DFX Intelligence
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Borrower
D••••••••• B•••• S••
Also written as: SmartTrade
Nothing material in the last 200 days. Last change: 31 Mar 2025, Consensus mark 96¢ on cost, down from 97¢ a year ago, 92¢ last quarter.
Mark path, consensus per quarter end
97¢ · 96¢ · 100¢ · 92¢ · 96¢Q1 2024 to Q1 2025
Principal held
at least $3.2M
sum of BDC pieces, a lower bound
Fair value
$3.2M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2025
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••• B••• I••• | $2.3M | 98¢ | +4 pts |
| B•••••• P•••••• C••••• C••• | $864K | 91¢ | +4 pts |
Every BDC piece · 2 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••• | $2.3M | $2.3M 98c | S+525 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $864,000 | $864,000 91c | S+525 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2025 | at least $3.2M | 96c | S+525 bp | unstated | 2 |
Equity pieces beside the debt: other (Not disclosed fair value, 2 BDCs)
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, 2025 | 2 | $3.2M | $3.2M | 96c | 0 |
| Dec 31, 2024 | 2 | $6.1M | $6.1M | 92c | 0 |
| Sep 30, 2024 | 2 | $3.3M | $3.3M | 100c | 0 |
| Jun 30, 2024 | 2 | $3.1M | $3.1M | 96c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 2 | $3.2M | $3.2M | 96c | 0 |
| Dec 31, 2023 | 2 | $3.2M | $3.2M | 99c | 0 |
| Sep 30, 2023 | 2 | $3.1M | $3.1M | 95c | 0 |
| Jun 30, 2023 | 2 | $3.2M | $3.2M | 98c | 0 |
| Mar 31, 2023 | 2 | $3.2M | $3.2M | 97c | 0 |
| Dec 31, 2022 | 2 | $3.1M | $3.1M | 95c | 0 |
| Sep 30, 2022 | 1 | $2.1M | $2.1M | 90c | 0 |
| Dec 31, 2021 | 1 | $2.4M | $2.4M | 104c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Mark recoveredDec 31, 2022
Full timeline · 11 eventsShow fewer
- New lender joined a facilityDec 31, 2022
- Marked down across lendersSep 30, 2022
- Spread changed (observed)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Spread increasedSep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: T• A•••••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.45). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- T• A•••••••••
- the sponsor's own portfolio page lists a company of this nameestimatedta.com"••• Locked"
Identity
- Group key
- DREAMSTART #FRderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived