DFX Intelligence
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Borrower
M••••• B••
group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2025, Consensus mark 98¢ on cost, up from 90¢ a year ago, 99¢ last quarter.
Mark path, consensus per quarter end
90¢ · 94¢ · 100¢ · 99¢ · 98¢Q4 2024 to Q4 2025
Where each lender marks it on the first lien term loan, 0 points apart
98¢98¢
Principal held
at least $25.0M
sum of BDC pieces, a lower bound
Fair value
$24.4M
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2025
Events
9
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••• B••• I••• | $10M | 98¢ | -1 pts |
| B•••••• C•••••• I••••••••• C••• | $8.34M | 98¢ | -1 pts |
| B•••••• P•••••• C••••• C••• | $6.66M | 98¢ | -1 pts |
Every BDC piece · 4 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $10.0M | $9.8M 98c | S+593 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $6.7M | $6.5M 98c | S+593 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $4.2M | $4.1M 98c | S+593 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $4.2M | $4.1M 98c | S+593 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $25.0M | 98c | S+593 bp | unstated | 3 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 3 | $25.0M | $24.4M | 98c | 0 |
| Sep 30, 2025 | 3 | $20.9M | $20.4M | 99c | 0 |
| Jun 30, 2025 | 3 | $21.2M | $20.6M | 100c | 0 |
| Mar 31, 2025 | 3 | $20.0M | $19.4M | 94c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 3 | $34.9M | $33.6M | 90c | 0 |
| Sep 30, 2024 | 3 | $20.8M | $19.9M | 97c | 0 |
| Jun 30, 2024 | 3 | $19.6M | $18.4M | 89c | 0 |
| Mar 31, 2024 | 3 | $19.6M | $18.4M | 90c | 0 |
| Dec 31, 2023 | 3 | $19.8M | $17.9M | 87c | 0 |
| Sep 30, 2023 | 3 | $18.9M | $16.8M | 82c | 0 |
| Jun 30, 2023 | 3 | $19.7M | $17.5M | 86c | 0 |
| Mar 31, 2023 | 3 | $19.2M | $15.9M | 78c | 0 |
| Dec 31, 2022 | 3 | $18.6M | $15.5M | 76c | 0 |
| Sep 30, 2022 | 1 | $8.3M | $7.5M | 76c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Mark recoveredJun 30, 2025
- Marked down across lendersDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
Full timeline · 17 eventsShow fewer
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Mark recoveredSep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Mark recoveredDec 31, 2023
- Mark recoveredJun 30, 2023
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New borrower on a BDC scheduleSep 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
- MEDIAN #NLderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived