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•••• P•• L••
Principal held
at least $40.3M
sum of BDC pieces, a lower bound
Fair value
$39.3M
100c on cost, debt pieces
Unfunded
$759,000
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jan 24, 2028
$40.3M inside 24 months
On the tape since
Dec 31, 2022
latest Mar 31, 2026
Events
8
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2026 | at least $39.0M | 100c | SOFR+665 bp | Jan 24, 2028 | 5 |
| first lien revolver first lien exited Mar 31, 2026 | at least $1.3M | 102c | SOFR+650 bp | Jan 24, 2028 | 3 |
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien First Lien Term Loan Reference Rate and Spread S + 6.50% Interest Rate 10.32% Maturity Dat | $4.8M | $4.8M 100c | SOFR+650 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien First Lien Revolver Reference Rate and Spread S + 6.50% Interest Rate 10.32% Maturity Date | $385,000 | $132,000 103c | SOFR+650 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Revolver Commitment Expiration Date 1/24/2028 | n/a | $-0 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien Revolver Commitment Expiration Date 1/24/2028 | n/a | $0 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien First Lien Revolver Reference Rate and Spread S + 6.50% Interest Rate 10.32% Maturity Date | $769,000 | $263,000 103c | SOFR+650 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien First Lien Term Loan Reference Rate and Spread S + 6.50% Interest Rate 10.32% Maturity Dat | $269,000 | $269,000 102c | SOFR+650 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien First Lien Term Loan Reference Rate and Spread S + 6.50% Interest Rate 10.32% Maturity Dat | $9.3M | $9.3M 100c | SOFR+650 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien Instrument First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.65% Total Cou | $10.0M | $9.9M 100c | SOFR+665 bp |
| B•••••••• P•••••• C••••• F••• | revolver first lien Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.65% Total Coupon 10.32% Ma | $187,753 | $181,895 100c | SOFR+665 bp |
| B•••••••• T•• C•••••• C•••• | term loan first lien First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.65% Total Coupon 10.32% Maturity 1/2 | $9.7M | $9.6M 100c | SOFR+665 bp |
| B•••••••• T•• C•••••• C•••• | term loan first lien First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.65% Total Coupon 10.32% | $4.9M | $4.9M 101c | SOFR+665 bp |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 4 | $40.3M | $39.3M | 100c | 0 |
| Dec 31, 2025 | 4 | $40.5M | $39.6M | 101c | 0 |
| Sep 30, 2025 | 4 | $40.3M | $38.9M | 101c | 0 |
| Jun 30, 2025 | 4 | $40.3M | $38.9M | 101c | 0 |
| Mar 31, 2025 | 4 | $40.3M | $38.9M | 101c | 2 |
| Dec 31, 2024 | 4 | $40.0M | $38.6M | 101c | 5 |
| Sep 30, 2024 | 3 | $8.4M | $8.3M | 101c | 3 |
| Jun 30, 2024 | 3 | $8.3M | $8.2M | 102c | 3 |
| Mar 31, 2024 | 3 | $8.2M | $8.1M | 102c | 3 |
| Dec 31, 2023 | 3 | $7.8M | $7.7M | 100c | 3 |
| Sep 30, 2023 | 3 | $7.7M | $7.6M | 101c | 3 |
| Jun 30, 2023 | 3 | $7.6M | $7.4M | 100c | 3 |
| Mar 31, 2023 | 3 | $7.4M | $7.3M | 100c | 3 |
| Dec 31, 2022 | 3 | $15.0M | $14.6M | 99c | 5 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Spread changed (observed)Mar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread increasedSep 30, 2024
- Spread changed (observed)Jun 30, 2024
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
- E•• C•••••• ••• L••••••
- Form D signer consensus, grade Bestimated"Form D vehicle S•••••• TopCo Corp. (2022-12-05), signers: Andrew Todd Porter; Andrew Porter"
- W•• M••••••••• C•••••••••
- Form D signer consensus, grade Bestimated"Form D vehicle S•••••• TopCo Corp. (2022-12-05), signers: Ryan Harper; Kevin Gordon"
Identity
- Group key
- SPARTAN #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Softwarereportedas one filer wrote it