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•••••• P••••••• A•• A•••••••• I••
Also written as: 02; 15; 18; 2022; 2025; 22; Inc. - Funded; Inc. - Unfunded
Principal held
at least $102M
sum of BDC pieces, a lower bound
Fair value
$92.9M
100c on cost, debt pieces
Unfunded
$1.8M
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Jun 12, 2027
$102M inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
12
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 $79.3M | 100c | SOFR+475 bp | Aug 16, 2027 | 2 |
| delayed draw term loan lien unstated | at least $12.7M | 100c | S+475 bp | Aug 16, 2027 | 1 |
| first lien revolver first lien | at least $8.4M | 99c | SOFR+375 bp | Aug 16, 2027 | 1 |
| revolver lien unstated | at least $1.5M | 100c | S+475 bp | Aug 16, 2027 | 1 |
| term loan lien unstated | at least $289,000 | 100c | S+475 bp | Aug 16, 2027 | 1 |
| other lien unstated exited Jun 30, 2025 | at least $29.6M | 100c | S+475 bp | Oct 29, 2027 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien First Lien Secured Debt Acquisition 11/18/2025 Maturity 8/16/2027 Industry Aerospace and D | $13.0M | $12.9M 100c | //www.pennantpark.com/20260630#Secured Overnight Financing Rate+475 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien First Lien Secured Debt Acquisition 3/15/2022 Maturity 8/16/2027 Industry Aerospace and De | $14.3M | $14.3M 100c | SOFR+475 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien First Lien Secured Debt Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerosp | $3.1M | $3.1M 100c | SOFR+375 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien First Lien Secured Debt Term Loan Acquisition 10/12/2021 Maturity 6/12/2027 Industry Aeros | $2.1M | $5,000 | 0.00% |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien First Lien Secured Debt Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerosp | $5.3M | $-13,000 | 0.00% |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien First Lien Secured Debt Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and D | $33.1M | $33.0M 100c | SOFR+475 bp |
| P••••••••• I••••••••• C••• | term loan first lien First Lien Secured Debt Acquisition 03/02/22 Maturity 08/16/27 Industry Aerospace and Defe | $16.8M | $16.8M 100c | SOFR+475 bp |
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated Delayed Draw Term Loan 2 | Non-Affiliated Issuer | $231,000 | $231,000 100c | S+475 bp |
| W••••• T••• C•••••• C••• | revolver lien unstated Revolver | Non-Affiliated Issuer | $1.5M | $569,000 100c | S+475 bp |
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated Delayed Draw Term Loan 1 | Non-Affiliated Issuer | $9.3M | $8.5M 100c | S+475 bp |
| W••••• T••• C•••••• C••• | revolver lien unstated Revolver | n/a | n/a | |
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated Delayed Draw Term Loan 3 | Non-Affiliated Issuer | $3.2M | $3.2M 100c | S+475 bp |
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| W••••• T••• C•••••• C••• | term loan lien unstated Term Loan | Non-Affiliated Issuer | $289,000 | $288,000 100c | 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 | 3 | $102M | $92.9M | 100c | 0 |
| Mar 31, 2026 | 3 | $117M | $102M | 100c | 0 |
| Dec 31, 2025 | 3 | $118M | $106M | 100c | 0 |
| Sep 30, 2025 | 3 | $208M | $183M | 100c | 0 |
| Jun 30, 2025 | 1 | $29.6M | $22.7M | 100c | 0 |
| Mar 31, 2025 | 1 | $21.5M | $17.1M | 100c | 0 |
| Dec 31, 2024 | 1 | $12.8M | $4.8M | 104c | 0 |
What changed
- Maturity approachingAug 16, 2027
- Maturity approachingAug 16, 2027
- Maturity approachingAug 16, 2027
- Maturity approachingAug 16, 2027
- Maturity approachingAug 16, 2027
- Maturity approachingAug 16, 2027
- Maturity approachingAug 16, 2027
- Maturity approachingAug 16, 2027
- Maturity approachingAug 16, 2027
- Maturity approachingAug 16, 2027
- Mark recoveredDec 31, 2025
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
Sponsor
- A•••••••• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedarlingtoncap.com"S•••••• P••••••• • A•••••••, an A•••••••• Capital Portfolio Company, Acquires the Operations Research & Cyber A••••••• (“ORCA”) Unit of Metron"
Identity
- Group key
- SYSTEMS PLANNING AND ANALYSISderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Aerospace and Defensereportedas one filer wrote it