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
F•••••••• O••••••••• L•• first lien term loan
first lienheld todaySoftware
Principal held
at least $529M
sum of BDC pieces, a lower bound
Fair value
$417M
98c on cost
Unfunded
n/a
pieces' unfunded commitments
Pricing
SOFR+525 bp
pieces from 5 bp to 525 bp
PIK
none stated
Maturity
Aug 8, 2031
tagged by the filer
Lenders
22 holding
6 exited · 0 named on a deal
On the tape
15 quarters
Dec 31, 2022 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•••••• S•••• M••••• M••••• L•••••• C•••• I• G•••••• S•••• Asset Management, L.P | dormant · 6 pieces | $23.8M | $20.7M 102c | 825 bp | Jun 30, 2023 to Jun 30, 2025 |
| B••• O•• T••••••••• F•••••• C•••• I• BLUE OWL TECHNOLOGY CREDIT ADVISORS II LLC | dormant | $15.4M | $15.4M 103c | 825 bp | Dec 31, 2023 to Dec 31, 2024 |
| B••• O•• C•••••• C••• I•• B••• Owl Credit Advisers | dormant | $3.3M | $3.3M 103c | 825 bp | Dec 31, 2023 to Sep 30, 2024 |
| B••• O•• T••••••••• F•••••• C•••• BLUE OWL TECHNOLOGY CREDIT ADVISORS LLC | exited | $31.4M | $31.4M 101c | 825 bp | Dec 31, 2022 to Jun 30, 2025 |
| B••• O•• C•••••• C••• BLUE OWL CREDIT ADVISORS LLC | exited | $18.2M | $18.2M 102c | 825 bp | Mar 31, 2023 to Jun 30, 2025 |
| B••• O•• C••••• I••••• C•••• BLUE OWL CREDIT ADVISORS LLC | exited | $13.3M | $13.3M 103c | 825 bp | Dec 31, 2022 to Jun 30, 2025 |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• G•••••• S•••• Asset Management, L.P | exited · 4 pieces | $4.6M | $4.5M 103c | 825 bp | Dec 31, 2022 to Jun 30, 2025 |
| B••• O•• T••••••••• I••••• C•••• BLUE OWL TECHNOLOGY CREDIT ADVISORS II LLC | exited | $982,000 | $982,000 103c | 825 bp | Dec 31, 2023 to Jun 30, 2025 |
| S•••• S••••• L•••••• P••••••• S•••• S••••• L•••••• P••••••• ADVISERS, LLC | exited · 2 pieces | n/a | $125M 105c | 840 bp | Dec 31, 2023 to Jun 30, 2025 |
| G•••••• S•••• P•••••• C••••• C•••• G•••••• S•••• Asset Management, L.P | held · 3 pieces | $256M | $179M 99c | 525 bp | Jun 30, 2023 to Jun 30, 2026 |
| G•••••• S•••• B••• I••• G•••••• S•••• Asset Management, L.P | held · 2 pieces | $35.6M | $26.1M 99c | 525 bp | Dec 31, 2022 to Jun 30, 2026 |
| N•••• H•••• P•••••• I••••• F••• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 3 pieces | $32.0M | $30.7M 97c | 525 bp | Dec 31, 2024 to Jun 30, 2026 |
| S•••• P•••• C••••• C••• STONE POINT CREDIT ADVISER LLC | held | $27.5M | $27.0M 99c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| M••••• S•••••• D••••• L•••••• F••• MS CAPITAL PARTNERS ADVISER INC. | held · 6 pieces | $23.2M | $22.3M 97c | 5 bp | Jun 30, 2024 to Jun 30, 2026 |
| W••• B•• B•• L•• G•••••• S•••• Asset Management, L.P | held · 3 pieces | $19.3M | $13.5M 99c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| J••• H•••••• C•••••• P•••••• I••••• F••• COMVEST CREDIT MANAGERS, LLC | held | $17.3M | $16.8M 98c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| P•••••• S••••• B•• L•• G•••••• S•••• Asset Management, L.P | held · 3 pieces | $16.1M | $11.3M 99c | 525 bp | Jun 30, 2023 to Jun 30, 2026 |
| S•••••••• P•••••• C••••• F••• L•• STEPSTONE GROUP PRIVATE DEBT LLC | held · 2 pieces | $10.5M | $10.3M 99c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| S•••• P•••• C••••• I••••• F••• STONE POINT CREDIT INCOME ADVISER LLC | held | $10.3M | $10.1M 99c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| A• P•••••• C••••• I•••••••• C••• AB PRIVATE CREDIT INVESTORS LLC | held | $10.0M | $9.8M 99c | 525 bp | Dec 31, 2023 to Jun 30, 2026 |
