DFX Intelligence
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Borrower
M•• E••••• G•••••• L••
Apparel Security 1st Lien, Secured Loangroup grade Aon a schedule nowsponsor unattributed
Also written as: 92121; CA; LLC 6740 Cobra Way San Diego
What matters now
- $18.1Mprincipal outstanding
$18.1M principal held by 2 lenders; matures Jul 2027.
Q1 2026 · Refinancing is due in 10 months at a 90¢ mark.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
90¢ · 89¢ · 90¢ · 89¢ · 90¢Q1 2025 to Q1 2026
Where each lender marks it on the first lien term loan, 5 points apart
88¢93¢
Principal held
at least $18.1M
sum of BDC pieces, a lower bound
Fair value
$15.8M
90c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 15, 2027
$18.1M inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2026
Events
3
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•••• S•••••••• L•••••• F••• | $10.7M | 88¢ | +1 pts |
| G•••• E•• C•••••• C•••• | $7.49M | 93¢ | 0 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S••••• P•••• S•••••••• L•••••• F••• | term loan first lien 1st L•••/S•••••• L•••• I••••••••• 1st L••• T••• L••• I••••••• C••••••• A•••••• R••• S+7.26 | $10.7M | $9.3M 88c | SOFR+726 bp |
| G•••• E•• C•••••• C•••• | term loan first lien I••••••• A•••••• S••••••• 1st L•••, S•••••• L••• I••••••• R••• 3M S••• + 7.00% (10.96%) I• | $7.5M | $6.5M 93c | SOFR+700 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Jun 30, 2023 | at least $23.3M | 73c | S+700 bp | Jul 15, 2027 | 1 |
| first lien term loan first lien exited Mar 31, 2026 | at least $18.1M | 90c | SOFR+726 bp | Jul 15, 2027 | 2 |
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 | 2 | $18.1M | $15.8M | 90c | 0 |
| Dec 31, 2025 | 2 | $17.2M | $14.8M | 89c | 0 |
| Sep 30, 2025 | 2 | $17.3M | $15.0M | 90c | 0 |
| Jun 30, 2025 | 2 | $16.5M | $14.2M | 89c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 2 | $16.6M | $14.4M | 90c | 0 |
| Dec 31, 2024 | 2 | $16.7M | $14.4M | 90c | 0 |
| Sep 30, 2024 | 2 | $15.8M | $12.7M | 84c | 0 |
| Jun 30, 2024 | 2 | $16.0M | $12.1M | 79c | 0 |
| Mar 31, 2024 | 2 | $14.1M | $10.3M | 75c | 0 |
| Dec 31, 2023 | 2 | $17.0M | $12.0M | 72c | 0 |
| Sep 30, 2023 | 1 | $2.9M | $2.0M | 72c | 0 |
| Jun 30, 2023 | 1 | $23.3M | $16.7M | 73c | 0 |
| Mar 31, 2023 | 1 | $26.0M | $19.4M | 76c | 0 |
| Dec 31, 2022 | 2 | $37.8M | $31.8M | 86c | 0 |
| Sep 30, 2022 | 1 | $26.3M | $24.2M | 94c | 0 |
| Dec 31, 2021 | 1 | $26.8M | $26.4M | 101c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Mark recoveredDec 31, 2024
- New lender joined a facilitySep 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- Marked down (one lender)Mar 31, 2023
Full timeline · 7 eventsShow fewer
- Marked down (one lender)Dec 31, 2022
- Marked down (one lender)Sep 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
- MAD ENGINEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Apparel Security 1st Lien, Secured Loanreportedas one filer wrote it