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
Hyland Software, Inc
Also written as: Inc. Emerald JV LP
Principal held
at least $917M
sum of BDC pieces, a lower bound
Fair value
$895M
99c on cost, debt pieces
Unfunded
$30.2M
commitments not yet drawn
BDC lenders
29
19 on the latest quarter
Facilities
7
0 equity pieces beside them
Next maturity
Sep 1, 2029
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 $900M | 99c | SOFR+475 bp | Sep 19, 2030 | 23 |
| revolver lien unstated | at least $16.5M | 100c | S+475 bp | Sep 19, 2030 | 7 |
| first lien revolver first lien | unknown | n/a | SOFR+475 bp | Sep 19, 2029 | 11 |
| other lien unstated | unknown | n/a | unstated | 12 | |
| term loan lien unstated exited Dec 31, 2025 | at least $23.4M | 102c | SOFR+500 bp | Sep 19, 2030 | 1 |
| second lien term loan second lien exited Sep 30, 2023 | at least $14.3M | 100c | S+600 bp | Sep 1, 2030 | 6 |
| first lien term loan first lien exited Sep 20, 2023 from a deal announcement | size not stated | n/a | unstated | 0 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| APS BDC, LLC | revolver lien unstated | $764,000 | $0 0c | S+475 bp |
| APS BDC, LLC | revolver lien unstated Revolver | n/a | n/a | |
| APS BDC, LLC | revolver lien unstated | $15.7M | $15.7M 100c | S+475 bp |
| ARES CAPITAL CORP | term loan first lien First lien senior secured loan | $109M | $109M 101c | S+475 bp |
| ARES CAPITAL CORP | unstated lien unstated | n/a | n/a | |
| ARES STRATEGIC INCOME FUND | term loan first lien First lien senior secured loan | $24.6M | $24.6M 101c | S+475 bp |
| ARES STRATEGIC INCOME FUND | unstated lien unstated | n/a | n/a | |
| Blue Owl Capital Corp | revolver first lien First lien senior secured revolving loan | n/a | $-96,000 | |
| Blue Owl Capital Corp | term loan first lien First lien senior secured loan | Non-Affiliated | $65.8M | $63.8M 97c | S+475 bp |
| Blue Owl Credit Income Corp. | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $144M | $139M 97c | S+475 bp |
| Blue Owl Credit Income Corp. | revolver first lien First lien senior secured revolving loan | Non-controlled/non-affiliated | n/a | n/a | |
| Blue Owl Technology Finance Corp. | revolver first lien First lien senior secured revolving loan | Non-Affiliated Issuer | n/a | $-215,000 | |
| Blue Owl Technology Finance Corp. | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $148M | $143M 97c | S+475 bp |
| Blue Owl Technology Income Corp. | revolver first lien First lien senior secured revolving loan | n/a | $-55,000 | |
| Blue Owl Technology Income Corp. | term loan first lien First lien senior secured loan | $37.8M | $36.6M 97c | S+475 bp |
| Goldman Sachs Private Credit Corp. | term loan first lien 1st Lien/Senior Secured Debt Industry Software Reference Rate and Spread S + 4.75% Maturit | $4.5M | $-23,000 61c | SOFR+475 bp |
| Goldman Sachs Private Credit Corp. | term loan first lien 1st Lien/Senior Secured Debt Industry Software Interest Rate 8.39% Reference Rate and Spre | $93.1M | $92.6M 101c | SOFR+475 bp |
| Golub Capital BDC 4, Inc. | term loan first lien One stop 1 | $24.3M | $23.7M 98c | S+475 bp |
| Golub Capital BDC 4, Inc. | term loan first lien One stop 2 | $0 | $-3,000 300c | |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 1 | Non-Affiliated Issuer | $46.4M | $45.3M 96c | S+475 bp |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 2 | Non-Affiliated Issuer | $0 | $-2,000 | |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 2 | $0 | $-3,000 300c | |
| GOLUB CAPITAL DIRECT LENDING CORP | term loan first lien One stop 1 | $13.0M | $12.7M 98c | S+475 bp |
| Golub Capital Direct Lending Unlevered Corp | term loan first lien One stop 2 | $0 | $-3,000 300c | |
| Golub Capital Direct Lending Unlevered Corp | term loan first lien One stop 1 | $7.1M | $6.9M 98c | S+475 bp |
| Golub Capital Private Credit Fund | term loan first lien One stop 1 | $28.0M | $27.3M 98c | S+475 bp |
| Golub Capital Private Credit Fund | term loan first lien One stop 2 | $0 | $-3,000 300c | |
| LGAM Private Credit LLC | revolver lien unstated Revolver Commitment Expiration Date 09/19/2029 | n/a | n/a | |
| LGAM Private Credit LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturity Date 09/1 | $3.7M | $3.7M 101c | SOFR+475 bp |
| LGAM Private Credit LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturity Date 09/1 | $0 | $0 0c | SOFR+475 bp |
| Morgan Stanley Direct Lending Fund | revolver lien unstated Revolver Commitment Expiration Date 09/19/2029 | n/a | n/a | |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturit | $35.8M | $35.8M 101c | SOFR+5 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturit | $0 | $-3,000 21c | SOFR+5 bp |
| North Haven Private Income Fund A LLC | revolver lien unstated Revolver Commitment Expiration Date 09/19/2029 | n/a | $0 | |
| North Haven Private Income Fund A LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturit | $2.8M | $2.8M 101c | SOFR+475 bp |
| North Haven Private Income Fund A LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturit | $0 | $0 0c | SOFR+475 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.39% Maturity | $69.4M | $69.3M 101c | SOFR+475 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.39% Maturity | $0 | $-5,000 21c | SOFR+475 bp |
| North Haven Private Income Fund LLC | revolver first lien Revolver Commitment Expiration Date 09/19/2029 | n/a | n/a | |
| Stone Point Credit Corp | revolver first lien First Lien Revolving Loan, Due 9/19/2029 | n/a | $-13,000 130c | SOFR+475 bp |
| Stone Point Credit Corp | term loan first lien First Lien Term Loan, Due 9/19/2030 | $24.7M | $24.4M 100c | SOFR+475 bp |
| T Series BDC LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturit | $19.8M | $19.7M 101c | SOFR+475 bp |
| T Series BDC LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.39% Maturit | $0 | $-1,000 13c | SOFR+475 bp |
| T Series BDC LLC | revolver lien unstated Revolver Commitment Expiration Date 09/19/2029 | n/a | n/a |
Named as lender on a deal announcement: Golub Capital (Sep 20, 2023) golubcapital.com
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 | 19 | $917M | $895M | 99c | 0 |
| Mar 31, 2026 | 20 | $919M | $897M | 99c | 0 |
| Dec 31, 2025 | 20 | $1.0B | $1.0B | 101c | 0 |
| Sep 30, 2025 | 20 | $1.0B | $1.0B | 100c | 0 |
| Jun 30, 2025 | 20 | $931M | $927M | 101c | 0 |
| Mar 31, 2025 | 20 | $934M | $929M | 101c | 0 |
| Dec 31, 2024 | 21 | $1.4B | $1.4B | 101c | 0 |
| Sep 30, 2024 | 22 | $938M | $932M | 101c | 0 |
| Jun 30, 2024 | 22 | $933M | $925M | 101c | 0 |
| Mar 31, 2024 | 24 | $931M | $918M | 100c | 0 |
| Dec 31, 2023 | 22 | $1.0B | $1.0B | 100c | 0 |
| Sep 30, 2023 | 13 | $683M | $672M | 100c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Facility left every BDC scheduleDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Lender left a facilityMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Lender left a facilityMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilityDec 31, 2023
Sponsor
- Thoma Bravo
- pe transactionderivedgolubcapital.comconfidence 0.8
- Thoma Bravo
- the sponsor's own portfolio page lists a company of this nameestimatedgolubcapital.com"Hyland provides enterprise content management software to corporate clients worldwide and has been a portfolio company of Thoma Bravo since 2007."
Identity
- Group key
- HYLAND SOFTWAREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 29 BDCsderived
- Industry
- Health Care Technologyreportedas one filer wrote it