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.
Facility
Dropbox, Inc delayed draw term loan
lien unstatedheld today
Principal held
at least $1.7B
sum of BDC pieces, a lower bound
Fair value
$1.7B
100c on cost
Unfunded
n/a
pieces' unfunded commitments
Pricing
S+492 bp
modal across pieces
PIK
none stated
Maturity
Sep 9, 2030
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Lenders
2 holding
0 exited · 0 named on a deal
On the tape
7 quarters
Dec 31, 2024 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 |
|---|---|---|---|---|---|
| Blackstone Private Credit Fund BLACKSTONE PRIVATE CREDIT STRATEGIES LLC | held · 2 pieces | $1.6B | $1.6B 100c | 492 bp | Dec 31, 2024 to Jun 30, 2026 |
| Blackstone Secured Lending Fund BLACKSTONE PRIVATE CREDIT STRATEGIES LLC | held | $122M | $121M 100c | 492 bp | Dec 31, 2024 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 | 2 | $1.7B | 100c | 492 bp | Sep 9, 2030 | |
| Mar 31, 2026 | 2 | $1.7B | 100c | 492 bp | Sep 9, 2030 | |
| Dec 31, 2025 | 2 | $826M | 100c | 491 bp | Dec 11, 2029 | |
| Sep 30, 2025 | 2 | $505M | 100c | 566 bp | Dec 11, 2029 | |
| Jun 30, 2025 | 2 | $367M | 100c | 638 bp | Dec 11, 2029 | |
| Mar 31, 2025 | 2 | $368M | 100c | 638 bp | Dec 11, 2029 | |
| Dec 31, 2024 | 2 | n/a | n/a |
What changed on this facility
position and facility grain, including routine
- Maturity extended (observed) Mar 31, 2026Dropbox, Inc delayed draw: maturity moved from 2029-12-11 to 2030-09-09
- Spread changed (observed) Dec 31, 2025Dropbox, Inc delayed draw: spread moved from 5.66% to 4.91%
- Spread changed (observed) Sep 30, 2025Dropbox, Inc delayed draw: spread moved from 6.38% to 5.66%
Other pieces of this borrower's structure
- otherexited Dec 31, 2024at least $1.3B
How this facility is known
- Grain
- Dropbox, Inc x delayed draw 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