DFX Intelligence
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Borrower
R••••• C•••••••••
Real Estate Management & Developmentgroup grade Aoff every schedule since Jun 30, 2025sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 100¢ · 100¢ · 103¢ · 103¢Q2 2024 to Q2 2025
Where each lender marks it on the first lien term loan, 1 point apart
102¢103¢
Principal held
at least $132M
sum of BDC pieces, a lower bound
Fair value
$133M
103c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Oct 20, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2025
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $125M | 103¢ | 0 pts |
| M••••• F•••••••• I••••••••• C••• | $6.9M | 102¢ | 0 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | delayed draw term loan first lien Investment T••• F•••• L••• S•••••• D••• – D•••••• D••• I••••••• R••• S+575, 1.50 % F•••• M | $62.7M | $63.0M 103c | SOFR+575 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• – T••• L••• I••••••• R••• S+575, 1.50% F•••• M•••• | $62.4M | $62.7M 103c | SOFR+575 bp |
| M••••• F•••••••• I••••••••• C••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S•••+575, 1.50% F•••• M••••••• D••• 10/20/28 | $3.5M | $3.5M 102c | SOFR+575 bp |
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+575, 1.50% F•••• M••••••• D••• 10/20/28 | $3.4M | $3.5M 102c | SOFR+575 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien delayed draw term loan first lien exited Jun 30, 2025 | at least $66.2M | 103c | SOFR+575 bp | Oct 20, 2028 | 2 |
| first lien term loan first lien exited Jun 30, 2025 | at least $65.8M | 103c | SOFR+575 bp | Oct 20, 2028 | 2 |
Equity pieces beside the debt: other ($125M 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 |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $132M | $133M | 103c | 0 |
| Mar 31, 2025 | 2 | $132M | $132M | 103c | 0 |
| Dec 31, 2024 | 1 | $188M | $184M | 100c | 0 |
| Sep 30, 2024 | 1 | $126M | $123M | 100c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2024 | 1 | $126M | $124M | 101c | 0 |
| Mar 31, 2024 | 1 | $127M | $60.3M | 100c | 0 |
| Dec 31, 2023 | 1 | $127M | $60.3M | 100c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- New borrower on a BDC scheduleDec 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
- REDFINderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Real Estate Management & Developmentreportedas one filer wrote it