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
P• I••••••••• H••••••• I••• L•• first lien delayed draw term loan
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$-22,000
n/a on cost
Unfunded
$2.2M
pieces' unfunded commitments
Pricing
unstated
modal across pieces
PIK
none stated
Maturity
unstated
Lenders
2 holding
6 exited · 0 named on a deal
On the tape
14 quarters
Mar 31, 2023 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 |
|---|---|---|---|---|---|
| R•••••• E••••••• I••••• F•••• L• REDWOOD CAPITAL MANAGEMENT, LLC | exited · 2 pieces | $3.8M | n/a | 650 bp | Mar 31, 2023 to Mar 31, 2024 |
| S••••• C••••• I••••••••• L•• JEFFERIES CREDIT MANAGEMENT LLC | exited · 2 pieces | $0 | $0 | 475 bp | Jun 30, 2024 to Mar 31, 2026 |
| N•••• H•••• P•••••• I••••• F••• L•• MS CAPITAL PARTNERS ADVISER INC. | exited | n/a | n/a | Dec 31, 2023 to Mar 31, 2026 | |
| T• S••••• B•• L•• MS CAPITAL PARTNERS ADVISER INC. | exited | n/a | n/a | Dec 31, 2024 to Mar 31, 2026 | |
| M••••• S•••••• D••••• L•••••• F••• MS CAPITAL PARTNERS ADVISER INC. | exited | n/a | n/a | Dec 31, 2024 to Mar 31, 2026 | |
| N••••• C•••••••• D••••• L•••••• C•••• CHURCHILL DLC ADVISOR LLC | exited | n/a | n/a | Dec 31, 2024 to Dec 31, 2025 | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• CHURCHILL PCIF ADVISOR LLC | held | n/a | n/a | Dec 31, 2024 to Jun 30, 2026 | |
| J•••••••• C••••• P••••••• B•• I••• JEFFERIES CREDIT MANAGEMENT LLC | held | n/a | $-22,000 | Jun 30, 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 | n/a | n/a | |||
| Mar 31, 2026 | 6 | $166,000 | n/a | 475 bp | Apr 9, 2030 | |
| Dec 31, 2025 | 7 | $166,000 | n/a | 475 bp | 1.75% | Apr 9, 2030 |
| Sep 30, 2025 | 7 | $3.7M | 101c | 475 bp | Apr 9, 2030 | |
| Jun 30, 2025 | 6 | $95.9M | 101c | 500 bp | 1.75% | Apr 9, 2030 |
| Mar 31, 2025 | 6 | n/a | n/a | 475 bp | Apr 9, 2030 | |
| Dec 31, 2024 | 7 | $61.2M | 101c | 475 bp | 1.75% | Apr 9, 2030 |
| Sep 30, 2024 | 3 | n/a | n/a | 475 bp | Apr 9, 2030 | |
| Jun 30, 2024 | 3 | $46.9M | 100c | 500 bp | 1.75% | Apr 9, 2030 |
| Mar 31, 2024 | 2 | $39.9M | 98c | 598 bp | Nov 1, 2028 | |
| Dec 31, 2023 | 2 | $4.3M | n/a | 650 bp | Nov 1, 2028 | |
| Sep 30, 2023 | 1 | $4.6M | n/a | 650 bp | Nov 1, 2028 | |
| Jun 30, 2023 | 1 | $5.0M | n/a | 665 bp | Nov 1, 2028 | |
| Mar 31, 2023 | 1 | $5.0M | n/a | 665 bp | Nov 1, 2028 |
What changed on this facility
position and facility grain, including routine
- Lender left a facility Mar 31, 2026S••••• C••••• I••••••••• L•• no longer holds P• I••••••••• H••••••• I••• L•• delayed draw after 2026-03-31; 1 BDC(s) still hold it
- Lender left a facility Mar 31, 2026M••••• S•••••• D••••• L•••••• F••• no longer holds P• I••••••••• H••••••• I••• L•• delayed draw after 2026-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2026T• S••••• B•• L•• no longer holds P• I••••••••• H••••••• I••• L•• delayed draw after 2026-03-31; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2026N•••• H•••• P•••••• I••••• F••• L•• no longer holds P• I••••••••• H••••••• I••• L•• delayed draw after 2026-03-31; 2 BDC(s) still hold it
- PIK interest appears Dec 31, 2025P• I••••••••• H••••••• I••• L•• delayed draw: PIK interest of 1.75% appears (was cash pay)
- Spread changed (observed) Dec 31, 2025P• I••••••••• H••••••• I••• L•• delayed draw: spread moved from 3.25% to 4.75%
- Lender left a facility Dec 31, 2025N••••• C•••••••• D••••• L•••••• C•••• no longer holds P• I••••••••• H••••••• I••• L•• delayed draw after 2025-12-31; 2 BDC(s) still hold it
- Spread changed (observed) Sep 30, 2025P• I••••••••• H••••••• I••• L•• delayed draw: spread moved from 3.25% to 4.75%
- PIK interest appears Jun 30, 2025P• I••••••••• H••••••• I••• L•• delayed draw: PIK interest of 1.75% appears (was cash pay)
- Spread changed (observed) Jun 30, 2025P• I••••••••• H••••••• I••• L•• delayed draw: spread moved from 4.75% to 3.25%
- PIK interest appears Dec 31, 2024P• I••••••••• H••••••• I••• L•• delayed draw: PIK interest of 1.75% appears (was cash pay)
- New lender joined a facility Dec 31, 2024N••••• C•••••••• D••••• L•••••• C•••• joins P• I••••••••• H••••••• I••• L•• delayed draw (first lien) held by 6 other BDCs
- New lender joined a facility Dec 31, 2024N••••• C•••••••• P•••••• C•••••• I••••• F••• joins P• I••••••••• H••••••• I••• L•• delayed draw (first lien) held by 6 other BDCs
- New lender joined a facility Dec 31, 2024M••••• S•••••• D••••• L•••••• F••• joins P• I••••••••• H••••••• I••• L•• delayed draw (first lien) held by 6 other BDCs
- New lender joined a facility Dec 31, 2024T• S••••• B•• L•• joins P• I••••••••• H••••••• I••• L•• delayed draw (first lien) held by 6 other BDCs
- PIK interest appears Jun 30, 2024P• I••••••••• H••••••• I••• L•• delayed draw: PIK interest of 1.75% appears (was cash pay)
- Maturity extended (observed) Jun 30, 2024P• I••••••••• H••••••• I••• L•• delayed draw: maturity moved from 2028-11-01 to 2030-04-09
- Spread changed (observed) Jun 30, 2024P• I••••••••• H••••••• I••• L•• delayed draw: spread moved from 6.50% to 4.75%
- New lender joined a facility Jun 30, 2024S••••• C••••• I••••••••• L•• joins P• I••••••••• H••••••• I••• L•• delayed draw (first lien) held by 3 other BDCs
- New lender joined a facility Jun 30, 2024J•••••••• C••••• P••••••• B•• I••• joins P• I••••••••• H••••••• I••• L•• delayed draw (first lien) held by 3 other BDCs
- Spread changed (observed) Mar 31, 2024P• I••••••••• H••••••• I••• L•• delayed draw: spread moved from 6.50% to 5.98%
- Lender left a facility Mar 31, 2024R•••••• E••••••• I••••• F•••• L• no longer holds P• I••••••••• H••••••• I••• L•• delayed draw after 2024-03-31; 1 BDC(s) still hold it
- New lender joined a facility Dec 31, 2023N•••• H•••• P•••••• I••••• F••• L•• joins P• I••••••••• H••••••• I••• L•• delayed draw (first lien) held by 1 other BDC
Other pieces of this borrower's structure
- at least $404M
- at least $247M
- at least $17.1M
- unknown
- equityexited Jun 30, 2025$1.8M
- preferred equityexited Sep 30, 2025$3.8M
How this facility is known
- Grain
- P• I••••••••• H••••••• I••• L•• x first lien delayed draw term loanderivedborrower group x kind x lien; tranches with different maturities sit under it
- Size
- lower bound: sum of BDC piecesderived
- Sponsor basis
- the sponsor's own portfolio page lists a company of this namederived
- Status
- unknownsignalnon-accrual, default and restructuring are not on this tape and are never inferred from a mark
- Origin
- bdc tapereported