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
V• T••••• I••
Also written as: 17; 2021; 2026Business Services Current; Commercial Services & Supplies; Emerald JV LP; Inc. - Funded; Inc. (Veritext; Inc. 08
Principal held
at least $12.0M
sum of BDC pieces, a lower bound
Fair value
$11.8M
98c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
17
3 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Aug 9, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
11
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 $6.1M | 98c | SOFR+300 bp | Aug 9, 2030 | 7 |
| delayed draw term loan lien unstated | at least $5.9M | 98c | S+300 bp | Aug 9, 2030 | 1 |
| second lien term loan second lien exited Jun 30, 2023 | at least $89.9M | 99c | S+675 bp | Aug 17, 2026 | 7 |
| other lien unstated exited Jun 30, 2025 | at least $10.0M | 101c | S+300 bp | Aug 9, 2030 | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 3.00% Interest Rate 6.66% Ma | $987,000 | $970,000 98c | SOFR+300 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 3.00% Interest Rate 6.66% Ma | $5.1M | $5.0M 98c | SOFR+300 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $4.9M | $4.8M 97c | S+300 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $1.0M | $993,000 98c | S+300 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 | 3 | $12.0M | $11.8M | 98c | 0 |
| Mar 31, 2026 | 3 | $13.0M | $12.7M | 97c | 0 |
| Dec 31, 2025 | 4 | $15.1M | $14.9M | 99c | 0 |
| Sep 30, 2025 | 3 | $14.1M | $13.7M | 97c | 0 |
| Jun 30, 2025 | 6 | $27.6M | $27.7M | 100c | 0 |
| Mar 31, 2025 | 2 | $7.5M | $7.5M | 99c | 0 |
| Dec 31, 2024 | 1 | $2.1M | $2.1M | 101c | 0 |
| Sep 30, 2024 | 1 | $1.0M | $1.0M | 100c | 0 |
| Jun 30, 2024 | 1 | $1.0M | $1.0M | 101c | 0 |
| Mar 31, 2024 | 2 | $6.0M | $6.0M | 101c | 0 |
| Dec 31, 2023 | 2 | $7.1M | $7.1M | 102c | 0 |
| Sep 30, 2023 | 3 | $9.2M | $9.2M | 101c | 0 |
| Jun 30, 2023 | 9 | $152M | $148M | 98c | 0 |
| Mar 31, 2023 | 9 | $142M | $137M | 98c | 0 |
| Dec 31, 2022 | 7 | $141M | $136M | 97c | 0 |
| Sep 30, 2022 | 4 | $151M | $147M | 97c | 0 |
| Jun 30, 2022 | 1 | $32.3M | $31.8M | 99c | 0 |
| May 12, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 2 | $90.7M | $91.1M | 101c | 0 |
What changed
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Lender left a facilityMar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Sep 30, 2023
- Spread changed (observed)Sep 30, 2023
- New lender joined a facilitySep 30, 2023
- New lender joined a facilitySep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Maturity shortened (observed)Sep 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- Lender left a facilityJun 30, 2023
- Spread changed (observed)Mar 31, 2023
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Lender left a facilitySep 30, 2022
- New lender joined a facilityMay 12, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
- L•••••• G•••• • P•••••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedleonardgreen.com"portfolio card on https://www.leonardgreen.com/portfolio/: V••••••• | Livingston, NJ | veritext.com | V••••••• is the leading pre-trial deposition services provider in the United States, offering end-"
Identity
- Group key
- VT TOPCOderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 17 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it