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
M••• I••••• C• P•• L•• first lien term loan
first lienheld todaySoftware & Services
Principal held
at least $328M
sum of BDC pieces, a lower bound
Fair value
$296M
104c on cost
Unfunded
n/a
pieces' unfunded commitments
Pricing
//msdinvestmentcorp.com/20260630#Bank Bill Swap Rate+525 bp
pieces from 525 bp to 550 bp
PIK
3.00%
paid in kind, the highest piece
Maturity
Jun 6, 2030
tagged by the filer
Lenders
5 holding
0 exited · 0 named on a deal
On the tape
5 quarters
Jun 30, 2025 to Jun 30, 2026
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 |
|---|---|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• GC ADVISORS LLC | held | $178M | $174M 105c | 525 bp | Jun 30, 2025 to Jun 30, 2026 |
| M•• I••••••••• C•••• | held | $77.2M | $51.4M 104c | 550 bp | Jun 30, 2025 to Jun 30, 2026 |
| G•••• C•••••• B••• I••• GC ADVISORS LLC | held | $38.9M | $37.9M 105c | 525 bp | Jun 30, 2025 to Jun 30, 2026 |
| G•••• C•••••• B•• 4• I••• GC ADVISORS LLC | held | $27.6M | $26.9M 105c | 525 bp | Jun 30, 2025 to Jun 30, 2026 |
| G•••• C•••••• D••••• L•••••• C••• GC ADVISORS LLC | held | $5.6M | $5.4M 105c | 525 bp | Jun 30, 2025 to Jun 30, 2026 |
Facility through time
pieces summed per quarter end across the BDCs holding it
| Quarter end | BDCs | Principal held | On cost | Spread | PIK | Maturity |
|---|---|---|---|---|---|---|
| Jun 30, 2026 | 5 | $328M | 104c | 525 bp | 3.00% | Jun 6, 2030 |
| Mar 31, 2026 | 5 | $325M | 104c | 525 bp | 2.75% | Jun 6, 2030 |
| Dec 31, 2025 | 5 | $314M | 104c | 525 bp | 2.75% | Jun 6, 2030 |
| Sep 30, 2025 | 5 | $544M | 103c | 575 bp | 3.00% | Jun 6, 2030 |
| Jun 30, 2025 | 5 | $306M | 101c | 550 bp | Jun 6, 2030 |
What changed on this facility
position and facility grain, including routine
- Spread changed (observed) Dec 31, 2025M••• I••••• C• P•• L•• term loan: spread moved from 5.75% to 5.25%
- PIK interest appears Sep 30, 2025M••• I••••• C• P•• L•• term loan: PIK interest of 3.00% appears (was cash pay)
Other pieces of this borrower's structure
This is the only piece of the borrower on the tape.
How this facility is known
- Grain
- M••• I••••• C• P•• 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