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
A••• B•••• L••••••
group grade Aon a schedule nowsponsor unattributed
Also written as: Business Equipment & Services
Principal held
at least $5.2M
sum of BDC pieces, a lower bound
Fair value
$5.1M
104c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
16
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 $4.8M | 104c | S+675 bp | unstated | 2 |
| unsecured or subordinated term loan unsecured or subordinated | at least $407,000 | 102c | PIK 9.00% | unstated | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | term loan first lien First Lien Senior Secured Term Loan | $3.4M | $3.4M 104c | S+675 bp |
| B•••••• B••• I••• | term loan unsecured or subordinated Subordinated Senior Unsecured Term Loan | $407,000 | $406,000 102c | PIK 9.00% |
| B•••••• P•••••• C••••• C••• | term loan first lien First Lien Senior Secured Term Loan | $1.4M | $1.4M 104c | S+675 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 | 2 | $5.2M | $5.1M | 104c | 1 |
| Mar 31, 2026 | 2 | $5.1M | $5.1M | 103c | 1 |
| Dec 31, 2025 | 2 | $5.2M | $5.1M | 105c | 1 |
| Sep 30, 2025 | 2 | $5.2M | $5.1M | 104c | 1 |
| Jun 30, 2025 | 2 | $5.3M | $5.1M | 105c | 1 |
| Mar 31, 2025 | 2 | $5.0M | $4.8M | 100c | 1 |
| Dec 31, 2024 | 2 | $9.6M | $9.5M | 98c | 2 |
| Sep 30, 2024 | 2 | $5.1M | $5.1M | 106c | 1 |
| Jun 30, 2024 | 2 | $4.8M | $4.8M | 100c | 1 |
| Mar 31, 2024 | 2 | $4.8M | $4.8M | 101c | 1 |
| Dec 31, 2023 | 2 | $6.3M | $6.1M | 101c | 1 |
| Sep 30, 2023 | 2 | $2.5M | $2.5M | 93c | 1 |
| Jun 30, 2023 | 2 | $2.6M | $2.6M | 97c | 1 |
| Mar 31, 2023 | 2 | $2.5M | $2.5M | 94c | 1 |
| Dec 31, 2022 | 2 | $2.4M | $2.4M | 92c | 1 |
| Sep 30, 2022 | 1 | $1.9M | $1.9M | 87c | 1 |
| Dec 31, 2021 | 1 | $2.3M | $2.2M | 105c | 1 |
What changed
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Mark recoveredJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Mark recoveredSep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Mark recoveredDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Mark recoveredDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Mark recoveredDec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- APEX BIDCO #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived