DFX Intelligence
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Borrower
S••••• I••
group grade Bon a schedule nowsponsor unattributed
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules.
Q1 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 31 Mar 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - $794Kprincipal outstanding
$794K principal held by 1 lender.
Q1 2026 · The loss if the marks hold, spread across the holders below.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound
Principal held
at least $794,000
sum of BDC pieces, a lower bound
Fair value
$0
0c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2022
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 |
|---|---|---|---|
| T••••••••• P•••••• V•••••• C••••• I••• | $794K | 0¢ as filed, not counted | no comparable mark |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T••••••••• P•••••• V•••••• C••••• I••• | term loan lien unstated Growth Capital L••• | N••••••••• I••••• | $794,000 | $0 0c | S+475 bp |
| T••••••••• P•••••• V•••••• C••••• I••• | preferred equity equity P•••••••• S•••• | W•••••• Investments | N••••••••• I••••• | Not disclosed | $0 0c |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Dec 31, 2024 | at least $794,000 | 5c | S+475 bp | unstated | 1 |
| term loan lien unstated exited Mar 31, 2026 | at least $794,000 | 0c | S+475 bp | unstated | 1 |
Equity pieces beside the debt: warrants ($0 fair value, 1 BDC), preferred equity ($0 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 |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $794,000 | $0 | 0c | 0 |
| Dec 31, 2025 | 1 | $1.6M | $0 | 0c | 0 |
| Sep 30, 2025 | 1 | $794,000 | $0 | 0c | 0 |
| Jun 30, 2025 | 1 | $794,000 | $0 | 0c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $794,000 | $45,000 | 5c | 0 |
| Dec 31, 2024 | 1 | $1.6M | $90,000 | 5c | 0 |
| Sep 30, 2024 | 1 | $794,000 | $36,000 | 4c | 0 |
| Jun 30, 2024 | 1 | $794,000 | $36,000 | 4c | 0 |
| Mar 31, 2024 | 1 | $794,000 | $73,000 | 9c | 0 |
| Dec 31, 2023 | 1 | $794,000 | $500,000 | 61c | 0 |
| Dec 31, 2022 | 1 | $1.0M | $1.0M | 99c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Facility left every BDC scheduleDec 31, 2024
- Marked down (one lender)Mar 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SPINNderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived