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••••••••• L••
Also written as: Verdantas LLC 2024
Principal held
at least $81.8M
sum of BDC pieces, a lower bound
Fair value
$82.2M
98c on cost, debt pieces
Unfunded
$5.8M
commitments not yet drawn
BDC lenders
9
5 on the latest quarter
Facilities
6
2 equity pieces beside them
Next maturity
May 6, 2030
no dated debt inside 24 months
On the tape since
Mar 31, 2023
latest Jun 30, 2026
Events
8
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 $81.8M | 98c | SOFR+525 bp | May 6, 2031 | 9 |
| first lien revolver first lien | unknown | n/a | unstated | 1 | |
| revolver lien unstated | unknown | n/a | unstated | 4 | |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 4 | |
| other lien unstated exited Jun 30, 2025 | at least $41.7M | 102c | S+1000 bp | unstated | 5 |
| first lien delayed draw term loan first lien exited Jun 30, 2024 | unknown | n/a | unstated | 3 |
Equity pieces beside the debt: preferred equity ($2.7M fair value, 5 BDCs), equity ($27,000 fair value, 5 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $84,000 | $77,000 95c | SOFR+525 bp |
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $114,000 | $111,000 99c | SOFR+525 bp |
| L••• P•••••• C••••• L•• | revolver lien unstated Revolver Commitment Expiration Date 05/06/2030 | n/a | n/a | |
| L••• P•••••• C••••• L•• | preferred equity equity Preferred Equity Reference Rate and Spread 10.00% Acquisition Date 05/03/2024 | n/a | $111,000 114c | |
| L••• P•••••• C••••• L•• | equity equity Common Equity Acquisition Date 05/03/2024 | n/a | $1,000 100c | |
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $4.2M | $4.1M 98c | SOFR+525 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $3.6M | $3.5M 98c | SOFR+5 bp |
| M••••• S•••••• D••••• L•••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 11/08/2026 | n/a | n/a | |
| M••••• S•••••• D••••• L•••••• F••• | equity equity Investment Common Equity Acquisition Date 05/03/2024 | n/a | $7,000 140c | |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturit | $2.0M | $2.0M 99c | SOFR+525 bp |
| M••••• S•••••• D••••• L•••••• F••• | preferred equity equity Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/20 | n/a | $664,000 114c | |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturit | $386,000 | $352,000 94c | SOFR+525 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $3.1M | $3.0M 98c | SOFR+5 bp |
| M••••• S•••••• D••••• L•••••• F••• | revolver lien unstated Revolver Commitment Expiration Date 05/06/2030 | n/a | n/a | |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $88,000 | $79,000 93c | SOFR+5 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturit | $12.3M | $12.0M 99c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturit | $84,000 | $77,000 95c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | equity equity Investment Common Equity Acquisition Date 05/03/2024 | n/a | $1,000 100c | |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturit | $5.1M | $4.9M 98c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | preferred equity equity Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/20 | n/a | $111,000 114c | |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturit | $114,000 | $111,000 99c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | revolver lien unstated Revolver Commitment Expiration Date 05/06/2030 | n/a | $-5,000 | |
| N•••• H•••• P•••••• I••••• F••• L•• | equity equity Investment Common Equity Acquisition Date 05/03/2024 | n/a | $12,000 133c | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 5/6/2031 | $114,000 | $35,000 35c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien Revolver Commitment Expiration Date 05/06/2030 | n/a | n/a | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $28.6M | $27.9M 99c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $3.5M | $3.4M 99c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | delayed draw term loan lien unstated Delayed Draw Term Loan Commitment Expiration Date 11/08/2026 | n/a | n/a | |
| N•••• H•••• P•••••• I••••• F••• L•• | preferred equity equity Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/20 | n/a | $1.2M 113c | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $894,000 | $817,000 94c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 05/06/2030 | $122,000 | $106,000 91c | SOFR+525 bp |
| T• S••••• B•• L•• | preferred equity equity Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/2024 | n/a | $553,000 113c | |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $505,000 | $461,000 94c | SOFR+525 bp |
| T• S••••• B•• L•• | revolver lien unstated Revolver Commitment Expiration Date 05/06/2030 | n/a | n/a | |
| T• S••••• B•• L•• | equity equity Common Equity Acquisition Date 05/03/2024 | n/a | $6,000 150c | |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $683,000 | $666,000 99c | SOFR+525 bp |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $16.2M | $15.8M 99c | SOFR+525 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 | 5 | $81.8M | $79.5M | 98c | 0 |
| Mar 31, 2026 | 5 | $90.1M | $89.2M | 100c | 0 |
| Dec 31, 2025 | 5 | $84.3M | $84.3M | 101c | 0 |
| Sep 30, 2025 | 5 | $82.1M | $82.0M | 101c | 0 |
| Jun 30, 2025 | 5 | $82.0M | $81.8M | 101c | 0 |
| Mar 31, 2025 | 5 | $78.1M | $78.0M | 101c | 0 |
| Dec 31, 2024 | 5 | $149M | $147M | 100c | 0 |
| Sep 30, 2024 | 5 | $74.6M | $73.5M | 100c | 0 |
| Jun 30, 2024 | 5 | $71.7M | $70.2M | 100c | 0 |
| Mar 31, 2024 | 4 | $39.3M | $19.8M | 101c | 0 |
| Dec 31, 2023 | 1 | $17.9M | $11.9M | 102c | 0 |
| Sep 30, 2023 | 1 | $6.0M | $4.0M | 102c | 0 |
| Jun 30, 2023 | 1 | $6.0M | $4.0M | 102c | 0 |
| Mar 31, 2023 | 1 | $6.0M | $3.9M | 100c | 0 |
What changed
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread increasedSep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Spread changed (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
Sponsor
- S••••••••• C•••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedsouthfieldmezz.com"portfolio card on https://www.southfieldmezz.com/investments: V••••••••"
- R•• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedrtcpartners.com"portfolio card on https://rtcpartners.com/portfolio: View details"
- S••••••• I••••••••• P••••••• A•••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedsterlinglp.com"portfolio card on https://www.sterlinglp.com/companies: Current | Business Services"
Identity
- Group key
- VERDANTASderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 9 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it