DFX Intelligence
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A private credit borrower in financial services
Borrower · Financial Services
What matters now
- $73.4Mprincipal outstanding
$73.4M principal held by 8 lenders; matures Jul 2028.
Q2 2026 · Refinancing is due in 22 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 101¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 1 point apart
100¢101¢
Principal held
at least $73.4M
sum of BDC pieces, a lower bound
Fair value
$73.1M
100c on cost, debt pieces
Unfunded
$13.0M
commitments not yet drawn
BDC lenders
9
8 on the latest quarter
Facilities
7
0 equity pieces beside them
Next maturity
Jul 28, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
16
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
How each lender’s mark moved, last 4 quarter ends
Consensus, weighted by principalMiddle half of lendersOne lender
Consensus Q3 2025 101¢, Q4 2025 100¢, Q1 2026 101¢, Q2 2026 100¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 4, Q4 2025 8, Q1 2026 8, Q2 2026 8. A mark is each lender’s own fair value over cost from its schedule of investments, filed about 45 days after the quarter ends; marks outside 5¢ to 110¢ on cost are left out.
Every lender’s mark by quarter, as a table
| Lender | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Consensus | 101¢ | 100¢ | 101¢ | 100¢ |
| Audax Private Credit Fund, LLC | 100¢ | 100¢ | 100¢ | 100¢ |
| North Haven Private Income Fund LLC | 101¢ | 101¢ | 101¢ | 100¢ |
| Morgan Stanley Direct Lending Fund | 102¢ | 101¢ | 101¢ | 101¢ |
5 more lenders are drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Audax Private Credit Fund, LLC | $25.5M | 100¢ | 0 pts |
| North Haven Private Income Fund LLC | $19.6M | 100¢ | -1 pts |
| Morgan Stanley Direct Lending Fund | $16.7M | 101¢ | 0 pts |
8 lenders hold this credit
Each lender named with its own mark, its exposure and every piece it holds, from its schedule of investments.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Every BDC piece · 41 positions across 8 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Audax Private Credit Fund, LLC | term loan first lien Investment Type Unitranche Term Loan Index S+ Spread 4.50% Interest Rate 8.23% Acquisition | $24.8M | $24.8M 100c | SOFR+450 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity | $17.8M | $17.7M 100c | SOFR+450 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturit | $16.5M | $16.4M 101c | SOFR+450 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 7/28/2031 | $1.2M | $1.2M 100c | SOFR+450 bp |
| Audax Private Credit Fund, LLC | revolver first lien Investment Type Unitranche Revolver Index S+ Spread 4.50% Interest Rate 8.23% Acquisition | $706,951 | $706,951 101c | SOFR+450 bp |
View all 18 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity | $547,000 | $541,000 100c | SOFR+450 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturit | $180,000 | $178,000 100c | SOFR+450 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 7/28/2031 Two | $51,000 | $51,000 100c | SOFR+450 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Interest Rate 8.23% Maturit | $0 | -$9,000 225c | SOFR+450 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.50% Interest Rate 8.23% Maturity | $0 | -$25,000 208c | SOFR+450 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.50% Maturity Date 7/28/2031 One | $0 | -$6,000 200c | SOFR+450 bp |
| Audax Private Credit Fund, LLC | revolver first lien Unitranche Revolver Maturity 7/28/2031 | Not disclosed | Not disclosed | SOFR+450 bp |
| Morgan Stanley Direct Lending Fund | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 07/28/2031 | Not disclosed | Not disclosed | S+450 bp |
| Morgan Stanley Direct Lending Fund | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20 | Not disclosed | Not disclosed | S+450 bp |
| Morgan Stanley Direct Lending Fund | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20 | Not disclosed | Not disclosed | S+450 bp |
| North Haven Private Income Fund LLC | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/20/20 | Not disclosed | Not disclosed | S+450 bp |
| North Haven Private Income Fund LLC | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/21/20 | Not disclosed | Not disclosed | S+450 bp |
| North Haven Private Income Fund LLC | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 07/28/2031 | Not disclosed | Not disclosed | S+450 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
Capital structure as the BDCs see it
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $72.6M | 100c | SOFR+450 bp | Jul 28, 2031 | 7 |
| first lien revolver first lien | at least $844,585 | 101c | //www.audaxcreditbdc.com/20260630#Frazier Deeter+450 bp | Jul 28, 2031 | 8 |
| first lien delayed draw term loan first lien | unknown | n/a | S+450 bp | unstated | 6 |
| term loan lien unstated exited Dec 31, 2024 | at least $24.1M | 100c | SOFR+525 bp | Jul 30, 2029 | 1 |
| other lien unstated exited Jun 30, 2025 | at least $19.5M | 101c | S+525 bp | unstated | 3 |
All 7 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Dec 31, 2024 | at least $990,644 | 100c | SOFR+525 bp | Jul 30, 2029 | 2 |
| revolver lien unstated exited Sep 30, 2025 | unknown | n/a | SOFR+525 bp | Jul 30, 2029 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 8 | $73.4M | $73.1M | 100c | 0 |
| Mar 31, 2026 | 8 | $77.8M | $77.8M | 101c | 0 |
| Dec 31, 2025 | 8 | $125M | $125M | 100c | 0 |
| Sep 30, 2025 | 5 | $60.9M | $60.8M | 101c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $62.0M | $62.0M | 101c | 0 |
| Mar 31, 2025 | 4 | $37.2M | $37.2M | 101c | 0 |
| Dec 31, 2024 | 5 | $111M | $111M | 101c | 0 |
| Sep 30, 2024 | 4 | $26.8M | $26.8M | 102c | 0 |
| Jun 30, 2024 | 4 | $22.5M | $22.4M | 102c | 0 |
| Mar 31, 2024 | 5 | $26.9M | $26.9M | 102c | 0 |
| Dec 31, 2023 | 5 | $31.6M | $31.6M | 102c | 0 |
| Sep 30, 2023 | 5 | $17.2M | $17.2M | 104c | 0 |
| Jun 30, 2023 | 5 | $16.3M | $16.1M | 103c | 0 |
| Mar 31, 2023 | 4 | $9.4M | $8.9M | 103c | 0 |
| Dec 31, 2022 | 5 | $22.4M | $21.0M | 100c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Maturity shortened (observed)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
+25 additional dated changes on this borrower
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Owner and people
No owner identified yet: no filing, deal announcement, sponsor portfolio page or Form D signer consensus DFX holds names an owner for this borrower.
Owners matched by identity, with their credit outlook
- Genstar Capital listed on its portfolio page, undated · credit outlook
- W Capital Partners listed on its portfolio page, undated · credit outlook
- Warburg Pincus LLC listed on its portfolio page, undated · credit outlook
2 more owners are named with Private Credit Intelligence.
The company this borrower is was matched by an identity-graded bridge; the owner is the firm its portfolio page or deal record names.
People at the company
1 person at this company is named with their role and the page that names them, for Private Credit Intelligence readers.
Position history
103 field-level changes across filed schedules, latest first
- Position exitedfrom $4.5M2026-06-30
- Principal increased$13.6M to $16.7M2026-03-31
- Principal increased$16.2M to $19.5M2026-03-31
+100 more position changes
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.