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

O•••• G•••• F• H•••••••• L••

group grade Aon a schedule nowsponsor unattributed

Also written as: Leo Facilities Maintenance

Principal held

at least $57.6M

sum of BDC pieces, a lower bound

Fair value

$38.8M

100c on cost, debt pieces

Unfunded

$18.8M

commitments not yet drawn

BDC lenders

2 on the latest quarter

Facilities

0 equity pieces beside them

Next maturity

Jul 3, 2029

no dated debt inside 24 months

On the tape since

Dec 31, 2022

latest Jun 30, 2026

Events

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 delayed draw term loan first lien	at least $42.1M	100c	S+475 bp	Jul 3, 2029	2
first lien term loan first lien	at least $15.5M	101c	S+475 bp	Jul 3, 2029	2
other lien unstated exited Mar 31, 2025	at least $57.9M	100c	S+550 bp	Jul 3, 2029	2
delayed draw term loan lien unstated exited Dec 31, 2024	unknown	n/a		unstated	2

Lenders

every BDC piece at the latest quarter end

BDC	Instrument	Principal	Fair value	Rate
N••••• C•••••••• D••••• L•••••• C••••	delayed draw term loan first lien First Lien Debt (Delayed Draw) 1	$6.3M	$6.3M 100c	S+475 bp
N••••• C•••••••• D••••• L•••••• C••••	delayed draw term loan first lien Delayed Draw Loan	n/a	n/a
N••••• C•••••••• D••••• L•••••• C••••	term loan first lien First Lien Debt 1	$8.3M	$8.3M 101c	S+475 bp
N••••• C•••••••• D••••• L•••••• C••••	delayed draw term loan first lien First Lien Debt (Delayed Draw) 2	$13.4M	$5.8M 100c	S+475 bp
N••••• C•••••••• D••••• L•••••• C••••	term loan first lien First Lien Debt 2	$1.6M	$1.6M 101c	S+475 bp
N••••• C•••••••• P•••••• C•••••• I••••• F•••	delayed draw term loan first lien First Lien Debt (Delayed Draw) 1	$19.8M	$8.6M 100c	S+475 bp
N••••• C•••••••• P•••••• C•••••• I••••• F•••	term loan first lien First Lien Debt 2	$3.3M	$3.3M 101c	S+475 bp
N••••• C•••••••• P•••••• C•••••• I••••• F•••	delayed draw term loan first lien Delayed Draw Loan	n/a	n/a
N••••• C•••••••• P•••••• C•••••• I••••• F•••	delayed draw term loan first lien First Lien Debt (Delayed Draw) 2	$2.5M	$2.5M 100c	S+475 bp
N••••• C•••••••• P•••••• C•••••• I••••• F•••	term loan first lien First Lien Debt 1	$2.3M	$2.3M 100c	S+475 bp

Through time

the borrower's pieces summed across BDCs, every quarter end

Quarter end	BDCs	Principal held	Fair value	On cost
Jun 30, 2026	2	$57.6M	$38.8M	100c
Mar 31, 2026	2	$57.7M	$38.5M	99c
Dec 31, 2025	2	$57.8M	$28.3M	101c
Sep 30, 2025	2	$57.8M	$22.2M	101c
Jun 30, 2025	2	$57.9M	$22.3M	101c
Mar 31, 2025	2	$57.9M	$22.2M	100c
Dec 31, 2024	2	$116M	$43.4M	98c
Jun 30, 2024	2	$20.9M	$18.3M	99c
Mar 31, 2024	2	$20.9M	$13.2M	99c
Dec 31, 2023	2	$21.0M	$11.7M	99c
Sep 30, 2023	2	$21.0M	$11.7M	99c
Dec 31, 2022	1	$0	$0	n/a

What changed

Spread changed (observed)Dec 31, 2025
O•••• G•••• F• H•••••••• L•• delayed draw: spread moved from 5.50% to 4.75%
Mark recoveredDec 31, 2025
O•••• G•••• F• H•••••••• L•• delayed draw: marked from 92 to 100 cents on cost
Spread changed (observed)Dec 31, 2025
O•••• G•••• F• H•••••••• L•• term loan: spread moved from 5.50% to 4.75%
Facility left every BDC scheduleMar 31, 2025
O•••• G•••• F• H•••••••• L•• other (unknown) left every BDC schedule after 2025-03-31 (2 lenders, $57.9M last held)
Facility left every BDC scheduleDec 31, 2024
O•••• G•••• F• H•••••••• L•• delayed draw (unknown) left every BDC schedule after 2024-12-31 (2 lenders, $.0M last held)
Mark recoveredJun 30, 2024
O•••• G•••• F• H•••••••• L•• delayed draw: marked from 93 to 99 cents on cost
New lender joined a facilitySep 30, 2023
N••••• C•••••••• P•••••• C•••••• I••••• F••• joins O•••• G•••• F• H•••••••• L•• other (unknown) held by 1 other BDC

Every change including routine ones

Identity

Group key: ORION FMderivedthe codename stem after legal suffixes and deal words
Spellings: 1 across 2 BDCsderived