DFX Intelligence
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Borrower
P• A••••••••• L••
Retailgroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: 2021; 5; LLC - Funded; LLC - Unfunded; LLC Acquisitions 11; LLC Acquisitions 11/5/2021
Nothing material in the last 200 days. Last change: 31 Dec 2025, Non-accrual at 1 of 1 lender on the latest schedules.
Mark path, consensus per quarter end
74¢ · 71¢ · 62¢ · 45¢ · 13¢Q4 2024 to Q4 2025
Principal held
at least $1.6M
sum of BDC pieces, a lower bound
Fair value
-$553,000
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Nov 9, 2027
$1.6M inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2025
Events
11
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 |
|---|---|---|---|
| P••••••••• I••••••••• C••• | $1.62M | 13¢ | -27 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 11/5/2021 M••••••• 11/9/2027 I••••••• R••••• | $863,000 | $108,000 13c | 0.00% |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 11/5/2021 M••••••• 11/9/2027 I••••••• R••••• | $755,000 | -$661,000 | 0.00% |
| P••••••••• I••••••••• C••• | preferred equity equity P•••••••• Equity A••••••••• 05/31/2023 I••••••• R••••• | Not disclosed | $0 0c |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2025 | at least $9.8M | 46c | 4.35% | Nov 9, 2027 | 1 |
| first lien revolver first lien exited Dec 31, 2025 | at least $1.6M | n/a | 0.00% | Nov 9, 2027 | 1 |
Equity pieces beside the debt: preferred equity ($0 fair value, 1 BDC)
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 | 1 | $1.6M | -$553,000 | -64c | 0 |
| Sep 30, 2025 | 2 | $13.4M | $4.1M | 38c | 0 |
| Jun 30, 2025 | 2 | $25.7M | $13.2M | 58c | 2 |
| Mar 31, 2025 | 2 | $25.3M | $14.9M | 67c | 3 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 2 | $24.9M | $15.4M | 70c | 3 |
| Sep 30, 2024 | 2 | $76.5M | $50.1M | 77c | 9 |
| Jun 30, 2024 | 2 | $27.2M | $16.2M | 76c | 2 |
| Mar 31, 2024 | 2 | $27.0M | $18.4M | 87c | 2 |
| Dec 31, 2023 | 2 | $26.8M | $18.2M | 87c | 1 |
| Sep 30, 2023 | 2 | $49.9M | $31.6M | 88c | 3 |
| Jun 30, 2023 | 2 | $26.4M | $18.5M | 90c | 0 |
| Mar 31, 2023 | 2 | $28.4M | $21.5M | 95c | 0 |
| Sep 30, 2022 | 2 | $39.0M | $30.2M | 98c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Placed on non-accrualDec 31, 2025
- Marked down across lendersSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Marked down (one lender)Sep 30, 2025
Full timeline · 25 eventsShow fewer
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest increasedMar 31, 2025
- PIK interest increasedDec 31, 2024
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- PIK interest increasedDec 31, 2024
- PIK interest appearsSep 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- PIK interest appearsSep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- PIK interest appearsSep 30, 2023
- Spread increasedJun 30, 2023
- 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
- P• A•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Retailreportedas one filer wrote it