DFX Intelligence
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Borrower
S•• U• S••••••• S••
group grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Sep 2025, Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q4 2023.
Mark path, consensus per quarter end
53¢ · 41¢ · 29¢ · 17¢ · 9¢Q3 2024 to Q3 2025
Principal held
at least $12.3M
sum of BDC pieces, a lower bound
Fair value
$371,000
9c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 27, 2025
$12.3M inside 24 months
On the tape since
Dec 31, 2022
latest Sep 30, 2025
Events
14
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 |
|---|---|---|---|
| H•• C•••••••• L•••••• F••• | $12.3M | 9¢ | -8 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien | $12.3M | $371,000 9c | S+975 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Dec 31, 2022 | at least $76.2M | 97c | S+1075 bp PIK 3.75% | Oct 27, 2025 | 1 |
| first lien delayed draw term loan first lien exited Sep 30, 2025 | at least $12.3M | 9c | S+975 bp | Oct 27, 2025 | 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 | 1 | $12.3M | $371,000 | 9c | 0 |
| Jun 30, 2025 | 1 | $12.7M | $855,000 | 17c | 0 |
| Mar 31, 2025 | 1 | $13.5M | $1.8M | 29c | 0 |
| Dec 31, 2024 | 1 | $29.6M | $6.5M | 41c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 1 | $16.4M | $5.5M | 53c | 0 |
| Jun 30, 2024 | 1 | $20.8M | $12.2M | 78c | 0 |
| Mar 31, 2024 | 1 | $24.2M | $17.6M | 87c | 0 |
| Dec 31, 2023 | 1 | $28.7M | $21.0M | 80c | 1 |
| Sep 30, 2023 | 1 | $41.0M | $40.0M | 100c | 1 |
| Jun 30, 2023 | 1 | $76.9M | $38.0M | 99c | 1 |
| Mar 31, 2023 | 1 | $76.5M | $37.4M | 98c | 1 |
| Dec 31, 2022 | 1 | $76.2M | $34.0M | 97c | 1 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
Full timeline · 22 eventsShow fewer
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Mark recoveredMar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Marked down across lendersDec 31, 2023
- Placed on non-accrualDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Spread increasedDec 31, 2023
- Spread changed (observed)Sep 30, 2023
- Facility left every 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
- SDC SMILEPAYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived