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
Vital Buyer, LLC
Health Care Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: 1; Vital Bidco AB; Vital Holdings, LLC; Vital Purchaser, LLC; Vitamin Well
Principal held
at least $91.4M
sum of BDC pieces, a lower bound
Fair value
$91.9M
100c on cost, debt pieces
Unfunded
$12.9M
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Aug 7, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
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 $91.4M | 100c | SOFR+450 bp | Aug 7, 2030 | 5 |
| first lien revolver first lien | at least $0 | n/a | SOFR+50 bp | Aug 7, 2030 | 2 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 1 |
Equity pieces beside the debt: equity ($1.2M fair value, 4 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Barings BDC, Inc. | term loan first lien First Lien Senior Secured Term Loan | $13.2M | $13.1M 100c | S+450 bp |
| Barings BDC, Inc. | equity equity Partnership Units | n/a | $594,000 362c | |
| Barings Capital Investment Corp | term loan first lien First Lien Senior Secured Term Loan | $11.6M | $11.5M 100c | S+450 bp |
| Barings Capital Investment Corp | equity equity Partnership Units | n/a | $594,000 362c | |
| Barings Private Credit Corp | term loan first lien First Lien Senior Secured Term Loan | $61.2M | $60.8M 100c | S+450 bp |
| Barings Private Credit Corp | equity equity Partnership Units | n/a | $40,000 364c | |
| Barings Private Credit Corp | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| Stepstone Private Credit Fund LLC | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 8/7/2030 | $2.2M | $2.1M 99c | SOFR+550 bp |
| Stepstone Private Credit Fund LLC | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 8/7/2030 One | $3.3M | $3.2M 99c | SOFR+550 bp |
| Stepstone Private Credit Fund LLC | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 8/7/2030 | $0 | $-1,000 -5c | 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 | 4 | $91.4M | $90.7M | 100c | 0 |
| Mar 31, 2026 | 4 | $91.7M | $91.0M | 100c | 0 |
| Dec 31, 2025 | 4 | $109M | $108M | 100c | 0 |
| Sep 30, 2025 | 4 | $96.8M | $95.9M | 100c | 0 |
| Jun 30, 2025 | 4 | $97.2M | $96.0M | 100c | 0 |
| Mar 31, 2025 | 4 | $66.4M | $65.7M | 100c | 0 |
| Dec 31, 2024 | 4 | $58.2M | $57.4M | 100c | 0 |
| Sep 30, 2024 | 5 | $48.2M | $47.9M | 101c | 0 |
| Jun 30, 2024 | 3 | $24.4M | $24.4M | 101c | 0 |
| Mar 31, 2024 | 3 | $24.5M | $24.5M | 102c | 0 |
| Dec 31, 2023 | 3 | $29.7M | $29.7M | 102c | 0 |
| Sep 30, 2023 | 3 | $24.9M | $24.8M | 102c | 0 |
| Jun 30, 2023 | 3 | $25.0M | $25.0M | 102c | 0 |
| Mar 31, 2023 | 3 | $25.0M | $24.3M | 99c | 0 |
| Dec 31, 2022 | 3 | $21.1M | $21.1M | 102c | 0 |
| Sep 30, 2022 | 1 | $7.7M | $7.7M | 102c | 0 |
| Dec 31, 2021 | 1 | $7.8M | $7.7M | 100c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- 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
- VITALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 5 BDCsderived
- Industry
- Health Care Servicesreportedas one filer wrote it