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
A•• A••••••••• H••••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: First and; Inc. Asset Type; Inc. Assets; Inc. Assets Type
Principal held
at least $25.5M
sum of BDC pieces, a lower bound
Fair value
$18.2M
72c on cost, debt pieces
Unfunded
$100,000
commitments not yet drawn
BDC lenders
8
2 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Mar 1, 2028
$25.5M inside 24 months
On the tape since
Dec 31, 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 $25.4M | 72c | S+400 bp | Mar 1, 2028 | 3 |
| first lien revolver first lien | at least $100,000 | n/a | SOFR+325 bp | Mar 3, 2028 | 1 |
| second lien term loan second lien exited Sep 30, 2024 | at least $49.3M | 102c | S+750 bp | Mar 3, 2028 | 4 |
| other lien unstated exited Dec 31, 2024 | at least $1.0M | 101c | SOFR+400 bp | Mar 3, 2028 | 1 |
| revolver lien unstated exited Jun 30, 2025 | unknown | n/a | unstated | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | revolver first lien Revolver Commitment Expiration Date 3/3/2028 | n/a | $-19,000 | |
| A•••••• P•••••• C••••• F••• | revolver first lien F•••• Lien Revolver Reference Rate and Spread S + 3.25% Interest Rate 7.00% Maturity Date | $100,000 | $-19,000 | SOFR+325 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien Senior secured | $25.4M | $18.2M 72c | S+400 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 | $25.5M | $18.2M | 72c | 0 |
| Mar 31, 2026 | 2 | $25.5M | $18.9M | 74c | 0 |
| Dec 31, 2025 | 3 | $26.6M | $25.0M | 94c | 0 |
| Sep 30, 2025 | 3 | $52.2M | $51.5M | 99c | 0 |
| Jun 30, 2025 | 3 | $26.7M | $26.8M | 100c | 0 |
| Mar 31, 2025 | 2 | $24.7M | $24.6M | 100c | 0 |
| Dec 31, 2024 | 3 | $17.8M | $17.9M | 101c | 0 |
| Sep 30, 2024 | 6 | $70.2M | $70.3M | 101c | 0 |
| Jun 30, 2024 | 5 | $56.1M | $56.1M | 102c | 0 |
| Mar 31, 2024 | 5 | $51.3M | $51.3M | 102c | 0 |
| Dec 31, 2023 | 6 | $61.4M | $61.2M | 102c | 0 |
| Sep 30, 2023 | 5 | $51.3M | $50.5M | 100c | 0 |
| Jun 30, 2023 | 4 | $49.3M | $48.5M | 100c | 0 |
| Mar 31, 2023 | 3 | $48.5M | $47.0M | 99c | 0 |
| Dec 31, 2022 | 3 | $48.5M | $46.4M | 98c | 0 |
| Sep 30, 2022 | 1 | $20.0M | $19.7M | 101c | 0 |
| Dec 31, 2021 | 1 | $20.0M | $20.0M | 103c | 0 |
What changed
- Maturity approachingMar 3, 2028
- Maturity approachingMar 1, 2028
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleSep 30, 2024
- Lender left a facilitySep 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread changed (observed)Dec 31, 2023
- New lender joined a facilityJun 30, 2023
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New borrower on a BDC scheduleDec 31, 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
- AQA ACQUISITION HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 8 BDCsderived
- Industry
- Softwarereportedas one filer wrote it