DFX Intelligence
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Borrower
S••••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: 2021 Refinancing; Internet & Direct Marketing Retail
What matters now
- 90¢ → 100¢consensus mark
Consensus mark 100¢ on cost, up from 90¢ a year ago, 100¢ last quarter.
Q1 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
90¢ · 94¢ · 97¢ · 100¢ · 100¢Q1 2025 to Q1 2026
Principal held
at least $11.9M
sum of BDC pieces, a lower bound
Fair value
$11.4M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Sep 17, 2021
latest Mar 31, 2026
Events
14
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| C•••••••• L•••••• S••••••••• L•• | $11.9M | 100¢ | 0 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••••• L•••••• S••••••••• L•• | term loan second lien S••••••••• loan | $11.9M | $11.4M 100c | S+500 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Mar 31, 2026 | at least $11.9M | 100c | S+500 bp | unstated | 1 |
| first lien term loan first lien exited Sep 30, 2025 | at least $2.4M | 100c | S+600 bp | Oct 1, 2027 | 1 |
| other lien unstated exited Mar 31, 2023 | unknown | n/a | unstated | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $11.9M | $11.4M | 100c | 0 |
| Dec 31, 2025 | 1 | $11.9M | $11.4M | 100c | 0 |
| Sep 30, 2025 | 2 | $33.6M | $32.0M | 97c | 0 |
| Jun 30, 2025 | 1 | $21.6M | $20.3M | 94c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $21.5M | $19.4M | 90c | 2 |
| Dec 31, 2024 | 1 | $21.3M | $19.1M | 90c | 2 |
| Sep 30, 2024 | 1 | $21.3M | $18.8M | 88c | 2 |
| Jun 30, 2024 | 1 | $42.2M | $36.8M | 87c | 3 |
| Mar 31, 2024 | 1 | $20.9M | $17.3M | 83c | 2 |
| Dec 31, 2023 | 1 | $20.7M | $16.7M | 81c | 2 |
| Jun 30, 2023 | 1 | $28.8M | $24.6M | 85c | 0 |
| Mar 31, 2023 | 2 | $22.1M | $15.2M | 69c | 0 |
| Dec 31, 2022 | 1 | $20.1M | $14.2M | 71c | 0 |
| Sep 30, 2022 | 2 | $78.3M | $53.6M | 69c | 0 |
| Jun 30, 2022 | 2 | $22.3M | $19.2M | 86c | 0 |
| Dec 31, 2021 | 1 | $161M | $160M | 100c | 0 |
| Sep 17, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- New lender joined a facilitySep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread increasedJun 30, 2025
Full timeline · 26 eventsShow fewer
- Spread changed (observed)Jun 30, 2024
- Mark recoveredJun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread increasedMar 31, 2024
- PIK interest appearsDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- PIK interest appearsDec 31, 2023
- Maturity extended (observed)Jun 30, 2023
- Mark recoveredJun 30, 2023
- Spread changed (observed)Jun 30, 2023
- Spread increasedJun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Marked down (one lender)Mar 31, 2023
- Facility left every BDC scheduleMar 31, 2023
- Marked down across lendersDec 31, 2022
- Marked down (one lender)Dec 31, 2022
- Marked down (one lender)Sep 30, 2022
- New lender joined a facilityJun 30, 2022
- New lender joined a facilityJun 30, 2022
- New lender joined a facilityJun 30, 2022
- New borrower on a BDC scheduleSep 17, 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
- SHUTTERFLYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived