DFX Intelligence
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Borrower
S••••••• H•••••••• L••
Construction & Engineeringgroup grade Aon a schedule nowsponsor unattributed
Also written as: First Lien -; First Lien - Undrawn; Foundation; Foundation Software; LLC (dba Foundation; LLC (Foundation; LLC Investments; LLC Sr Secured
Principal held
at least $355M
sum of BDC pieces, a lower bound
Fair value
$337M
100c on cost, debt pieces
Unfunded
$23.1M
commitments not yet drawn
BDC lenders
19
16 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Aug 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
6
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 $349M | 100c | SOFR+450 bp | Aug 29, 2031 | 18 |
| first lien delayed draw term loan first lien | at least $5.6M | 100c | SOFR+450 bp | Aug 29, 2031 | 8 |
| first lien revolver first lien | at least $0 | n/a | SOFR+450 bp | Aug 29, 2031 | 8 |
| other lien unstated | unknown | n/a | unstated | 9 | |
| revolver lien unstated exited Jun 30, 2025 | unknown | n/a | unstated | 5 | |
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•• P•••••• C••••• I••••• F••• | term loan first lien First Lien Term Loan Reference Rate and Spread SOFR + 4.50% All In Rate 8.23% Acquisition | $17.1M | $17.1M 100c | SOFR+450 bp |
| A•• P•••••• C••••• I••••• F••• | revolver first lien Commitment Type Revolving Loan | n/a | n/a | |
| A•• P•••••• C••••• I••••• F••• | revolver first lien First Lien Revolving Loan Reference Rate and Spread SOFR + 4.50% Acquisition Date 12/23/20 | $0 | $0 0c | SOFR+450 bp |
| A•• P•••••• C••••• I••••• F••• | delayed draw term loan first lien First Lien Delayed Draw Term Loan Reference Rate and Spread SOFR + 4.50% All In Rate 8.23% | $5.6M | $5.6M 100c | SOFR+450 bp |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan | $10.7M | $10.7M 100c | S+450 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan | $51.7M | $51.7M 100c | S+450 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Reference Rate and Spread | $1.5M | $-18,000 360c | SOFR+450 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.23% Refer | $10.1M | $9.9M 99c | SOFR+450 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.23% Refer | $3.3M | $3.2M 99c | SOFR+450 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Reference Rate and Spread | $4.1M | $-51,000 340c | SOFR+450 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.23% Refer | $9.1M | $9.0M 99c | SOFR+450 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.23% Refer | $27.8M | $27.5M 99c | SOFR+450 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.23% Refer | $9.7M | $9.6M 99c | SOFR+450 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.23% Refer | $29.8M | $29.5M 99c | SOFR+450 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Reference Rate and Spread | $4.4M | $-55,000 344c | SOFR+450 bp |
| L••• P•••••• C••••• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 08/29/2031 | n/a | n/a | |
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 08/2 | $863,000 | $856,000 100c | SOFR+450 bp |
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 08/2 | $3.6M | $3.6M 100c | SOFR+450 bp |
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 08/2 | $0 | $-3,000 150c | SOFR+450 bp |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 08/29/2031 | n/a | n/a | |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturit | $6.5M | $6.4M 100c | SOFR+450 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturit | $19.7M | $19.6M 100c | SOFR+450 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturit | $0 | $-22,000 200c | SOFR+450 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien - Undrawn | $3.1M | $-8,000 133c | |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien 1 | $21.3M | $21.2M 100c | S+450 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien 2 | $6.9M | $6.9M 100c | S+450 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien 3 | Non-Affiliated Issuer | $1.5M | $1.5M 100c | S+450 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien 1 | Non-Affiliated Issuer | $3.5M | $3.5M 100c | S+450 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien 2 | Non-Affiliated Issuer | $1.6M | $1.6M 100c | S+450 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | $726,000 | $-2,000 200c | |
| N•• S•• I• I••• | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | n/a | $5,000 125c | |
| N•• S•• I• I••• | term loan first lien First Lien - | Non-Affiliated Issuer | $13.7M | $13.7M 100c | S+450 bp |
| N•• S•• I• I••• | term loan first lien First Lien - | Non-Affiliated Issuer | $4.5M | $4.5M 100c | S+450 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 08/2 | $4.7M | $4.7M 99c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 08/2 | $863,000 | $856,000 100c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturity Date 08/2 | $0 | $-3,000 300c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 8/29/2031 | n/a | $-3,000 | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity | $0 | $-28,000 200c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 08/29/2031 | n/a | n/a | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity | $8.2M | $8.1M 100c | SOFR+450 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity | $25.0M | $24.8M 100c | SOFR+450 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.23% Refer | $14.9M | $14.7M 99c | SOFR+450 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Interest Rate 8.23% Refer | $4.9M | $4.8M 99c | SOFR+450 bp |
| P•••••• S••••• B•• L•• | term loan first lien 1st Lien/Senior Secured Debt Industry Construction & Engineering Reference Rate and Spread | $2.2M | $-27,000 338c | SOFR+450 bp |
| S• I••••••••• F••• I• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturit | $9.9M | $9.8M 100c | SOFR+450 bp |
| S• I••••••••• F••• I• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 08/29/2031 | n/a | n/a | |
| S• I••••••••• F••• I• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturit | $0 | $-11,000 220c | SOFR+450 bp |
| S• I••••••••• F••• I• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturit | $3.2M | $3.2M 100c | SOFR+450 bp |
| T• S••••• B•• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 08/29/2031 | n/a | n/a | |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S+ 4.50% Interest Rate 8.23% Maturity Date 08/29 | $6.6M | $6.5M 100c | SOFR+450 bp |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S+ 4.50% Interest Rate 8.23% Maturity Date 08/29 | $0 | $-7,000 175c | SOFR+450 bp |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S+ 4.50% Interest Rate 8.23% Maturity Date 08/29 | $2.2M | $2.1M 100c | SOFR+450 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 | 16 | $355M | $337M | 100c | 0 |
| Mar 31, 2026 | 16 | $334M | $337M | 99c | 0 |
| Dec 31, 2025 | 16 | $380M | $359M | 100c | 0 |
| Sep 30, 2025 | 16 | $350M | $317M | 100c | 0 |
| Jun 30, 2025 | 16 | $351M | $318M | 100c | 0 |
| Mar 31, 2025 | 16 | $382M | $348M | 100c | 0 |
| Dec 31, 2024 | 16 | $489M | $400M | 100c | 0 |
| Sep 30, 2024 | 14 | $315M | $256M | 100c | 0 |
| Jun 30, 2024 | 8 | $122M | $115M | 102c | 0 |
| Mar 31, 2024 | 9 | $123M | $115M | 102c | 0 |
| Dec 31, 2023 | 10 | $209M | $190M | 100c | 0 |
What changed
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread increasedDec 31, 2024
- Lender left 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
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SUPERMANderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 19 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it