DFX Intelligence
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Borrower
F••••• C••• E••••••••• L••
Real Estate Management and Developmentgroup grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Sep 2025, Consensus mark 101¢ on cost, up from 101¢ a year ago, 99¢ last quarter.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 99¢ · 101¢Q3 2024 to Q3 2025
Principal held
at least $4.9M
sum of BDC pieces, a lower bound
Fair value
$4.9M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Dec 8, 2025
$4.9M inside 24 months
On the tape since
Dec 31, 2022
latest Sep 30, 2025
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| P••••• S••••• C•••••• B•• I••• | $4M | 101¢ | +2 pts |
| B•••••••• P•••••• C••••• F••• | $903K | 100¢ | +3 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••• S••••• C•••••• B•• I••• | term loan first lien F•••• L••• S••••• S•••••• I••••••• Real Estate Management and D••••••••• I••••••• R••• 7.7 | $4.0M | $4.0M 101c | SOFR+350 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) S••••• 3.61% T•••• C••••• 7.78% M••••••• 12/8/ | $902,764 | $901,320 100c | SOFR+361 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2025 | at least $4.9M | 101c | SOFR+350 bp | Dec 8, 2025 | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2025 | 2 | $4.9M | $4.9M | 101c | 0 |
| Jun 30, 2025 | 2 | $4.9M | $4.8M | 99c | 0 |
| Mar 31, 2025 | 2 | $4.9M | $4.8M | 100c | 0 |
| Dec 31, 2024 | 2 | $3.9M | $3.8M | 101c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 2 | $3.9M | $3.8M | 101c | 0 |
| Jun 30, 2024 | 1 | $902,764 | $840,983 | 94c | 0 |
| Mar 31, 2024 | 1 | $902,764 | $865,335 | 97c | 0 |
| Dec 31, 2023 | 1 | $902,764 | $859,318 | 96c | 0 |
| Sep 30, 2023 | 1 | $902,764 | $819,258 | 92c | 0 |
| Jun 30, 2023 | 1 | $902,764 | $717,697 | 81c | 0 |
| Mar 31, 2023 | 1 | $902,764 | $780,512 | 88c | 0 |
| Dec 31, 2022 | 1 | $902,764 | $871,027 | 98c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- New lender joined a facilitySep 30, 2024
- Mark recoveredSep 30, 2024
- Mark recoveredSep 30, 2023
- Marked down across lendersJun 30, 2023
Full timeline · 8 eventsShow fewer
- Marked down (one lender)Jun 30, 2023
- Marked down across lendersMar 31, 2023
- Marked down (one lender)Mar 31, 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
- FOREST CITYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Real Estate Management and Developmentreportedas one filer wrote it