DFX Intelligence
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Borrower
S••• U• B•••• L••
group grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Also written as: LLC First and
Nothing material in the last 200 days. Last change: 31 Mar 2025, $22M principal held by 2 lenders; matures Mar 2027.
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 100¢ · 100¢Q1 2024 to Q1 2025
Principal held
at least $22.0M
sum of BDC pieces, a lower bound
Fair value
$22.0M
100c on cost, debt pieces
Unfunded
$15.5M
commitments not yet drawn
BDC lenders
4
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 1, 2027
$22.0M inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2025
Events
4
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 |
|---|---|---|---|
| A••• S•••••••• I••••• F••• | $22M | 100¢ | 0 pts |
| A••• C•••••• C••• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $22.0M | $22.0M 100c | S+375 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2025 | at least $22.0M | 100c | S+375 bp | Mar 1, 2027 | 1 |
| second lien term loan second lien exited Jun 30, 2023 | at least $994,857 | 99c | S+425 bp | Mar 17, 2027 | 1 |
| other lien unstated exited Mar 31, 2025 | unknown | n/a | unstated | 1 |
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 | 2 | $22.0M | $22.0M | 100c | 0 |
| Dec 31, 2024 | 2 | $14.9M | $14.9M | 100c | 0 |
| Sep 30, 2024 | 2 | $8.8M | $8.9M | 101c | 0 |
| Jun 30, 2024 | 2 | $8.9M | $8.9M | 101c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 2 | $8.7M | $8.7M | 101c | 0 |
| Dec 31, 2023 | 2 | $6.5M | $6.5M | 101c | 0 |
| Sep 30, 2023 | 2 | $3.5M | $3.5M | 101c | 0 |
| Jun 30, 2023 | 3 | $4.5M | $4.5M | 100c | 0 |
| Mar 31, 2023 | 2 | $997,428 | $964,184 | 98c | 0 |
| Dec 31, 2022 | 2 | $3.5M | $3.5M | 99c | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Spread changed (observed)Sep 30, 2024
- Facility left every BDC scheduleJun 30, 2023
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••• U• B••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived