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
P•••••• A•••• I••••••••• H••••••• I••
Manufacturinggroup grade Aon a schedule nowsponsor unattributed
Also written as: 1; A•••• US Buyer LLC; Emerald JV LP; P•••••• A•••• I••••••••• Holdings Inc; Qlik; Qlik Parent, Inc; Verdelite JV LP
Principal held
at least $221M
sum of BDC pieces, a lower bound
Fair value
$159M
72c on cost, debt pieces
Unfunded
$36,000
commitments not yet drawn
BDC lenders
24
12 on the latest quarter
Facilities
5
2 equity pieces beside them
Next maturity
Apr 4, 2030
no dated debt inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
9
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 $114M | 75c | SOFR+325 bp | Oct 26, 2030 | 17 |
| other lien unstated | at least $107M | 69c | S+325 bp | Nov 21, 2032 | 4 |
| first lien delayed draw term loan first lien | at least $188,000 | 100c | SOFR+550 bp | Apr 4, 2030 | 1 |
| first lien revolver first lien | at least $36,000 | n/a | SOFR+550 bp | Apr 4, 2030 | 2 |
| second lien term loan second lien exited Sep 30, 2025 | at least $3.3M | 100c | SOFR+500 bp | May 9, 2033 | 1 |
Equity pieces beside the debt: equity ($1.1M fair value, 2 BDCs), preferred equity ($1.7M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• Lien Senior Secured Term Loan | $3.0M | $2.1M 72c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $7.8M | $5.7M 73c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $29.5M | $16.6M 57c | S+500 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $36.0M | $26.3M 73c | S+325 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $1.8M | $1.3M 73c | S+325 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | Non-Affiliated Issuer | $53.1M | $38.2M 72c | S+325 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $19.1M | $13.7M 72c | S+325 bp |
| G•••• C•••••• B••• I••• | equity equity LP interest | Non-Affiliated Issuer | n/a | $1.1M 80c | |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien Senior secured | $19.9M | $14.6M 73c | S+325 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated Non-Affiliated Issuer | $6.9M | $5.1M 74c | S+325 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $24.8M | $18.1M 74c | S+325 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment F•••• Lien Debt Reference Rate and Spread S + 3.25% Interest Rate 6.98% Maturit | $1.5M | $1.1M 72c | SOFR+325 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• Lien Debt | $987,000 | $721,000 73c | S+325 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• Lien Senior Secured Loan Interest Rate 6.98% (S + 3.25%) Maturity Date 10 | $7.8M | $5.7M 74c | SOFR+325 bp |
| S•••• P•••• D••••• L•••••• B•• | delayed draw term loan first lien Investment F•••• Lien Debt - Delayed Draw Reference Rate and Spread S + 5.50% Interest Rat | $100,000 | $100,000 100c | SOFR+550 bp |
| S•••• P•••• D••••• L•••••• B•• | term loan first lien Investment F•••• Lien Debt - Term Loan Reference Rate and Spread S + 5.50% Interest Rate 9 | $113,000 | $113,000 100c | SOFR+550 bp |
| S•••• P•••• D••••• L•••••• B•• | delayed draw term loan first lien Investment F•••• Lien Debt - Delayed Draw Reference Rate and Spread S + 5.50% Interest Rat | $88,000 | $40,000 100c | SOFR+550 bp |
| S•••• P•••• D••••• L•••••• B•• | delayed draw term loan first lien Commitment Type F•••• Lien Debt - Delayed Draw Commitment Expiration Date 4/4/2030 | n/a | n/a | |
| S•••• P•••• D••••• L•••••• B•• | term loan first lien Investment F•••• Lien Debt - Term Loan Reference Rate and Spread S + 5.50% Interest Rate 9 | $8.5M | $8.5M 101c | SOFR+550 bp |
| S•••• P•••• D••••• L•••••• B•• | term loan first lien Investment F•••• Lien Debt - Term Loan Reference Rate and Spread S + 5.50% Interest Rate 9 | $172,000 | $172,000 100c | SOFR+550 bp |
| S•••• P•••• D••••• L•••••• B•• | revolver first lien Investment F•••• Lien Debt - Revolver Reference Rate and Spread S + 5.50% Maturity Date 04 | $36,000 | $0 | SOFR+550 bp |
| S•••• P•••• D••••• L•••••• B•• | revolver first lien Commitment Type F•••• Lien Debt - Revolver Commitment Expiration Date 4/4/2030 | 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 | 12 | $221M | $158M | 72c | 0 |
| Mar 31, 2026 | 12 | $241M | $176M | 73c | 0 |
| Dec 31, 2025 | 14 | $350M | $345M | 99c | 0 |
| Sep 30, 2025 | 11 | $276M | $277M | 100c | 0 |
| Jun 30, 2025 | 12 | $270M | $271M | 101c | 0 |
| Mar 31, 2025 | 13 | $277M | $276M | 100c | 0 |
| Dec 31, 2024 | 13 | $498M | $502M | 101c | 0 |
| Sep 30, 2024 | 10 | $205M | $205M | 100c | 0 |
| Jun 30, 2024 | 9 | $191M | $191M | 101c | 0 |
| Mar 31, 2024 | 9 | $238M | $240M | 103c | 0 |
| Dec 31, 2023 | 10 | $299M | $300M | 102c | 0 |
| Sep 30, 2023 | 5 | $23.0M | $23.0M | 100c | 0 |
| Jun 30, 2023 | 5 | $25.9M | $25.6M | 100c | 0 |
| Mar 31, 2023 | 5 | $27.0M | $26.9M | 100c | 0 |
| Dec 31, 2022 | 5 | $30.0M | $29.4M | 98c | 0 |
| Sep 30, 2022 | 3 | $51.4M | $49.5M | 96c | 0 |
| Dec 31, 2021 | 2 | $23.8M | $23.8M | 100c | 0 |
| Sep 30, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityMar 31, 2025
- Spread increasedMar 31, 2025
- 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
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- ALPHAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 24 BDCsderived
- Industry
- Manufacturingreportedas one filer wrote it