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
C••••••• A••••••••• H•••••••• I••
Also written as: C•••••••; C••••••• Borrower, Inc; C••••••• Logistics Holdings, Inc; C••••••• Parent Holdings, LP; Emerald JV LP; Verdelite JV LP
Principal held
at least $367M
sum of BDC pieces, a lower bound
Fair value
$391M
100c on cost, debt pieces
Unfunded
$7.0M
commitments not yet drawn
BDC lenders
17
10 on the latest quarter
Facilities
6
1 equity pieces beside them
Next maturity
May 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
15
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 $164M | 100c | S+800 bp | Jun 1, 2030 | 12 |
| delayed draw term loan lien unstated | at least $105M | 100c | S+450 bp | Jun 17, 2030 | 1 |
| second lien term loan second lien | at least $92.7M | 100c | S+850 bp | Nov 1, 2030 | 1 |
| other lien unstated | at least $5.4M | 100c | S+450 bp | Nov 13, 2029 | 4 |
| first lien revolver first lien | at least $0 | n/a | May 1, 2029 | 3 | |
| first lien delayed draw term loan first lien exited Mar 31, 2026 | at least $2.6M | 100c | SOFR+450 bp | Nov 12, 2029 | 5 |
Equity pieces beside the debt: equity ($26.3M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | revolver first lien First lien senior secured revolving loan | $0 | $0 | |
| A••• C•••••• C••• | term loan second lien Second lien senior secured loan | $92.7M | $92.7M 100c | S+850 bp |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan | $6.5M | $6.5M 100c | S+450 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• C•••••• C••• | equity equity Class A units | n/a | $26.3M 360c | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $2.5M | $2.4M 96c | S+275 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Non-Affiliated Issuer | $8.2M | $8.2M 101c | S+450 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Non-Affiliated Issuer | $94.5M | $94.5M 100c | S+450 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $5.4M | $5.4M 100c | S+450 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $85.8M | $85.6M 100c | S+450 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $0 | $0 | S+450 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $20.4M | $20.4M 100c | S+450 bp |
| F••••••• B•• C•••••• C••• | term loan first lien S••••• S•••••• First Lien Debt | n/a | n/a | |
| F••••••• B•• C•••••• C••• | term loan first lien | $207,000 | $207,000 101c | S+450 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien S••••• secured | $16.4M | $15.7M 96c | S+275 bp |
| N•• M••••••• F•••••• C••• | term loan first lien First lien | $3.8M | $3.6M 110c | S+800 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien | $11.5M | $10.9M 100c | S+800 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien | Non-Affiliated Issuer | $624,000 | $594,000 110c | S+800 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien | Non-Affiliated Issuer | $18.4M | $17.5M 100c | S+800 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 | 10 | $367M | $364M | 100c | 0 |
| Mar 31, 2026 | 12 | $373M | $371M | 100c | 0 |
| Dec 31, 2025 | 8 | $364M | $364M | 100c | 0 |
| Sep 30, 2025 | 8 | $354M | $353M | 100c | 0 |
| Jun 30, 2025 | 8 | $324M | $323M | 100c | 0 |
| Mar 31, 2025 | 9 | $326M | $326M | 100c | 0 |
| Dec 31, 2024 | 8 | $507M | $506M | 100c | 0 |
| Sep 30, 2024 | 8 | $314M | $314M | 100c | 0 |
| Jun 30, 2024 | 6 | $84.4M | $84.4M | 100c | 0 |
| Mar 31, 2024 | 7 | $89.4M | $89.4M | 100c | 0 |
| Dec 31, 2023 | 6 | $96.8M | $96.8M | 101c | 0 |
| Sep 30, 2023 | 5 | $85.5M | $85.5M | 100c | 0 |
| Jun 30, 2023 | 5 | $85.5M | $85.4M | 100c | 0 |
| Mar 31, 2023 | 3 | $78.5M | $78.4M | 100c | 0 |
| Dec 31, 2022 | 3 | $70.6M | $70.6M | 100c | 0 |
| Sep 30, 2022 | 1 | $68.6M | $68.6M | 100c | 0 |
| Dec 31, 2021 | 2 | $70.9M | $70.9M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Mar 31, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
Sponsor
- B•••••••••
- Form D signer consensus, grade Bestimated"Form D vehicle C••••••• TopCo, Inc. (), signers: Martin Brand; DAVID SCHWARTZ"
- T•• L•
- the sponsor's own portfolio page lists a company of this nameestimatedtjclp.com"portfolio card on https://tjclp.com/our-portfolio/: C••••••• | Outsourced supply chain solutions provider | Skip | modal | Investment date | :"
- R•• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedrho.com"listed on https://www.rho.com/portfolio: C••••••• (capstonegreenenergy.com)"
Identity
- Group key
- CAPSTONEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 17 BDCsderived