| N•• M••••••• F•••••• C••• NEW MOUNTAIN FINANCE ADVISERS, L.L.C. | held · 4 pieces | $9.0M | $6.4M 100c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| N•• M••••••• G••••••• I• B••• L••••• NEW MOUNTAIN FINANCE ADVISERS, L.L.C. | held · 4 pieces | $9.0M | $6.4M 100c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| N•• M••••••• P•••••• C••••• F••• NEW MOUNTAIN FINANCE ADVISERS, L.L.C. | held · 4 pieces | $9.0M | $6.4M 100c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| C•••••• S•••••• L••••••• I••• CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT L.L.C. | held | $6.8M | $6.4M 96c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| C•••••• C••••• S••••••••• I••• CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT L.L.C. | held | $6.8M | $6.4M 96c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| T• S••••• B•• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 3 pieces | $6.3M | $6.0M 97c | 525 bp | Dec 31, 2024 to Jun 30, 2026 |
| N•• S•• I• I••• NEW MOUNTAIN FINANCE ADVISERS, L.L.C. | held · 4 pieces | $5.5M | $4.2M 100c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| N•••• H•••• P•••••• I••••• F••• A• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 3 pieces | $5.0M | $4.8M 97c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| L••• P•••••• C••••• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 3 pieces | $5.0M | $4.8M 97c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| A• P•••••• L•••••• F••• AB PRIVATE CREDIT INVESTORS LLC | held | $4.6M | $4.5M 99c | 525 bp | Sep 30, 2025 to Jun 30, 2026 |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• NEW MOUNTAIN FINANCE ADVISERS, L.L.C. | held · 4 pieces | $4.5M | $3.2M 100c | 525 bp | Sep 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 | 22 | $529M | 98c | 525 bp | Aug 8, 2031 | |
| Mar 31, 2026 | 22 | $513M | 99c | 525 bp | Aug 8, 2031 | |
| Dec 31, 2025 | 22 | $813M | 100c | 525 bp | Aug 8, 2031 | |
| Sep 30, 2025 | 22 | $510M | 100c | 525 bp | Aug 8, 2031 | |
| Jun 30, 2025 | 12 | $332M | 103c | 825 bp | Nov 27, 2029 | |
| Mar 31, 2025 | 12 | $329M | 102c | 825 bp | Nov 27, 2029 | |
| Dec 31, 2024 | 15 | $419M | 103c | 825 bp | Nov 27, 2029 | |
| Sep 30, 2024 | 14 | $285M | 103c | 825 bp | Nov 27, 2029 | |
| Jun 30, 2024 | 14 | $265M | 103c | 825 bp | Nov 27, 2029 | |
| Mar 31, 2024 | 13 | $250M | 102c | 825 bp | Nov 27, 2029 | |
| Dec 31, 2023 | 13 | $316M | 101c | 825 bp | Nov 27, 2029 | |
| Sep 30, 2023 | 7 | $409M | 101c | 600 bp | 7.76% | May 1, 2030 |
| Jun 30, 2023 | 7 | $404M | 103c | 825 bp | 3.00% | May 1, 2030 |
| Mar 31, 2023 | 3 | $98.3M | 101c | 750 bp | 3.00% | Oct 4, 2027 |
| Dec 31, 2022 | 4 | $328M | 100c | 750 bp | 5.25% | Oct 4, 2027 |
What changed on this facility
position and facility grain, including routine
- Spread changed (observed) Sep 30, 2025F•••••••• O••••••••• LLC term loan: spread moved from 8.25% to 5.25%
- Maturity extended (observed) Sep 30, 2025F•••••••• O••••••••• LLC term loan: maturity moved from 2029-11-27 to 2031-08-08
- New lender joined a facility Sep 30, 2025S•••• P•••• C••••• C••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025W••• B•• B•• L•• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025J••• H•••••• C•••••• P•••••• I••••• F••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025S•••••••• P•••••• C••••• F••• L•• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025S•••• P•••• C••••• I••••• F••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025N•• M••••••• F•••••• C••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025N•• M••••••• G••••••• I• B••• L••••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025N•• M••••••• P•••••• C••••• F••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025C•••••• S•••••• L••••••• I••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025C•••••• C••••• S••••••••• I••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025N•• S•• I• I••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025L••• P•••••• C••••• L•• joins F•••••••• O••••••••• L•• term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025N•••• H•••• P•••••• I••••• F••• A• L•• joins F•••••••• O••••••••• L•• term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025A• P•••••• L•••••• F••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- New lender joined a facility Sep 30, 2025N•• M••••••• G••••••• I• I••••• F•••• L••••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 28 other BDCs
