DFX Intelligence
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Borrower
S••••• G•••• A••••••••• M••••••• T•••• 2•••••••
group grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Also written as: Structured
Nothing material in the last 200 days. Last change: 30 Sep 2025, Consensus mark 78¢ on cost, down from 100¢ a year ago, 73¢ last quarter.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 73¢ · 78¢Q3 2024 to Q3 2025
Principal held
at least $5.1M
sum of BDC pieces, a lower bound
Fair value
$3.3M
80c 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, 2030
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Sep 30, 2025
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| F• K•• C•••••• C••• | $3.4M | 68¢ | +8 pts |
| K•• F• I••••• T•••• | $1.67M | 99¢ | +1 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | subordinated debt unsecured or subordinated M••••••••, Real Estate Management & D••••••••• | $3.4M | $1.7M 68c | S+1800 bp |
| K•• F• I••••• T•••• | term loan lien unstated T••• L•••, Real Estate Management & D••••••••• | $1.3M | $1.3M 101c | 7.30% |
| K•• F• I••••• T•••• | subordinated debt unsecured or subordinated M••••••••, Real Estate Management & D••••••••• 1 | $217,000 | $219,000 101c | 8.00% |
| K•• F• I••••• T•••• | subordinated debt unsecured or subordinated M••••••••, Real Estate Management & D••••••••• 2 | $147,000 | $74,000 67c | 18.00% |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated subordinated debt unsecured or subordinated exited Sep 30, 2025 | at least $3.8M | 70c | S+1800 bp | Jul 1, 2030 | 2 |
| term loan lien unstated exited Sep 30, 2025 | at least $1.3M | 101c | 7.30% | unstated | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2025 | 2 | $5.1M | $3.3M | 80c | 0 |
| Jun 30, 2025 | 2 | $5.1M | $3.1M | 75c | 0 |
| Mar 31, 2025 | 2 | $5.1M | $4.6M | 110c | 0 |
| Dec 31, 2024 | 2 | $10.2M | $9.1M | 113c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 2 | $4.7M | $4.6M | 113c | 0 |
| Jun 30, 2024 | 2 | $5.1M | $4.5M | 110c | 0 |
| Mar 31, 2024 | 2 | $5.3M | $4.5M | 105c | 0 |
| Dec 31, 2023 | 2 | $8.7M | $7.3M | 109c | 0 |
| Sep 30, 2023 | 2 | $5.3M | $4.3M | 104c | 0 |
| Jun 30, 2023 | 2 | $5.3M | $4.0M | 96c | 0 |
| Mar 31, 2023 | 1 | $3.4M | $2.3M | 100c | 0 |
| Dec 31, 2022 | 2 | $41.1M | $38.6M | 99c | 0 |
| Sep 30, 2022 | 1 | $34.5M | $42.5M | 100c | 0 |
What changed
- Mark recoveredSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
Full timeline · 8 eventsShow fewer
- Marked down (one lender)Jun 30, 2025
- Spread changed (observed)Sep 30, 2024
- 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
- SALUDA GRADE ALTERNATIVE MORTGAGE TRUST 2022 BC2derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived