DFX Intelligence
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Borrower
S••• a•• P••••••• L•••• H••••••• L••
Real Estate Management & Developmentgroup grade Aon a schedule nowsponsor unattributed
What matters now
- $57.8Mprincipal outstanding
$57.8M principal held by 4 lenders; matures Sep 2028.
Q2 2026 · Refinancing is due in 24 months at a 101¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 101¢ · 101¢ · 100¢ · 101¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
100¢101¢
Principal held
at least $57.8M
sum of BDC pieces, a lower bound
Fair value
$54.8M
101c on cost, debt pieces
Unfunded
$3.0M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Sep 15, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
10
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | $26.3M | 101¢ | 0 pts |
| A•••••• S•••••••• C••••• F••• | $14.9M | 100¢ | +1 pts |
| A•••••• P•••••• C••••• F••• | $11.2M | 100¢ | +1 pts |
| A• P•••••• L•••••• F••• | $5.46M | 100¢ | 0 pts |
Every BDC piece · 18 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 8.14% (S + 4.50%; 1.00% F•• | $16.9M | $16.9M 101c | SOFR+450 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.16% M• | $10.1M | $10.1M 100c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.16% M• | $6.3M | $6.3M 100c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.16% M• | $5.8M | $5.8M 100c | SOFR+450 bp |
| A• P•••••• L•••••• F••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 9/15/2028 | $4.3M | $4.3M 100c | SOFR+450 bp |
View all 18 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 8.14% (S + 4.5 | $3.9M | $3.9M 101c | SOFR+450 bp |
| A• P•••••• C••••• I•••••••• C••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 8.14% (S + 4.5 | $3.4M | $3.4M 101c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.16% M•• | $1.9M | $0 0c | SOFR+450 bp |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 8.14% (S + 4.50%; 1.00% F•• | $1.7M | $1.7M 101c | SOFR+450 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.16% M•• | $1.1M | $0 0c | SOFR+450 bp |
| A• P•••••• L•••••• F••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• | 8.14% (S + 4.50%; 1.00% | $1.0M | $1.0M 100c | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.50% I••••••• | $880,000 | $880,000 100c | SOFR+450 bp |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 8.14% (S + 4.50%; 1.00% F•• | $380,761 | $380,761 101c | SOFR+450 bp |
| A• P•••••• L•••••• F••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 8.14% (S + 4.50%; 1.00% F•• | $87,231 | $87,231 101c | SOFR+450 bp |
| A• P•••••• C••••• I•••••••• C••• | revolver first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 9/15/2028 | $0 | $0 0c | SOFR+450 bp |
| A• P•••••• L•••••• F••• | revolver first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 9/15/2028 | $0 | $0 0c | SOFR+450 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 9/15/2028 | Not disclosed | $-0 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 9/15/2028 | Not disclosed | $-0 |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $45.5M | 101c | SOFR+450 bp | Sep 15, 2028 | 4 |
| first lien delayed draw term loan first lien | at least $9.3M | 101c | SOFR+450 bp | Sep 15, 2028 | 3 |
| first lien revolver first lien | at least $3.0M | n/a | SOFR+450 bp | Sep 15, 2028 | 4 |
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 4 | $57.8M | $54.8M | 101c | 0 |
| Mar 31, 2026 | 4 | $57.9M | $54.6M | 100c | 0 |
| Dec 31, 2025 | 4 | $85.5M | $83.2M | 101c | 0 |
| Sep 30, 2025 | 4 | $46.9M | $44.9M | 101c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $43.9M | $42.5M | 100c | 0 |
| Mar 31, 2025 | 4 | $42.2M | $40.8M | 101c | 0 |
| Dec 31, 2024 | 4 | $42.3M | $40.8M | 101c | 0 |
| Sep 30, 2024 | 3 | $35.4M | $34.4M | 101c | 0 |
| Jun 30, 2024 | 3 | $30.4M | $30.0M | 102c | 0 |
| Mar 31, 2024 | 2 | $24.9M | $24.6M | 102c | 0 |
| Dec 31, 2023 | 1 | $31.2M | $29.1M | 95c | 0 |
| Sep 30, 2023 | 1 | $16.7M | $16.6M | 102c | 0 |
| Dec 31, 2022 | 1 | $16.0M | $15.5M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread increasedDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Sep 30, 2024
Full timeline · 14 eventsShow fewer
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Mark recoveredMar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down across lendersDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Spread increasedDec 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SAKO AND PARTNERS LOWERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Real Estate Management & Developmentreportedas one filer wrote it