DFX Intelligence
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Borrower
R••••• B••••• I••
group grade Aoff every schedule since Jun 30, 2025sponsor unattributed
Also written as: nShift; R••••• Bidco AB; R••••• B•••• I N C
Nothing material in the last 200 days. Last change: 31 Dec 2024, Non-accrual at 1 of 3 lenders on the latest schedules.
Mark path, consensus per quarter end
80¢ · 77¢ · 60¢ · 51¢ · 49¢Q4 2023 to Q4 2024
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
Not disclosed
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
0 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2025
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $152M | 48¢ | -3 pts |
| P••••• S••••• C•••••• B•• I••• | $4.86M | 48¢ | -2 pts |
| G•••• E•• C•••••• C•••• | $2M | 94¢ | new this quarter |
Every BDC piece · 5 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $75.9M | $36.0M 48c | S+550 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $75.9M | $36.0M 48c | S+550 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien F•••• L••• S••••• S•••••• I••••••• H•••••••• D••••••• I••••••• R••• 10.11% (S + CSA + 5.50 | $4.9M | $2.3M 48c | SOFR+550 bp |
| G•••• E•• C•••••• C•••• | term loan first lien I••••••• R••••• S••••••• 1st L•••, S•••••• L••• I••••••• R••• 3M S•••+ 5.61% (10.11%) I••• | $2.0M | $921,000 94c | SOFR+561 bp |
| G•••• E•• C•••••• C•••• | term loan first lien I••••••• R••••• S••••••• 1st L•••, S•••••• L••• I••••••• R••• 3M S••• | Not disclosed | Not disclosed | S+561 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Dec 31, 2024 | at least $152M | 48c | S+550 bp | Oct 20, 2028 | 1 |
| first lien term loan first lien exited Dec 31, 2024 | at least $6.9M | 56c | SOFR+550 bp | Oct 23, 2028 | 2 |
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, 2024 | 3 | $159M | $75.3M | 48c | 0 |
| Sep 30, 2024 | 2 | $80.9M | $40.9M | 51c | 0 |
| Jun 30, 2024 | 1 | $76.2M | $45.3M | 60c | 0 |
| Mar 31, 2024 | 1 | $76.4M | $58.4M | 77c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2023 | 2 | $81.5M | $64.6M | 80c | 0 |
| Sep 30, 2023 | 2 | $76.8M | $61.1M | 81c | 0 |
| Jun 30, 2023 | 2 | $77.0M | $59.8M | 79c | 0 |
| Mar 31, 2023 | 1 | $77.2M | $57.9M | 76c | 0 |
| Dec 31, 2022 | 2 | $155M | $110M | 72c | 0 |
| Sep 30, 2022 | 1 | $77.6M | $53.0M | 70c | 0 |
| Dec 31, 2021 | 2 | $163M | $161M | 103c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2024
- Placed on non-accrualDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Mark recoveredDec 31, 2024
- Lender left a facilityDec 31, 2024
Full timeline · 14 eventsShow fewer
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Jun 30, 2024
- Lender left a facilitySep 30, 2023
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 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
- RUNNERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 4 BDCsderived