DFX Intelligence
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Borrower
N•••• B•••••• S••••••••• I••
group grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 101¢ · 101¢Q3 2024 to Q3 2025
Where each lender marks it on the first lien term loan, 1 point apart
100¢101¢
Principal held
at least $26.7M
sum of BDC pieces, a lower bound
Fair value
$26.7M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Sep 30, 2025
Events
10
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••• C•••••• I••••••••• C••• | $14.8M | 100¢ | -1 pts |
| B•••••• P•••••• C••••• C••• | $6.42M | 101¢ | 0 pts |
| B•••••• B••• I••• | $5.53M | 101¢ | 0 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $14.8M | $14.8M 100c | S+450 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $6.4M | $6.4M 101c | S+450 bp |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $5.5M | $5.5M 101c | S+450 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2025 | at least $26.7M | 101c | S+450 bp | unstated | 3 |
| other lien unstated exited Dec 31, 2022 | at least $9.3M | 99c | S+525 bp | unstated | 1 |
| delayed draw term loan lien unstated exited Dec 31, 2022 | unknown | n/a | unstated | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2025 | 3 | $26.7M | $26.7M | 101c | 0 |
| Jun 30, 2025 | 3 | $26.8M | $26.8M | 101c | 0 |
| Mar 31, 2025 | 3 | $26.8M | $26.8M | 101c | 0 |
| Dec 31, 2024 | 3 | $39.0M | $39.0M | 101c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 3 | $26.9M | $26.9M | 101c | 0 |
| Jun 30, 2024 | 3 | $31.8M | $31.8M | 101c | 4 |
| Mar 31, 2024 | 3 | $32.1M | $31.7M | 100c | 4 |
| Dec 31, 2023 | 3 | $32.3M | $31.7M | 100c | 4 |
| Sep 30, 2023 | 3 | $27.4M | $27.0M | 100c | 3 |
| Jun 30, 2023 | 3 | $27.5M | $27.0M | 100c | 3 |
| Mar 31, 2023 | 3 | $27.4M | $26.9M | 100c | 0 |
| Dec 31, 2022 | 3 | $45.3M | $44.4M | 100c | 0 |
| Sep 30, 2022 | 1 | $2.7M | $2.7M | 100c | 0 |
| Dec 31, 2021 | 1 | $2.7M | $2.7M | 101c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Sep 30, 2023
- Spread changed (observed)Jun 30, 2023
Full timeline · 18 eventsShow fewer
- PIK interest appearsJun 30, 2023
- PIK interest appearsJun 30, 2023
- PIK interest appearsJun 30, 2023
- PIK interest appearsJun 30, 2023
- Spread changed (observed)Mar 31, 2023
- Spread increasedMar 31, 2023
- Spread increasedMar 31, 2023
- Spread increasedMar 31, 2023
- New lender joined a facilityDec 31, 2022
- Facility left every BDC scheduleDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Facility left every BDC scheduleDec 31, 2022
- 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
- N•••• B•••••• S••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived