DFX Intelligence
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Borrower
P••••••• P•••••• L•••••• I••
Financial Servicesgroup grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Sep 2025, $13.3M principal held by 2 lenders; matures Apr 2028.
Mark path, consensus per quarter end
100¢ · 101¢ · 101¢ · 101¢Q4 2024 to Q3 2025
Principal held
at least $13.3M
sum of BDC pieces, a lower bound
Fair value
$13.3M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Apr 30, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Sep 30, 2025
Events
4
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•• I••••••••• C•••• | $12.7M | 101¢ | 0 pts |
| S•• P•••••• C••••• B•• I• L•• | $591K | 101¢ | 0 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•• I••••••••• C•••• | term loan second lien | S••••• L••• A••••••••• S••••• S•••••• L•••• | 12/2024 | 4/2028 | $12.7M | $12.7M 101c | SOFR+750 bp |
| S•• P•••••• C••••• B•• I• L•• | term loan first lien B••• D•••/S••••• S•••••• L•••• — 268.6% | 12/2024 | 4/2028 | $591,000 | $591,000 101c | S+750 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Sep 30, 2025 | at least $12.7M | 101c | SOFR+750 bp | Apr 30, 2028 | 1 |
| first lien term loan first lien exited Sep 30, 2025 | at least $591,000 | 101c | S+750 bp | Apr 30, 2028 | 1 |
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 | $13.3M | $13.3M | 101c | 0 |
| Jun 30, 2025 | 2 | $13.3M | $13.3M | 101c | 0 |
| Mar 31, 2025 | 2 | $10.3M | $10.3M | 101c | 0 |
| Dec 31, 2024 | 2 | $20.6M | $20.3M | 100c | 0 |
What changed
- Default reported on Form N-PORTMar 31, 2026••• Locked
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- New borrower on a BDC scheduleDec 31, 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
- P••••••• P•••••• L••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Financial Servicesreportedas one filer wrote it