DFX Intelligence
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Borrower
S•••••••• B••••• L••
Research & Consulting Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC S••••••••; LLC StoneTurn
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
100¢101¢
Principal held
at least $63.2M
sum of BDC pieces, a lower bound
Fair value
$62.7M
100c on cost, debt pieces
Unfunded
$1.3M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jul 1, 2030
no dated debt inside 24 months
On the tape since
Sep 30, 2024
latest Jun 30, 2026
Events
4
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 |
|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | $21M | 100¢ | 0 pts |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $20.8M | 100¢ | 0 pts |
| N••••• C•••••••• D••••• L•••••• C•••• | $12.2M | 100¢ | 0 pts |
| F•••• E•••• P•••••• C••••• F••• | $9.15M | 101¢ | 0 pts |
Every BDC piece · 14 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 7/1/2030 | $9.5M | $9.4M 100c | SOFR+475 bp |
| F•••• E•••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• F•••• 1.00% I••••••• R•• | $9.1M | $9.1M 101c | SOFR+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• 2 | $9.0M | $8.9M 100c | S+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• 1 | $6.3M | $6.2M 100c | S+475 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 7/1/2030 | $5.9M | $5.9M 100c | SOFR+475 bp |
View all 14 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• 3 | $5.6M | $5.6M 100c | S+475 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• 1 | $4.8M | $4.8M 100c | S+475 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• 2 | $4.4M | $4.3M 100c | S+475 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• 3 | $3.0M | $3.0M 100c | S+475 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 7/1/2030 One | $3.0M | $3.0M 100c | SOFR+475 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 7/1/2030 | $2.6M | $2.6M 100c | SOFR+475 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• Credit | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 7/1/2030 | $0 | $0 0c | SOFR+50 bp |
| F•••• E•••• P•••••• C••••• F••• | revolver first lien F•••• L••• D••• R•••••••) R••••• United S••••• R•••••••• R••• and S••••• S + 4.75% I•••••• | Not disclosed | Not disclosed n/a | SOFR+475 bp |
| F•••• E•••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 7/1/2030 | Not disclosed | Not disclosed |
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 | at least $63.2M | 100c | SOFR+475 bp | Jul 1, 2030 | 4 |
| first lien revolver first lien | at least $0 | n/a | SOFR+475 bp | Jul 1, 2030 | 2 |
| other lien unstated exited Dec 31, 2024 | at least $9.0M | 100c | S+500 bp | Jul 1, 2030 | 2 |
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 | 4 | $63.2M | $62.7M | 100c | 0 |
| Mar 31, 2026 | 4 | $58.0M | $57.6M | 100c | 0 |
| Dec 31, 2025 | 4 | $29.4M | $29.1M | 100c | 0 |
| Sep 30, 2025 | 4 | $23.6M | $23.5M | 101c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $24.7M | $24.5M | 101c | 0 |
| Mar 31, 2025 | 4 | $25.3M | $25.1M | 101c | 0 |
| Dec 31, 2024 | 4 | $63.0M | $61.9M | 100c | 0 |
| Sep 30, 2024 | 2 | $17.6M | $17.3M | 100c | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Dec 31, 2024
Full timeline · 8 eventsShow fewer
- Maturity shortened (observed)Dec 31, 2024
- Maturity shortened (observed)Dec 31, 2024
- New borrower on a BDC scheduleSep 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SAGEBRUSHderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Research & Consulting Servicesreportedas one filer wrote it