DFX Intelligence
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Borrower
L•••••• R••••••• Q•••••• A•••••••• L••
group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: 1; 2; Commercial &; Consumer Services; Lloyd’s R••••••• Q•••••• A•••••••• Ltd
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
98¢ · 99¢ · 104¢ · 101¢ · 102¢Q4 2024 to Q4 2025
Principal held
at least $25.0M
sum of BDC pieces, a lower bound
Fair value
$33.3M
102c on cost, debt pieces
Unfunded
$5.6M
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Dec 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2025
Events
2
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 |
|---|---|---|---|
| F• K•• C•••••• C••• | $25M | 102¢ | +1 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | unstated lien unstated | $15.0M | $20.2M 101c | S+500 bp |
| F• K•• C•••••• C••• | unstated lien unstated | $5.6M | $7.5M 106c | S+530 bp |
| F• K•• C•••••• C••• | unstated lien unstated | $4.4M | $5.6M 100c | S+530 bp |
| F• K•• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Dec 31, 2025 | at least $25.0M | 102c | S+530 bp | Dec 1, 2028 | 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 | $25.0M | $33.3M | 102c | 0 |
| Sep 30, 2025 | 1 | $24.9M | $33.1M | 101c | 0 |
| Jun 30, 2025 | 1 | $25.0M | $33.8M | 104c | 0 |
| Mar 31, 2025 | 1 | $25.0M | $32.3M | 99c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 1 | $50.2M | $64.0M | 98c | 0 |
| Sep 30, 2024 | 1 | $15.0M | $20.6M | 103c | 0 |
| Jun 30, 2024 | 1 | $15.0M | $19.7M | 99c | 0 |
| Mar 31, 2024 | 1 | $15.0M | $19.7M | 99c | 0 |
| Dec 31, 2023 | 1 | $30.0M | $39.4M | 99c | 0 |
| Sep 30, 2023 | 1 | $15.0M | $19.1M | 95c | 0 |
| Jun 30, 2023 | 1 | $15.0M | $19.7M | 98c | 0 |
| Mar 31, 2023 | 1 | $15.0M | $19.3M | 97c | 0 |
| Dec 31, 2022 | 1 | $30.0M | $38.0M | 95c | 1 |
| Dec 31, 2021 | 1 | $15.0M | $19.7M | 99c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Marked down (one lender)Dec 31, 2024
- 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
- LLOYD S REGISTER QUALITY ASSURANCEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived