DFX Intelligence
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Borrower
A•• C••••••••• L••
Construction & Engineeringgroup grade Aoff every schedule since Dec 31, 2025sponsor not established · possible relationship
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
97¢ · 96¢ · 97¢ · 97¢ · 96¢Q4 2024 to Q4 2025
Principal held
at least $19.8M
sum of BDC pieces, a lower bound
Fair value
$18.9M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 1, 2026
$19.8M inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2025
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| O•••••• S•••••••• L•••••• C••• | $17.2M | 95¢ | -2 pts |
| P••• P•••••• C••••• F••• | $2.6M | 100¢ | +1 pts |
Every BDC piece · 5 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 3 | $13.8M | $13.1M 95c | S+750 bp PIK 1.00% |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 1 | $2.6M | $2.5M 95c | S+750 bp PIK 1.00% |
| P••• P•••••• C••••• F••• | unstated lien unstated Due 7/07/2026 One | $2.2M | $2.2M 100c | S+676 bp PIK 1.00% |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 2 | $786,000 | $747,000 95c | S+750 bp PIK 1.00% |
| P••• P•••••• C••••• F••• | unstated lien unstated Due 7/07/2026 | $419,000 | $417,000 100c | S+650 bp PIK 1.00% |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $17.2M | 95c | S+750 bp PIK 1.00% | Jul 1, 2026 | 1 |
| other lien unstated exited Dec 31, 2025 | at least $2.6M | 100c | S+676 bp PIK 1.00% | Jul 7, 2026 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 2 | $19.8M | $18.9M | 96c | 5 |
| Sep 30, 2025 | 2 | $20.5M | $19.9M | 97c | 5 |
| Jun 30, 2025 | 2 | $21.1M | $20.4M | 97c | 5 |
| Mar 31, 2025 | 2 | $21.8M | $20.8M | 96c | 5 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 2 | $22.3M | $21.5M | 97c | 0 |
| Sep 30, 2024 | 2 | $23.0M | $22.2M | 97c | 0 |
| Jun 30, 2024 | 1 | $20.6M | $20.0M | 98c | 0 |
| Mar 31, 2024 | 1 | $21.2M | $20.7M | 98c | 0 |
| Dec 31, 2023 | 2 | $25.1M | $24.6M | 99c | 0 |
| Sep 30, 2023 | 1 | $22.3M | $21.9M | 99c | 0 |
| Jun 30, 2023 | 1 | $22.8M | $22.4M | 99c | 0 |
| Mar 31, 2023 | 1 | $23.2M | $22.8M | 99c | 0 |
| Dec 31, 2022 | 1 | $14.5M | $14.3M | 101c | 0 |
| Sep 30, 2022 | 1 | $29.4M | $28.9M | 102c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Jun 30, 2025
Full timeline · 12 eventsShow fewer
- PIK interest appearsMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Spread increasedMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- New lender joined a facilityDec 31, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
Possible relationship, not established: W••••• E••••• P••••••• M••••••• L•••, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- W••••• E••••• P••••••• M••••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedwarrenequity.com"••• Locked"
Identity
- Group key
- A•• C••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it