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• N•••• 2• I•• first lien term loan
first lienheld todayGround Transportation
Principal held
at least $200M
sum of BDC pieces, a lower bound
Fair value
$199M
100c on cost
Unfunded
n/a
pieces' unfunded commitments
Pricing
SOFR+500 bp
pieces from 5 bp to 500 bp
PIK
none stated
Maturity
Jun 2, 2031
tagged by the filer
Lenders
9 holding
0 exited · 0 named on a deal
On the tape
9 quarters
Jun 30, 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 |
|---|---|---|---|---|---|
| N•••• H•••• P•••••• I••••• F••• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 5 pieces | $52.7M | $52.3M 101c | 500 bp | Dec 31, 2024 to Jun 30, 2026 |
| M••••• S•••••• D••••• L•••••• F••• MS CAPITAL PARTNERS ADVISER INC. | held · 5 pieces | $39.4M | $39.1M 100c | 500 bp | Jun 30, 2024 to Jun 30, 2026 |
| A••• S•••••••• I••••• F••• A••• CAPITAL MANAGEMENT LLC | held · 2 pieces | $29.6M | $29.6M 101c | 500 bp | Jun 30, 2024 to Jun 30, 2026 |
| T• S••••• B•• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 3 pieces | $25.3M | $25.1M 101c | 500 bp | Dec 31, 2024 to Jun 30, 2026 |
| A••• C•••••• C••• A••• CAPITAL MANAGEMENT LLC | held · 2 pieces | $16.9M | $16.9M 100c | 500 bp | Jun 30, 2024 to Jun 30, 2026 |
| S• I••••••••• F••• I• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 2 pieces | $11.1M | $10.9M 99c | 500 bp | Sep 30, 2025 to Jun 30, 2026 |
| L••• P•••••• C••••• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 3 pieces | $9.0M | $8.9M 100c | 500 bp | Jun 30, 2024 to Jun 30, 2026 |
| N•••• H•••• P•••••• I••••• F••• A• L•• MS CAPITAL PARTNERS ADVISER INC. | held · 3 pieces | $8.3M | $8.2M 100c | 500 bp | Dec 31, 2024 to Jun 30, 2026 |
| S•••••••• P•••••• C••••• F••• L•• STEPSTONE GROUP PRIVATE DEBT LLC | held · 2 pieces | $7.7M | $7.7M 100c | 500 bp | Dec 31, 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 | 9 | $200M | 100c | 500 bp | Jun 2, 2031 | |
| Mar 31, 2026 | 9 | $192M | 101c | 475 bp | Jun 2, 2031 | |
| Dec 31, 2025 | 9 | $193M | 101c | 475 bp | Jun 2, 2031 | |
| Sep 30, 2025 | 8 | $207M | 101c | 475 bp | Jun 2, 2031 | |
| Jun 30, 2025 | 4 | $79.8M | 101c | 475 bp | Jun 1, 2031 | |
| Mar 31, 2025 | 4 | $80.1M | 101c | 475 bp | Jun 1, 2031 | |
| Dec 31, 2024 | 7 | $138M | 101c | 475 bp | Jun 2, 2031 | |
| Sep 30, 2024 | 4 | $63.3M | 99c | 475 bp | Jun 1, 2031 | |
| Jun 30, 2024 | 4 | $66.5M | 99c | 475 bp | Jun 1, 2031 |
What changed on this facility
position and facility grain, including routine
- New lender joined a facility Dec 31, 2025S•••••••• P•••••• C••••• F••• L•• joins S• N•••• 2• I•• term loan (first lien) held by 8 other BDCs
- New lender joined a facility Sep 30, 2025S• I••••••••• F••• I• L•• joins S• N•••• 2• I•• term loan (first lien) held by 7 other BDCs
- New lender joined a facility Dec 31, 2024N•••• H•••• P•••••• I••••• F••• L•• joins S• N•••• 2• I•• term loan (first lien) held by 6 other BDCs
- New lender joined a facility Dec 31, 2024T• S••••• B•• L•• joins S• N•••• 2• I•• term loan (first lien) held by 6 other BDCs
- New lender joined a facility Dec 31, 2024N•••• H•••• P•••••• I••••• F••• A• L•• joins S• N•••• 2• I•• term loan (first lien) held by 6 other BDCs
Other pieces of this borrower's structure
- at least $5.3M
- at least $4.0M
- unknown
- delayed draw term loanexited Jun 30, 2025unknown
- revolverexited Jun 30, 2025unknown
How this facility is known
- Grain
- S• N•••• 2• 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
- Status
- unknownsignalnon-accrual, default and restructuring are not on this tape and are never inferred from a mark
- Origin
- bdc tapereported