DFX Intelligence
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Borrower
D•••• L•••••• S•• I• L••
Specialized Financegroup grade Aon a schedule nowsponsor unattributed
Also written as: Common; Specialized Finance
Principal held
at least $111M
sum of BDC pieces, a lower bound
Fair value
$112M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
4 equity pieces beside them
Next maturity
Aug 31, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
3
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated term loan unsecured or subordinated | at least $111M | 100c | 8.00% PIK 7.00% | Aug 31, 2029 | 2 |
| unsecured or subordinated delayed draw term loan unsecured or subordinated exited Dec 31, 2022 | at least $8.4M | 100c | 10.00% | unstated | 1 |
Equity pieces beside the debt: warrants ($0 fair value, 2 BDCs), preferred equity ($1.1M fair value, 2 BDCs), equity ($0 fair value, 2 BDCs), other (n/a fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• L•••••• C••• | warrants equity W••••••• | n/a | $0 | |
| O•••••• S•••••••• L•••••• C••• | term loan unsecured or subordinated S••••••••• D••• T••• L••• 1 | $12.7M | $12.7M 100c | 8.00% PIK 3.00% |
| O•••••• S•••••••• L•••••• C••• | preferred equity equity P•••••••• Equity | n/a | $594,000 142c | |
| O•••••• S•••••••• L•••••• C••• | equity equity C••••• S•••• | n/a | $0 0c | |
| O•••••• S•••••••• L•••••• C••• | term loan unsecured or subordinated S••••••••• D••• T••• L••• 2 | $32.3M | $32.3M 100c | 3.00% PIK 7.00% |
| O•••••• S•••••••• C••••• F••• | term loan unsecured or subordinated S••••••••• D••• T••• L••• 2 | $40.4M | $40.4M 100c | 8.00% PIK 3.00% |
| O•••••• S•••••••• C••••• F••• | preferred equity equity P•••••••• Equity | n/a | $468,000 142c | |
| O•••••• S•••••••• C••••• F••• | equity equity C••••• S•••• | n/a | $0 0c | |
| O•••••• S•••••••• C••••• F••• | warrants equity W••••••• | n/a | $0 | |
| O•••••• S•••••••• C••••• F••• | term loan unsecured or subordinated S••••••••• D••• T••• L••• 1 | $25.5M | $25.5M 100c | 3.00% PIK 7.00% |
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 | 2 | $111M | $111M | 100c | 4 |
| Mar 31, 2026 | 2 | $121M | $121M | 100c | 4 |
| Dec 31, 2025 | 2 | $119M | $119M | 100c | 4 |
| Sep 30, 2025 | 2 | $118M | $118M | 100c | 4 |
| Jun 30, 2025 | 2 | $116M | $116M | 100c | 4 |
| Mar 31, 2025 | 2 | $115M | $115M | 100c | 4 |
| Dec 31, 2024 | 2 | $113M | $113M | 100c | 4 |
| Sep 30, 2024 | 2 | $96.8M | $96.8M | 100c | 4 |
| Jun 30, 2024 | 2 | $95.5M | $95.5M | 100c | 4 |
| Mar 31, 2024 | 2 | $69.3M | $69.3M | 100c | 4 |
| Dec 31, 2023 | 2 | $57.5M | $57.5M | 100c | 2 |
| Sep 30, 2023 | 2 | $31.3M | $31.3M | 100c | 2 |
| Jun 30, 2023 | 2 | $23.3M | $23.3M | 100c | 2 |
| Mar 31, 2023 | 2 | $15.2M | $15.2M | 100c | 2 |
| Dec 31, 2022 | 1 | $8.4M | $8.4M | 100c | 0 |
| Sep 30, 2022 | 2 | $11.7M | $11.7M | 100c | 0 |
What changed
- PIK interest appearsMar 31, 2023
- PIK interest appearsMar 31, 2023
- Facility left every BDC scheduleDec 31, 2022
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- DELTA LEASINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Specialized Financereportedas one filer wrote it