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
S••••• H•••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Other Utility
Principal held
at least $10.2M
sum of BDC pieces, a lower bound
Fair value
$10.2M
100c on cost, debt pieces
Unfunded
$468,000
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
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
4
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 $10.2M | 100c | S+450 bp | unstated | 3 |
| revolver lien unstated | at least $0 | n/a | S+450 bp | unstated | 3 |
| delayed draw term loan lien unstated exited Dec 31, 2025 | unknown | n/a | unstated | 3 |
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 | $2.6M | $2.6M 100c | S+450 bp |
| B•••••• B••• I••• | revolver lien unstated Revolver | $0 | $0 0c | S+450 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien First Lien Senior Secured Term Loan | $2.2M | $2.2M 100c | S+450 bp |
| B•••••• C•••••• I••••••••• C••• | revolver lien unstated Revolver | $0 | $0 0c | S+450 bp |
| B•••••• P•••••• C••••• C••• | revolver lien unstated Revolver | $0 | $0 0c | S+450 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien First Lien Senior Secured Term Loan | $5.3M | $5.3M 100c | S+450 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 | $10.2M | $10.2M | 100c | 0 |
| Mar 31, 2026 | 3 | $10.4M | $10.4M | 101c | 0 |
| Dec 31, 2025 | 3 | $12.6M | $12.6M | 100c | 0 |
| Sep 30, 2025 | 3 | $6.8M | $6.8M | 101c | 0 |
| Jun 30, 2025 | 3 | $6.9M | $6.9M | 101c | 0 |
| Mar 31, 2025 | 3 | $6.4M | $6.4M | 101c | 0 |
| Dec 31, 2024 | 3 | $10.4M | $10.3M | 101c | 0 |
| Sep 30, 2024 | 3 | $6.2M | $6.1M | 100c | 0 |
| Jun 30, 2024 | 3 | $6.2M | $6.1M | 99c | 0 |
| Mar 31, 2024 | 3 | $5.9M | $5.7M | 99c | 0 |
| Dec 31, 2023 | 3 | $6.0M | $5.8M | 99c | 0 |
| Sep 30, 2023 | 3 | $6.0M | $5.8M | 100c | 0 |
| Jun 30, 2023 | 3 | $6.0M | $5.8M | 100c | 0 |
| Mar 31, 2023 | 3 | $5.9M | $5.7M | 100c | 0 |
| Dec 31, 2022 | 3 | $5.0M | $4.9M | 100c | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Spread changed (observed)Sep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Spread changed (observed)Mar 31, 2023
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 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
- SPARUSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived