DFX Intelligence
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Borrower
S••••• A•••• D•••••••• 2•••••• L••
group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: S••••• A•••• Holdings 2019-2, LLC
Nothing material in the last 200 days. Last change: 31 Dec 2025, Consensus mark 85¢ on cost, down from 98¢ a year ago, 89¢ last quarter.
Mark path, consensus per quarter end
98¢ · 97¢ · 88¢ · 89¢ · 85¢Q4 2024 to Q4 2025
Principal held
at least $186M
sum of BDC pieces, a lower bound
Fair value
$159M
85c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Nov 1, 2026
$186M inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2025
Events
11
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• C•••••• C••• | $186M | 85¢ | -4 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 unsecured or subordinated S••••• subordinated loan | $186M | $158M 85c | S+690 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $100,000 | $100,000 100c | 3.61% |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated term loan unsecured or subordinated exited Dec 31, 2025 | at least $186M | 85c | S+690 bp | Nov 1, 2026 | 1 |
| first lien term loan first lien exited Dec 31, 2025 | at least $100,000 | 100c | 3.61% | Feb 1, 2055 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 1 | $186M | $159M | 85c | 0 |
| Sep 30, 2025 | 1 | $183M | $163M | 89c | 1 |
| Jun 30, 2025 | 1 | $180M | $158M | 88c | 1 |
| Mar 31, 2025 | 1 | $177M | $171M | 97c | 1 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1 | $173M | $170M | 98c | 1 |
| Sep 30, 2024 | 1 | $170M | $170M | 100c | 1 |
| Jun 30, 2024 | 1 | $167M | $167M | 100c | 1 |
| Mar 31, 2024 | 1 | $163M | $163M | 100c | 1 |
| Dec 31, 2023 | 1 | $159M | $159M | 100c | 1 |
| Sep 30, 2023 | 1 | $156M | $150M | 96c | 1 |
| Jun 30, 2023 | 1 | $153M | $141M | 92c | 1 |
| Mar 31, 2023 | 1 | $150M | $138M | 92c | 1 |
| Dec 31, 2022 | 1 | $148M | $136M | 92c | 1 |
| Sep 30, 2022 | 1 | $146M | $136M | 93c | 1 |
| Dec 31, 2021 | 1 | $143M | $143M | 100c | 1 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- Maturity extended (observed)Jun 30, 2025
Full timeline · 20 eventsShow fewer
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- PIK interest increasedMar 31, 2024
- PIK interest increasedMar 31, 2024
- PIK interest increasedDec 31, 2023
- PIK interest increasedDec 31, 2023
- PIK interest increasedJun 30, 2023
- PIK interest increasedJun 30, 2023
- PIK interest increasedMar 31, 2023
- PIK interest increasedMar 31, 2023
- PIK interest increasedDec 31, 2022
- PIK interest increasedDec 31, 2022
- Marked down across lendersSep 30, 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
- SUNRUN ATLAS DEPOSITORderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived