DFX Intelligence
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Borrower
Z••• C•• W•••• L••
Automobilesgroup grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Also written as: LLC - B; LLC - DIP; LLC Type; Roll Up
Nothing material in the last 200 days. Last change: 31 Mar 2025, Non-accrual at 4 of 7 lenders on the latest schedules.
Mark path, consensus per quarter end
99¢ · 97¢ · 95¢ · 86¢ · 81¢Q1 2024 to Q1 2025
Where each lender marks it on the first lien term loan, 1 point apart
80¢81¢
Principal held
at least $171M
sum of BDC pieces, a lower bound
Fair value
$138M
81c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
7
7 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Aug 10, 2025
$17.5M inside 24 months
On the tape since
Mar 31, 2022
latest Mar 31, 2025
Events
35
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| H•• C•••••••• L•••••• F••• | $42.2M | 80¢ | -6 pts |
| C•••••• S•••••••• C••• | $40.9M | 85¢ | -9 pts |
| P••••••••• F••••••• R••• C•••••• L••• | $30.5M | 81¢ | -8 pts |
| P••••••••• I••••••••• C••• | $22.7M | 81¢ | -8 pts |
| M••• S••••• C•••••• C••• | $21.8M | 77¢ | -5 pts |
View all 7 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| O••• D••••• L•••••• B•• F••• | $9.85M | 85¢ | -7 pts |
| M•• I••••• F•••• I••• | $2.97M | 77¢ | -5 pts |
Every BDC piece · 33 positions across 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien | $22.7M | $17.4M 77c | PIK 7.25% |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 03/31/2028 I••••••• B••••••• Services | $19.2M | $14.9M 81c | S+740 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 3/31/2028 I••••••• A••••••••• | $16.3M | $12.7M 80c | S+740 bp |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• 3 | $15.3M | $11.3M 74c | S+725 bp PIK 11.91% |
| C•••••• S•••••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• - A | $14.1M | $11.5M 82c | S+725 bp |
View all 33 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• - A | $14.1M | $11.5M 82c | S+725 bp |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien | $13.4M | $10.3M 77c | PIK 7.25% |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 03/31/2028 I••••••• A••••••••• | $12.9M | $10.0M 80c | S+740 bp |
| O••• D••••• L•••••• B•• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• I•••••• A••••••••• D••• 7/13/2022 M••••••• D••• 12/31/2024 | $8.7M | $7.2M 83c | S+725 bp |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• 4 | $3.8M | $2.8M 74c | S+725 bp PIK 11.91% |
| C•••••• S•••••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• - B | $3.5M | $2.9M 82c | S+725 bp |
| C•••••• S•••••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• - B | $3.5M | $2.9M 82c | S+725 bp |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien | $3.3M | $3.3M 100c | PIK 7.25% |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 03/31/2028 I••••••• A••• S••••• | $2.5M | $2.0M 80c | S+740 bp |
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• 3 | $2.1M | $1.5M 74c | S+725 bp PIK 11.91% |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien | $1.9M | $1.9M 100c | PIK 7.25% |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• 2 | $1.7M | $1.7M 100c | S+725 bp |
| C•••••• S•••••••• C••• | term loan lien unstated T••• L••• | $1.5M | $1.5M 100c | S+725 bp PIK 11.70% |
| C•••••• S•••••••• C••• | term loan lien unstated R••• Up T••• L••• | $1.5M | $1.5M 100c | S+725 bp PIK 11.70% |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 10/08/2025 I••••••• A••• S••••• C•••••• C••••• 11.70% B•• | $995,000 | $993,000 99c | SOFR+740 bp |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• 1 | $966,000 | $966,000 100c | S+725 bp |
| C•••••• S•••••••• C••• | term loan first lien F•••• L••• - DIP | $878,000 | $878,000 100c | S+725 bp PIK 7.25% |
| C•••••• S•••••••• C••• | term loan lien unstated DIP T••• L••• | $878,000 | $878,000 100c | S+725 bp PIK 11.70% |
| C•••••• S•••••••• C••• | term loan lien unstated T••• L••• | $878,000 | $878,000 100c | S+725 bp PIK 11.70% |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien | $859,000 | $659,000 77c | PIK 7.25% |
| O••• D••••• L•••••• B•• F••• | term loan lien unstated T••• L••• R•••••••• R••• and S••••• 3M S••• + 7.25% F•••• 1.00% I••••••• R••• 11.70% I•••• | $755,822 | $755,822 100c | SOFR+725 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 8/10/2025 I••••••• A••••••••• C•••••• C••••• 11.70% B•••• | $748,000 | $748,000 100c | SOFR+740 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• M••••••• 10/31/2025 I••••••• A••••••••• C•••••• C••••• 11.70 % B•• | $592,000 | $592,000 100c | SOFR+740 bp |
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• 4 | $522,000 | $387,000 74c | S+725 bp PIK 11.91% |
| O••• D••••• L•••••• B•• F••• | term loan first lien S••••• S•••••• S••••••••• P•••••• D••••••••• T••• L••• R•••••••• R••• and S••••• 3M S••• + | $431,898 | $431,898 100c | SOFR+725 bp |
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• 2 | $230,000 | $230,000 100c | S+725 bp |
| M•• I••••• F•••• I••• | term loan lien unstated S•••••• D••• 1 | $132,000 | $132,000 100c | S+725 bp |
| O••• D••••• L•••••• B•• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+725 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2025 | at least $54.5M | 82c | SOFR+725 bp PIK 7.25% | Mar 31, 2028 | 4 |
| delayed draw term loan lien unstated exited Mar 31, 2025 | at least $43.9M | 82c | S+725 bp | Jan 16, 2025 | 2 |
| first lien delayed draw term loan first lien exited Mar 31, 2025 | at least $42.2M | 80c | PIK 7.25% | Oct 10, 2025 | 1 |
| term loan lien unstated exited Mar 31, 2025 | at least $30.3M | 81c | SOFR+725 bp PIK 11.91% | Oct 10, 2025 | 4 |
| other lien unstated exited Jun 30, 2023 | 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 |
|---|---|---|---|---|---|
| Mar 31, 2025 | 7 | $171M | $138M | 81c | 14 |
| Dec 31, 2024 | 7 | $248M | $212M | 86c | 23 |
| Sep 30, 2024 | 7 | $231M | $219M | 95c | 19 |
| Jun 30, 2024 | 7 | $146M | $142M | 97c | 9 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 7 | $149M | $146M | 99c | 9 |
| Dec 31, 2023 | 7 | $148M | $145M | 98c | 0 |
| Sep 30, 2023 | 7 | $173M | $168M | 98c | 0 |
| Jun 30, 2023 | 7 | $174M | $146M | 99c | 0 |
| Mar 31, 2023 | 6 | $164M | $138M | 99c | 0 |
| Dec 31, 2022 | 5 | $122M | $95.6M | 100c | 0 |
| Sep 30, 2022 | 4 | $112M | $129M | 99c | 0 |
| Mar 31, 2022 | 1 | $16.2M | $15.8M | 100c | 0 |
What changed
- Marked down across lendersMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Marked down across lendersMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Marked down across lendersMar 31, 2025
Full timeline · 30 eventsShow fewer
- Maturity extended (observed)Mar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Placed on non-accrualMar 31, 2025
- Placed on non-accrualMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- PIK interest increasedDec 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- Z••• C•• W•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Automobilesreportedas one filer wrote it