DFX Intelligence
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Borrower
S•• I•••••••• S••••••• I••
Nothing material in the last 200 days. Last change: 30 Sep 2025, Consensus mark 97¢ on cost, down from 100¢ a year ago, 100¢ last quarter.
Mark path, consensus per quarter end
100¢ · 94¢ · 94¢ · 100¢ · 97¢Q3 2024 to Q3 2025
Principal held
at least $19.7M
sum of BDC pieces, a lower bound
Fair value
$19.7M
97c on cost, debt pieces
Unfunded
$3.9M
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Aug 1, 2026
$19.7M inside 24 months
On the tape since
Dec 31, 2021
latest Sep 30, 2025
Events
8
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 |
|---|---|---|---|
| A••• C•••••• C••• | $19.7M | 97¢ | -3 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $19.7M | $19.7M 97c | S+625 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Dec 31, 2021 | at least $60.0M | 99c | S+900 bp | Mar 1, 2025 | 1 |
| first lien term loan first lien exited Sep 30, 2025 | at least $19.7M | 97c | S+625 bp | Aug 1, 2026 | 1 |
Equity pieces beside the debt: other (Not disclosed fair value, 1 BDC)
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 | 1 | $19.7M | $19.7M | 97c | 0 |
| Jun 30, 2025 | 1 | $20.2M | $20.2M | 100c | 0 |
| Mar 31, 2025 | 1 | $19.2M | $19.2M | 94c | 0 |
| Dec 31, 2024 | 1 | $19.2M | $19.2M | 94c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 1 | $24.4M | $24.4M | 100c | 0 |
| Jun 30, 2024 | 1 | $24.1M | $24.1M | 99c | 0 |
| Mar 31, 2024 | 1 | $24.4M | $24.4M | 100c | 0 |
| Dec 31, 2023 | 1 | $100,000 | $100,000 | 100c | 0 |
| Sep 30, 2023 | 1 | $100,000 | $100,000 | 100c | 0 |
| Jun 30, 2023 | 1 | $100,000 | $100,000 | 100c | 0 |
| Mar 31, 2023 | 1 | $100,000 | $100,000 | 100c | 0 |
| Dec 31, 2022 | 1 | $61.1M | $61.1M | 95c | 0 |
| Sep 30, 2022 | 1 | $60.0M | $60.0M | 93c | 0 |
| Dec 31, 2021 | 1 | $80.4M | $80.4M | 99c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Mark recoveredJun 30, 2025
- Maturity extended (observed)Dec 31, 2024
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
Full timeline · 13 eventsShow fewer
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Marked down across lendersSep 30, 2022
- Spread changed (observed)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Spread increasedSep 30, 2022
- Facility left every BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: W•••••• P••••• 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.
- W•••••• P••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedwarburgpincus.com"••• Locked"
Identity
- Group key
- S•• I•••••••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived