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
B•••• • S•••••• I••
Construction and Engineeringgroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc First and; Inc. Sr Secured
Principal held
at least $36.1M
sum of BDC pieces, a lower bound
Fair value
$35.9M
101c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
May 16, 2030
no dated debt inside 24 months
On the tape since
Jun 30, 2024
latest Jun 30, 2026
Events
5
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 $32.4M | 101c | SOFR+650 bp | May 16, 2030 | 4 |
| first lien revolver first lien | at least $2.5M | 102c | SOFR+650 bp | May 16, 2030 | 1 |
| revolver lien unstated | at least $1.3M | 100c | SOFR+650 bp | May 16, 2030 | 2 |
| second lien term loan second lien exited Mar 31, 2025 | at least $16.6M | 102c | SOFR+844 bp | Apr 12, 2029 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• D••••• L•••••• C•••• | revolver lien unstated Instrument Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.50% Total Coupon 10.12% Ma | $293,766 | $292,591 102c | SOFR+650 bp |
| B•••••••• D••••• L•••••• C•••• | term loan first lien Instrument First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 6.50% Total Coupon 10.10% M | $2.6M | $2.5M 102c | SOFR+650 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien Instrument First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 6.50% Total Coupon 10.10% M | $21.3M | $21.2M 102c | SOFR+650 bp |
| B•••••••• P•••••• C••••• F••• | revolver first lien Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 6.50% Total Coupon 10.12% Ma | $2.5M | $2.4M 102c | SOFR+650 bp |
| B•••••••• T•• C•••••• C•••• | revolver lien unstated Revolver Ref SOFR(M) Floor 1.00% Spread 6.50% Total Coupon 10.12% Maturity 5/16/2030 | $975,610 | $971,707 100c | SOFR+650 bp |
| B•••••••• T•• C•••••• C•••• | term loan first lien First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 6.50% Total Coupon 10.10% Maturity 5/1 | $8.5M | $8.4M 99c | SOFR+650 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 | 3 | $36.1M | $35.9M | 101c | 0 |
| Mar 31, 2026 | 3 | $35.7M | $36.0M | 103c | 0 |
| Dec 31, 2025 | 3 | $36.2M | $36.4M | 103c | 0 |
| Sep 30, 2025 | 3 | $36.8M | $36.2M | 101c | 0 |
| Jun 30, 2025 | 3 | $36.4M | $35.1M | 100c | 0 |
| Mar 31, 2025 | 1 | $16.6M | $16.7M | 102c | 0 |
| Dec 31, 2024 | 1 | $33.7M | $33.7M | 102c | 0 |
| Sep 30, 2024 | 1 | $21.1M | $20.9M | 101c | 0 |
| Jun 30, 2024 | 1 | $2.7M | $2.7M | 103c | 0 |
What changed
- Spread changed (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- Lender left a facilityDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread increasedSep 30, 2024
- Maturity shortened (observed)Sep 30, 2024
- New borrower on a BDC scheduleJun 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
- BROWN AND SETTLEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Construction and Engineeringreportedas one filer wrote it