DFX Intelligence
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Borrower
n• S•••••• A••••••••• L••
group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: Cardinal Purchaser LLC; Cardinal Topco Holdings, L.P
Nothing material in the last 200 days. Last change: 31 Dec 2025, $62.2M principal held by 1 lender; matures Mar 2027.
Mark path, consensus per quarter end
96¢ · 96¢ · 97¢ · 100¢ · 100¢Q4 2024 to Q4 2025
Principal held
at least $62.2M
sum of BDC pieces, a lower bound
Fair value
$89.0M
100c on cost, debt pieces
Unfunded
$0
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Mar 1, 2027
$62.2M inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2025
Events
7
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 |
|---|---|---|---|
| A••• C•••••• C••• | $62.2M | 100¢ | 0 pts |
Every BDC piece · 8 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $46.1M | $46.1M 100c | S+600 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 3 | $9.2M | $9.2M 100c | S+600 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $2.5M | $2.5M 100c | S+600 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $2.5M | $2.5M 100c | S+450 bp |
| A••• C•••••• C••• | term loan unsecured or subordinated S••••• subordinated loan | $1.8M | $1.8M 100c | PIK 11.00% |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $100,000 | $100,000 100c | S+600 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• C•••••• C••• | preferred equity equity C•••• A preferred units | Not disclosed | $26.8M 131c | PIK 8.00% |
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 Dec 31, 2025 | at least $57.9M | 100c | S+600 bp | Sep 1, 2027 | 1 |
| first lien revolver first lien exited Dec 31, 2025 | at least $2.5M | 100c | S+450 bp | Mar 1, 2027 | 1 |
| unsecured or subordinated term loan unsecured or subordinated exited Dec 31, 2025 | at least $1.8M | 100c | PIK 11.00% | Mar 1, 2027 | 1 |
Equity pieces beside the debt: preferred equity ($26.8M fair value, 1 BDC), other (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 |
|---|---|---|---|---|---|
| Dec 31, 2025 | 1 | $62.2M | $62.2M | 100c | 1 |
| Sep 30, 2025 | 1 | $62.3M | $62.3M | 100c | 1 |
| Jun 30, 2025 | 1 | $62.3M | $60.5M | 97c | 1 |
| Mar 31, 2025 | 1 | $68.1M | $65.3M | 96c | 3 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1 | $63.7M | $61.1M | 96c | 2 |
| Sep 30, 2024 | 1 | $62.7M | $61.4M | 98c | 1 |
| Jun 30, 2024 | 1 | $62.4M | $62.4M | 100c | 1 |
| Mar 31, 2024 | 1 | $62.5M | $62.5M | 100c | 1 |
| Dec 31, 2023 | 1 | $51.3M | $51.3M | 100c | 1 |
| Sep 30, 2023 | 1 | $51.4M | $51.4M | 100c | 1 |
| Jun 30, 2023 | 1 | $51.4M | $51.4M | 100c | 1 |
| Mar 31, 2023 | 1 | $51.5M | $51.4M | 100c | 0 |
| Dec 31, 2022 | 1 | $97.8M | $97.8M | 100c | 0 |
| Sep 30, 2022 | 1 | $50.4M | $50.4M | 100c | 0 |
| Dec 31, 2021 | 1 | $50.7M | $50.7M | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Mark recoveredJun 30, 2025
- Maturity shortened (observed)Jun 30, 2025
Full timeline · 12 eventsShow fewer
- Maturity extended (observed)Dec 31, 2024
- PIK interest increasedDec 31, 2024
- PIK interest increasedDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Marked down (one lender)Dec 31, 2023
- PIK interest appearsJun 30, 2023
- PIK interest appearsJun 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
- N• S•••••• A•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived