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
B•••••••• P••••••••• I••
Also written as: B•••••••• Holdco, Inc; Inc. Asset Type; Inc.First Lien
Principal held
at least $86.6M
sum of BDC pieces, a lower bound
Fair value
$130M
100c on cost, debt pieces
Unfunded
$3.2M
commitments not yet drawn
BDC lenders
21
13 on the latest quarter
Facilities
9
2 equity pieces beside them
Next maturity
Dec 1, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 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 $84.2M | 100c | SOFR+575 bp | Dec 19, 2030 | 14 |
| first lien revolver first lien | at least $1.9M | 99c | SOFR+575 bp | Dec 19, 2029 | 6 |
| first lien delayed draw term loan first lien | at least $390,000 | n/a | SOFR+575 bp | Dec 19, 2030 | 7 |
| second lien term loan second lien exited Sep 30, 2023 | at least $36.7M | 101c | S+750 bp | Apr 8, 2027 | 5 |
| term loan lien unstated exited Sep 30, 2022 | at least $19.1M | 98c | S+450 bp | Apr 1, 2026 | 1 |
| second lien delayed draw term loan second lien exited Mar 31, 2023 | at least $0 | n/a | S+750 bp | Apr 8, 2027 | 5 |
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 3 | |
| other lien unstated exited Sep 30, 2025 | unknown | 100c | S+1250 bp PIK 100.00% | unstated | 5 |
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: preferred equity ($27.9M fair value, 4 BDCs), equity ($17.0M fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 5.75% Interest Rate 9.50% Mat | $124,000 | $72,000 97c | SOFR+575 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Commitment Type Revolver Commitment Expiration Date 12/19/2029 | n/a | $-1,000 | |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/19/2026 | n/a | $-1,000 | |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 5.75% Interest Rate 9.50% Ma | $119,000 | $116,000 97c | SOFR+575 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.75% Interest | $65,000 | $-1,000 | SOFR+575 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/19/2026 | n/a | $-7,000 | |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 5.75% Interest | $325,000 | $-6,000 300c | SOFR+575 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien Commitment Type Revolver Commitment Expiration Date 12/19/2029 | n/a | $-5,000 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 5.75% Interest Rate 9.50% Mat | $619,000 | $359,000 98c | SOFR+575 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 5.75% Interest Rate 9.50% Ma | $5.2M | $5.1M 99c | SOFR+575 bp |
| B••• C•••••• P•••••• C••••• | term loan first lien First Lien S••••• S•••••• Loan SOFR Floor 0.75% Spread 5.75% Interest Rate 9.48% Maturity | $9.6M | $9.6M 100c | SOFR+575 bp |
| B••• C•••••• P•••••• C••••• | revolver first lien First Lien S••••• S•••••• Loan - Revolver SOFR Floor 0.75% Spread 5.75% Interest Rate 9.48 | $1.2M | $1.2M 100c | SOFR+575 bp |
| B••• C•••••• P•••••• C••••• | delayed draw term loan first lien First Lien S••••• S•••••• Loan - Delayed Draw Maturity Date 12/19/2029 | n/a | n/a n/a | |
| B•••••••• T•• C•••••• C•••• | preferred equity equity Preferred Stock Ref Fixed Total Coupon 12.50% | n/a | $16.6M 100c | |
| C•••••• C••••• S••••••••• I••• | preferred equity equity Investment | Non-Affiliated Issuer | Common and Preferred Equity Investments | n/a | $11.4M 100c | S+1250 bp PIK 100.00% |
| C•••••• S•••••• L••••••• I••• | equity equity Investment | Non-Affiliated Issuer | Equity Investments | n/a | $17.0M 100c | S+1250 bp PIK 100.00% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $1.9M | $1.8M 100c | S+575 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $0 | $-12,000 120c | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $25.8M | $25.7M 100c | S+575 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | Non-Affiliated Issuer | $5.0M | $4.9M 98c | S+575 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | Non-Affiliated Issuer | $0 | $-2,000 | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | Non-Affiliated Issuer | $60,000 | $59,000 100c | S+575 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $9.2M | $9.1M 100c | S+575 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $0 | $-4,000 100c | |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $660,000 | $652,000 100c | S+575 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $4.9M | $4.8M 100c | S+575 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $0 | $-2,000 100c | |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 3 | $349,000 | $346,000 100c | S+575 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $0 | $-9,000 113c | |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $20.1M | $20.0M 100c | S+575 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 3 | $1.4M | $1.4M 100c | S+575 bp |
| J•••••••• C••••• P••••••• B•• I••• | revolver first lien Investment Type First Lien Revolver | n/a | $-1,000 | |
| J•••••••• C••••• P••••••• B•• I••• | delayed draw term loan first lien Investment Type First Lien Delayed Draw Term Loan | n/a | $-8,000 | |
| S••••• C••••• I••••••••• L•• | delayed draw term loan first lien Investment Type First Lien Delayed Draw Term Loan | n/a | $-3,000 | |
| S••••• C••••• I••••••••• L•• | revolver first lien Investment Type First Lien Revolver | n/a | $0 |
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 | 13 | $86.6M | $85.2M | 100c | 0 |
| Mar 31, 2026 | 13 | $122M | $121M | 100c | 0 |
| Dec 31, 2025 | 13 | $130M | $128M | 101c | 0 |
| Sep 30, 2025 | 14 | $190M | $190M | 101c | 0 |
| Jun 30, 2025 | 14 | $119M | $118M | 101c | 0 |
| Mar 31, 2025 | 14 | $118M | $117M | 101c | 0 |
| Dec 31, 2024 | 14 | $142M | $141M | 101c | 0 |
| Sep 30, 2024 | 14 | $111M | $109M | 101c | 0 |
| Jun 30, 2024 | 15 | $115M | $113M | 101c | 0 |
| Mar 31, 2024 | 16 | $114M | $112M | 101c | 0 |
| Dec 31, 2023 | 17 | $146M | $143M | 100c | 0 |
| Sep 30, 2023 | 10 | $94.1M | $93.8M | 101c | 0 |
| Jun 30, 2023 | 10 | $94.3M | $93.2M | 100c | 0 |
| Mar 31, 2023 | 8 | $73.0M | $69.8M | 99c | 0 |
| Dec 31, 2022 | 8 | $106M | $101M | 96c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Maturity shortened (observed)Sep 30, 2024
- Lender left a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
Sponsor
- S••• V••••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedsway.capital"listed on https://sway.capital/portfolio: B•••••••• AI Cross Industry Active (blackbird.ai)"
- C•• E••••• P••••••• I• L••
- the sponsor's own portfolio page lists a company of this nameestimateda16zcrypto.com"listed on https://a16zcrypto.com/portfolio/: B•••••••• (blackbird.xyz)"
Identity
- Group key
- BLACKBIRDderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 21 BDCsderived
- Industry
- Distributorsreportedas one filer wrote it