DFX Intelligence
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Borrower
D• B••• I••
Telecommunicationsgroup 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
107¢ · 103¢Q4 2024 to Q1 2025
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$50.9M
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
4 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2025
Events
7
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 |
|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 5 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | equity equity Equity I••••••• | $51,000 | Not disclosed | |
| B••• C•••••• S•••••••• F••••••• I••• | preferred equity equity P•••••••• Equity | $38,000 | $39.7M 105c | |
| B••• C•••••• S•••••••• F••••••• I••• | preferred equity equity P•••••••• Equity Two | $7,000 | $5.9M | |
| B••• C•••••• S•••••••• F••••••• I••• | preferred equity equity P•••••••• Equity One | $6,000 | $5.3M 138c | |
| B••• C•••••• S•••••••• F••••••• I••• | unstated lien unstated A••••••••• D••• 9/23/2024 | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien delayed draw term loan first lien exited Jun 30, 2024 | at least $34.0M | 113c | S+260 bp PIK 6.50% | Mar 23, 2026 | 1 |
| first lien term loan first lien exited Mar 31, 2025 | at least $1.4M | 103c | SOFR+100 bp PIK 9.00% | Jun 30, 2025 | 1 |
Equity pieces beside the debt: preferred equity ($50.9M fair value, 1 BDC), equity (Not disclosed fair value, 1 BDC), other (Not disclosed fair value, 1 BDC), warrants (Not disclosed 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 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2025 | 1 | $1.4M | $1.4M | 103c | 1 |
| Dec 31, 2024 | 1 | $2.8M | $2.8M | 107c | 0 |
| Sep 30, 2024 | 1 | $0 | $0 | n/a | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2024 | 1 | $34.0M | $38.4M | 113c | 1 |
| Mar 31, 2024 | 1 | $33.4M | $39.0M | 117c | 1 |
| Dec 31, 2023 | 1 | $32.9M | $32.9M | 100c | 0 |
| Sep 30, 2023 | 1 | $32.3M | $32.3M | 101c | 1 |
| Jun 30, 2023 | 1 | $32.0M | $32.0M | 101c | 1 |
| Mar 31, 2023 | 1 | $31.6M | $31.6M | 101c | 1 |
| Dec 31, 2022 | 1 | $58.5M | $58.5M | 101c | 3 |
| Sep 30, 2022 | 1 | $25.4M | $25.4M | 101c | 1 |
| Dec 31, 2021 | 1 | $17.0M | $17.0M | 102c | 1 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleJun 30, 2024
Full timeline · 9 eventsShow fewer
- PIK interest appearsMar 31, 2024
- PIK interest appearsMar 31, 2024
- Spread changed (observed)Mar 31, 2023
- Spread changed (observed)Sep 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
- D• B•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Telecommunicationsreportedas one filer wrote it