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A private credit provider

Direct lenderBDC adviser· New York, NY

Direct lender, based in New York, NY, advising 2 BDCs with $4.9B at fair value across 304 borrowers.

Composed from this provider's classification, location and filed figures.

BDC fair value
$4.9B
Borrowers
304
Sponsors
15
Sponsor relationships (15)BDCs (2)
As of · the latest BDC schedule or sponsor pairing on record for this provider

What matters now

  1. $13.6M
    on non-accrual, 6 borrowers

    6 borrowers on non-accrual, $13.6M principal; the largest is Innovative FlexPak, LLC ($4.73M at TPG Twin Brook Capital Income Fund).

    Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.

    FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen Innovative FlexPak, LLC →
  2. $4.73M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $4.73M principal: Innovative FlexPak, LLC ($4.73M at TPG Twin Brook Capital Income Fund).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open Innovative FlexPak, LLC →
  1. 46 below 80¢
    $39.3M principal

    46 positions across 18 borrowers marked below 80¢ on cost, $39.3M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  2. 21 new sponsors
    in 12 months

    At least 21 new sponsors began borrowing from this lender in the last twelve months, and 19 sponsors came back for another deal.

    New sponsor relationships are where its next deals come from.

    Factdeal announcements and BDC schedules naming the pairWhat changed →
  3. 6 new borrowers
    4 quarters, against 2

    Financed 6 new sponsor-backed borrowers in the last four quarters, against 2 in the four before.

    The pace of new lending against the year before.

    DerivedBDC schedules, sponsor-backed borrowersSponsor relationships →
Every figure, and the identifiersCRD 318665 · 1 other DFX graphsShow
Direct lenderCRD 318665
BDCs managed
2
read from each BDC's 10-K
BDC fair value
$4.9B
latest schedules, summed
BDC principal held
$6.0B
debt pieces, the filers' figures
Credit funds
0
Form ADV Schedule D
Borrowers
304
across BDCs and named deals
Sponsors
15
sponsor x lender pairs
Adviser RAUM
not established
as filed on Form ADV
On other DFX graphs
1
shared identifiers only

What they say they lend against

the firm's own words, read from its site
The numbers they state
Borrower EBITDA
up to $25.0M
source on record
What they lend
Unitranche*
stated
First lien*
stated
Second lien*
stated
Mezzanine*
stated
Preferred equity*
stated
How much, and against what
EBITDA
up to $25M, $25M and up
Lower middle market*
stated
Middle market*
stated
Who they lend to
Sponsor backed*
stated
Platforms*
stated
Sectors and geography
Sectors
specialty distribution
Sector thesis
healthcare services
Geography*
United States
What they exclude
Exclusions*
These indices (excluding U.S.

Read from the firm's own site, at source on record on Sep 22, 2026. Each line is the value DFX extracted above the sentence it came from, so the sentence can be checked against the page. A starred dimension is one whose extraction precision has not been measured on the credit corpus; the quote is shown so it can be judged directly.

What they have actually funded

from the BDC schedules

Every debt and equity piece the provider's BDCs reported in their latest schedules of investments, in the filers' own numbers. 1,308 positions.

Seniority of what it holds
  • First lien843 100%
  • Equity2 0%
  • Unsecured or subordinated2 0%
Of 1,308 positions, 847 carry a lien in the filing. A unitranche is filed as first lien, so a stated unitranche appetite can be neither confirmed nor contradicted here.
Size of the debt pieces it takes
  • Under $5M474 57%
  • $5M to $15M239 29%
  • $15M to $50M115 14%
  • $50M and up5 1%
833 of 1,308 positions disclose a principal amount; the median piece is $3.6M. Held principal is the lender's share of a facility, not the facility.

No industry breakdown is shown: an industry is recorded on 36.8% of published positions, and a mix built on that would describe which filers tag their schedules rather than what this lender prefers.

Relationship network

305 connected entities

From the latest schedules of investments of the BDCs this provider advises, the facilities and deals that name it, its Form ADV and its BDCs' 10-Ks. A borrower's figure is the BDCs' own fair value mark of their positions, not money moved.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the financings and sources behind it. Line weight is financings together; dashed lines are inferred.

Reading the network
  • Sponsor
  • Fund or vehicle
›How strength and recency are read

Borrowers are ordered by the size of the position in the provider's BDCs, sponsors by how many of its borrowers they back. BDCs and funds are the vehicles it advises. Every figure is as filed, with its date.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

BDCs managed

BDCFair valueBorrowersAs of
TPG Twin Brook Capital Income Fund$4.9B304Jun 30, 2026
a withheld nameNot disclosedn/an/a

Sponsor relationships

by borrowers financed across the provider's BDCs

+12 additional sponsors this lender finances

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

All 15 pairs

Named as lender on a deal

carried from sponsor and lender announcements
No deal announcement on the graph names this provider as a lender.

Facilities held or named

0 on the graph
The provider's pieces sit on its BDCs' pages; no facility is held in this entity's own name.

Credit funds on Form ADV

candidates by name; Form ADV has no private credit fund type
No credit-named private fund on this adviser's Form ADV.

What changed

  • Repeat sponsor and lender pair Jun 30, 2026
  • Repeat sponsor and lender pair Jun 30, 2026
  • New sponsor and lender pair Jun 30, 2026
  • Repeat sponsor and lender pair Jun 30, 2026
  • New sponsor and lender pair Jun 30, 2026

+35 additional dated changes on this lender

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

How this provider is known

Direct lender
probable · bdc adviser 10kreportedsec.gov
RIA Intelligence
0a837f7e-0ce6-8fbc-01ea-3ed767807b78derivedname unique adv
Across the graphs

This record is the same institution as 1 record in RIA and Wealth.

RIA and Wealth1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Not yet on record: credit fund assets.