DFX Intelligence
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Borrower
N•••• J•••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Tropicana
Nothing material in the last 200 days. Last change: 30 Jun 2025, Consensus mark 103¢ on cost, up from 95¢ a year ago, 52¢ last quarter.
Mark path, consensus per quarter end
95¢ · 84¢ · 67¢ · 52¢ · 103¢Q2 2024 to Q2 2025
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
Not disclosed
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
0 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
9
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| F••••••• P•••••• C••••• F••• | $2.08M | 103¢ | +51 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• T••• loan R•••••••• R••• and S••••• S••• + 5.50% I••••••• R••• 9.80% M•••• | $2.1M | $2.1M 103c | SOFR+550 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Jun 30, 2023 | at least $46.4M | 98c | S+325 bp | Jan 24, 2029 | 2 |
| first lien term loan first lien exited Jun 30, 2025 | at least $2.1M | 103c | SOFR+550 bp | Jan 24, 2029 | 1 |
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, 2025 | 1 | $2.1M | $2.1M | 103c | 0 |
| Mar 31, 2025 | 1 | $4.0M | $2.0M | 52c | 0 |
| Dec 31, 2024 | 1 | $7.9M | $5.2M | 67c | 0 |
| Sep 30, 2024 | 1 | $4.0M | $3.2M | 84c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2024 | 1 | $4.0M | $3.7M | 95c | 0 |
| Dec 31, 2023 | 1 | $14.2M | $13.7M | 97c | 0 |
| Sep 30, 2023 | 1 | $14.2M | $13.4M | 95c | 0 |
| Jun 30, 2023 | 3 | $60.6M | $58.1M | 97c | 0 |
| Mar 31, 2023 | 3 | $16.0M | $14.0M | 88c | 0 |
| Dec 31, 2022 | 3 | $27.8M | $24.9M | 90c | 0 |
| Sep 30, 2022 | 1 | $25.1M | $23.1M | 92c | 0 |
What changed
- Spread changed (observed)Jun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Mark recoveredJun 30, 2025
- Spread increasedJun 30, 2025
- Marked down across lendersMar 31, 2025
Full timeline · 15 eventsShow fewer
- 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
- Facility left every BDC scheduleJun 30, 2023
- Mark recoveredJun 30, 2023
- Maturity shortened (observed)Jun 30, 2023
- New lender joined a facilityDec 31, 2022
- New borrower on a BDC scheduleSep 30, 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
- N•••• J••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived