DFX Intelligence
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Borrower
T•••••• c•••••••• • d••••••••• A••••••••• I••
Distributorsgroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 102¢ · 101¢ · 101¢Q4 2024 to Q4 2025
Principal held
at least $5.5M
sum of BDC pieces, a lower bound
Fair value
$5.5M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 27, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Dec 31, 2025
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| K•••• D• 2•••• I••• | $5.46M | 101¢ | 0 pts |
| K•••• A••••••• B••• I••• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 5 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•••• D• 2•••• I••• | term loan first lien F•••• lien senior secured loan-S•••(M) | $4.4M | $4.4M 101c | S+500 bp |
| K•••• D• 2•••• I••• | delayed draw term loan first lien F•••• lien senior secured delayed draw loan-S•••(M) | $926,000 | $926,000 101c | S+500 bp |
| K•••• D• 2•••• I••• | term loan first lien F•••• lien senior secured loan-S•••(M)-One | $177,000 | $177,000 101c | S+500 bp |
| K•••• A••••••• B••• I••• | revolver first lien F•••• lien senior secured revolving loan - S•••(M) | Not disclosed | Not disclosed | S+500 bp |
| K•••• D• 2•••• I••• | revolver first lien F•••• lien senior secured revolving loan-S•••(M) | Not disclosed | Not disclosed | S+500 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $4.5M | 101c | S+500 bp | Dec 27, 2029 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2025 | at least $926,000 | 101c | S+500 bp | Dec 27, 2029 | 1 |
| first lien revolver first lien exited Dec 31, 2025 | unknown | n/a | S+500 bp | Dec 27, 2029 | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 2 | $5.5M | $5.5M | 101c | 0 |
| Sep 30, 2025 | 2 | $31.9M | $31.9M | 101c | 0 |
| Jun 30, 2025 | 2 | $31.9M | $32.2M | 102c | 0 |
| Dec 31, 2024 | 1 | $5.5M | $5.5M | 101c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
Full timeline · 6 eventsShow fewer
- New lender joined a facilityJun 30, 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 DISTRIBUTORS OAOderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Distributorsreportedas one filer wrote it