DFX Intelligence
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Borrower
V•••• S••••••••• T•••• 2•••••
group grade Aoff every schedule since Dec 31, 2023sponsor unattributed
Also written as: Structured
Nothing material in the last 200 days. Last change: 31 Dec 2023, Consensus mark 105¢ on cost, up from 100¢ in Q2 2023, 103¢ last quarter.
Mark path, consensus per quarter end
100¢ · 103¢ · 105¢Q2 2023 to Q4 2023
Principal held
at least $1.5M
sum of BDC pieces, a lower bound
Fair value
$1.4M
105c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Jun 30, 2023
latest Dec 31, 2023
Events
2
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2023, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| K•• F• I••••• T•••• | $1.48M | 105¢ | +2 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•• F• I••••• T•••• | subordinated debt unsecured or subordinated M••••••••, Real Estate Management & D••••••••• 2 | $881,000 | $876,000 104c | 8.10% |
| K•• F• I••••• T•••• | subordinated debt unsecured or subordinated M••••••••, Real Estate Management & D••••••••• 1 | $596,000 | $558,000 105c | 8.10% |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2023
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated subordinated debt unsecured or subordinated exited Dec 31, 2023 | at least $1.5M | 105c | 8.10% | unstated | 1 |
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, 2023 | 1 | $1.5M | $1.4M | 105c | 0 |
| Sep 30, 2023 | 1 | $1.5M | $1.4M | 103c | 0 |
| Jun 30, 2023 | 1 | $1.5M | $1.4M | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2023
- New borrower on a BDC scheduleJun 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
- VERUS SECURITIZATION TRUST 2023 5derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived