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.
Borrower
AAH Topco, LLC
Health Care Providers & Servicesgroup grade Aon a schedule nowsponsor Balance Point Capital Advisors, LLC carried
Also written as: Alliance Animal Health; First Lien; First Lien - Drawn; First Lien - Undrawn; LLC Asset Type; LLC Class C
Principal held
at least $273M
sum of BDC pieces, a lower bound
Fair value
$253M
100c on cost, debt pieces
Unfunded
$9.0M
commitments not yet drawn
BDC lenders
19
17 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Mar 1, 2027
$210M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
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 $207M | 100c | SOFR+525 bp | Dec 31, 2027 | 15 |
| first lien delayed draw term loan first lien | at least $38.3M | 101c | SOFR+500 bp | Dec 31, 2027 | 6 |
| unsecured or subordinated subordinated debt unsecured or subordinated | at least $27.8M | 100c | 11.50% PIK 11.50% | Dec 1, 2031 | 6 |
| first lien revolver first lien | at least $0 | n/a | SOFR+525 bp | Dec 22, 2027 | 2 |
| second lien delayed draw term loan second lien | unknown | n/a | unstated | 2 | |
| delayed draw term loan lien unstated exited Mar 31, 2025 | unknown | n/a | unstated | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| 5C Lending Partners Corp. | delayed draw term loan first lien Investment Type First Lien Delayed Draw Term Loan Initial Acquisition Date 3/2025 Referenc | $11.1M | $11.1M 101c | SOFR+500 bp |
| AB Private Credit Investors Corp | delayed draw term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Delayed Draw Term Loan | 8.99% (S + 5.2 | $6.3M | $6.3M 101c | SOFR+525 bp |
| AB Private Credit Investors Corp | term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Term Loan | 8.99% (S + 5.25%; 0.75% Flo | $6.3M | $6.3M 101c | SOFR+525 bp |
| AB Private Credit Investors Corp | delayed draw term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Delayed Draw Term Loan | 8.74% (S + 5.0 | $2.0M | $2.0M 101c | SOFR+500 bp |
| AB Private Credit Investors Corp | delayed draw term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Delayed Draw Term Loan | 8.99% (S + 5.2 | $3.2M | $3.2M 101c | SOFR+525 bp |
| AB Private Credit Investors Corp | revolver first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Revolver | 12/22/2027 | $0 | $0 0c | SOFR+525 bp |
| AB Private Lending Fund | revolver first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Revolver | 12/22/2027 | $0 | $0 0c | SOFR+525 bp |
| AB Private Lending Fund | delayed draw term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Delayed Draw | 8.99% (S + 5.25%; 0.75% | $2.8M | $2.8M 101c | SOFR+525 bp |
| AB Private Lending Fund | term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Term Loan | 8.99% (S + 5.25%; 0.75% Flo | $2.5M | $2.5M 101c | SOFR+525 bp |
| AB Private Lending Fund | delayed draw term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Delayed Draw | 8.74% (S + 5.00%; 0.75% | $299,879 | $299,879 101c | SOFR+500 bp |
| Antares Private Credit Fund | delayed draw term loan first lien Delayed Draw Term Loan Commitment Expiration Date 4/1/2027 | n/a | $-3,000 | |
| Antares Private Credit Fund | delayed draw term loan first lien First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.76% | $3.0M | $1.9M 100c | SOFR+500 bp |
| Antares Strategic Credit Fund | delayed draw term loan first lien Delayed Draw Term Loan Commitment Expiration Date 4/1/2027 | n/a | $-5,000 | |
| Antares Strategic Credit Fund | delayed draw term loan first lien First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate 8.76% | $5.9M | $3.7M 100c | SOFR+500 bp |
| Carlyle Credit Solutions, Inc. | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $5.0M | $4.9M 100c | S+500 bp |
| Carlyle Credit Solutions, Inc. | delayed draw term loan second lien Investments | Non-Affiliated Issuer | First and Second Lien Debt | Delayed Draw | n/a | n/a | |
| Carlyle Secured Lending, Inc. | delayed draw term loan second lien Investments | Non-Affiliated | First and Second Lien Debt | Delayed Draw | n/a | n/a | |
| Carlyle Secured Lending, Inc. | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $5.0M | $4.9M 100c | S+500 bp |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 2 | Non-Affiliated Issuer | $8.0M | $8.0M 100c | S+525 bp |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 3 | Non-Affiliated Issuer | $3.4M | $3.4M 100c | S+525 bp |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 4 | Non-Affiliated Issuer | $0 | $0 | |
| GOLUB CAPITAL BDC, Inc. | subordinated debt unsecured or subordinated Subordinated debt | Non-Affiliated Issuer | $3.3M | $3.3M 101c | PIK 11.50% |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 5 | Non-Affiliated Issuer | $5.5M | $5.5M 100c | S+500 bp |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 1 | Non-Affiliated Issuer | $8.5M | $8.5M 100c | S+525 bp |
| GOLUB CAPITAL DIRECT LENDING CORP | subordinated debt unsecured or subordinated Subordinated debt | $264,000 | $260,000 99c | PIK 11.50% |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 3 | $0 | $0 | |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 2 | $328,000 | $328,000 100c | S+525 bp |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 5 | $506,000 | $504,000 100c | S+500 bp |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 1 | $925,000 | $925,000 100c | S+525 bp |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 4 | $3.9M | $3.9M 100c | S+525 bp |
| New Mountain Finance Corp | term loan first lien First lien 1 | $9.5M | $9.5M 100c | S+525 bp |
| New Mountain Finance Corp | subordinated debt unsecured or subordinated Subordinated 2 | $874,000 | $864,000 100c | 11.50% PIK 11.50% |
| New Mountain Finance Corp | term loan first lien First lien 3 | $6.0M | $6.0M 100c | S+525 bp |
| New Mountain Finance Corp | term loan first lien First lien - Undrawn | $3.7M | $0 0c | |
| New Mountain Finance Corp | subordinated debt unsecured or subordinated Subordinated 1 | $7.3M | $7.2M 99c | 11.50% PIK 11.50% |
| New Mountain Finance Corp | term loan first lien First lien 2 | $7.3M | $7.3M 100c | S+525 bp |
| New Mountain Finance Corp | term loan first lien First lien 4 | $3.5M | $3.5M 100c | S+525 bp |
| New Mountain Guardian IV BDC, L.L.C. | term loan first lien First Lien | $22.8M | $22.8M 100c | S+525 bp |
| New Mountain Guardian IV BDC, L.L.C. | term loan first lien First Lien - Undrawn | $7.0M | $0 | |
| New Mountain Guardian IV BDC, L.L.C. | term loan first lien First Lien - Drawn | $12.1M | $12.1M 100c | S+500 bp |
| New Mountain Guardian IV Income Fund, L.L.C. | term loan first lien First Lien | Non-Affiliated Issuer | $3.7M | $3.7M 100c | S+525 bp |
| New Mountain Guardian IV Income Fund, L.L.C. | term loan first lien First Lien - Drawn | Non-Affiliated Issuer | $4.0M | $4.0M 100c | S+500 bp |
| New Mountain Guardian IV Income Fund, L.L.C. | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | $2.3M | $0 | |
| New Mountain Private Credit Fund | term loan first lien First Lien 2 | Non-Affiliated Issuer | $19.5M | $19.5M 100c | S+525 bp |
| New Mountain Private Credit Fund | term loan first lien First Lien Undrawn 1 | Non-Affiliated Issuer | $2.4M | $0 0c | |
| New Mountain Private Credit Fund | subordinated debt unsecured or subordinated Subordinated | Non-Affiliated Issuer | $16.0M | $15.8M 99c | 11.50% PIK 11.50% |
| New Mountain Private Credit Fund | term loan first lien First Lien 1 | Non-Affiliated Issuer | $19.7M | $19.7M 100c | S+525 bp |
| NMF SLF I, Inc. | term loan first lien First Lien - Drawn | Non-Affiliated Issuer | $1.6M | $1.6M 100c | S+500 bp |
| NMF SLF I, Inc. | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | n/a | $0 0c | |
| NMF SLF I, Inc. | term loan first lien First Lien | Non-Affiliated Issuer | $11.5M | $11.5M 100c | S+525 bp |
| NMF SLF I, Inc. | term loan first lien First Lien | Non-Affiliated Issuer | $3.0M | $3.0M 100c | S+525 bp |
| NMF SLF I, Inc. | term loan first lien First Lien | Non-Affiliated Issuer | $11.3M | $11.3M 100c | S+525 bp |
| NMF SLF I, Inc. | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | $913,000 | $0 | |
| SLR HC BDC LLC | term loan first lien Bank Debt/Senior Secured Loans | 1/2024 | 12/2027 | $3.4M | $3.4M 101c | SOFR+500 bp |
| SLR Private Credit BDC II LLC | term loan first lien Bank Debt/Senior Secured Loans — 233.6% | 1/2024 | 12/2027 | $1.9M | $1.9M 101c | 8.74% |
| Stepstone Private Credit Fund LLC | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 12/22/2027 | $3.7M | $3.6M 100c | SOFR+500 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 | 17 | $273M | $253M | 100c | 5 |
| Mar 31, 2026 | 17 | $264M | $237M | 100c | 5 |
| Dec 31, 2025 | 17 | $403M | $356M | 100c | 6 |
| Sep 30, 2025 | 17 | $317M | $281M | 100c | 7 |
| Jun 30, 2025 | 17 | $288M | $242M | 100c | 5 |
| Mar 31, 2025 | 17 | $286M | $237M | 100c | 5 |
| Dec 31, 2024 | 12 | $443M | $408M | 100c | 8 |
| Sep 30, 2024 | 11 | $241M | $215M | 100c | 5 |
| Jun 30, 2024 | 11 | $240M | $213M | 100c | 5 |
| Mar 31, 2024 | 11 | $230M | $195M | 100c | 6 |
| Dec 31, 2023 | 10 | $410M | $363M | 100c | 8 |
What changed
- Maturity approachingDec 31, 2027
- Maturity approachingDec 31, 2027
- Maturity approachingDec 22, 2027
- Maturity approachingDec 22, 2027
- Maturity shortened (observed)Sep 30, 2025
- Maturity shortened (observed)Sep 30, 2025
- Maturity shortened (observed)Sep 30, 2025
- Maturity shortened (observed)Jun 30, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Spread increasedMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- PIK interest appearsSep 30, 2023
- Marked down (one lender)Mar 31, 2023
- Marked down (one lender)Mar 31, 2023
Sponsor
- Balance Point Capital Advisors, LLC
- the sponsor's own portfolio page lists a company of this nameestimatedbalancepointcapital.com"portfolio card on https://balancepointcapital.com/portfolio: Alliance Animal Health"
Identity
- Group key
- AAH TOPCOderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 19 BDCsderived
- Industry
- Health Care Providers & Servicesreportedas one filer wrote it