DFX Intelligence
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Borrower
F• F••• C•••••• C• L••
Also written as: 1; Trillium F••• Technologies
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 101¢ · 101¢ · 101¢Q1 2025 to Q1 2026
Where each lender marks it on the first lien term loan, 0 points apart
101¢101¢
Principal held
at least $190M
sum of BDC pieces, a lower bound
Fair value
$191M
101c on cost, debt pieces
Unfunded
$42.6M
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2026
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | $140M | 101¢ | 0 pts |
| B••• O•• C•••••• C••• | $31.5M | 101¢ | 0 pts |
| B••• O•• T••••••••• I••••• C•••• | $18.1M | 101¢ | 0 pts |
| B••• O•• C•••••• C••• I• | $724K | 101¢ | 0 pts |
Every BDC piece · 12 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $140M | $140M 101c | S+500 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $31.5M | $31.7M 101c | S+500 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $18.1M | $18.2M 101c | S+500 bp |
| B••• O•• C•••••• C••• I• | term loan first lien F•••• lien senior secured loan | Non A••••••••• | $724,000 | $728,000 101c | S+500 bp |
| B••• O•• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $0 | S+500 bp |
View all 12 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C•••••• C••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | Not disclosed | $0 | S+500 bp |
| B••• O•• C•••••• C••• I• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | Non A••••••••• | Not disclosed | Not disclosed | S+500 bp |
| B••• O•• C•••••• C••• I• | revolver first lien F•••• lien senior secured revolving loan | Non A••••••••• | Not disclosed | Not disclosed | S+500 bp |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | Not disclosed | Not disclosed | S+500 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | Not disclosed | S+500 bp |
| B••• O•• T••••••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $0 | S+500 bp |
| B••• O•• T••••••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | Not disclosed | $0 | S+500 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2026 | at least $190M | 101c | S+500 bp | Dec 1, 2029 | 4 |
| first lien revolver first lien exited Mar 31, 2026 | unknown | n/a | S+500 bp | unstated | 4 |
| first lien delayed draw term loan first lien exited Mar 31, 2026 | unknown | n/a | S+500 bp | unstated | 4 |
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, 2026 | 4 | $190M | $191M | 101c | 0 |
| Dec 31, 2025 | 4 | $209M | $209M | 101c | 0 |
| Sep 30, 2025 | 4 | $195M | $195M | 101c | 2 |
| Jun 30, 2025 | 4 | $195M | $193M | 100c | 2 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 4 | $192M | $191M | 100c | 1 |
| Dec 31, 2024 | 4 | $369M | $366M | 100c | 0 |
| Dec 31, 2021 | 1 | $6.8M | $6.8M | 101c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
Full timeline · 11 eventsShow fewer
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: F•••• R••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.65). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- F•••• R••••••
- the sponsor's own portfolio page lists a company of this nameestimatedfirstreserve.com"••• Locked"
Identity
- Group key
- F• F••• C•••••• C•derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived