DFX Intelligence
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Borrower
D•••••• M•••• S••••••••• L••
Nothing material in the last 200 days. Last change: 31 Dec 2024, Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q1 2024.
Mark path, consensus per quarter end
56¢ · 28¢ · 17¢ · 24¢ · 30¢Q4 2023 to Q4 2024
Principal held
at least $86.6M
sum of BDC pieces, a lower bound
Fair value
$23.7M
30c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jan 29, 2025
$86.6M inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2024
Events
4
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••• | $86.6M | 30¢ | +6 pts |
Every BDC piece · 8 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $27.9M | $3.5M 14c | S+1100 bp PIK 15.47% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $27.9M | $3.5M 14c | S+1100 bp PIK 15.47% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $8.5M | $1.5M 19c | S+1100 bp PIK 15.47% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $8.5M | $1.5M 19c | S+1100 bp PIK 15.47% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $4.0M | $4.0M 100c | S+800 bp PIK 7.00% |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $4.0M | $4.0M 100c | S+800 bp PIK 7.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $2.9M | $2.9M 100c | S+800 bp PIK 7.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $2.9M | $2.9M 100c | S+800 bp PIK 7.00% |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Dec 31, 2024 | at least $86.6M | 30c | S+1100 bp PIK 15.47% | May 25, 2026 | 1 |
| other lien unstated exited Sep 30, 2024 | at least $38.7M | 24c | S+1100 bp PIK 15.96% | May 25, 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, 2024 | 1 | $86.6M | $23.7M | 30c | 8 |
| Sep 30, 2024 | 1 | $38.7M | $9.1M | 24c | 4 |
| Jun 30, 2024 | 1 | $35.7M | $6.0M | 17c | 2 |
| Mar 31, 2024 | 1 | $33.7M | $9.3M | 28c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2023 | 1 | $64.7M | $35.6M | 56c | 2 |
| Sep 30, 2023 | 1 | $29.3M | $20.1M | 69c | 0 |
| Jun 30, 2023 | 1 | $29.4M | $23.2M | 80c | 0 |
| Mar 31, 2023 | 1 | $29.4M | $23.6M | 81c | 0 |
| Dec 31, 2022 | 1 | $29.5M | $25.2M | 87c | 0 |
| Sep 30, 2022 | 1 | $29.6M | $25.9M | 89c | 0 |
| Dec 31, 2021 | 1 | $32.8M | $32.6M | 102c | 0 |
What changed
- Default reported on Form N-PORTJun 30, 2025••• Locked
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleSep 30, 2024
- Marked down (one lender)Jun 30, 2024
- PIK interest appearsJun 30, 2024
Full timeline · 13 eventsShow fewer
- Placed on non-accrualMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down (one lender)Dec 31, 2023
- PIK interest appearsDec 31, 2023
- Spread increasedDec 31, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Mar 31, 2023
- Marked down (one lender)Sep 30, 2022
Sponsor
Possible relationship, not established: D•••••• C••••••• 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.
- D•••••• C••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimateddeltavcapital.com"••• Locked"
Identity
- Group key
- D•••••• M•••• S••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived