DFX Intelligence
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Borrower
S•••••••• L••
group grade Aon a schedule nowsponsor unattributed
What matters now
- 56¢ → 60¢consensus mark
Consensus mark 60¢ on cost, up from 56¢ in Q2 2025, 67¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
56¢ · 67¢ · 60¢Q2 2025 to Q2 2026
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$8.8M
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
3 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Sep 30, 2020
latest Jun 30, 2026
Events
13
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••• C•••••• B••• I••• | no principal filed | 60¢ | -7 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B••• I••• | unstated lien unstated | Not disclosed | $5.6M | |
| G•••• C•••••• B••• I••• | unstated lien unstated LLC interest 1 | Not disclosed | $0 0c | |
| G•••• C•••••• B••• I••• | unstated lien unstated LLC interest 2 | Not disclosed | $3.2M 60c | |
| G•••• C•••••• B••• I••• | unstated lien unstated LLC interest 3 | Not disclosed | $0 0c |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2025 | at least $1.4M | 90c | PIK 1.00% | Oct 1, 2026 | 1 |
Equity pieces beside the debt: other ($8.8M fair value, 1 BDC), preferred equity ($4.8M fair value, 1 BDC), equity ($587,000 fair value, 1 BDC)
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 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2026 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2025 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2025 | 1 | $0 | $0 | n/a | 0 |
All 18 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $1.4M | $1.3M | 90c | 1 |
| Mar 31, 2025 | 1 | $1.4M | $1.3M | 90c | 1 |
| Dec 31, 2024 | 1 | $1.4M | $1.3M | 90c | 1 |
| Sep 30, 2024 | 1 | $710,000 | $526,000 | 74c | 1 |
| Jun 30, 2024 | 1 | $8.0M | $5.6M | 71c | 4 |
| Mar 31, 2024 | 1 | $7.2M | $5.6M | 77c | 3 |
| Dec 31, 2023 | 1 | $7.2M | $4.7M | 66c | 3 |
| Sep 30, 2023 | 1 | $7.2M | $4.7M | 66c | 3 |
| Jun 30, 2023 | 1 | $7.2M | $4.7M | 66c | 3 |
| Mar 31, 2023 | 1 | $7.2M | $4.8M | 68c | 4 |
| Dec 31, 2022 | 1 | $7.1M | $7.4M | 79c | 3 |
| Sep 30, 2022 | 1 | $7.0M | $5.0M | 71c | 0 |
| Sep 30, 2021 | 1 | $10.1M | $6.2M | 69c | 0 |
| Sep 30, 2020 | 1 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Mark recoveredDec 31, 2024
- Maturity extended (observed)Jun 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
Full timeline · 19 eventsShow fewer
- Maturity extended (observed)Jun 30, 2024
- Mark recoveredMar 31, 2024
- Spread changed (observed)Mar 31, 2023
- Marked down across lendersMar 31, 2023
- PIK interest increasedMar 31, 2023
- Marked down (one lender)Mar 31, 2023
- PIK interest increasedMar 31, 2023
- Spread changed (observed)Dec 31, 2022
- PIK interest appearsDec 31, 2022
- Mark recoveredDec 31, 2022
- PIK interest appearsDec 31, 2022
- Spread changed (observed)Sep 30, 2022
- Maturity extended (observed)Sep 30, 2022
- Maturity extended (observed)Sep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SWITCHFLYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived