DFX Intelligence
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Borrower
I•••••• G•••• I• B•
group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2025, Consensus mark 101¢ on cost, up from 91¢ a year ago, 101¢ last quarter.
Mark path, consensus per quarter end
91¢ · 94¢ · 101¢ · 101¢ · 101¢Q4 2024 to Q4 2025
Where each lender marks it on the first lien term loan, 0 points apart
101¢101¢
Principal held
at least $20.8M
sum of BDC pieces, a lower bound
Fair value
$20.8M
103c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2025
Events
13
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 |
|---|---|---|---|
| B•••••• C•••••• I••••••••• C••• | $11.1M | 101¢ | -1 pts |
| B•••••• B••• I••• | $8.4M | 101¢ | -1 pts |
| B•••••• P•••••• C••••• C••• | $1.33M | 100¢ | 0 pts |
Every BDC piece · 8 positions across 3 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 | $7.2M | $7.2M 101c | S+475 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 1 | $4.8M | $4.8M 101c | S+475 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 1 | $4.8M | $4.8M 101c | S+475 bp |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 2 | $1.2M | $1.2M 114c | S+475 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 1 | $1.1M | $1.1M 100c | S+475 bp |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 2 | $765,000 | $765,000 114c | S+475 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 2 | $765,000 | $765,000 114c | S+475 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 2 | $183,000 | $183,000 114c | S+475 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $20.8M | 103c | S+475 bp | unstated | 3 |
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 3 |
Equity pieces beside the debt: other (Not disclosed 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 |
|---|---|---|---|---|---|
| Dec 31, 2025 | 3 | $20.8M | $20.8M | 103c | 0 |
| Sep 30, 2025 | 3 | $15.3M | $15.3M | 103c | 0 |
| Jun 30, 2025 | 3 | $15.3M | $15.3M | 103c | 0 |
| Mar 31, 2025 | 3 | $14.0M | $14.0M | 94c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 3 | $22.0M | $22.0M | 91c | 0 |
| Sep 30, 2024 | 3 | $14.5M | $14.3M | 96c | 0 |
| Jun 30, 2024 | 3 | $13.9M | $13.5M | 91c | 0 |
| Mar 31, 2024 | 3 | $13.5M | $13.2M | 93c | 0 |
| Dec 31, 2023 | 3 | $14.8M | $14.0M | 93c | 0 |
| Sep 30, 2023 | 3 | $13.2M | $12.5M | 87c | 0 |
| Jun 30, 2023 | 3 | $13.6M | $13.1M | 91c | 0 |
| Mar 31, 2023 | 3 | $11.7M | $10.3M | 83c | 0 |
| Dec 31, 2022 | 3 | $11.5M | $10.0M | 81c | 0 |
| Sep 30, 2022 | 1 | $5.8M | $5.2M | 76c | 0 |
| Dec 31, 2021 | 1 | $6.3M | $5.9M | 93c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Mark recoveredJun 30, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
Full timeline · 25 eventsShow fewer
- Marked down (one lender)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Mark recoveredSep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- Mark recoveredDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Mark recoveredJun 30, 2023
- Spread changed (observed)Dec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Spread increasedDec 31, 2022
- New lender joined a facilityDec 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
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- INNOVAD #NLderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived