DFX Intelligence
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Borrower
A••••• A••••••••• C••• I• S• S••••••
Paper and Forest Productsgroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2025, Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q2 2025.
Mark path, consensus per quarter end
75¢ · 52¢ · 63¢ · 36¢ · 30¢Q4 2024 to Q4 2025
Principal held
at least $678,014
sum of BDC pieces, a lower bound
Fair value
$193,851
30c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Nov 30, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Dec 31, 2025
Events
13
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•••••••• T•• C•••••• C•••• | $678K | 30¢ | -6 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• T•• C•••••• C•••• | revolver lien unstated R••••••• Ref S••• (Q) F•••• 1.00% S••••• 6.15% T•••• C••••• 9.94% M••••••• 11/30/2029 | $678,014 | $193,851 30c | SOFR+615 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated exited Dec 31, 2025 | at least $678,014 | 30c | SOFR+615 bp | Nov 30, 2029 | 1 |
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 | 1 | $678,014 | $193,851 | 30c | 0 |
| Sep 30, 2025 | 1 | $678,014 | $232,991 | 36c | 0 |
| Jun 30, 2025 | 1 | $678,014 | $410,513 | 63c | 0 |
| Mar 31, 2025 | 2 | $588,688 | $206,401 | 52c | 2 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 2 | $479,508 | $334,351 | 75c | 2 |
| Sep 30, 2024 | 2 | $925,563 | $806,348 | 91c | 0 |
| Jun 30, 2024 | 1 | $679,287 | $643,794 | 101c | 0 |
| Mar 31, 2024 | 2 | $780,595 | $739,111 | 101c | 0 |
| Dec 31, 2023 | 2 | $426,675 | $402,282 | 97c | 0 |
| Sep 30, 2023 | 2 | $178,039 | $164,686 | 97c | 0 |
| Jun 30, 2023 | 1 | $35,814 | $30,693 | 96c | 0 |
| Mar 31, 2023 | 1 | $17,907 | $11,908 | 87c | 0 |
| Dec 31, 2022 | 2 | $0 | -$30,022 | -193c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
Full timeline · 25 eventsShow fewer
- Mark recoveredJun 30, 2025
- Placed on non-accrualJun 30, 2025
- Maturity extended (observed)Mar 31, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- PIK interest appearsDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Spread changed (observed)Jun 30, 2023
- Spread increasedJun 30, 2023
- Spread changed (observed)Mar 31, 2023
- New borrower on a BDC scheduleDec 31, 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
- ALPINE SR SECUREDderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Paper and Forest Productsreportedas one filer wrote it