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A private credit provider

Direct lenderBDC adviserOpportunistic creditPrivate credit fund manager· New York, NY

Direct lender, based in New York, NY, advising 7 BDCs with $15B at fair value across 356 borrowers.

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

BDC fair value
$15B
Credit fund assets
$6.4B
Borrowers
356
Sponsors
22
Sponsor relationships (22)BDCs (7)Credit funds
As of · the latest BDC schedule or sponsor pairing on record for this provider

What matters now

  1. $186M
    on non-accrual, 5 borrowers

    5 borrowers on non-accrual, $186M principal; the largest is Spectrio, LLC ($66.7M, $49.2M of it at Morgan Stanley Direct Lending 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 Spectrio, LLC →
  2. $134M
    newly on non-accrual

    3 borrowers newly placed on non-accrual in Q2 2026, $134M principal: Spectrio, LLC ($66.7M, $49.2M of it at Morgan Stanley Direct Lending Fund), BPG Holdings IV Corp ($48.6M, $27.5M of it at North Haven Private Income Fund LLC), US INFRA SVCS Buyer, LLC ($18.6M at Morgan Stanley Direct Lending Fund).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open Spectrio, LLC →
  1. 78 below 80¢
    $435M principal

    78 positions across 30 borrowers marked below 80¢ on cost, $435M 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. 23 new sponsors
    in 12 months

    At least 23 new sponsors began borrowing from this lender in the last twelve months, and 17 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. 4 new borrowers
    4 quarters, against 3

    Financed 4 new sponsor-backed borrowers in the last four quarters, against 3 in the four before.

    The pace of new lending against the year before.

    DerivedBDC schedules, sponsor-backed borrowersSponsor relationships →
Every figure, and the identifiersCRD 147521 · CIK 1535639 · 2 other DFX graphsShow
Direct lenderOpportunistic creditPrivate credit fund managerCRD 147521
BDCs managed
7
read from each BDC's 10-K
BDC fair value
$15B
latest schedules, summed
BDC principal held
$15B
debt pieces, the filers' figures
Credit funds
31
Form ADV Schedule D
Borrowers
356
across BDCs and named deals
Sponsors
22
sponsor x lender pairs
Adviser RAUM
not established
as filed on Form ADV
On other DFX graphs
2
shared identifiers only

What they say they lend against

the firm's own words, read from its site
This provider's own site has not been read for a stated mandate. Its footprint below is built from BDC filings and Form ADV, which say what it holds and not what it looks for.

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. 5,023 positions.

Seniority of what it holds
  • First lien4,341 96%
  • Equity160 4%
  • Second lien22 0%
  • Unsecured or subordinated8 0%
Of 5,023 positions, 4,531 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 $5M1,585 65%
  • $5M to $15M569 23%
  • $15M to $50M265 11%
  • $50M and up23 1%
2,442 of 5,023 positions disclose a principal amount; the median piece is $2.8M. 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

420 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
North Haven Private Income Fund LLC$6.3B324Jun 30, 2026
Morgan Stanley Direct Lending Fund$3.9B248Jun 30, 2026
T Series BDC LLC$2.3B224Jun 30, 2026

+4 additional BDCs managed

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

Sponsor relationships

by borrowers financed across the provider's BDCs

+19 additional sponsors this lender finances

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

All 22 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
FundGross assetsFirst reported
NORTH HAVEN CREDIT PARTNERS III L.P.
Private Equity Fund
$1.6B
Dec 2, 2024
Mar 30, 2020
NORTH HAVEN CREDIT PARTNERS IV OFFSHORE L.P.
Private Equity Fund
$591M
Dec 2, 2024
Mar 31, 2024
NORTH HAVEN EXPANSION CREDIT II LP
Private Equity Fund
$480M
Dec 2, 2024
Mar 31, 2022

+28 additional credit funds

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

What changed

  • Repeat sponsor and lender pair Jun 30, 2026
  • Repeat sponsor and lender pair Jun 30, 2026
  • Repeat sponsor and lender pair Jun 30, 2026
  • Repeat sponsor and lender pair Jun 30, 2026
  • Repeat 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
Private credit fund manager
probable · adv credit fundsestimated
Opportunistic credit
probable · adv credit fundsestimated
Direct lender
probable · adv credit fundsestimated
RIA Intelligence
f0b46a5c-b656-0f57-b0ae-e0e21c0b1898reportedshared crd
RIA Intelligence
f0b46a5c-b656-0f57-b0ae-e0e21c0b1898derivedname unique adv
Across the graphs

This record is the same institution as 5 records in RIA and Wealth, Venture Capital, Allocators, Independent Sponsors and Private Equity.

RIA and Wealth1Venture Capital1Allocators1Independent Sponsors1Private Equity1

DFX found 5 relationships across 5 datasets

Which record it is in each graph, what it is called there, and how the two were matched.

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

Checking your plan…

Capital chain

This record sits on 6 traced paths of capital across the graphs.

Allocator to credit manager to facility to borrower

DFX traced 6 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

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

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…