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.
Borrower
Legends Hospitality Holding Company, LLC
Commercial Services & Suppliesgroup grade Aon a schedule nowsponsor unattributed
Also written as: ASM Buyer, Inc; First Lien; First Lien - Drawn; First Lien - Undrawn; Legends ASM Holdco I; Legends Hospitality; Specialized; Stadium Coinvest -III, L.P
Principal held
at least $737M
sum of BDC pieces, a lower bound
Fair value
$722M
104c on cost, debt pieces
Unfunded
$28.2M
commitments not yet drawn
BDC lenders
20
18 on the latest quarter
Facilities
7
1 equity pieces beside them
Next maturity
Aug 1, 2030
no dated debt inside 24 months
On the tape since
Sep 30, 2023
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 $465M | 100c | SOFR+550 bp PIK 2.75% | Aug 22, 2031 | 13 |
| other lien unstated | at least $203M | 116c | SOFR+550 bp PIK 2.80% | Aug 22, 2031 | 11 |
| term loan lien unstated | at least $43.5M | 100c | SOFR+550 bp PIK 2.75% | Aug 22, 2031 | 1 |
| first lien revolver first lien | at least $9.7M | 101c | SOFR+500 bp | Aug 22, 2030 | 6 |
| delayed draw term loan lien unstated | at least $6.2M | 100c | SOFR+500 bp | Aug 22, 2031 | 2 |
| first lien delayed draw term loan first lien | at least $5.7M | 100c | SOFR+500 bp | Aug 22, 2031 | 2 |
| revolver lien unstated | at least $3.4M | 99c | SOFR+500 bp | Aug 22, 2030 | 2 |
Equity pieces beside the debt: equity ($9.0M fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Apollo Debt Solutions BDC | term loan first lien Investment Type First Lien Secured Debt - Term Loan Interest Rate S+275 Cash plus 2.75% PI | $101M | $100M 100c | SOFR+275 bp PIK 2.75% |
| Apollo Debt Solutions BDC | revolver first lien Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturi | $3.2M | $3.0M 101c | SOFR+500 bp |
| Apollo Debt Solutions BDC | delayed draw term loan first lien Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Ma | $5.7M | $5.7M 100c | SOFR+500 bp |
| ARES CAPITAL CORP | term loan first lien First lien senior secured loan 1 | $58.6M | $58.0M 99c | S+550 bp PIK 2.75% |
| ARES CAPITAL CORP | equity equity Limited partnership interest | n/a | $6.2M 93c | |
| ARES CAPITAL CORP | term loan first lien First lien senior secured loan | $3.3M | $3.3M 100c | S+500 bp |
| ARES CAPITAL CORP | unstated lien unstated | n/a | n/a | |
| ARES CAPITAL CORP | revolver first lien First lien senior secured revolving loan | $3.0M | $3.0M 100c | S+500 bp |
| ARES STRATEGIC INCOME FUND | unstated lien unstated | n/a | n/a | |
| ARES STRATEGIC INCOME FUND | revolver first lien First lien senior secured revolving loan | $880,600 | $871,800 104c | S+500 bp |
| ARES STRATEGIC INCOME FUND | term loan first lien First lien senior secured loan 2 | $1.6M | $1.6M 100c | S+500 bp |
| ARES STRATEGIC INCOME FUND | equity equity Limited partnership interest | n/a | $2.8M 92c | |
| ARES STRATEGIC INCOME FUND | term loan first lien First lien senior secured loan 1 | $28.1M | $27.8M 100c | S+550 bp PIK 2.75% |
| Diameter Credit Co | delayed draw term loan lien unstated Delayed Draw Term Loan Interest Rate 8.66% Reference Rate SOFR Spread 5.00% Acquisition Da | $2.5M | $2.4M 99c | SOFR+500 bp |
| Diameter Credit Co | term loan lien unstated Term Loan Interest Rate 9.16% (2.75% PIK) Reference Rate SOFR Spread 5.50% Acquisition Dat | $43.5M | $42.7M 100c | SOFR+550 bp PIK 2.75% |
| Diameter Credit Co | revolver lien unstated Revolving Line of Credit | n/a | n/a | |
| Diameter Credit Co | revolver lien unstated Revolving Line of Credit Interest Rate 8.64% Reference Rate SOFR Spread 5.00% Acquisition | $1.4M | $1.3M 98c | SOFR+500 bp |
| FS KKR Capital Corp | unstated lien unstated | $51.6M | $51.1M 100c | S+550 bp PIK 2.80% |
| FS KKR Capital Corp | unstated lien unstated | $3.1M | $3.1M 100c | S+500 bp |
| FS KKR Capital Corp | unstated lien unstated | n/a | n/a | |
| FS KKR Capital Corp | unstated lien unstated | $5.9M | $5.9M 100c | S+500 bp |
| FS KKR Capital Corp | unstated lien unstated | $8.2M | $8.2M 100c | S+500 bp |
| Goldman Sachs BDC, Inc. | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Interest Rate 9.16% R | $8.8M | $8.6M 101c | SOFR+550 bp PIK 2.75% |
| Goldman Sachs BDC, Inc. | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Interest Rate 8.64% R | $1.0M | $260,000 100c | SOFR+500 bp |
| Goldman Sachs BDC, Inc. | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Interest Rate 8.66% R | $496,000 | $488,000 100c | SOFR+500 bp |
| Goldman Sachs Private Credit Corp. | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Interest Rate 8.66% R | $5.7M | $5.6M 100c | SOFR+500 bp |
| Goldman Sachs Private Credit Corp. | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Interest Rate 9.16% R | $101M | $99.5M 100c | SOFR+550 bp PIK 2.75% |
| Goldman Sachs Private Credit Corp. | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Interest Rate 8.64% R | $11.5M | $3.0M 99c | SOFR+500 bp |
| KKR Enhanced US Direct Lending Fund-L Inc. | unstated lien unstated | $25.2M | $25.0M | S+275 bp PIK 2.75% |
| KKR Enhanced US Direct Lending Fund-L Inc. | unstated lien unstated | $2.9M | $761,000 | S+500 bp |
| KKR Enhanced US Direct Lending Fund-L Inc. | unstated lien unstated | $1.4M | $1.4M | S+500 bp |
| KKR FS Income Trust | unstated lien unstated | $17.6M | $17.5M 100c | S+550 bp |
| KKR FS Income Trust | unstated lien unstated | $553,000 | $547,000 99c | S+500 bp |
| KKR FS Income Trust | unstated lien unstated | $1.5M | $1.4M 99c | S+500 bp |
| KKR FS Income Trust | unstated lien unstated | $996,000 | $986,000 99c | S+500 bp |
| KKR FS Income Trust | unstated lien unstated | n/a | n/a | |
| KKR FS Income Trust Select | unstated lien unstated | n/a | n/a | |
| KKR FS Income Trust Select | unstated lien unstated | $490,000 | $485,000 103c | S+500 bp |
| KKR FS Income Trust Select | unstated lien unstated | $15.6M | $15.5M 101c | S+550 bp |
| KKR FS Income Trust Select | unstated lien unstated | $1.3M | $1.3M 99c | S+500 bp |
| KKR FS Income Trust Select | unstated lien unstated | $882,000 | $874,000 100c | S+500 bp |
| MSD Investment Corp. | delayed draw term loan lien unstated Delayed Draw Term Loan Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% Inter | $3.7M | $3.7M 100c | SOFR+500 bp |
| MSD Investment Corp. | unstated lien unstated Reference Rate and Spread S + 5.50% Interest Rate Floor 0.75% Interest Rate 9.16% (Incl 2. | $65.8M | $64.9M 100c | SOFR+550 bp PIK 2.75% |
| MSD Investment Corp. | revolver lien unstated Revolving Credit Facility Reference Rate and Spread S + 5.00% Interest Rate Floor 0.75% In | $2.1M | $2.0M 100c | SOFR+500 bp |
| MSD Investment Corp. | revolver lien unstated Revolver Commitment Expiration Date 8/22/2030 | n/a | n/a | |
| MSD Investment Corp. | revolver lien unstated Revolver Commitment Expiration Date 8/22/2030 | n/a | n/a | |
| New Mountain Finance Corp | term loan first lien First lien - Undrawn | $519,000 | $-10,000 200c | |
| New Mountain Finance Corp | term loan first lien First lien 1 | $6.3M | $6.2M 100c | S+275 bp PIK 2.75% |
| New Mountain Finance Corp | term loan first lien First lien 2 | $355,000 | $348,000 99c | S+500 bp |
| New Mountain Finance Corp | term loan first lien First lien - Drawn | $197,000 | $193,000 99c | S+500 bp |
| New Mountain Guardian IV BDC, L.L.C. | term loan first lien First Lien 1 | $14.8M | $14.6M 100c | S+275 bp PIK 2.75% |
| New Mountain Guardian IV BDC, L.L.C. | term loan first lien First Lien - Drawn | $463,000 | $454,000 98c | S+500 bp |
| New Mountain Guardian IV BDC, L.L.C. | term loan first lien First Lien - Undrawn | $1.2M | $-24,000 200c | |
| New Mountain Guardian IV BDC, L.L.C. | term loan first lien First Lien 2 | $835,000 | $818,000 99c | S+500 bp |
| New Mountain Guardian IV Income Fund, L.L.C. | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | $284,000 | $-6,000 200c | |
| New Mountain Guardian IV Income Fund, L.L.C. | term loan first lien First Lien 2 | Non-Affiliated Issuer | $195,000 | $191,000 99c | S+500 bp |
| New Mountain Guardian IV Income Fund, L.L.C. | term loan first lien First Lien 1 | Non-Affiliated Issuer | $3.4M | $3.4M 100c | S+275 bp PIK 2.75% |
| New Mountain Guardian IV Income Fund, L.L.C. | term loan first lien First Lien - Drawn | Non-Affiliated Issuer | $108,000 | $106,000 98c | S+500 bp |
| NMF SLF I, Inc. | term loan first lien First Lien | Non-Affiliated Issuer | $299,000 | $293,000 98c | S+500 bp |
| NMF SLF I, Inc. | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | n/a | $16,000 200c | |
| NMF SLF I, Inc. | term loan first lien First Lien - Drawn | Non-Affiliated Issuer | $539,000 | $528,000 99c | S+500 bp |
| NMF SLF I, Inc. | term loan first lien First Lien | Non-Affiliated Issuer | $9.5M | $9.4M 100c | S+275 bp PIK 2.75% |
| Oaktree Specialty Lending Corp | term loan first lien First Lien Term Loan 2 | $1.5M | $1.5M 100c | S+500 bp |
| Oaktree Specialty Lending Corp | revolver first lien First Lien Revolver | $853,000 | $810,000 100c | S+500 bp |
| Oaktree Specialty Lending Corp | term loan first lien First Lien Term Loan 1 | $27.2M | $26.7M 100c | S+550 bp PIK 2.75% |
| Oaktree Specialty Lending Corp | unstated lien unstated | n/a | n/a | |
| Oaktree Strategic Credit Fund | term loan first lien First Lien Term Loan 2 | $57.5M | $56.4M 100c | S+550 bp PIK 2.75% |
| Oaktree Strategic Credit Fund | revolver first lien First Lien Revolver | $1.8M | $1.7M 100c | S+500 bp |
| Oaktree Strategic Credit Fund | unstated lien unstated | n/a | n/a | |
| Oaktree Strategic Credit Fund | term loan first lien First Lien Term Loan 1 | $3.2M | $3.2M 100c | S+500 bp |
| Phillip Street BDC LLC | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Interest Rate 8.64% R | $1.5M | $390,000 99c | SOFR+500 bp |
| Phillip Street BDC LLC | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Interest Rate 8.66% R | $744,000 | $732,000 100c | SOFR+500 bp |
| Phillip Street BDC LLC | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Interest Rate 9.16% R | $13.2M | $13.0M 101c | SOFR+550 bp PIK 2.75% |
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 | 18 | $737M | $713M | 104c | 16 |
| Mar 31, 2026 | 19 | $756M | $752M | 104c | 17 |
| Dec 31, 2025 | 19 | $996M | $952M | 104c | 21 |
| Sep 30, 2025 | 19 | $886M | $842M | 104c | 19 |
| Jun 30, 2025 | 20 | $899M | $852M | 104c | 24 |
| Mar 31, 2025 | 16 | $763M | $735M | 104c | 21 |
| Dec 31, 2024 | 16 | $1.1B | $1.0B | 103c | 26 |
| Sep 30, 2024 | 1 | $98.0M | $96.0M | 100c | 0 |
What changed
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- Spread increasedMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- PIK interest appearsDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- LEGENDS HOSPITALITYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 20 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it