DFX Intelligence
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Borrower
F•••• S•••• R••••••• A••••••••• L••
group grade Aon a schedule nowsponsor unattributed
Principal held
at least $38.5M
sum of BDC pieces, a lower bound
Fair value
$15.8M
100c on cost, debt pieces
Unfunded
$18.8M
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Nov 18, 2030
no dated debt inside 24 months
On the tape since
Mar 31, 2024
latest Jun 30, 2026
Events
11
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien delayed draw term loan first lien | at least $18.8M | n/a | S+475 bp | Nov 18, 2030 | 2 |
| first lien term loan first lien | at least $15.2M | 100c | S+475 bp | Nov 18, 2030 | 2 |
| first lien revolver first lien | at least $4.5M | 100c | S+475 bp | Nov 18, 2030 | 2 |
Equity pieces beside the debt: other (n/a fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T•• T••• B•••• C•••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| T•• T••• B•••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | $18.8M | $-65,000 63c | S+475 bp |
| T•• T••• B•••• C•••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan | $4.5M | $854,000 100c | S+475 bp |
| T•• T••• B•••• C•••••• I••••• F••• | term loan first lien F•••• lien senior secured term loan | $15.2M | $15.0M 100c | S+475 bp |
| T•• T••• B•••• C•••••• I••••• F••• | unstated lien unstated | n/a | n/a |
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 | 1 | $38.5M | $15.8M | 100c | 0 |
| Mar 31, 2026 | 1 | $38.5M | $15.8M | 100c | 0 |
| Dec 31, 2025 | 1 | $77.1M | $31.6M | 100c | 0 |
| Sep 30, 2025 | 1 | $6.4M | $6.3M | 99c | 0 |
| Jun 30, 2025 | 1 | $6.2M | $6.0M | 99c | 0 |
| Mar 31, 2025 | 1 | $5.3M | $5.2M | 98c | 0 |
| Dec 31, 2024 | 2 | $10.1M | $9.9M | 99c | 0 |
| Sep 30, 2024 | 1 | $5.4M | $5.3M | 100c | 0 |
| Jun 30, 2024 | 1 | $4.8M | $4.7M | 100c | 0 |
| Mar 31, 2024 | 1 | $4.8M | $4.7M | 100c | 0 |
What changed
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Spread changed (observed)Sep 30, 2024
- Spread increasedSep 30, 2024
- Spread increasedSep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- New borrower on a BDC scheduleMar 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- FIRST STEPS RECOVERYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived