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
Q•••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Connector TopCo, LP
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$22.5M
n/a on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
6
1 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Mar 31, 2026
Events
6
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2024 | at least $81.8M | 101c | SOFR+525 bp | Nov 2, 2029 | 6 |
| first lien delayed draw term loan first lien exited Dec 31, 2024 | at least $516,000 | 99c | SOFR+525 bp | Nov 2, 2029 | 2 |
| second lien delayed draw term loan second lien 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••• C•••••• C••• | equity equity Limited partnership interests | n/a | $22.5M 227c |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2025 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2025 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2025 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2025 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2024 | 5 | $82.3M | $82.2M | 101c | 0 |
| Sep 30, 2024 | 6 | $28.4M | $28.3M | 103c | 0 |
| Jun 30, 2024 | 6 | $25.9M | $26.1M | 104c | 0 |
| Mar 31, 2024 | 6 | $28.5M | $28.9M | 104c | 0 |
| Dec 31, 2023 | 6 | $46.1M | $46.3M | 105c | 0 |
| Sep 30, 2023 | 4 | $24.0M | $24.2M | 103c | 0 |
| Jun 30, 2023 | 4 | $24.0M | $23.9M | 101c | 0 |
| Mar 31, 2023 | 4 | $24.1M | $23.5M | 100c | 0 |
| Dec 31, 2022 | 4 | $29.1M | $28.1M | 99c | 0 |
What changed
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- QNNECTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived