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
S••••• B••••••• I•• first lien term loan
Principal held
at least $148M
sum of BDC pieces, a lower bound
Fair value
$145M
99c on cost
Unfunded
n/a
pieces' unfunded commitments
Pricing
SOFR+600 bp
pieces from 475 bp to 600 bp
PIK
none stated
Maturity
Dec 1, 2031
tagged by the filer
Lenders
15 holding
3 exited · 0 named on a deal
On the tape
17 quarters
Sep 30, 2021 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•••••• B•• 3• I••• GC ADVISORS LLC | dormant · 2 pieces | $8.0M | $7.8M 99c | 650 bp | Sep 30, 2022 to Mar 31, 2024 |
| S•••••••• P•••••• C••••• F••• L•• STEPSTONE GROUP PRIVATE DEBT LLC | exited · 2 pieces | $11.8M | $11.6M 100c | 600 bp | Mar 31, 2025 to Dec 31, 2025 |
| J•••••••• C••••• P••••••• B•• I••• JEFFERIES CREDIT MANAGEMENT LLC | exited | $5.3M | $5.3M 100c | 600 bp | Mar 31, 2025 to Mar 31, 2026 |
| S••••• C••••• I••••••••• L•• JEFFERIES CREDIT MANAGEMENT LLC | exited | $2.0M | $1.9M 100c | 600 bp | Mar 31, 2025 to Mar 31, 2026 |
| G•••• C•••••• B••• I••• GC ADVISORS LLC | held · 2 pieces | $27.2M | $26.8M 99c | 600 bp | Sep 30, 2021 to Jun 30, 2026 |
| C••••••• C•••••• B••• I••• CRESCENT CAP ADVISORS, LLC | held · 2 pieces | $22.0M | $21.9M 100c | 600 bp | Dec 31, 2022 to Jun 30, 2026 |
| N•••• H•••• P•••••• I••••• F••• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 2 pieces | $18.2M | $17.7M 98c | 600 bp | Sep 30, 2025 to Jun 30, 2026 |
| B••• C•••••• S•••••••• F••••••• I••• BCSF ADVISORS, LP | held | $13.3M | $13.3M 101c | 485 bp | Sep 30, 2022 to Jun 30, 2026 |
| M••••• S•••••• D••••• L•••••• F••• MS CAPITAL PARTNERS ADVISER INC. | held · 2 pieces | $11.8M | $11.4M 98c | 600 bp | Mar 31, 2025 to Jun 30, 2026 |
| G•••• C•••••• P•••••• C••••• F••• GC ADVISORS LLC | held · 2 pieces | $8.4M | $8.2M 101c | 600 bp | Sep 30, 2023 to Jun 30, 2026 |
| S• I••••••••• F••• I• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 2 pieces | $7.9M | $7.7M 99c | 600 bp | Sep 30, 2025 to Jun 30, 2026 |
| A•••••• S•••••••• C••••• F••• ANTA••• CAPITAL CREDIT ADVISERS LLC | held | $7.7M | $7.6M 98c | 600 bp | Mar 31, 2025 to Jun 30, 2026 |
| A••• S•••••••• I••••• F••• A••• CAPITAL MANAGEMENT LLC | held | $7.5M | $7.5M 100c | 485 bp | Sep 30, 2023 to Jun 30, 2026 |
| B••• C•••••• P•••••• C••••• BCPC ADVISORS, LP | held | $6.1M | $6.1M 102c | 485 bp | Dec 31, 2023 to Jun 30, 2026 |
| N•••• H•••• P•••••• I••••• F••• A• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 2 pieces | $5.4M | $5.2M 98c | 600 bp | Sep 30, 2025 to Jun 30, 2026 |
| A•••••• P•••••• C••••• F••• ANTA••• CAPITAL CREDIT ADVISERS LLC | held | $3.9M | $3.8M 98c | 600 bp | Jun 30, 2025 to Jun 30, 2026 |
| T• S••••• B•• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 2 pieces | $3.4M | $3.3M 98c | 600 bp | Sep 30, 2025 to Jun 30, 2026 |
| L••• P•••••• C••••• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 2 pieces | $3.4M | $3.3M 98c | 600 bp | Mar 31, 2025 to Jun 30, 2026 |
| A••• C•••••• C••• A••• CAPITAL MANAGEMENT LLC | held | $1.7M | $1.7M 100c | 485 bp | Sep 30, 2023 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 | 15 | $148M | 99c | 600 bp | Dec 1, 2031 | |
| Mar 31, 2026 | 16 | $150M | 99c | 600 bp | Jul 22, 2030 | |
| Dec 31, 2025 | 17 | $150M | 101c | 600 bp | Jul 22, 2030 | |
| Sep 30, 2025 | 17 | $180M | 101c | 600 bp | Jul 22, 2030 | |
| Jun 30, 2025 | 13 | $106M | 101c | 600 bp | Jul 22, 2030 | |
| Mar 31, 2025 | 12 | $102M | 100c | 600 bp | Jul 22, 2030 | |
| Dec 31, 2024 | 7 | $75.7M | 101c | 650 bp | Jul 23, 2029 | |
| Sep 30, 2024 | 7 | $76.6M | 100c | 650 bp | Jul 23, 2029 | |
| Jun 30, 2024 | 7 | $77.0M | 100c | 650 bp | Jul 23, 2029 | |
| Mar 31, 2024 | 8 | $87.8M | 101c | 650 bp | Jul 23, 2029 | |
| Dec 31, 2023 | 8 | $89.5M | 100c | 650 bp | Jul 23, 2029 | |
| Sep 30, 2023 | 7 | $75.6M | 99c | 650 bp | Jul 23, 2029 | |
| Jun 30, 2023 | 4 | $76.6M | 99c | 650 bp | 0.75% | Jul 23, 2029 |
| Mar 31, 2023 | 4 | $107M | 98c | 725 bp | 0.75% | Jul 23, 2029 |
| Dec 31, 2022 | 3 | $156M | 100c | 725 bp | 75.00% | Jul 23, 2029 |
| Sep 30, 2022 | 3 | $85.0M | 99c | 650 bp | Jul 23, 2029 | |
| Sep 30, 2021 | 1 | $20.2M | 103c | 650 bp | Sep 1, 2026 |
What changed on this facility
position and facility grain, including routine
- Maturity extended (observed) Jun 30, 2026S••••• B••••••• I•• term loan: maturity moved from 2030-07-22 to 2031-12-01
- Lender left a facility Mar 31, 2026J•••••••• C••••• P••••••• B•• I••• no longer holds S••••• B••••••• I•• term loan after 2026-03-31; 14 BDC(s) still hold it
- Lender left a facility Mar 31, 2026S••••• C••••• I••••••••• L•• no longer holds S••••• B••••••• I•• term loan after 2026-03-31; 14 BDC(s) still hold it
- Lender left a facility Dec 31, 2025S•••••••• P•••••• C••••• F••• L•• no longer holds S••••• B••••••• I•• term loan after 2025-12-31; 14 BDC(s) still hold it
- New lender joined a facility Sep 30, 2025N•••• H•••• P•••••• I••••• F••• L•• joins S••••• B••••••• I•• term loan (first lien) held by 17 other BDCs
- New lender joined a facility Sep 30, 2025S• I••••••••• F••• I• L•• joins S••••• B••••••• I•• term loan (first lien) held by 17 other BDCs
- New lender joined a facility Sep 30, 2025N•••• H•••• P•••••• I••••• F••• A• L•• joins S••••• B••••••• I•• term loan (first lien) held by 17 other BDCs
- New lender joined a facility Sep 30, 2025T• S••••• B•• L•• joins S••••• B••••••• I•• term loan (first lien) held by 17 other BDCs
- New lender joined a facility Jun 30, 2025A•••••• P•••••• C••••• F••• joins S••••• B••••••• I•• term loan (first lien) held by 13 other BDCs
- Spread changed (observed) Mar 31, 2025S••••• B••••••• I•• term loan: spread moved from 6.50% to 6.00%
- Maturity extended (observed) Mar 31, 2025S••••• B••••••• I•• term loan: maturity moved from 2029-07-23 to 2030-07-22
- New lender joined a facility Mar 31, 2025M••••• S•••••• D••••• L•••••• F••• joins S••••• B••••••• I•• term loan (first lien) held by 12 other BDCs
- New lender joined a facility Mar 31, 2025A•••••• S•••••••• C••••• F••• joins S••••• B••••••• I•• term loan (first lien) held by 12 other BDCs
- New lender joined a facility Mar 31, 2025S•••••••• P•••••• C••••• F••• L•• joins S••••• B••••••• I•• term loan (first lien) held by 12 other BDCs
- New lender joined a facility Mar 31, 2025J•••••••• C••••• P••••••• B•• I••• joins S••••• B••••••• I•• term loan (first lien) held by 12 other BDCs
- New lender joined a facility Mar 31, 2025L••• P•••••• C••••• L•• joins S••••• B••••••• I•• term loan (first lien) held by 12 other BDCs
- New lender joined a facility Mar 31, 2025S••••• C••••• I••••••••• L•• joins S••••• B••••••• I•• term loan (first lien) held by 12 other BDCs
- New lender joined a facility Dec 31, 2023B••• C•••••• P•••••• C••••• joins S••••• B••••••• I•• term loan (first lien) held by 7 other BDCs
- New lender joined a facility Sep 30, 2023G•••• C•••••• P•••••• C••••• F••• joins S••••• B••••••• I•• term loan (first lien) held by 6 other BDCs
- New lender joined a facility Sep 30, 2023A••• S•••••••• I••••• F••• joins S••••• B••••••• I•• term loan (first lien) held by 6 other BDCs
- New lender joined a facility Sep 30, 2023A••• C•••••• C••• joins S••••• B••••••• I•• term loan (first lien) held by 6 other BDCs
- Spread changed (observed) Jun 30, 2023S••••• B••••••• I•• term loan: spread moved from 7.25% to 6.50%
- PIK interest appears Dec 31, 2022S••••• B••••••• I•• term loan: PIK interest of 75.00% appears (was cash pay)
- Spread changed (observed) Dec 31, 2022S••••• B••••••• I•• term loan: spread moved from 6.50% to 7.25%
- New lender joined a facility Dec 31, 2022C••••••• C•••••• B••• I••• joins S••••• B••••••• I•• term loan (first lien) held by 3 other BDCs
- Maturity extended (observed) Sep 30, 2022S••••• B••••••• I•• term loan: maturity moved from 2026-09-01 to 2029-07-23
- New lender joined a facility Sep 30, 2022B••• C•••••• S•••••••• F••••••• I••• joins S••••• B••••••• I•• term loan (first lien) held by 2 other BDCs
Other pieces of this borrower's structure
- at least $2.4M
- unknown
- unknown
- delayed draw term loanexited Jun 30, 2025unknown
- revolverexited Mar 31, 2026unknown
- $11.8M
- preferred equityexited Dec 31, 2025$567,000
How this facility is known
- Grain
- S••••• B••••••• I•• x first lien term loanderivedborrower group x kind x lien; tranches with different maturities sit under it
- Size
- lower bound: sum of BDC piecesderived
- Sponsor basis
- Form D signer consensus, grade Bestimated
- Status
- unknownsignalnon-accrual, default and restructuring are not on this tape and are never inferred from a mark
- Origin
- bdc tapereported