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•••••• B•••• P••••••••• L•• other
lien unstatedheld todayCommercial Services and Supplies
Principal held
at least $56.8M
sum of BDC pieces, a lower bound
Fair value
$55.4M
98c on cost
Unfunded
n/a
pieces' unfunded commitments
Pricing
S+275 bp
modal across pieces
PIK
none stated
Maturity
Jul 16, 2031
html_schedule
Lenders
1 holding
6 exited · 0 named on a deal
On the tape
17 quarters
Dec 31, 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 |
|---|---|---|---|---|---|
| F••••••• B•• L•••••• C••• FRANKLIN BSP LENDING ADVISER, L.L.C. | dormant | $1.8M | $1.8M 100c | 800 bp | Dec 31, 2021 to Sep 30, 2023 |
| N•••• H•••• P•••••• I••••• F••• L•• MS CAPITAL PARTNERS ADVISER INC. | exited · 4 pieces | $25.0M | $24.9M 100c | 525 bp | Dec 31, 2022 to Mar 31, 2025 |
| T• S••••• B•• L•• MS CAPITAL PARTNERS ADVISER INC. | exited · 2 pieces | $8.4M | $8.4M 101c | 525 bp | Dec 31, 2022 to Mar 31, 2025 |
| B••••••••• S•••••• L•••••• F••• BLACKSTONE PRIVATE CREDIT STRATEGIES LLC | exited · 2 pieces | $4.8M | $4.8M 100c | 525 bp | Sep 30, 2022 to Mar 31, 2023 |
| F••••••• B•• C•••••• C••• FRANKLIN BSP CAPITAL ADVISER LLC | exited | $1.8M | $1.8M 100c | 800 bp | Mar 31, 2024 to Jun 30, 2024 |
| A••• S•••••••• I••••• F••• A••• CAPITAL MANAGEMENT LLC | exited | $1.5M | $1.4M 99c | 350 bp | Dec 31, 2022 to Dec 31, 2022 |
| M••••• S•••••• D••••• L•••••• F••• MS CAPITAL PARTNERS ADVISER INC. | exited · 2 pieces | n/a | n/a | Dec 31, 2022 to Jun 30, 2025 | |
| B••••••••• P•••••• C••••• F••• BLACKSTONE PRIVATE CREDIT STRATEGIES LLC | held · 3 pieces | $56.8M | $55.4M 98c | 275 bp | Dec 31, 2021 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 | 1 | $56.8M | 98c | 275 bp | Jul 16, 2031 | |
| Mar 31, 2026 | 1 | $56.9M | 97c | 275 bp | Jul 16, 2031 | |
| Dec 31, 2025 | 1 | $76.9M | 100c | 275 bp | Jul 16, 2031 | |
| Sep 30, 2025 | 1 | $77.1M | 100c | 275 bp | Jul 16, 2031 | |
| Jun 30, 2025 | 2 | $94.0M | 101c | 300 bp | Jul 16, 2032 | |
| Mar 31, 2025 | 4 | $119M | 100c | 525 bp | Jul 16, 2032 | |
| Dec 31, 2024 | 3 | $158M | 102c | 350 bp | Jul 16, 2032 | |
| Sep 30, 2024 | 2 | $68.4M | 101c | 350 bp | Jul 16, 2032 | |
| Jun 30, 2024 | 4 | $37.9M | 101c | 525 bp | May 31, 2027 | |
| Mar 31, 2024 | 5 | $43.5M | 101c | 525 bp | May 31, 2027 | |
| Dec 31, 2023 | 4 | $52.6M | 101c | 525 bp | Jun 1, 2026 | |
| Sep 30, 2023 | 5 | $43.7M | 101c | 525 bp | May 31, 2027 | |
| Jun 30, 2023 | 5 | $43.1M | 101c | 525 bp | May 31, 2027 | |
| Mar 31, 2023 | 6 | $36.6M | 100c | 525 bp | May 2, 2029 | |
| Dec 31, 2022 | 7 | $105M | 100c | 525 bp | May 2, 2029 | |
| Sep 30, 2022 | 2 | $38.5M | 96c | 350 bp | May 2, 2029 | |
| Dec 31, 2021 | 2 | $13.3M | 100c | 350 bp | May 31, 2027 |
What changed on this facility
position and facility grain, including routine
- Lender left a facility Jun 30, 2025M••••• S•••••• D••••• L•••••• F••• no longer holds P•••••• B•••• P••••••••• L•• other after 2025-06-30; 2 BDC(s) still hold it
- Lender left a facility Mar 31, 2025N•••• H•••• P•••••• I••••• F••• L•• no longer holds P•••••• B•••• P••••••••• L•• other after 2025-03-31; 1 BDC(s) still hold it
- Lender left a facility Mar 31, 2025T• S••••• B•• L•• no longer holds P•••••• B•••• P••••••••• L•• other after 2025-03-31; 2 BDC(s) still hold it
- Lender left a facility Jun 30, 2024F••••••• B•• C•••••• C••• no longer holds P•••••• B•••• P••••••••• L•• other after 2024-06-30; 2 BDC(s) still hold it
- New lender joined a facility Mar 31, 2024F••••••• B•• C•••••• C••• joins P•••••• B•••• P••••••••• L•• other (unknown) held by 4 other BDCs
- Lender left a facility Mar 31, 2023B••••••••• S•••••• L•••••• F••• no longer holds P•••••• B•••• P••••••••• L•• other after 2023-03-31; 2 BDC(s) still hold it
- Lender left a facility Dec 31, 2022A••• S•••••••• I••••• F••• no longer holds P•••••• B•••• P••••••••• L•• other after 2022-12-31; 2 BDC(s) still hold it
- New lender joined a facility Sep 30, 2022B••••••••• S•••••• L•••••• F••• joins P•••••• B•••• P••••••••• L•• other (unknown) held by 2 other BDCs
Other pieces of this borrower's structure
- at least $59.9M
- second lien term loanexited Jun 30, 2025at least $32.7M
- revolverexited Dec 31, 2024at least $8.3M
- first lien revolverexited Jun 30, 2025at least $7.5M
- delayed draw term loanexited Jun 30, 2025unknown
How this facility is known
- Grain
- P•••••• B•••• P••••••••• L•• x otherderivedborrower 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