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
D•••••••• I••••••••• L••
Commercial services & suppliesgroup grade Aon a schedule nowsponsor A••• E••••• M••••••••• L••••• carried
Also written as: PIK B; Roll Up; Roll Up Priority
Principal held
at least $9.2M
sum of BDC pieces, a lower bound
Fair value
$7.4M
132c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
May 11, 2027
$6.8M inside 24 months
On the tape since
Jun 30, 2024
latest Jun 30, 2026
Events
18
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 delayed draw term loan first lien | at least $3.9M | 100c | SOFR+818 bp | May 11, 2027 | 2 |
| first lien term loan first lien | at least $2.9M | 100c | SOFR+1000 bp | May 11, 2027 | 2 |
| term loan lien unstated | at least $2.4M | n/a | 12.00% PIK 12.00% | Apr 30, 2030 | 1 |
| revolver lien unstated | at least $33,938 | n/a | 0.00% | Apr 30, 2029 | 1 |
| delayed draw term loan lien unstated exited Mar 31, 2026 | at least $101,815 | n/a | 10.00% | May 11, 2027 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•••• A••••••• B••• I••• | term loan first lien First lien senior secured loan - Maturity Date 5/11/2027 | $1.3M | $319,000 100c | |
| K•••• A••••••• B••• I••• | delayed draw term loan first lien First lien senior secured delayed draw loan - Interest Rate 11.82% - Spread 8.18% - Refere | $3.9M | $3.9M 100c | SOFR+818 bp |
| K•••• A••••••• B••• I••• | term loan first lien First lien senior secured loan - Interest Rate 10.00% - Spread 10.00% - Reference FIXED - | $192,000 | $192,000 100c | //fasb.org/us-gaap/2026#Federal Funds Effective Swap Rate+1000 bp |
| K•••• D• 2•••• I••• | term loan first lien First lien senior secured loan - Interest Rate 11.82% - Spread8.18% - Reference SOFR(S) - | $1.0M | $1.0M 100c | SOFR+818 bp |
| K•••• D• 2•••• I••• | term loan first lien First lien senior secured loan - Interest Rate 10.00% - Spread 10.00% - Reference FIXED - | $49,000 | $49,000 100c | SOFR+1000 bp |
| K•••• D• 2•••• I••• | term loan first lien First lien senior secured loan - Maturity Date 5/11/2027 | $332,000 | $82,000 100c | |
| M••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | Senior loans 238.6% | $33,938 | $32,309 | 0.00% |
| M••••••• P•••••• C••••• F••• | term loan lien unstated Note (12.000% PIK) | Senior loans 238.6% | $557,641 | $55,764 | 12.00% PIK 12.00% |
| M••••••• P•••••• C••••• F••• | term loan lien unstated Term Loan (10.000% PIK) | Senior loans 238.6% | $135,414 | $135,414 | 10.00% PIK 10.00% |
| M••••••• P•••••• C••••• F••• | term loan lien unstated Term Loan (11.816% PIK) | Senior loans 238.6% | $1.7M | $1.6M | 11.82% PIK 11.82% |
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 | $9.2M | $7.4M | 132c | 3 |
| Mar 31, 2026 | 3 | $10.4M | $9.2M | 120c | 0 |
| Dec 31, 2025 | 3 | $17.4M | $17.0M | 127c | 0 |
| Sep 30, 2025 | 2 | $10.0M | $9.7M | 164c | 0 |
| Jun 30, 2025 | 1 | $4.0M | $3.9M | n/a | 0 |
| Mar 31, 2025 | 1 | $4.0M | $3.9M | n/a | 0 |
| Dec 31, 2024 | 2 | $10.0M | $9.8M | 167c | 0 |
| Sep 30, 2024 | 1 | $4.0M | $3.8M | n/a | 0 |
| Jun 30, 2024 | 1 | $4.0M | $4.0M | n/a | 0 |
What changed
- Maturity approachingMay 11, 2027
- Maturity approachingMay 11, 2027
- Maturity approachingMay 11, 2027
- Maturity approachingMay 11, 2027
- Maturity approachingMay 11, 2027
- Maturity approachingMay 11, 2027
- Spread changed (observed)Jun 30, 2026
- Mark recoveredJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Mark recoveredJun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down across lendersMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity shortened (observed)Dec 31, 2025
- Maturity extended (observed)Sep 30, 2025
Sponsor
- A••• E••••• M••••••••• L•••••
- the sponsor's own portfolio page lists a company of this nameestimatedaconinvestments.com"portfolio card on https://aconinvestments.com/portfolio/: D••••••••"
Identity
- Group key
- DIVERZIFYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Commercial services & suppliesreportedas one filer wrote it