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
S•••• B•••• L••••••
group grade Aon a schedule nowsponsor unattributed
Principal held
at least $355M
sum of BDC pieces, a lower bound
Fair value
$316M
97c on cost, debt pieces
Unfunded
$17.5M
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Nov 1, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
11
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 $237M | 97c | S+475 bp PIK 2.53% | Oct 1, 2032 | 5 |
| first lien revolver first lien | at least $118M | 96c | S+475 bp | Oct 8, 2032 | 1 |
| term loan lien unstated exited Sep 30, 2022 | at least $24.5M | 83c | S+450 bp | Aug 1, 2028 | 1 |
| other lien unstated exited Mar 31, 2026 | unknown | 96c | S+475 bp | Oct 8, 2032 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $16.2M | $15.7M 97c | S+475 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $5.9M | $5.7M 96c | S+475 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 4 | $3.5M | $3.4M 102c | S+475 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $0 | $-116,000 773c | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | Non-Affiliated Issuer | $243,000 | $234,000 102c | S+475 bp |
| G•••• C•••••• B••• I••• | term loan first lien Senior secured 5 | Non-Affiliated Issuer | $4.1M | $3.9M 105c | S+653 bp PIK 2.53% |
| G•••• C•••••• B••• I••• | term loan first lien Senior secured 1 | Non-Affiliated Issuer | $38.2M | $36.7M 96c | S+653 bp PIK 2.53% |
| G•••• C•••••• B••• I••• | term loan first lien Senior secured 2 | Non-Affiliated Issuer | $5.5M | $5.3M 103c | S+653 bp PIK 2.53% |
| G•••• C•••••• B••• I••• | term loan first lien Senior secured 3 | Non-Affiliated Issuer | $4.6M | $4.5M 109c | S+653 bp PIK 2.53% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | Non-Affiliated Issuer | $0 | $-8,000 | |
| G•••• C•••••• B••• I••• | term loan first lien Senior secured 6 | Non-Affiliated Issuer | $198,000 | $190,000 95c | S+625 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | Non-Affiliated Issuer | $1.1M | $1.1M 97c | S+475 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | Non-Affiliated Issuer | $410,000 | $395,000 96c | S+475 bp |
| G•••• C•••••• B••• I••• | term loan first lien Senior secured 4 | Non-Affiliated Issuer | $4.0M | $3.9M 96c | S+653 bp PIK 2.53% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $566,000 | $546,000 97c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 4 | $122,000 | $117,000 102c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien Senior secured 6 | $99,000 | $95,000 94c | S+625 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien Senior secured 1 | $1.5M | $1.5M 93c | S+653 bp PIK 2.53% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien Senior secured 5 | $163,000 | $156,000 105c | S+653 bp PIK 2.53% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $0 | $-4,000 400c | |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $205,000 | $198,000 97c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien Senior secured 3 | $478,000 | $458,000 97c | S+653 bp PIK 2.53% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien Senior secured 4 | $186,000 | $179,000 112c | S+653 bp PIK 2.53% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien Senior secured 2 | $659,000 | $633,000 105c | S+653 bp PIK 2.53% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 3 | $0 | $-674,000 | |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 4 | $34.3M | $33.1M 96c | S+475 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $20.3M | $19.6M 102c | S+475 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $94.7M | $91.4M 97c | S+475 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien Non-Affiliated Issuer | $17.5M | $-818,000 521c | |
| H•• C•••••••• L•••••• F••• | revolver first lien Non-Affiliated Issuer | $23.7M | $15.7M 101c | S+475 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien 1st Lien Senior Secured Revolving Loan | n/a | n/a | |
| H•• C•••••••• L•••••• F••• | revolver first lien Non-Affiliated Issuer | $76.4M | $72.8M 96c | S+475 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 | 5 | $355M | $316M | 97c | 10 |
| Mar 31, 2026 | 5 | $260M | $241M | 97c | 6 |
| Dec 31, 2025 | 5 | $400M | $365M | 100c | 6 |
| Sep 30, 2025 | 4 | $120M | $117M | 101c | 12 |
| Jun 30, 2025 | 2 | $60.9M | $59.3M | 103c | 6 |
| Mar 31, 2025 | 2 | $57.2M | $55.6M | 97c | 6 |
| Dec 31, 2024 | 2 | $55.5M | $53.8M | 94c | 6 |
| Sep 30, 2024 | 2 | $58.8M | $56.9M | 100c | 6 |
| Jun 30, 2024 | 2 | $55.7M | $53.8M | 95c | 6 |
| Mar 31, 2024 | 3 | $55.6M | $52.5M | 91c | 0 |
| Dec 31, 2023 | 3 | $56.0M | $53.3M | 93c | 0 |
| Sep 30, 2023 | 3 | $53.8M | $50.2M | 88c | 0 |
| Jun 30, 2023 | 3 | $51.4M | $49.1M | 93c | 0 |
| Mar 31, 2023 | 3 | $49.9M | $47.6M | 90c | 0 |
| Dec 31, 2022 | 1 | $32.4M | $30.4M | 86c | 0 |
| Sep 30, 2022 | 3 | $61.1M | $61.1M | 83c | 0 |
| Sep 30, 2021 | 1 | $27.0M | $26.0M | 98c | 0 |
What changed
- PIK interest increasedJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- Facility left every BDC scheduleMar 31, 2026
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Mark recoveredSep 30, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsJun 30, 2024
- Mark recoveredDec 31, 2023
- Marked down across lendersSep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Spread increasedMar 31, 2023
- Spread increasedMar 31, 2023
- Spread increasedDec 31, 2022
- Marked down across lendersSep 30, 2022
- Facility left every BDC scheduleSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleSep 30, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SPARK #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived