DFX Intelligence
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Borrower
S•••••• B•••• A••••••••• C•
Also written as: S•••••• Bidco Pty Ltd
What matters now
- $50.5Mprincipal outstanding
$50.5M principal held by 3 lenders; matures Jun 2028.
Q2 2026 · Refinancing is due in 20 months at a 99¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
99¢ · 99¢ · 99¢ · 99¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
99¢101¢
Principal held
at least $50.5M
sum of BDC pieces, a lower bound
Fair value
$50.4M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Jun 1, 2028
$50.5M inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
9
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••• C•••••• B••• I••• | $48M | 99¢ | 0 pts |
| G•••• C•••••• B•• 4• I••• | $1.94M | 101¢ | new this quarter |
| G•••• C•••••• P•••••• C••••• F••• | $500K | 101¢ | new this quarter |
Every BDC piece · 8 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $44.7M | $44.0M 99c | S+750 bp PIK 1.00% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $2.9M | $2.8M 99c | S+750 bp PIK 1.00% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop | $1.9M | $1.9M 101c | S+750 bp PIK 1.00% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | N••••••••• I••••• | $500,000 | $493,000 101c | S+750 bp PIK 1.00% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop | $500,000 | $493,000 101c | S+750 bp PIK 1.00% |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $2,000 | $-6,000 200c | S+650 bp PIK 1.00% |
| G•••• C•••••• B••• I••• | equity equity C••••• stock | N••••••••• I••••• | Not disclosed | $504,000 63c | |
| G•••• C•••••• B••• I••• | preferred equity equity P•••••••• stock | N••••••••• I••••• | Not disclosed | $150,000 136c |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $50.5M | 99c | S+750 bp PIK 1.00% | Jun 1, 2028 | 4 |
Equity pieces beside the debt: equity ($504,000 fair value, 2 BDCs), preferred equity ($150,000 fair value, 2 BDCs)
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, 2026 | 3 | $50.5M | $49.7M | 99c | 6 |
| Mar 31, 2026 | 1 | $47.5M | $46.8M | 99c | 3 |
| Dec 31, 2025 | 1 | $47.6M | $47.1M | 99c | 3 |
| Sep 30, 2025 | 1 | $95.1M | $94.2M | 99c | 6 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $47.7M | $47.2M | 99c | 3 |
| Mar 31, 2025 | 1 | $47.6M | $47.1M | 99c | 3 |
| Dec 31, 2024 | 1 | $47.6M | $47.1M | 99c | 3 |
| Sep 30, 2024 | 1 | $47.6M | $47.1M | 99c | 3 |
| Jun 30, 2024 | 1 | $47.5M | $47.0M | 99c | 3 |
| Mar 31, 2024 | 2 | $47.5M | $46.0M | 98c | 6 |
| Dec 31, 2023 | 2 | $47.3M | $45.9M | 98c | 6 |
| Sep 30, 2023 | 2 | $47.2M | $45.8M | 98c | 6 |
| Jun 30, 2023 | 2 | $47.1M | $45.7M | 98c | 6 |
| Mar 31, 2023 | 2 | $47.0M | $45.6M | 98c | 6 |
| Dec 31, 2022 | 1 | $33.5M | $33.1M | 100c | 3 |
| Sep 30, 2022 | 2 | $46.8M | $45.9M | 99c | 0 |
| Sep 30, 2021 | 1 | $33.7M | $33.4M | 100c | 0 |
What changed
- Maturity approachingJun 1, 2028
- Maturity extended (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
Full timeline · 19 eventsShow fewer
- Spread increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Jun 30, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Spread increasedMar 31, 2023
- PIK interest appearsMar 31, 2023
- Spread changed (observed)Dec 31, 2022
- PIK interest appearsDec 31, 2022
- Spread increasedDec 31, 2022
- PIK interest appearsDec 31, 2022
- New borrower on a BDC scheduleSep 30, 2021
Sponsor
Possible relationship, not established: W•• M••••••••• C•••••••••, because Form D signer consensus, grade B (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- E•• C•••••• ••• L••••••
- Form D signer consensus, grade Bestimated"••• Locked"
- W•• M••••••••• C•••••••••
- Form D signer consensus, grade Bestimated"••• Locked"
Identity
- Group key
- SPARTANderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived