp |
| S••••• P•••• S•••••••• L•••••• F••• | revolver first lien 1st Lien/Secured Loans Instrument 1st Lien Revolver Industry Commercial Services Rate S+5. | $1.9M | $1.4M 101c | SOFR+525 bp |
| S••••• P•••• S•••••••• L•••••• F••• | term loan first lien 1st Lien/Secured Loans Instrument 1st Lien Term Loan Industry Commercial Services Rate S+5 | $17.4M | $17.4M 101c | SOFR+525 bp |
| S••••• P•••• S•••••••• L•••••• F••• | delayed draw term loan first lien 1st Lien/Secured Loans Instrument 1st Lien Delayed Draw Term Loan Industry Commercial Serv | $2.0M | $2.0M 101c | SOFR+525 bp |
| S•••• S••••• L•••••• P••••••• | revolver first lien Investment First-lien revolving loan ($16,031 par, due 4/2030) Initial Acquisition Date 4/ | n/a | $16.2M 102c | SOFR+525 bp |
| S•••• S••••• L•••••• P••••••• | term loan first lien Investment First-lien loan ($141,669 par, due 4/2031) Initial Acquisition Date 4/30/2024 R | n/a | $143M 102c | SOFR+525 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 | 7 | $235M | $385M | 101c | 0 |
| Mar 31, 2026 | 7 | $240M | $384M | 101c | 0 |
| Dec 31, 2025 | 7 | $417M | $479M | 101c | 0 |
| Sep 30, 2025 | 7 | $194M | $261M | 101c | 0 |
| Jun 30, 2025 | 8 | $195M | $261M | 101c | 0 |
| Mar 31, 2025 | 8 | $196M | $269M | 101c | 0 |
| Dec 31, 2024 | 8 | $207M | $268M | 101c | 0 |
| Sep 30, 2024 | 7 | $177M | $134M | 101c | 0 |
| Jun 30, 2024 | 7 | $189M | $138M | 100c | 0 |
| Mar 31, 2024 | 7 | $232M | $69.5M | 101c | 0 |
| Dec 31, 2023 | 3 | $69.6M | $69.6M | 101c | 0 |
| Sep 30, 2023 | 3 | $82.5M | $82.5M | 101c | 0 |
| Jun 30, 2023 | 3 | $62.8M | $62.8M | 101c | 0 |
| Mar 31, 2023 | 3 | $63.0M | $63.0M | 101c | 0 |
| Dec 31, 2022 | 3 | $63.1M | $63.1M | 101c | 0 |
| Sep 30, 2022 | 2 | $45.3M | $44.7M | 100c | 0 |
| Mar 31, 2022 | 1 | $11.6M | $11.6M | 101c | 0 |
| Dec 31, 2021 | 1 | $74.6M | $74.6M | 102c | 0 |
What changed
- Marked down (one lender)Dec 31, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity shortened (observed)Sep 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Spread increasedDec 31, 2023
- Spread changed (observed)Sep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- New lender joined a facilityDec 31, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- DEBUSKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it