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
Forest Buyer, LLC
group grade Aon a schedule nowsponsor unattributed
Also written as: 088; Equity Securities; LLC (300; LLC (906; LLC 1; LLC 2
Principal held
at least $69.4M
sum of BDC pieces, a lower bound
Fair value
$66.4M
94c on cost, debt pieces
Unfunded
$3.4M
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
7
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 $69.4M | 94c | S+500 bp | unstated | 5 |
| revolver lien unstated | at least $0 | n/a | S+500 bp | unstated | 3 |
| first lien delayed draw term loan first lien exited Jun 30, 2024 | at least $5.8M | n/a | S+575 bp | Mar 15, 2030 | 2 |
| first lien revolver first lien exited Jun 30, 2025 | at least $3.5M | n/a | S+500 bp | Mar 15, 2030 | 2 |
| delayed draw term loan lien unstated exited Jun 30, 2024 | unknown | n/a | unstated | 3 |
Equity pieces beside the debt: equity ($1.8M fair value, 5 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Barings BDC, Inc. | equity equity Class A LLC Units | n/a | $124,000 102c | |
| Barings BDC, Inc. | revolver lien unstated Revolver | $0 | $-20,000 400c | S+500 bp |
| Barings BDC, Inc. | term loan first lien First Lien Senior Secured Term Loan | $6.0M | $5.6M 94c | S+500 bp |
| Barings BDC, Inc. | equity equity Class B LLC Units | n/a | $54,000 | |
| Barings Capital Investment Corp | equity equity Class A LLC Units | n/a | $124,000 102c | |
| Barings Capital Investment Corp | equity equity Class B LLC Units | n/a | $54,000 | |
| Barings Capital Investment Corp | revolver lien unstated Revolver | $0 | $-20,000 400c | S+500 bp |
| Barings Capital Investment Corp | term loan first lien First Lien Senior Secured Term Loan | $6.0M | $5.6M 94c | S+500 bp |
| Barings Private Credit Corp | term loan first lien First Lien Senior Secured Term Loan | $57.3M | $53.5M 94c | S+500 bp |
| Barings Private Credit Corp | equity equity Class A LLC Units | n/a | $251,000 102c | |
| Barings Private Credit Corp | revolver lien unstated Revolver | $0 | $-183,000 678c | S+500 bp |
| Barings Private Credit Corp | equity equity Class B LLC Units | n/a | $109,000 | |
| Monroe Capital Income Plus Corp | equity equity Class A units) | Equity Securities | $0 | $525,000 105c | PIK 8.00% |
| Monroe Capital Income Plus Corp | equity equity Class B units) | Equity Securities | $0 | $527,000 269c |
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 | 4 | $69.4M | $64.6M | 94c | 0 |
| Mar 31, 2026 | 4 | $69.5M | $66.0M | 96c | 0 |
| Dec 31, 2025 | 5 | $75.8M | $75.3M | 101c | 0 |
| Sep 30, 2025 | 5 | $69.8M | $69.1M | 100c | 0 |
| Jun 30, 2025 | 5 | $73.2M | $70.0M | 102c | 0 |
| Mar 31, 2025 | 5 | $73.3M | $70.3M | 102c | 0 |
| Dec 31, 2024 | 5 | $161M | $154M | 102c | 0 |
| Sep 30, 2024 | 5 | $73.7M | $70.2M | 102c | 0 |
| Jun 30, 2024 | 5 | $34.1M | $24.7M | 102c | 0 |
| Mar 31, 2024 | 5 | $34.1M | $24.2M | 100c | 0 |
| Dec 31, 2023 | 3 | $0 | $0 | n/a | 0 |
What changed
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- New borrower on a BDC scheduleDec 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- FORESTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived