DFX Intelligence
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Borrower
S•••• P••••••••• I••••••••• L••
group grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Also written as: LLC First and
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 101¢Q1 2024 to Q2 2024
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
Not disclosed
n/a on cost, debt pieces
Unfunded
$9.8M
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Mar 31, 2025
Events
2
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| M•• I••••• F•••• I••• | no principal filed | no cost filed | no comparable mark |
| M••• S••••• C•••••• C••• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••• S••••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| M•• I••••• F•••• I••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Jun 30, 2024 | at least $19.7M | 101c | S+650 bp | Aug 24, 2028 | 1 |
Equity pieces beside the debt: other (Not disclosed fair value, 2 BDCs)
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, 2025 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2024 | 2 | $0 | $0 | n/a | 0 |
| Sep 30, 2024 | 2 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 3 | $19.7M | $18.6M | 101c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 1 | $19.8M | $17.1M | 100c | 0 |
| Dec 31, 2023 | 1 | $39.8M | $35.7M | 100c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2024
- New borrower on a BDC scheduleDec 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SALES PERFORMANCEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived