DFX Intelligence
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Borrower
B••••• M••••••• C•••
Ground Transportationgroup grade Aoff every schedule since Jun 30, 2025sponsor unattributed
Also written as: Dynamic Product Tankers; Letters of Credit; Undrawn Commitment
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2024 to Q2 2025
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $106M
sum of BDC pieces, a lower bound
Fair value
$106M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Dec 31, 2025
$106M inside 24 months
On the tape since
Mar 31, 2022
latest Jun 30, 2025
Events
22
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| M•• I••••••••• C•••• | $62.2M | 100¢ | -1 pts |
| M••••• F•••••••• I••••••••• C••• | $36.4M | 100¢ | 0 pts |
| M••••• A••••• I••••••••• P•••••• L•••••• | $7.81M | 100¢ | 0 pts |
Every BDC piece · 7 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M•• I••••••••• C•••• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 8.60% I••••••• R••• F•••• 0.00% I••••••• R•• | $60.8M | $60.7M 100c | SOFR+860 bp PIK 12.92% |
| M••••• F•••••••• I••••••••• C••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S•••+635, 1.00% F•••• M••••••• D••• 12/31/25 | $23.7M | $23.6M 99c | SOFR+635 bp |
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+635, 1.00% F•••• M••••••• D••• 12/31/25 | $12.7M | $12.7M 100c | SOFR+635 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S+635, 1.00% F•••• M••••••• D••• 12/31/2025 | $7.8M | $7.8M 100c | SOFR+635 bp |
| M•• I••••••••• C•••• | delayed draw term loan first lien F•••• L••• D••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 8.60% I••••••• R••• F | $1.5M | $1.5M 100c | SOFR+860 bp PIK 12.92% |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S•••+635, 1.00% F•••• M••••••• D••• 12/31/25 | Not disclosed | -$9,000 90c | SOFR+635 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• 4.00% M••••••• D••• 12/31/25 | Not disclosed | Not disclosed | S+635 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2025 | at least $73.4M | 100c | SOFR+635 bp PIK 12.92% | Dec 31, 2025 | 2 |
| first lien delayed draw term loan first lien exited Jun 30, 2025 | at least $33.0M | 100c | SOFR+635 bp PIK 12.92% | Dec 31, 2025 | 3 |
| first lien revolver first lien exited Jun 30, 2025 | unknown | n/a | SOFR+635 bp | Dec 31, 2025 | 1 |
| second lien delayed draw term loan second lien exited Sep 30, 2023 | unknown | n/a | unstated | 1 |
Equity pieces beside the debt: other ($37.2M fair value, 1 BDC)
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, 2025 | 3 | $106M | $106M | 100c | 2 |
| Mar 31, 2025 | 3 | $105M | $105M | 100c | 2 |
| Dec 31, 2024 | 3 | $105M | $105M | 100c | 2 |
| Sep 30, 2024 | 3 | $104M | $103M | 100c | 2 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2024 | 3 | $99.6M | $98.5M | 100c | 2 |
| Mar 31, 2024 | 2 | $149M | $89.4M | 100c | 2 |
| Dec 31, 2023 | 3 | $155M | $94.6M | 100c | 1 |
| Sep 30, 2023 | 2 | $145M | $84.0M | 100c | 1 |
| Jun 30, 2023 | 1 | $102M | $42.5M | 100c | 0 |
| Mar 31, 2023 | 1 | $97.2M | $42.7M | n/a | 0 |
| Dec 31, 2022 | 1 | $160M | $55.2M | 198c | 0 |
| Mar 31, 2022 | 1 | $0 | $0 | n/a | 0 |
What changed
- Spread changed (observed)Jun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Spread increasedJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
Full timeline · 30 eventsShow fewer
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread increasedDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Spread increasedJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- PIK interest appearsMar 31, 2024
- PIK interest appearsMar 31, 2024
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Sep 30, 2023
- New lender joined a facilitySep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Spread increasedSep 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- B••••• M•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Ground Transportationreportedas one filer wrote it