DFX Intelligence
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Borrower
V•••••• 4• C•• L••
Structured finance (CLO)group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2025, Consensus mark 88¢ on cost, down from 93¢ a year ago, 89¢ last quarter.
Mark path, consensus per quarter end
93¢ · 91¢ · 90¢ · 89¢ · 88¢Q4 2024 to Q4 2025
Principal held
at least $6.0M
sum of BDC pieces, a lower bound
Fair value
$5.2M
88c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Jul 20, 2035
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2025
Events
3
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 |
|---|---|---|---|
| O•• C•••••• C••• | $6M | 88¢ | -1 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•• C•••••• C••• | subordinated debt unsecured or subordinated M•••••••• D••• - C•••• E | $3.0M | $2.6M 88c | S+770 bp |
| O•• C•••••• C••• | subordinated debt unsecured or subordinated M•••••••• D••• - C•••• E I••••••• R••• 11.58% S••••• A•••• I•••• S•••+7.70% I•••••• A••••• | $3.0M | $2.6M 88c | SOFR+770 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated subordinated debt unsecured or subordinated exited Dec 31, 2025 | at least $6.0M | 88c | SOFR+770 bp | Jul 20, 2035 | 1 |
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 | $6.0M | $5.2M | 88c | 0 |
| Sep 30, 2025 | 1 | $3.0M | $2.6M | 89c | 0 |
| Jun 30, 2025 | 1 | $3.0M | $2.7M | 90c | 0 |
| Mar 31, 2025 | 1 | $3.0M | $2.7M | 91c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1 | $9.0M | $8.2M | 93c | 0 |
| Sep 30, 2024 | 1 | $3.0M | $2.7M | 90c | 0 |
| Jun 30, 2024 | 1 | $3.0M | $2.7M | 93c | 0 |
| Mar 31, 2024 | 1 | $3.0M | $2.7M | 91c | 0 |
| Dec 31, 2023 | 1 | $6.0M | $5.2M | 88c | 0 |
| Sep 30, 2023 | 1 | $3.0M | $2.9M | 99c | 0 |
| Jun 30, 2023 | 1 | $3.0M | $2.9M | 97c | 0 |
| Mar 31, 2023 | 1 | $3.0M | $2.9M | 98c | 0 |
| Dec 31, 2022 | 1 | $3.0M | $2.9M | 98c | 0 |
| Sep 30, 2022 | 1 | $3.0M | $2.9M | 97c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Marked down across lendersDec 31, 2023
- Marked down (one lender)Dec 31, 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
- V•••••• 4• C••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Structured finance (CLO)reportedas one filer wrote it