DFX Intelligence
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Borrower
L•• L••••••••• L••
group grade Aoff every schedule since Jun 30, 2025sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 99¢ · 100¢Q2 2024 to Q2 2025
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $18.9M
sum of BDC pieces, a lower bound
Fair value
$18.9M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Dec 31, 2025
$18.9M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2025
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 |
|---|---|---|---|
| W••••••••• F••••••• I••• | $10.8M | 100¢ | 0 pts |
| C•••••• S•••••••• C••• | $8.14M | 100¢ | +1 pts |
Every BDC piece · 5 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••••• C••• | term loan first lien F•••• L••• | $7.9M | $7.9M 100c | S+725 bp |
| W••••••••• F••••••• I••• | term loan first lien F•••• L••• S•••••• T••• L••• | $5.4M | $5.3M 100c | SOFR+725 bp |
| W••••••••• F••••••• I••• | delayed draw term loan first lien F•••• L••• S•••••• D•••••• D••• L••• | $5.0M | $5.0M 100c | SOFR+725 bp |
| W••••••••• F••••••• I••• | revolver first lien F•••• L••• S•••••• R•••••••• L••• | $437,000 | $436,000 100c | SOFR+747 bp |
| C•••••• S•••••••• C••• | revolver lien unstated R•••••••• L••• | $279,000 | $279,000 100c | S+725 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2025 | at least $13.2M | 100c | SOFR+725 bp | Dec 31, 2025 | 2 |
| first lien delayed draw term loan first lien exited Jun 30, 2025 | at least $5.0M | 100c | SOFR+725 bp | Dec 31, 2025 | 1 |
| first lien revolver first lien exited Jun 30, 2025 | at least $437,000 | 100c | SOFR+747 bp | Dec 31, 2025 | 1 |
| revolver lien unstated exited Jun 30, 2025 | at least $279,000 | 100c | S+725 bp | Dec 31, 2025 | 1 |
Equity pieces beside the debt: preferred equity ($600,000 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 |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $18.9M | $18.9M | 100c | 0 |
| Mar 31, 2025 | 2 | $27.1M | $27.0M | 99c | 0 |
| Dec 31, 2024 | 2 | $19.0M | $18.9M | 100c | 0 |
| Sep 30, 2024 | 2 | $19.0M | $19.0M | 100c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2024 | 2 | $18.4M | $18.4M | 100c | 0 |
| Mar 31, 2024 | 2 | $18.4M | $18.4M | 100c | 0 |
| Dec 31, 2023 | 1 | $10.5M | $10.5M | 100c | 0 |
| Sep 30, 2023 | 1 | $10.5M | $10.5M | 100c | 0 |
| Jun 30, 2023 | 1 | $10.6M | $10.6M | 100c | 0 |
| Mar 31, 2023 | 1 | $10.6M | $10.6M | 100c | 0 |
| Dec 31, 2022 | 1 | $10.6M | $10.6M | 100c | 0 |
| Sep 30, 2022 | 1 | $10.6M | $10.6M | 101c | 0 |
| Dec 31, 2021 | 1 | $6.3M | $6.3M | 101c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Maturity extended (observed)Jun 30, 2024
Full timeline · 12 eventsShow fewer
- Spread changed (observed)Sep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Spread changed (observed)Jun 30, 2023
- Spread changed (observed)Jun 30, 2023
- Spread increasedJun 30, 2023
- Spread increasedJun 30, 2023
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- L•• L••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived