DFX Intelligence
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Borrower
S••••• S••••••• D••••• L••• I••
group grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 99¢ · 98¢ · 98¢Q1 2024 to Q1 2025
Principal held
at least $14.5M
sum of BDC pieces, a lower bound
Fair value
$14.7M
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Dec 22, 2025
$14.5M inside 24 months
On the tape since
Dec 31, 2022
latest Mar 31, 2025
Events
7
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 |
|---|---|---|---|
| R••••• G••••• F•••••• C•••• | $14.5M | 98¢ | 0 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| R••••• G••••• F•••••• C•••• | term loan second lien Investment T••• S••••• L••• Investment R••• S•••+8.00%, 8.50% floor, 2.00% PIK, 3.00% ETP | $14.5M | $14.5M 98c | SOFR+800 bp PIK 2.00% |
| R••••• G••••• F•••••• C•••• | warrants equity W••••••• Investment T••• W••••••• C••••• S•••• I•••••• A••••••••• D••• 5/31/2019 M••••••• | Not disclosed | $167,000 87c |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Mar 31, 2025 | at least $14.5M | 98c | SOFR+800 bp PIK 2.00% | Dec 22, 2025 | 1 |
| other lien unstated exited Dec 31, 2022 | at least $13.7M | 100c | S+500 bp PIK 5.00% | Dec 22, 2025 | 1 |
Equity pieces beside the debt: warrants ($167,000 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, 2025 | 1 | $14.5M | $14.5M | 98c | 1 |
| Dec 31, 2024 | 1 | $14.5M | $14.4M | 98c | 1 |
| Sep 30, 2024 | 1 | $14.4M | $14.5M | 99c | 1 |
| Jun 30, 2024 | 1 | $14.3M | $14.5M | 100c | 1 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 1 | $14.2M | $14.4M | 100c | 1 |
| Dec 31, 2023 | 1 | $14.2M | $14.6M | 102c | 1 |
| Sep 30, 2023 | 1 | $14.1M | $14.2M | 100c | 1 |
| Jun 30, 2023 | 1 | $14.0M | $14.1M | 100c | 1 |
| Mar 31, 2023 | 1 | $13.8M | $13.7M | 99c | 1 |
| Dec 31, 2022 | 1 | $41.0M | $41.0M | 100c | 3 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Spread changed (observed)Sep 30, 2024
- Spread increasedSep 30, 2024
- PIK interest increasedMar 31, 2024
- Spread changed (observed)Mar 31, 2024
Full timeline · 10 eventsShow fewer
- PIK interest increasedMar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Spread increasedDec 31, 2023
- New borrower on a BDC scheduleDec 31, 2022
- Facility left every BDC scheduleDec 31, 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
- S••••• S••••••• D••••• L•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived