DFX Intelligence
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Borrower
T••••• D••••••••• I••
Trading Companies & Distributorsgroup grade Aon a schedule nowsponsor unattributed
What matters now
- $19.6Mprincipal outstanding
$19.6M principal held by 4 lenders; matures Dec 2026.
Q1 2026 · Refinancing is due in 3 months at a 98¢ mark.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
98¢ · 98¢ · 98¢ · 98¢ · 98¢Q1 2025 to Q1 2026
Where each lender marks it, 2 points apart
96¢98¢
Principal held
at least $19.6M
sum of BDC pieces, a lower bound
Fair value
$24.1M
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Dec 31, 2026
$19.6M inside 24 months
On the tape since
Sep 30, 2022
latest Mar 31, 2026
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| S•• P•••••• C••••• I••••• B•• L•• | $10.8M | 98¢ | 0 pts |
| S•••••• P•••••• C••••• B•• | $5.22M | 96¢ | -1 pts |
| S•• I••••••••• C•••• | $3.51M | 98¢ | 0 pts |
| S•••••• C•••••• I••••••••• C••• | $97.3K | 96¢ | -1 pts |
Every BDC piece · 8 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•• P•••••• C••••• I••••• B•• L•• | term loan first lien I••••••• T•••••• Companies & D••••••••• S••••• above I•••• S+600 F•••• 1.00% I••••••• R••• | $10.8M | $10.6M 98c | SOFR+600 bp |
| S•• I••••••••• C•••• | term loan first lien | F•••• L••• B••• D•••/S••••• S•••••• L•••• | 4/2022 | 12/2026 | $3.5M | $3.4M 99c | SOFR+600 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated T••• L••• | $3.1M | $3.0M 96c | SOFR+600 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated T••• L••• (P••• SPV) | $2.0M | $1.9M 96c | SOFR+600 bp |
| S•••••• P•••••• C••••• B•• | revolver lien unstated R••••••• | $128,683 | $123,536 96c | SOFR+600 bp |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated T••• L••• | $84,275 | $80,904 96c | //stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+600 bp |
| S•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• | $13,043 | $12,521 96c | //stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+600 bp |
| S•• I••••••••• C•••• | unstated lien unstated 12/2026 | Not disclosed | $5.0M 98c | SOFR+600 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2026 | at least $14.3M | 98c | SOFR+600 bp | Dec 31, 2026 | 2 |
| term loan lien unstated exited Mar 31, 2026 | at least $5.2M | 96c | SOFR+600 bp | Dec 31, 2026 | 2 |
| revolver lien unstated exited Mar 31, 2026 | at least $141,726 | 96c | SOFR+600 bp | Dec 31, 2026 | 2 |
| other lien unstated exited Mar 31, 2026 | unknown | 98c | SOFR+600 bp | Dec 31, 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 |
|---|---|---|---|---|---|
| Mar 31, 2026 | 4 | $19.6M | $19.1M | 98c | 0 |
| Dec 31, 2025 | 4 | $21.3M | $20.8M | 98c | 0 |
| Sep 30, 2025 | 4 | $21.4M | $20.9M | 98c | 0 |
| Jun 30, 2025 | 4 | $21.4M | $20.9M | 98c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 4 | $21.5M | $21.0M | 98c | 0 |
| Dec 31, 2024 | 4 | $54.4M | $53.1M | 99c | 0 |
| Sep 30, 2024 | 4 | $21.3M | $20.8M | 99c | 0 |
| Jun 30, 2024 | 4 | $21.4M | $20.9M | 99c | 0 |
| Mar 31, 2024 | 4 | $21.7M | $21.5M | 101c | 0 |
| Dec 31, 2023 | 4 | $35.5M | $35.2M | 101c | 0 |
| Sep 30, 2023 | 3 | $22.3M | $22.2M | 101c | 0 |
| Jun 30, 2023 | 2 | $6.1M | $5.9M | 98c | 0 |
| Mar 31, 2023 | 2 | $6.1M | $5.9M | 98c | 0 |
| Dec 31, 2022 | 4 | $51.8M | $51.6M | 102c | 0 |
| Sep 30, 2022 | 2 | $6.7M | $6.3M | 97c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Spread increasedMar 31, 2024
Full timeline · 10 eventsShow fewer
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedJun 30, 2023
- Spread increasedJun 30, 2023
- 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
- T••••• D•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Trading Companies & Distributorsreportedas one filer wrote it