DFX Intelligence
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Borrower
G••• P••••••••• H•••••••• L••
group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: 2016; Member Units April 29; Member Units July 1
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
66¢ · 78¢ · 86¢Q4 2024 to Q2 2025
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$0
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
3 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2020
latest Dec 31, 2025
Events
9
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 |
|---|---|---|---|
| M•• I••••• F•••• I••• | no principal filed | no cost filed | no comparable mark |
| M••• S••••• C•••••• C••• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 8 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••• S••••• C•••••• C••• | equity equity M••••• U•••• | Not disclosed | $0 | |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• 1 | Not disclosed | $0 | S+950 bp |
| M••• S••••• C•••••• C••• | preferred equity equity P•••••••• Equity | Not disclosed | $0 | |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• 2 | Not disclosed | $0 | S+950 bp |
| M•• I••••• F•••• I••• | equity equity M••••• U•••• | Not disclosed | $0 |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M•• I••••• F•••• I••• | preferred equity equity P•••••••• Equity | Not disclosed | $0 | |
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• 2 | Not disclosed | $0 | S+950 bp |
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• 1 | Not disclosed | $0 | S+950 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| term loan lien unstated exited Dec 31, 2025 | unknown | n/a | S+950 bp | unstated | 2 |
Equity pieces beside the debt: preferred equity ($0 fair value, 2 BDCs), equity ($0 fair value, 2 BDCs), other (Not disclosed fair value, 2 BDCs)
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 | 2 | $0 | $0 | n/a | 0 |
| Sep 30, 2025 | 2 | $0 | $0 | n/a | 0 |
| Jun 30, 2025 | 2 | $3.0M | $6.6M | 240c | 0 |
| Mar 31, 2025 | 2 | $3.0M | $6.1M | 219c | 5 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 2 | $6.0M | $3.8M | 66c | 4 |
| Sep 30, 2024 | 2 | $3.0M | $1.8M | 58c | 2 |
| Jun 30, 2024 | 2 | $3.0M | $2.4M | 81c | 2 |
| Mar 31, 2024 | 2 | $3.0M | $2.9M | 95c | 0 |
| Dec 31, 2023 | 2 | $3.0M | $8.6M | 286c | 0 |
| Sep 30, 2023 | 2 | $3.0M | $2.9M | 95c | 0 |
| Jun 30, 2023 | 2 | $3.0M | $2.9M | 95c | 0 |
| Mar 31, 2023 | 2 | $3.0M | $2.9M | 95c | 0 |
| Dec 31, 2022 | 2 | $3.0M | $8.6M | 286c | 2 |
| Sep 30, 2022 | 2 | $2.4M | $5.1M | 214c | 0 |
| Jun 30, 2022 | 2 | $0 | $9.7M | n/a | 4 |
| Mar 31, 2022 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 2 | $27.6M | $34.6M | 125c | 4 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Mark recoveredJun 30, 2025
- Mark recoveredMar 31, 2025
- Mark recoveredDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
Full timeline · 17 eventsShow fewer
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down across lendersJun 30, 2024
- PIK interest appearsJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsJun 30, 2024
- New lender joined a facilityMar 31, 2023
- PIK interest appearsDec 31, 2022
- PIK interest appearsDec 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
- GULF PUBLISHINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived