DFX Intelligence
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Borrower
S••••• A••••• I••
Also written as: Research & Consulting Services
Principal held
at least $15.0M
sum of BDC pieces, a lower bound
Fair value
$6.4M
43c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Dec 15, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
26
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $13.6M | 43c | S+550 bp PIK 11.25% | Dec 15, 2028 | 4 |
| revolver lien unstated | at least $1.0M | 44c | S+550 bp PIK 9.30% | unstated | 3 |
| first lien delayed draw term loan first lien | at least $396,000 | 42c | S+550 bp PIK 9.28% | Dec 15, 2028 | 1 |
| other lien unstated exited Sep 30, 2025 | at least $8.4M | 84c | S+225 bp PIK 3.75% | Dec 15, 2028 | 1 |
| delayed draw term loan lien unstated exited Dec 31, 2024 | at least $8.2M | 91c | S+550 bp | Dec 15, 2028 | 4 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $1.8M | $796,000 44c | S+550 bp PIK 9.30% |
| B•••••• B••• I••• | revolver lien unstated R••••••• | $349,000 | $152,000 44c | S+550 bp PIK 9.30% |
| B•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• | $349,000 | $152,000 44c | S+550 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $1.8M | $796,000 44c | S+550 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $1.8M | $796,000 44c | S+550 bp PIK 9.30% |
| B•••••• P•••••• C••••• C••• | revolver lien unstated R••••••• | $349,000 | $152,000 44c | S+550 bp PIK 9.30% |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) | $396,000 | $165,000 42c | S+550 bp PIK 9.28% |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• | $8.1M | $3.4M 42c | S+450 bp PIK 11.25% |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 4 | $15.0M | $6.4M | 43c | 6 |
| Mar 31, 2026 | 4 | $15.0M | $10.6M | 71c | 8 |
| Dec 31, 2025 | 4 | $17.2M | $14.3M | 84c | 10 |
| Sep 30, 2025 | 4 | $14.9M | $12.7M | 86c | 8 |
| Jun 30, 2025 | 4 | $14.8M | $12.5M | 85c | 5 |
| Mar 31, 2025 | 4 | $14.6M | $12.7M | 87c | 2 |
| Dec 31, 2024 | 4 | $27.1M | $24.4M | 91c | 0 |
| Sep 30, 2024 | 4 | $14.6M | $13.1M | 91c | 0 |
| Jun 30, 2024 | 4 | $14.1M | $12.8M | 92c | 0 |
| Mar 31, 2024 | 4 | $13.9M | $13.1M | 96c | 0 |
| Dec 31, 2023 | 4 | $13.9M | $13.4M | 98c | 0 |
| Sep 30, 2023 | 4 | $15.3M | $13.2M | 97c | 0 |
| Jun 30, 2023 | 4 | $15.3M | $13.5M | 99c | 0 |
| Mar 31, 2023 | 4 | $15.1M | $12.7M | 98c | 0 |
| Dec 31, 2022 | 4 | $15.1M | $12.9M | 99c | 0 |
| Sep 30, 2022 | 1 | $1.7M | $1.7M | 102c | 0 |
| Dec 31, 2021 | 1 | $1.7M | $1.7M | 100c | 0 |
What changed
- PIK interest increasedJun 30, 2026
- Marked down across lendersJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- non accrual placedJun 30, 2026
- non accrual placedJun 30, 2026
- non accrual placedJun 30, 2026
- non accrual placedJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- Marked down across lendersJun 30, 2026
- Marked down across lendersJun 30, 2026
- PIK interest increasedJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- PIK interest increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
Sponsor
- R•••••• T••••••••• M••••••••• L•••••
- the sponsor's own portfolio page lists a company of this nameestimatedrubicontp.com"••• Locked"
Identity
- Group key
- S••••• A••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived