DFX Intelligence
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Borrower
T•••••• C•••••••• • D••••••••• O•• N•••• W• O•• B••••• I••
group grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Also written as: T•••••• Companies & D••••••••• ORS N•••• WC ORS Holdings, L.P
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢Q1 2025 to Q3 2025
Principal held
at least $21.3M
sum of BDC pieces, a lower bound
Fair value
$21.1M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Aug 7, 2031
no dated debt inside 24 months
On the tape since
Mar 31, 2025
latest Sep 30, 2025
Events
4
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 |
|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | $21.3M | 100¢ | 0 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+500, 0.75% F•••• M••••••• D••• 08/07/31 | $19.9M | $19.6M 100c | SOFR+500 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S•••+500, 0.75% F•••• M••••••• D••• 08/07/31 | $1.4M | $1.3M 100c | SOFR+500 bp |
| M••••• F•••••••• I••••••••• C••• | equity equity C••••• Equity - C••••• S•••• | Not disclosed | $146,000 146c |
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 $19.9M | 100c | SOFR+500 bp | Aug 7, 2031 | 1 |
| first lien revolver first lien exited Sep 30, 2025 | at least $1.4M | 100c | SOFR+500 bp | Aug 7, 2031 | 1 |
| first lien delayed draw term loan first lien exited Jun 30, 2025 | unknown | n/a | SOFR+500 bp | Aug 7, 2031 | 1 |
Equity pieces beside the debt: equity ($146,000 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 |
|---|---|---|---|---|---|
| Sep 30, 2025 | 1 | $21.3M | $20.9M | 100c | 0 |
| Jun 30, 2025 | 1 | $21.3M | $20.9M | 100c | 0 |
| Mar 31, 2025 | 1 | $28.7M | $28.1M | 100c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- New borrower on a BDC scheduleMar 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- TRADING COMPANIES AND DISTRIBUTOR ORS NASCO WC ORSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived