DFX Intelligence
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Borrower
S••••••••• L••
Aerospace and Defensegroup grade Aon a schedule nowsponsor unattributed
Also written as: 2025; 24; L; LLC - Unfunded; LLC Acquisition 11; S••••••••• T
Principal held
at least $315M
sum of BDC pieces, a lower bound
Fair value
$303M
98c on cost, debt pieces
Unfunded
$12.3M
commitments not yet drawn
BDC lenders
7
3 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Feb 7, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $299M | 98c | S+450 bp | Feb 6, 2032 | 1 |
| first lien term loan first lien | at least $15.8M | 96c | //www.pennantpark.com/20260630#Secured Overnight Financing Rate+450 bp | Feb 6, 2032 | 6 |
| other lien unstated exited Mar 31, 2025 | at least $344M | 103c | S+450 bp | Feb 6, 2032 | 1 |
| first lien revolver first lien exited Dec 31, 2024 | at least $5.7M | n/a | Nov 30, 2028 | 4 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $298M | $288M 99c | S+450 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $1.4M | $468,000 41c | S+350 bp |
| O••••• S••••• C•••••• C•••• | term loan first lien S••••• S•••••• N•••• first lien senior secured notes | $9.9M | $9.5M 96c | 8.14% |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 11/24/2025 M••••••• 2/6/2032 I••••••• A•••••••• and D•• | $5.9M | $5.7M 96c | //www.pennantpark.com/20260630#Secured Overnight Financing Rate+450 bp |
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, 2026 | 3 | $315M | $303M | 98c | 0 |
| Mar 31, 2026 | 3 | $356M | $352M | 101c | 0 |
| Dec 31, 2025 | 3 | $357M | $353M | 101c | 0 |
| Sep 30, 2025 | 3 | $368M | $370M | 103c | 0 |
| Jun 30, 2025 | 3 | $354M | $355M | 103c | 0 |
| Mar 31, 2025 | 2 | $350M | $349M | 103c | 0 |
| Dec 31, 2024 | 5 | $108M | $102M | 101c | 0 |
| Sep 30, 2024 | 5 | $164M | $152M | 101c | 0 |
| Jun 30, 2024 | 5 | $96.3M | $90.6M | 102c | 0 |
| Mar 31, 2024 | 5 | $87.7M | $81.9M | 102c | 0 |
| Dec 31, 2023 | 3 | $58.0M | $57.0M | 100c | 0 |
| Sep 30, 2023 | 3 | $41.2M | $40.3M | 100c | 0 |
| Jun 30, 2023 | 2 | $36.3M | $35.6M | 99c | 0 |
| Mar 31, 2023 | 2 | $45.3M | $44.3M | 99c | 0 |
| Dec 31, 2022 | 2 | $49.1M | $48.1M | 100c | 0 |
| Sep 30, 2022 | 1 | $12.7M | $12.2M | 98c | 0 |
| Dec 31, 2021 | 1 | $37.0M | $36.1M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityJun 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Spread increasedDec 31, 2023
- Marked down (one lender)Jun 30, 2023
- New lender joined a facilityDec 31, 2022
- Maturity extended (observed)Dec 31, 2022
- New lender joined a facilityDec 31, 2022
- Maturity shortened (observed)Sep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SMARTRONIXderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Aerospace and Defensereportedas one filer wrote it