DFX Intelligence
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Borrower
C•••••••• F•••• S••••••
Also written as: Incremental CAF
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
108¢ · 102¢ · 106¢ · 108¢ · 109¢Q3 2024 to Q3 2025
Principal held
at least $6.7M
sum of BDC pieces, a lower bound
Fair value
$6.7M
112c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
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 |
|---|---|---|---|
| B•••••• B••• I••• | $5.22M | 109¢ | +1 pts |
| B•••••• P•••••• C••••• C••• | $1.46M | 109¢ | +1 pts |
Every BDC piece · 3 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 1 | $4.4M | $4.4M 113c | S+525 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 1 | $1.5M | $1.5M 109c | S+525 bp |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 2 | $833,000 | $833,000 109c | S+525 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2025 | at least $6.7M | 112c | S+525 bp | unstated | 2 |
| term loan lien unstated exited Mar 31, 2023 | unknown | n/a | unstated | 1 | |
| delayed draw term loan lien unstated exited Mar 31, 2025 | 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 |
|---|---|---|---|---|---|
| Sep 30, 2025 | 2 | $6.7M | $6.7M | 112c | 0 |
| Jun 30, 2025 | 2 | $6.3M | $6.3M | 112c | 0 |
| Mar 31, 2025 | 2 | $3.9M | $3.9M | 107c | 0 |
| Dec 31, 2024 | 2 | $7.4M | $7.4M | 102c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 2 | $4.0M | $3.9M | 108c | 0 |
| Jun 30, 2024 | 2 | $3.8M | $3.8M | 104c | 0 |
| Mar 31, 2024 | 2 | $3.9M | $3.8M | 105c | 0 |
| Dec 31, 2023 | 2 | $4.0M | $3.9M | 107c | 0 |
| Sep 30, 2023 | 2 | $3.8M | $3.8M | 104c | 0 |
| Jun 30, 2023 | 2 | $2.7M | $2.6M | 105c | 0 |
| Mar 31, 2023 | 2 | $2.7M | $2.6M | 104c | 0 |
| Dec 31, 2022 | 2 | $2.8M | $2.6M | 103c | 0 |
| Sep 30, 2022 | 1 | $1.9M | $1.8M | 94c | 0 |
| Dec 31, 2021 | 1 | $807,000 | $807,000 | 109c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Facility left every BDC scheduleMar 31, 2023
Full timeline · 12 eventsShow fewer
- Mark recoveredDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Spread increasedDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: L• C••••••• 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.
- L• C••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedlcapitalmgmt.com"••• Locked"
Identity
- Group key
- CENTRALIS #LUderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived