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
H••• S••••• B••••• I•• first lien delayed draw term loan
Principal held
at least $9.0M
sum of BDC pieces, a lower bound
Fair value
$8.9M
100c on cost
Unfunded
$1.3M
pieces' unfunded commitments
Pricing
SOFR+425 bp
floor 1.00%
PIK
none stated
Maturity
Apr 30, 2028
tagged by the filer
Lenders
3 holding
5 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 |
|---|---|---|---|---|---|
| T• S••••• B•• L•• MS CAPITAL PARTNERS ADVISER INC. | exited · 2 pieces | $27.5M | $27.5M 101c | 525 bp | Dec 31, 2024 to Jun 30, 2025 |
| L••• P•••••• C••••• L•• MS CAPITAL PARTNERS ADVISER INC. | exited | n/a | n/a | Dec 31, 2024 to Dec 31, 2024 | |
| M••••• S•••••• D••••• L•••••• F••• MS CAPITAL PARTNERS ADVISER INC. | exited | n/a | n/a | Dec 31, 2024 to Dec 31, 2024 | |
| N•••• H•••• P•••••• I••••• F••• L•• MS CAPITAL PARTNERS ADVISER INC. | exited | n/a | n/a | Dec 31, 2022 to Jun 30, 2025 | |
| N•••• H•••• P•••••• I••••• F••• A• L•• MS CAPITAL PARTNERS ADVISER INC. | exited | n/a | $-3,000 | Dec 31, 2024 to Dec 31, 2024 | |
| S•••••••• P•••••• C••••• F••• L•• STEPSTONE GROUP PRIVATE DEBT LLC | held · 2 pieces | $6.7M | $6.7M 101c | 425 bp | Jun 30, 2024 to Jun 30, 2026 |
| 5• L•••••• P••••••• C•••• 5CLP ADVISOR | held | $2.2M | $2.2M 99c | 425 bp | Dec 31, 2024 to Jun 30, 2026 |
| S• I••••••••• F••• I• L•• MS CAPITAL PARTNERS ADVISER INC. | held | n/a | n/a | 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 | 3 | $9.0M | 100c | 425 bp | Apr 30, 2028 | |
| Mar 31, 2026 | 3 | $9.0M | 100c | 450 bp | Apr 30, 2028 | |
| Dec 31, 2025 | 3 | $16.0M | 101c | 450 bp | Apr 30, 2028 | |
| Sep 30, 2025 | 3 | $8.0M | 101c | 450 bp | Apr 30, 2028 | |
| Jun 30, 2025 | 3 | $31.2M | 101c | 525 bp | Apr 14, 2028 | |
| Mar 31, 2025 | 3 | $1.1M | 98c | Apr 14, 2028 | ||
| Dec 31, 2024 | 7 | $0 | n/a | 100 bp | Apr 14, 2028 | |
| Sep 30, 2024 | 2 | $0 | n/a | 100 bp | Dec 31, 2049 | |
| Jun 30, 2024 | 2 | $17.3M | 102c | 100 bp | Apr 14, 2028 | |
| Mar 31, 2024 | 1 | $15.7M | 100c | 525 bp | Apr 14, 2028 | |
| Dec 31, 2023 | 1 | $15.0M | 102c | 575 bp | Apr 14, 2028 | |
| Sep 30, 2023 | 1 | $15.0M | 102c | 575 bp | Apr 14, 2028 | |
| Jun 30, 2023 | 1 | $14.1M | 101c | 575 bp | Apr 14, 2028 | |
| Mar 31, 2023 | 1 | $11.9M | 98c | 575 bp | Apr 14, 2028 | |
| Dec 31, 2022 | 1 | n/a | n/a |
What changed on this facility
position and facility grain, including routine
- Maturity approaching Apr 30, 2028H••• S••••• B••••• I•• delayed draw (first lien) matures 2028-04-30 (inside 24 months; $9.0M held by 3 BDCs)
- Spread changed (observed) Sep 30, 2025H••• S••••• B••••• I•• delayed draw: spread moved from 5.25% to 4.50%
- New lender joined a facility Sep 30, 2025S• I••••••••• F••• I• L•• joins H••• S••••• B••••• I•• delayed draw (first lien) held by 4 other BDCs
- Lender left a facility Jun 30, 2025T• S••••• B•• L•• no longer holds H••• S••••• B••••• I•• delayed draw after 2025-06-30; 3 BDC(s) still hold it
- Lender left a facility Jun 30, 2025N•••• H•••• P•••••• I••••• F••• L•• no longer holds H••• S••••• B••••• I•• delayed draw after 2025-06-30; 1 BDC(s) still hold it
- New lender joined a facility Dec 31, 2024T• S••••• B•• L•• joins H••• S••••• B••••• I•• delayed draw (first lien) held by 6 other BDCs
- Lender left a facility Dec 31, 2024N•••• H•••• P•••••• I••••• F••• A• L•• no longer holds H••• S••••• B••••• I•• delayed draw after 2024-12-31; 3 BDC(s) still hold it
- Lender left a facility Dec 31, 2024L••• P•••••• C••••• L•• no longer holds H••• S••••• B••••• I•• delayed draw after 2024-12-31; 3 BDC(s) still hold it
- New lender joined a facility Dec 31, 2024N•••• H•••• P•••••• I••••• F••• A• L•• joins H••• S••••• B••••• I•• delayed draw (first lien) held by 6 other BDCs
- New lender joined a facility Dec 31, 2024M••••• S•••••• D••••• L•••••• F••• joins H••• S••••• B••••• I•• delayed draw (first lien) held by 6 other BDCs
- Lender left a facility Dec 31, 2024M••••• S•••••• D••••• L•••••• F••• no longer holds H••• S••••• B••••• I•• delayed draw after 2024-12-31; 3 BDC(s) still hold it
- New lender joined a facility Dec 31, 2024L••• P•••••• C••••• L•• joins H••• S••••• B••••• I•• delayed draw (first lien) held by 6 other BDCs
- Spread changed (observed) Sep 30, 2024H••• S••••• B••••• I•• delayed draw: spread moved from 5.25% to 1.00%
- Maturity extended (observed) Sep 30, 2024H••• S••••• B••••• I•• delayed draw: maturity moved from 2028-04-14 to 2049-12-31
- Spread changed (observed) Jun 30, 2024H••• S••••• B••••• I•• delayed draw: spread moved from 5.25% to 1.00%
- New lender joined a facility Jun 30, 2024S•••••••• P•••••• C••••• F••• L•• joins H••• S••••• B••••• I•• delayed draw (first lien) held by 1 other BDC
- Spread changed (observed) Mar 31, 2024H••• S••••• B••••• I•• delayed draw: spread moved from 5.75% to 5.25%
Other pieces of this borrower's structure
- at least $334M
- at least $151M
- at least $18.6M
- unknown
- unknown
- $45.4M
- $294M
How this facility is known
- Grain
- H••• S••••• B••••• I•• 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