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
T••••• L••
group grade Bon a schedule nowsponsor unattributed
Also written as: 1; 2; Software & Services
Principal held
at least $192M
sum of BDC pieces, a lower bound
Fair value
$139M
80c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Dec 1, 2027
$192M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
13
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 $192M | 80c | S+1250 bp PIK 1.70% | Jun 1, 2028 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | term loan first lien Software & Services 2 | $26.3M | $0 0c | S+1250 bp |
| F• K•• C•••••• C••• | term loan first lien Software & Services 1 | $166M | $139M 84c | S+670 bp PIK 1.70% |
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 | 1 | $192M | $139M | 80c | 1 |
| Mar 31, 2026 | 1 | $192M | $136M | 78c | 1 |
| Dec 31, 2025 | 1 | $192M | $151M | 86c | 1 |
| Sep 30, 2025 | 1 | $191M | $152M | 86c | 1 |
| Jun 30, 2025 | 1 | $190M | $152M | 87c | 1 |
| Mar 31, 2025 | 1 | $188M | $152M | 87c | 1 |
| Dec 31, 2024 | 1 | $371M | $311M | 90c | 4 |
| Sep 30, 2024 | 1 | $184M | $158M | 92c | 2 |
| Jun 30, 2024 | 1 | $183M | $157M | 91c | 1 |
| Mar 31, 2024 | 1 | $190M | $155M | 87c | 1 |
| Dec 31, 2023 | 1 | $189M | $155M | 88c | 1 |
| Sep 30, 2023 | 1 | $188M | $155M | 88c | 1 |
| Jun 30, 2023 | 1 | $186M | $147M | 85c | 1 |
| Mar 31, 2023 | 1 | $184M | $152M | 89c | 1 |
| Dec 31, 2022 | 1 | $366M | $300M | 89c | 2 |
| Sep 30, 2022 | 1 | $182M | $148M | 89c | 1 |
| Dec 31, 2021 | 1 | $190M | $147M | 86c | 0 |
What changed
- Maturity approachingJun 1, 2028
- Spread changed (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread increasedMar 31, 2025
- Spread changed (observed)Sep 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- PIK interest appearsSep 30, 2022
- PIK interest appearsSep 30, 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
- TANGOEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived