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.
Borrower
Software Diligent Corporation
group grade Aon a schedule nowsponsor unattributed
Principal held
at least $150M
sum of BDC pieces, a lower bound
Fair value
$155M
99c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Aug 2, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2024
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 $150M | 99c | 12.09% PIK 8.42% | Aug 2, 2030 | 6 |
Equity pieces beside the debt: preferred equity ($7.8M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| LGAM Private Credit LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 8.42% PIK Interest Rate 12.09% Maturity Date | $10.2M | $10.0M 98c | 12.09% PIK 8.42% |
| LGAM Private Credit LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 8.42% PIK Interest Rate 12.09% Maturity Date | $442,000 | $421,000 96c | 12.09% PIK 8.42% |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 8.42% PIK Interest Rate 12.09% Ma | $28.1M | $27.6M 99c | 12.09% PIK 0.08% |
| Morgan Stanley Direct Lending Fund | preferred equity equity Investment Preferred Equity Reference Rate and Spread 10.50% PIK Acquisition Date 04/05/20 | n/a | $7.8M 94c | |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 8.42% PIK Interest Rate 12.09% Ma | $1.1M | $1.0M 97c | 12.09% PIK 0.08% |
| North Haven Private Income Fund A LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 8.42% PIK Interest Rate 12.09% Ma | $8.7M | $8.5M 98c | 12.09% PIK 8.42% |
| North Haven Private Income Fund A LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 8.42% PIK Interest Rate 12.09% Ma | $367,000 | $349,000 96c | 12.09% PIK 8.42% |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 8.42% PIK Interest Rate 12.09% Matu | $73.2M | $71.8M 99c | 12.09% PIK 8.42% |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 8.42% PIK Interest Rate 12.09% Matu | $2.8M | $2.7M 97c | 12.09% PIK 8.42% |
| T Series BDC LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 8.42% PIK Interest Rate 12.09% Maturity Date | $929,000 | $886,000 97c | 12.09% PIK 8.42% |
| T Series BDC LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 8.42% PIK Interest Rate 12.09% Maturity Date | $24.1M | $23.7M 99c | 12.09% PIK 8.42% |
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 | $150M | $147M | 99c | 10 |
| Mar 31, 2026 | 6 | $160M | $157M | 99c | 0 |
| Dec 31, 2025 | 6 | $160M | $160M | 100c | 0 |
| Sep 30, 2025 | 5 | $138M | $138M | 101c | 0 |
| Dec 31, 2024 | 5 | $137M | $137M | 101c | 0 |
What changed
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityDec 31, 2025
- New borrower on a BDC scheduleDec 31, 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
- SOFTWARE DILIGENTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived