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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Facility
P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• first lien term loan
first lienoff every schedule since Mar 31, 2025I••••••••
Principal held
at least $387M
sum of BDC pieces, a lower bound
Fair value
$387M
100c on cost
Unfunded
n/a
pieces' unfunded commitments
Pricing
SOFR+550 bp
pieces from 550 bp to 650 bp
PIK
none stated
Maturity
Jul 19, 2030
tagged by the filer
Lenders
0 holding
18 exited · 0 named on a deal
On the tape
12 quarters
Dec 31, 2021 to Mar 31, 2025
Lender group
every BDC that holds or held a piece; each row is that lender's own figures
| Lender | Status | Principal | Fair value | Spread | Held |
|---|---|---|---|---|---|
| B••• O•• C•••••• C••• I•• B••• Owl Credit Advisers | dormant | $27.4M | $27.4M 100c | 550 bp | Dec 31, 2022 to Sep 30, 2024 |
| B•••••••• C•••••• I••••••••• C••• BLACKROCK CAPITAL INVESTMENT ADVISORS, LLC | dormant | $843,812 | $840,437 101c | 600 bp | Dec 31, 2022 to Dec 31, 2023 |
| B••• O•• C••••• I••••• C•••• BLUE OWL CREDIT ADVISORS LLC | exited · 2 pieces | $183M | $183M 100c | 550 bp | Dec 31, 2022 to Mar 31, 2025 |
| B••• O•• C•••••• C••• BLUE OWL CREDIT ADVISORS LLC | exited | $102M | $102M 100c | 550 bp | Dec 31, 2021 to Mar 31, 2025 |
| N•••• H•••• P•••••• I••••• F••• L•• MS CAPITAL PARTNERS ADVISER INC. | exited · 3 pieces | $47.1M | $47.1M 101c | 550 bp | Dec 31, 2024 to Dec 31, 2024 |
| M••••• S•••••• D••••• L•••••• F••• MS CAPITAL PARTNERS ADVISER INC. | exited · 3 pieces | $28.6M | $28.3M 100c | 550 bp | Jun 30, 2024 to Mar 31, 2025 |
| B••• O•• T••••••••• I••••• C•••• BLUE OWL TECHNOLOGY CREDIT ADVISORS II LLC | exited | $24.3M | $24.3M 100c | 550 bp | Dec 31, 2023 to Mar 31, 2025 |
| T• S••••• B•• L•• MS CAPITAL PARTNERS ADVISER INC. | exited · 2 pieces | $17.4M | $17.4M 101c | 550 bp | Dec 31, 2024 to Dec 31, 2024 |
| S•• I••••••••• C•••• SLR CAPITAL PARTNERS, LLC | exited | $16.7M | $16.7M 101c | 550 bp | Dec 31, 2022 to Mar 31, 2025 |
| S•• P•••••• C••••• I••••• B•• L•• SLR CAPITAL PARTNERS, LLC | exited | $15.5M | $15.2M 99c | 600 bp | Dec 31, 2022 to Sep 30, 2023 |
| B••• O•• C•••••• C••• I• BLUE OWL CREDIT ADVISORS LLC | exited | $13.7M | $13.7M 100c | 550 bp | Dec 31, 2022 to Mar 31, 2025 |
| S•••••••• P•••••• C••••• F••• L•• STEPSTONE GROUP PRIVATE DEBT LLC | exited · 3 pieces | $8.9M | $8.8M 100c | Sep 30, 2023 to Mar 31, 2025 | |
| B•••••••• P•••••• C••••• F••• BLACKROCK CAPITAL INVESTMENT ADVISORS, LLC | exited | $3.4M | $3.4M 102c | 650 bp | Sep 30, 2023 to Mar 31, 2025 |
| B•••••••• D••••• L•••••• C•••• BLACKROCK CAPITAL INVESTMENT ADVISORS, LLC | exited · 3 pieces | $2.6M | $2.6M 101c | 650 bp | Dec 31, 2022 to Mar 31, 2025 |
| L••• P•••••• C••••• L•• MS CAPITAL PARTNERS ADVISER INC. | exited · 2 pieces | $2.2M | $2.2M 101c | 550 bp | Jun 30, 2024 to Mar 31, 2025 |
| B•••••••• T•• C•••••• C•••• TENNENBAUM CAPITAL PARTNERS, LLC | exited | $1.7M | $1.7M 102c | 550 bp | Dec 31, 2022 to Mar 31, 2025 |
| N•••• H•••• P•••••• I••••• F••• A• L•• MS CAPITAL PARTNERS ADVISER INC. | exited · 2 pieces | $1.3M | $1.3M 101c | 550 bp | Dec 31, 2024 to Dec 31, 2024 |
| A• P•••••• C••••• I•••••••• C••• AB PRIVATE CREDIT INVESTORS LLC | exited | $490,909 | $487,227 100c | 550 bp | Dec 31, 2022 to Mar 31, 2025 |
| S•• P•••••• C••••• B•• I• L•• SLR CAPITAL PARTNERS, LLC | exited | $372,000 | $372,000 101c | Dec 31, 2023 to Mar 31, 2025 | |
| A• P•••••• L•••••• F••• AB PRIVATE CREDIT INVESTORS LLC | exited | $192,113 | $190,672 100c | 550 bp | Jun 30, 2024 to Mar 31, 2025 |
Facility through time
pieces summed per quarter end across the BDCs holding it
| Quarter end | BDCs | Principal held | On cost | Spread | PIK | Maturity |
|---|---|---|---|---|---|---|
| Mar 31, 2025 | 14 | $387M | 100c | 550 bp | Jul 19, 2030 | |
| Dec 31, 2024 | 16 | $836M | 100c | 550 bp | Jul 19, 2030 | |
| Sep 30, 2024 | 14 | $343M | 100c | 550 bp | Jul 19, 2030 | |
| Jun 30, 2024 | 14 | $290M | 100c | 550 bp | Jul 19, 2030 | |
| Mar 31, 2024 | 10 | $390M | 101c | 600 bp | Jul 19, 2030 | |
| Dec 31, 2023 | 12 | $419M | 101c | 600 bp | Jul 19, 2030 | |
| Sep 30, 2023 | 11 | $232M | 99c | 600 bp | Jul 19, 2030 | |
| Jun 30, 2023 | 7 | $328M | 102c | 600 bp | Nov 1, 2028 | |
| Mar 31, 2023 | 7 | $329M | 102c | 600 bp | Nov 1, 2028 | |
| Dec 31, 2022 | 10 | $369M | 101c | 600 bp | Nov 1, 2028 | |
| Sep 30, 2022 | 1 | $135M | 101c | 600 bp | Nov 1, 2028 | |
| Dec 31, 2021 | 1 | $108M | 100c | 600 bp | Nov 1, 2028 |
What changed on this facility
position and facility grain, including routine
- Facility left every BDC schedule Mar 31, 2025P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) left every BDC schedule after 2025-03-31 (20 lenders, $387.0M last held)
- Lender left a facility Mar 31, 2025B••• O•• C••••• I••••• C•••• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025B••• O•• C•••••• C••• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025M••••• S•••••• D••••• L•••••• F••• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025B••• O•• T••••••••• I••••• C•••• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025S•• I••••••••• C•••• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025B••• O•• C•••••• C••• I• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025S•••••••• P•••••• C••••• F••• L•• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025B•••••••• P•••••• C••••• F••• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025B•••••••• D••••• L•••••• C•••• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025L••• P•••••• C••••• L•• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025B•••••••• T•• C•••••• C•••• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025A• P•••••• C••••• I•••••••• C••• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025A• P•••••• L•••••• F••• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2025-03-31; 2 BDC(s) still hold it
- New lender joined a facility Dec 31, 2024N•••• H•••• P•••••• I••••• F••• L•• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 17 other BDCs
- Lender left a facility Dec 31, 2024N•••• H•••• P•••••• I••••• F••• L•• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2024-12-31; 2 BDC(s) still hold it
- Lender left a facility Dec 31, 2024T• S••••• B•• L•• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2024-12-31; 2 BDC(s) still hold it
- New lender joined a facility Dec 31, 2024T• S••••• B•• L•• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 17 other BDCs
- Lender left a facility Dec 31, 2024N•••• H•••• P•••••• I••••• F••• A• L•• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2024-12-31; 2 BDC(s) still hold it
- New lender joined a facility Dec 31, 2024N•••• H•••• P•••••• I••••• F••• A• L•• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 17 other BDCs
- New lender joined a facility Jun 30, 2024M••••• S•••••• D••••• L•••••• F••• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 14 other BDCs
- New lender joined a facility Jun 30, 2024L••• P•••••• C••••• L•• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 14 other BDCs
- New lender joined a facility Dec 31, 2023B••• O•• T••••••••• I••••• C•••• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 13 other BDCs
- Maturity extended (observed) Sep 30, 2023P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan: maturity moved from 2028-11-01 to 2030-07-19
- Lender left a facility Sep 30, 2023S•• P•••••• C••••• I••••• B•• L•• no longer holds P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan after 2023-09-30; 2 BDC(s) still hold it
- New lender joined a facility Sep 30, 2023B•••••••• P•••••• C••••• F••• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 11 other BDCs
- New lender joined a facility Dec 31, 2022B••• O•• C••••• I••••• C•••• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 9 other BDCs
- New lender joined a facility Dec 31, 2022B••• O•• C•••••• C••• I•• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 9 other BDCs
- New lender joined a facility Dec 31, 2022S•• I••••••••• C•••• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 9 other BDCs
- New lender joined a facility Dec 31, 2022B••• O•• C•••••• C••• I• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 9 other BDCs
- New lender joined a facility Dec 31, 2022B•••••••• T•• C•••••• C•••• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 9 other BDCs
- New lender joined a facility Dec 31, 2022B•••••••• C•••••• I••••••••• C••• joins P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• term loan (first lien) held by 9 other BDCs
Other pieces of this borrower's structure
- otherexited Mar 31, 2025at least $127M
- first lien delayed draw term loanexited Mar 31, 2025at least $61.1M
- delayed draw term loanexited Dec 31, 2024at least $26.7M
- first lien revolverexited Mar 31, 2025at least $8.7M
- term loanexited Dec 31, 2024at least $1.7M
- revolverexited Mar 31, 2025unknown
How this facility is known
- Grain
- P•••• C• F•• • A••••••••• I•••••••• S•••••••• L•• x first lien term loanderivedborrower group x kind x lien; tranches with different maturities sit under it
- Size
- lower bound: sum of BDC piecesderived
- Status
- unknownsignalnon-accrual, default and restructuring are not on this tape and are never inferred from a mark
- Origin
- bdc tapereported