DFX Intelligence
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Borrower
S•••••• M•••• C••••••• L••
group grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Also written as: Priority
Nothing material in the last 200 days. Last change: 30 Sep 2025, Consensus mark 65¢ on cost, down from 69¢ a year ago, 61¢ last quarter.
Mark path, consensus per quarter end
69¢ · 64¢ · 54¢ · 61¢ · 65¢Q3 2024 to Q3 2025
Where each lender marks it, 0 points apart
65¢65¢
Principal held
at least $10.9M
sum of BDC pieces, a lower bound
Fair value
$8.4M
77c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Feb 7, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Sep 30, 2025
Events
36
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| S•••••• C•••••• I••••••••• C••• | $5.49M | 65¢ | +3 pts |
| S•••••• P•••••• C••••• B•• | $5.38M | 65¢ | +4 pts |
Every BDC piece · 16 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated T••• L••• | $5.3M | $3.4M 65c | 12.50% |
| S•••••• P•••••• C••••• B•• | term loan lien unstated T••• L••• | $2.4M | $1.5M 65c | 12.50% |
| S•••••• P•••••• C••••• B•• | delayed draw term loan lien unstated D•••••• D•••• T••• L••• | $1.6M | $1.1M 65c | 12.50% |
| S•••••• P•••••• C••••• B•• | revolver lien unstated R••••••• | $537,411 | $346,630 64c | 12.50% |
| S•••••• P•••••• C••••• B•• | revolver lien unstated R••••••• T•••• | $290,964 | $581,928 200c | 12.50% |
View all 16 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••• P•••••• C••••• B•• | revolver lien unstated R••••••• F••• | $200,442 | $400,884 200c | 12.50% |
| S•••••• P•••••• C••••• B•• | revolver lien unstated R••••••• One | $130,760 | $261,520 200c | 12.50% |
| S•••••• P•••••• C••••• B•• | revolver lien unstated R••••••• Two | $129,317 | $258,634 200c | 12.50% |
| S•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• | $83,115 | $53,609 64c | 12.50% |
| S•••••• P•••••• C••••• B•• | revolver lien unstated R••••••• F••• | $64,659 | $129,318 200c | 12.50% |
| S•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• T•••• | $45,000 | $90,000 200c | 12.50% |
| S•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• F••• | $31,000 | $62,000 200c | 12.50% |
| S•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• F••• | $10,000 | $20,000 200c | 12.50% |
| S•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• One | Not disclosed | $40,446 200c | 12.50% |
| S•••••• C•••••• I••••••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | $63,515 65c | 12.50% |
| S•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• Two | Not disclosed | $40,000 200c | 12.50% |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| term loan lien unstated exited Sep 30, 2025 | at least $7.7M | 65c | 12.50% | Feb 7, 2028 | 2 |
| delayed draw term loan lien unstated exited Sep 30, 2025 | at least $1.6M | 65c | 12.50% | Feb 7, 2028 | 2 |
| revolver lien unstated exited Sep 30, 2025 | at least $1.5M | 146c | 12.50% | Feb 7, 2028 | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2025 | 2 | $10.9M | $8.4M | 77c | 0 |
| Jun 30, 2025 | 2 | $11.0M | $8.0M | 73c | 0 |
| Mar 31, 2025 | 2 | $11.0M | $7.3M | 67c | 0 |
| Dec 31, 2024 | 2 | $15.6M | $9.9M | 64c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 2 | $10.5M | $7.2M | 69c | 0 |
| Jun 30, 2024 | 2 | $9.9M | $7.5M | 75c | 6 |
| Mar 31, 2024 | 2 | $10.0M | $8.4M | 85c | 6 |
| Dec 31, 2023 | 2 | $14.8M | $12.5M | 86c | 9 |
| Sep 30, 2023 | 1 | $4.5M | $4.4M | 97c | 3 |
| Jun 30, 2023 | 2 | $10.0M | $9.8M | 100c | 0 |
| Mar 31, 2023 | 2 | $9.7M | $9.5M | 99c | 0 |
| Dec 31, 2022 | 2 | $8.7M | $8.5M | 99c | 0 |
| Sep 30, 2022 | 2 | $8.4M | $2.9M | 99c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Mark recoveredJun 30, 2025
- Mark recoveredJun 30, 2025
Full timeline · 30 eventsShow fewer
- Marked down across lendersMar 31, 2025
- Marked down across lendersMar 31, 2025
- Mark recoveredMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Marked down across lendersDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Mark recoveredDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- 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
- Spread increasedDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Marked down across lendersSep 30, 2024
- Marked down across lendersSep 30, 2024
- Spread changed (observed)Sep 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
- S•••••• M••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived