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
U••••• S•••••••• I••
Application S•••••••group grade Aon a schedule nowsponsor unattributed
Principal held
at least $29.9M
sum of BDC pieces, a lower bound
Fair value
$26.5M
98c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 25, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2025
latest Jun 30, 2026
Events
3
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 $27.4M | 99c | SOFR+600 bp | Jul 25, 2031 | 2 |
| first lien revolver first lien | at least $2.6M | n/a | SOFR+50 bp | Jul 25, 2031 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••• P•••• D••••• L•••••• B•• | revolver first lien Investment First Lien Debt - Revolver Reference Rate and Spread S + 6.00% Maturity Date 07 | $2.6M | $-76,000 211c | SOFR+600 bp |
| S•••• P•••• D••••• L•••••• B•• | term loan first lien Investment First Lien Debt - Term Loan Reference Rate and Spread S + 6.00% Interest Rate 9 | $19.6M | $19.0M 98c | SOFR+600 bp |
| S•••• P•••• D••••• L•••••• B•• | revolver first lien Commitment Type First Lien Debt - Revolver Commitment Expiration Date 7/25/2031 | n/a | n/a | |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | Cash Interest Rate/ PIK Rate | $7.8M | $7.6M 99c | SOFR+600 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | Cash Interest Rate/ PIK | $0 | $-6,000 40c | SOFR+50 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 | 2 | $29.9M | $26.5M | 98c | 0 |
| Mar 31, 2026 | 2 | $30.4M | $26.9M | 98c | 0 |
| Dec 31, 2025 | 2 | $40.0M | $38.4M | 100c | 0 |
| Sep 30, 2025 | 1 | $16.0M | $15.7M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- New borrower on a BDC scheduleSep 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- UPLAND SOFTWAREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Application S•••••••reportedas one filer wrote it