- Lender left a facility Jun 30, 2025B••• O•• T••••••••• F•••••• C•••• no longer holds F•••••••• O••••••••• LLC term loan after 2025-06-30; 22 BDC(s) still hold it
- Lender left a facility Jun 30, 2025B••• O•• C•••••• C••• no longer holds F•••••••• O••••••••• LLC term loan after 2025-06-30; 22 BDC(s) still hold it
- Lender left a facility Jun 30, 2025B••• O•• C••••• I••••• C•••• no longer holds F•••••••• O••••••••• LLC term loan after 2025-06-30; 22 BDC(s) still hold it
- Lender left a facility Jun 30, 2025G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• no longer holds F•••••••• O••••••••• LLC term loan after 2025-06-30; 22 BDC(s) still hold it
- Lender left a facility Jun 30, 2025B••• O•• T••••••••• I••••• C•••• no longer holds F•••••••• O••••••••• LLC term loan after 2025-06-30; 22 BDC(s) still hold it
- Lender left a facility Jun 30, 2025S•••• S••••• L•••••• P••••••• no longer holds F•••••••• O••••••••• LLC term loan after 2025-06-30; 22 BDC(s) still hold it
- New lender joined a facility Dec 31, 2024N•••• H•••• P•••••• I••••• F••• L•• joins F•••••••• O••••••••• L•• term loan (first lien) held by 15 other BDCs
- New lender joined a facility Dec 31, 2024T• S••••• B•• L•• joins F•••••••• O••••••••• L•• term loan (first lien) held by 15 other BDCs
- New lender joined a facility Jun 30, 2024M••••• S•••••• D••••• L•••••• F••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 13 other BDCs
- Spread changed (observed) Dec 31, 2023F•••••••• O••••••••• LLC term loan: spread moved from 6.00% to 8.25%
- New lender joined a facility Dec 31, 2023B••• O•• T••••••••• F•••••• C•••• I• joins F•••••••• O••••••••• LLC term loan (first lien) held by 12 other BDCs
- New lender joined a facility Dec 31, 2023A• P•••••• C••••• I•••••••• C••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 12 other BDCs
- New lender joined a facility Dec 31, 2023B••• O•• C•••••• C••• I•• joins F•••••••• O••••••••• LLC term loan (first lien) held by 12 other BDCs
- New lender joined a facility Dec 31, 2023B••• O•• T••••••••• I••••• C•••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 12 other BDCs
- New lender joined a facility Dec 31, 2023S•••• S••••• L•••••• P••••••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 12 other BDCs
- PIK interest increased Sep 30, 2023F•••••••• O••••••••• LLC term loan: PIK interest rose from 3.00% to 7.76%
- Spread changed (observed) Sep 30, 2023F•••••••• O••••••••• LLC term loan: spread moved from 8.25% to 6.00%
- Maturity extended (observed) Jun 30, 2023F•••••••• O••••••••• LLC term loan: maturity moved from 2027-10-04 to 2030-05-01
- Spread changed (observed) Jun 30, 2023F•••••••• O••••••••• LLC term loan: spread moved from 7.50% to 8.25%
- New lender joined a facility Jun 30, 2023G•••••• S•••• M••••• M••••• L•••••• C•••• I• joins F•••••••• O••••••••• LLC term loan (first lien) held by 7 other BDCs
- New lender joined a facility Jun 30, 2023P•••••• S••••• B•• L•• joins F•••••••• O••••••••• LLC term loan (first lien) held by 7 other BDCs
- New lender joined a facility Mar 31, 2023B••• O•• C•••••• C••• joins F•••••••• O••••••••• LLC term loan (first lien) held by 4 other BDCs
Other pieces of this borrower's structure
- at least $3.0M
- at least $0
- unknown
- unknown
- otherexited Jun 30, 2025at least $53.3M
- delayed draw term loanexited Dec 31, 2024unknown
- revolverexited Dec 31, 2024unknown
- $5.0M
How this facility is known
- Grain
- F•••••••• O••••••••• 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