DFX Intelligence
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A private credit borrower in business services
Borrower · Business Services
What matters now
- $547Mprincipal outstanding
$547M principal held by 6 lenders; matures Mar 2027.
Refinancing is due in 6 months at a 100¢ mark.
FactBDC schedules of investments, null; a sum of the BDCs' pieces, a lower bound
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $86.8M
sum of BDC pieces, a lower bound
Fair value
$60.3M
100c on cost, debt pieces
Unfunded
$12.4M
commitments not yet drawn
BDC lenders
6
6 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 22, 2027
$12.5M inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
2
dated, non-routine
Lender marks
each lender's own fair value over cost at a withheld name, folded to one row per lender
How each lender’s mark moved, last 2 quarter ends
Consensus, weighted by principalOne lender
Consensus Q4 2024 no mark, null 100¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q4 2024 0, null 6. 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 | Q4 2024 | |
|---|---|---|
| Consensus | no mark | 100¢ |
| PennantPark Floating Rate Capital Ltd. | no mark | 100¢ |
| Nuveen Churchill Direct Lending Corp. | no mark | 100¢ |
| Nuveen Churchill Private Capital Income Fund | no mark | 100¢ |
3 more lenders are drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| PennantPark Floating Rate Capital Ltd. | $214M | 100¢ | new this quarter |
| Nuveen Churchill Private Capital Income Fund | $112M | 100¢ | no comparable mark |
| Nuveen Churchill Direct Lending Corp. | $112M | 100¢ | no comparable mark |
6 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 · 106 positions across 6 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| PennantPark Floating Rate Capital Ltd. | term loan first lien First Lien Secured Debt Maturity 03/19/2032 Industry Business Services Current Coupon 9.06 | $16.6M | $16.5M 100c | SOFR+475 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien First Lien Secured Debt Maturity 3/19/2032 Industry Business Services Current Coupon 9.05% | $16.6M | $16.5M 100c | SOFR+475 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 03/19/2032 Industry Business Services Current Coupon 8.50% Basis Point Spr | $16.5M | $16.5M 100c | //fasb.org/+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 3/19/2032 Industry Business Services Current Coupon 8.50% Basis Point Spre | $16.5M | $16.5M 100c | //fasb.org/+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 03/19/2032 Industry Business Services Current Coupon 8.50% Basis Point Spr | $16.5M | $16.5M 100c | //fasb.org/+450 bp |
View all 63 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 03/19/2032 Industry Business Services Current Coupon 8.17% Basis Point Spr | $16.5M | $16.5M 100c | //fasb.org/+450 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien | $12.9M | $12.7M 100c | S+475 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien | $12.9M | $12.7M 100c | S+475 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien | $12.8M | $12.7M 100c | S+475 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien | $12.8M | $12.7M 100c | S+475 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien | $12.8M | $12.8M 101c | S+450 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien | $12.8M | $12.8M 101c | S+450 bp |
| Nuveen Churchill Direct Lending Corp. | term loan first lien First Lien Debt | $12.8M | $12.8M 101c | S+450 bp |
| Nuveen Churchill Private Capital Income Fund | term loan first lien First Lien Debt | $12.8M | $12.8M 101c | S+450 bp |
| Nuveen Churchill Direct Lending Corp. | term loan first lien First Lien Debt | $12.7M | $12.6M 100c | S+450 bp |
| Nuveen Churchill Private Capital Income Fund | term loan first lien First Lien Debt | $12.7M | $12.6M 100c | S+450 bp |
| Nuveen Churchill Direct Lending Corp. | term loan first lien First Lien Debt | $12.7M | $12.5M 100c | S+450 bp |
| Nuveen Churchill Private Capital Income Fund | term loan first lien First Lien Debt | $12.7M | $12.5M 100c | S+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A lender 03/21/2027 Industry Business Services | $9.7M | $49,000 | S+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A lender 03/21/2027 Industry Business Services | $9.7M | $49,000 | S+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A lender 03/21/2027 Industry Business Services | $9.7M | $49,000 | S+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien First Lien Secured Debt Term Loan Maturity 3/21/2027 Industry Business Services | $9.7M | Not disclosed | S+475 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien First Lien Secured Debt Term Loan Maturity 03/21/2027 Industry Business Services | $9.7M | Not disclosed | S+475 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A lender 3/21/2027 Industry Business Services | $9.7M | $48,000 | S+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 3/32/2032 Industry Healthcare Technology Current Coupon 8.19% Basis Point | $9.1M | $9.1M 100c | //www.pennantpark.com/+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 3/19/2032 Industry Healthcare Technology Current Coupon 8.23% Basis Point | $9.1M | $9.1M 100c | //www.pennantpark.com/+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 3/19/2032 Industry Business Services Current Coupon 8.23% Basis Point Spre | $8.6M | $8.6M 100c | //fasb.org/+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A lender 3/22/2027 Industry Business Services | $8.4M | $42,000 | S+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien First Lien Secured Debt Maturity 3/19/2032 Industry Business Services Current Coupon 8.17% | $7.4M | $7.4M 100c | //fasb.org/+450 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $7.1M | $863,000 93c | S+450 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $7.1M | $863,000 93c | S+450 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $7.1M | $0 0c | S+450 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien First Lien Debt (Delayed Draw) | $7.1M | $0 0c | S+450 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien | $7.1M | $10,000 -30c | S+450 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien | $7.1M | $10,000 -30c | S+450 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien | $7.1M | -$70,000 206c | S+475 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien | $7.1M | -$70,000 206c | S+475 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien | $7.1M | -$71,000 197c | S+475 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien | $7.1M | -$71,000 197c | S+475 bp |
| PennantPark Floating Rate Capital Ltd. | revolver first lien A withheld name 03/19/2032 Industry Business Services | $1.9M | $0 | S+450 bp |
| PennantPark Floating Rate Capital Ltd. | revolver first lien A withheld name 03/19/2032 Industry Business Services | $1.9M | $0 | S+450 bp |
| PennantPark Floating Rate Capital Ltd. | revolver first lien A withheld name 03/19/2032 Industry Business Services | $1.9M | $0 | S+450 bp |
| PennantPark Floating Rate Capital Ltd. | revolver first lien First Lien Secured Debt Revolver Maturity 3/19/2032 Industry Business Services | $1.9M | -$10,000 | S+475 bp |
| PennantPark Floating Rate Capital Ltd. | revolver first lien First Lien Secured Debt Revolver Maturity 03/19/2032 Industry Business Services | $1.9M | Not disclosed | S+475 bp |
| PennantPark Floating Rate Capital Ltd. | revolver first lien A withheld name 3/19/2032 Industry Business Services Current Coupon 10.25% Basis Point Spr | $1.2M | $1.2M 100c | //fasb.org/+350 bp |
| PennantPark Floating Rate Capital Ltd. | revolver first lien A withheld name 3/19/2032 Industry Business Services Current Coupon 10.25% | $1.2M | $1.2M 100c | S+450 bp |
| PennantPark Floating Rate Capital Ltd. | revolver first lien A withheld name 3/19/2032 Industry Business Services | $778,000 | $0 | S+350 bp |
| PennantPark Floating Rate Capital Ltd. | revolver first lien A withheld name 3/19/2032 Industry Business Services | $778,000 | $0 | S+450 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien First Lien Debt (Delayed Draw) | Not disclosed | -$43,000 -358c | S+450 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien First Lien Debt (Delayed Draw) | Not disclosed | -$43,000 -358c | S+450 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | S+450 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | S+450 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 3/19/2032 Industry Business Services Current Coupon 8.50% Basis Point Spre | Not disclosed | Not disclosed | S+450 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | S+475 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | S+475 bp |
| Nuveen Churchill Direct Lending Corp. | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | S+475 bp |
| Nuveen Churchill Private Capital Income Fund | delayed draw term loan first lien Delayed Draw Loan | Not disclosed | Not disclosed | S+475 bp |
Capital structure as the BDCs see it
latest quarter end a withheld name
Capital structure as the BDCs see it
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $68.9M | 100c | //stepstoneprivate.com/+450 bp | Mar 19, 2032 | 6 |
| first lien delayed draw term loan first lien | at least $14.6M | 95c | //stepstoneprivate.com/+450 bp | Mar 19, 2032 | 4 |
| first lien revolver first lien | at least $3.2M | 100c | //stepstoneprivate.com/+350 bp | Mar 19, 2032 | 4 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| a withheld name | 6 | $547M | $365M | 100c | 0 |
| Dec 31, 2024 | 2 | $0 | $0 | n/a | 0 |
What changed
- New lender joined a facilitya withheld name
- New lender joined a facilitya withheld name
- New lender joined a facilitya withheld name
- Spread changed (observed)a withheld name
- New lender joined a facilitya withheld name
+3 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
- Sweetwater Private Equity listed on its portfolio page, undated · credit outlook
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
No person is named yet: no leadership page, deal announcement or filing DFX has read names this company’s chief executive, finance chief or treasurer, so no one is suggested.
Position history
24 field-level changes across filed schedules, latest first
- New positionat $45,0002026-06-30
- Principal increased$14,000 to $313,0002026-06-30
- New positionat $50,0002026-06-30
+21 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.