DFX Intelligence
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Borrower
D••••••
group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2025, $38K principal held by 2 lenders; matures Aug 2027.
Mark path, consensus per quarter end
101¢ · 100¢ · 103¢ · 100¢ · 100¢Q4 2024 to Q4 2025
Principal held
at least $38,000
sum of BDC pieces, a lower bound
Fair value
$38,000
n/a 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
Aug 2, 2027
$38,000 inside 24 months
On the tape since
Sep 30, 2023
latest Dec 31, 2025
Events
3
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 |
|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $38K | 100¢ | 0 pts |
| B•••••• P•••••• C••••• C••• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 3 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• T••• L••• | $19,000 | $19,000 100c | S+500 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $19,000 | $19,000 100c | S+500 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $0 | $0 0c | S+525 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Dec 31, 2024 | at least $170,000 | 101c | S+500 bp | Aug 2, 2027 | 1 |
| first lien term loan first lien exited Dec 31, 2025 | at least $38,000 | n/a | S+500 bp | Aug 2, 2027 | 2 |
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 | $38,000 | $38,000 | 200c | 0 |
| Sep 30, 2025 | 2 | $19,000 | $19,000 | -271c | 0 |
| Jun 30, 2025 | 2 | $4.5M | $4.5M | 103c | 0 |
| Mar 31, 2025 | 1 | $53,000 | $53,000 | 100c | 0 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1 | $340,000 | $342,000 | 101c | 0 |
| Sep 30, 2024 | 1 | $170,000 | $170,000 | 101c | 0 |
| Jun 30, 2024 | 1 | $170,000 | $171,000 | 101c | 0 |
| Mar 31, 2024 | 1 | $178,000 | $179,000 | 101c | 0 |
| Dec 31, 2023 | 1 | $379,000 | $379,000 | 101c | 0 |
| Sep 30, 2023 | 1 | $389,000 | $381,000 | 99c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilityJun 30, 2025
- Facility left every BDC scheduleDec 31, 2024
- New borrower on a BDC scheduleSep 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- DIRECTVderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived