DFX Intelligence
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Borrower
D•••• 2• S•••
Also written as: Formula One
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢Q4 2024 to Q2 2025
Principal held
at least $22.0M
sum of BDC pieces, a lower bound
Fair value
$22.0M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Sep 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2025
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• S•••••••• I••••• F••• | $22M | 100¢ | 0 pts |
Every BDC piece · 1 position across 1 lenderlargest 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+200 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2025 | at least $22.0M | 100c | S+200 bp | Sep 1, 2031 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $22.0M | $22.0M | 100c | 0 |
| Mar 31, 2025 | 1 | $26.9M | $26.9M | 100c | 0 |
| Dec 31, 2024 | 1 | $15.5M | $15.5M | 100c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread increasedMar 31, 2025
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
Possible relationship, not established: K•••• ••••••••• M••••••••• C••••••• S••••••, because Form D signer consensus, grade B (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- T••• L••• C•••••• P•••••••• L••
- Form D signer consensus, grade Bestimated"••• Locked"
- L•••••• C•••••• L••
- Form D signer consensus, grade Bestimated"••• Locked"
- K•••• ••••••••• M••••••••• C••••••• S••••••
- Form D signer consensus, grade Bestimated"••• Locked"
- S•••• P•••• C•••••• L••
- Form D signer consensus, grade Bestimated"••• Locked"
Identity
- Group key
- DELTA #LUderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived