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•• T•• I••••••••• H•••••••• I••
Professional Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: L.P. (American Safety Holdings Corp; REP Coinvest III Tec L.P; Services; Software
Principal held
at least $43.4M
sum of BDC pieces, a lower bound
Fair value
$43.2M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
5
3 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
May 30, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
12
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 $43.4M | 100c | SOFR+500 bp | May 30, 2031 | 4 |
| first lien revolver first lien | at least $0 | n/a | SOFR+500 bp | May 30, 2031 | 5 |
| other lien unstated exited Mar 31, 2025 | at least $24.4M | 100c | S+550 bp | Dec 1, 2027 | 2 |
Equity pieces beside the debt: equity ($109,528 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | revolver first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Revolver | 5/30/2031 | $0 | $-18,385 149c | SOFR+500 bp |
| A• P•••••• C••••• I•••••••• C••• | equity equity U.S. Common Stock | Class A Units | 6/18/2020 | n/a | $109,528 57c | |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Term Loan | 8.73% (S + 5.00%; 1.00% Flo | $20.8M | $20.6M 100c | SOFR+500 bp |
| A• P•••••• L•••••• F••• | term loan first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Term Loan | 8.73% (S + 5.00%; 1.00% Flo | $5.4M | $5.3M 99c | SOFR+500 bp |
| A• P•••••• L•••••• F••• | revolver first lien US Corporate Debt | 1st Lien/Senior Secured Debt | Revolver | 5/30/2031 | $0 | $-727 | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | Reference Rate Spread / Floo | $8.6M | $8.6M 100c | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | Reference Rate Spread / Floo | $8.6M | $8.6M 100c | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | Reference Rate Spread / | $0 | $-16,000 145c | SOFR+50 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 | 3 | $43.4M | $43.1M | 100c | 0 |
| Mar 31, 2026 | 3 | $43.5M | $43.2M | 100c | 0 |
| Dec 31, 2025 | 3 | $73.2M | $72.9M | 100c | 0 |
| Sep 30, 2025 | 3 | $41.5M | $41.5M | 100c | 0 |
| Jun 30, 2025 | 3 | $41.6M | $41.6M | 100c | 0 |
| Mar 31, 2025 | 3 | $41.7M | $41.7M | 100c | 0 |
| Dec 31, 2024 | 3 | $66.3M | $66.3M | 100c | 0 |
| Sep 30, 2024 | 3 | $42.0M | $42.0M | 100c | 0 |
| Jun 30, 2024 | 3 | $42.1M | $42.1M | 100c | 0 |
| Mar 31, 2024 | 2 | $36.7M | $36.7M | 100c | 0 |
| Dec 31, 2023 | 1 | $11.6M | $11.5M | 100c | 0 |
| Sep 30, 2023 | 2 | $44.1M | $43.8M | 100c | 0 |
| Jun 30, 2023 | 1 | $29.0M | $29.0M | 101c | 0 |
| Mar 31, 2023 | 1 | $28.9M | $28.9M | 101c | 0 |
| Dec 31, 2022 | 2 | $58.8M | $57.4M | 99c | 0 |
| Dec 31, 2021 | 1 | $28.2M | $27.7M | 100c | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Lender left a facilitySep 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityMar 31, 2024
- Spread changed (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Maturity extended (observed)Sep 30, 2023
- Mark recoveredMar 31, 2023
- 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
- REP TECderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 5 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it