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
T••••••••• P•••••••• I••• I••
Commercial Services & Suppliesgroup grade Aon a schedule nowsponsor unattributed
Also written as: First Lien; Inc. - Funded; Inc. Asset Type; Inc.2
Principal held
at least $128M
sum of BDC pieces, a lower bound
Fair value
$127M
99c on cost, debt pieces
Unfunded
$12.6M
commitments not yet drawn
BDC lenders
16
10 on the latest quarter
Facilities
8
0 equity pieces beside them
Next maturity
Aug 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
18
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 $51.1M | 99c | SOFR+425 bp | Aug 31, 2028 | 9 |
| second lien term loan second lien | at least $34.5M | 99c | SOFR+740 bp | Aug 31, 2029 | 4 |
| revolver lien unstated | at least $33.9M | 99c | S+725 bp | Aug 31, 2029 | 1 |
| other lien unstated | at least $7.9M | 99c | S+425 bp | Aug 31, 2028 | 5 |
| first lien revolver first lien | at least $1.1M | 100c | S+300 bp | Aug 1, 2028 | 1 |
| first lien delayed draw term loan first lien | unknown | n/a | unstated | 2 | |
| second lien delayed draw term loan second lien exited Jun 30, 2023 | at least $0 | n/a | S+725 bp | Aug 31, 2029 | 4 |
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset Type F•••• Lien Term Loan Reference Rate and Spread S + 4.25% Interest Rate 8.00% Ma | $197,000 | $195,000 99c | SOFR+425 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type F•••• Lien Term Loan Reference Rate and Spread S + 4.25% Interest Rate 8.00% Ma | $5.1M | $5.1M 99c | SOFR+425 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $1.1M | $1.1M 100c | S+300 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• C•••••• C••• | term loan second lien Second lien senior secured loan | $23.0M | $22.8M 99c | S+725 bp |
| B•••••••• D••••• L•••••• C•••• | term loan second lien Instrument Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.40% Total Coupon 11.07% | $1.1M | $1.1M 101c | SOFR+740 bp |
| B•••••••• T•• C•••••• C•••• | term loan second lien Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.40% Total Coupon 11.07% Maturity 8/ | $10.4M | $10.4M 100c | SOFR+740 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Non-Affiliated Issuer | $1.1M | $979,000 92c | S+300 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Non-Affiliated Issuer | $32.7M | $32.2M 99c | S+725 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien Senior secured | $8.8M | $8.8M 99c | S+425 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $7.9M | $7.8M 99c | S+425 bp |
| N•• S•• I• I••• | term loan first lien F•••• Lien | Non-Affiliated Issuer | $304,000 | $301,000 99c | S+425 bp |
| N•• S•• I• I••• | term loan first lien F•••• Lien | Non-Affiliated Issuer | $18.2M | $18.1M 99c | S+425 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• Lien Debt | $18.4M | $18.2M 99c | S+425 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien Delayed Draw Loan | n/a | n/a |
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 | 10 | $128M | $127M | 99c | 0 |
| Mar 31, 2026 | 10 | $129M | $117M | 98c | 0 |
| Dec 31, 2025 | 11 | $179M | $170M | 100c | 0 |
| Sep 30, 2025 | 12 | $112M | $112M | 101c | 0 |
| Jun 30, 2025 | 11 | $132M | $130M | 100c | 0 |
| Mar 31, 2025 | 12 | $132M | $127M | 100c | 0 |
| Dec 31, 2024 | 11 | $273M | $260M | 100c | 0 |
| Sep 30, 2024 | 6 | $104M | $104M | 101c | 2 |
| Jun 30, 2024 | 6 | $104M | $104M | 100c | 2 |
| Mar 31, 2024 | 6 | $131M | $129M | 100c | 0 |
| Dec 31, 2023 | 8 | $163M | $161M | 100c | 0 |
| Sep 30, 2023 | 6 | $136M | $134M | 100c | 0 |
| Jun 30, 2023 | 6 | $133M | $126M | 99c | 0 |
| Mar 31, 2023 | 6 | $133M | $123M | 97c | 0 |
| Dec 31, 2022 | 6 | $156M | $145M | 96c | 0 |
| Sep 30, 2022 | 2 | $98.7M | $93.5M | 96c | 0 |
| Dec 31, 2021 | 2 | $141M | $140M | 102c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Spread increasedDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Maturity shortened (observed)Sep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread increasedJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Lender left a facilityMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Sep 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
- THERMOSTATderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 16 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it