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
R•••• L••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: Razor Light Topco, L.P
Principal held
at least $44.9M
sum of BDC pieces, a lower bound
Fair value
$33.9M
100c on cost, debt pieces
Unfunded
$11.1M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Feb 6, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2025
latest Jun 30, 2026
Events
2
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 $33.5M | 100c | S+475 bp | Feb 6, 2032 | 2 |
| first lien delayed draw term loan first lien | at least $6.5M | n/a | S+475 bp | Feb 6, 2032 | 2 |
| revolver lien unstated | at least $5.0M | 100c | S+475 bp | Feb 6, 2032 | 2 |
| delayed draw term loan lien unstated exited Mar 31, 2026 | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: equity ($326,000 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $1.4M | $-7,000 100c | S+475 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien Delayed Draw Loan | n/a | n/a | |
| N••••• C•••••••• D••••• L•••••• C•••• | revolver lien unstated Revolving Loan | $1.1M | $61,000 100c | S+475 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | revolver lien unstated Revolving Loan | n/a | n/a | |
| N••••• C•••••••• D••••• L•••••• C•••• | equity equity Class A Units | n/a | $326,000 101c | |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien First Lien Debt | $7.4M | $7.4M 100c | S+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $5.0M | $-24,000 104c | S+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien First Lien Debt | $26.1M | $25.9M 100c | S+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | revolver lien unstated Revolving Loan | n/a | n/a | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | revolver lien unstated Revolving Loan | $3.9M | $214,000 100c | S+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien Delayed Draw Loan | n/a | n/a |
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 | 2 | $44.9M | $33.6M | 100c | 0 |
| Mar 31, 2026 | 2 | $35.0M | $26.0M | 100c | 0 |
| Dec 31, 2025 | 2 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- New borrower on a BDC scheduleDec 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
- RAZOR LIGHTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 2 BDCsderived