DFX Intelligence
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Borrower
P••••••• P••••••• I••••••• L••
Also written as: Pave America, LLC; Undrawn Commitment
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
102¢ · 102¢ · 102¢ · 102¢ · 102¢Q2 2024 to Q2 2025
Principal held
at least $6.2M
sum of BDC pieces, a lower bound
Fair value
$6.2M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
1 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Feb 7, 2029
no dated debt inside 24 months
On the tape since
Mar 31, 2023
latest Jun 30, 2025
Events
10
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| W••••••••• F••••••• I••• | $6.22M | 102¢ | 0 pts |
Every BDC piece · 6 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| W••••••••• F••••••• I••• | term loan first lien F•••• L••• S•••••• T••• L••• One | $5.1M | $5.1M 102c | SOFR+550 bp |
| W••••••••• F••••••• I••• | delayed draw term loan first lien F•••• L••• S•••••• D•••••• D••• L••• One | $566,000 | $566,000 102c | SOFR+550 bp |
| W••••••••• F••••••• I••• | revolver first lien F•••• L••• S•••••• R•••••••• L••• One | $369,000 | $371,000 102c | SOFR+550 bp |
| W••••••••• F••••••• I••• | term loan first lien F•••• L••• S•••••• T••• L••• | $162,000 | $162,000 101c | SOFR+550 bp |
| W••••••••• F••••••• I••• | delayed draw term loan first lien F•••• L••• S•••••• D•••••• D••• L••• | $22,000 | $24,000 114c | SOFR+550 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| W••••••••• F••••••• I••• | revolver first lien F•••• L••• S•••••• R•••••••• L••• | $11,000 | $11,000 100c | SOFR+550 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2025 | at least $5.3M | 102c | SOFR+550 bp | Feb 8, 2029 | 1 |
| first lien delayed draw term loan first lien exited Jun 30, 2025 | at least $588,000 | 102c | SOFR+550 bp | Feb 7, 2029 | 1 |
| first lien revolver first lien exited Jun 30, 2025 | at least $380,000 | 102c | SOFR+550 bp | Feb 7, 2029 | 1 |
Equity pieces beside the debt: other (Not disclosed fair value, 2 BDCs)
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, 2025 | 1 | $6.2M | $6.2M | 102c | 0 |
| Mar 31, 2025 | 1 | $6.1M | $6.1M | 102c | 0 |
| Dec 31, 2024 | 1 | $12.0M | $12.0M | 102c | 0 |
| Sep 30, 2024 | 1 | $6.1M | $6.1M | 102c | 0 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2024 | 3 | $69.1M | $69.0M | 102c | 0 |
| Mar 31, 2024 | 3 | $70.4M | $70.4M | 103c | 0 |
| Dec 31, 2023 | 3 | $70.6M | $69.9M | 102c | 0 |
| Sep 30, 2023 | 2 | $25.3M | $24.8M | 100c | 0 |
| Jun 30, 2023 | 4 | $51.4M | $50.7M | 101c | 0 |
| Mar 31, 2023 | 2 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
Full timeline · 13 eventsShow fewer
- Spread changed (observed)Mar 31, 2025
- Maturity extended (observed)Sep 30, 2023
- New lender joined a facilitySep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- New lender joined a facilitySep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- New lender joined a facilitySep 30, 2023
- New borrower on a BDC scheduleMar 31, 2023
Sponsor
- T•••••• I••••••••• A•••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedtrivest.com"••• Locked"
- A•• Q• A••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedaeainvestors.com"••• Locked"
- A•• I•••••••• S•• L•
- the sponsor's own portfolio page lists a company of this nameestimatedaeainvestors.com"••• Locked"
Identity
- Group key
- P••••••• P••••••• I••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived