DFX Intelligence
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Borrower
L••••••• P•••
Services: Businessgroup grade Aoff every schedule since Dec 31, 2024sponsor M••••• E••••• P••••••• inferred
Nothing material in the last 200 days. Last change: 31 Dec 2024, $468K principal held by 1 lender; matures Jul 2028.
Mark path, consensus per quarter end
102¢ · 101¢ · 101¢ · 100¢ · 99¢Q4 2023 to Q4 2024
Principal held
at least $468,000
sum of BDC pieces, a lower bound
Fair value
$614,000
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Jul 10, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2024
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | $468K | 99¢ | -1 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• S••••• 4.18% (3.50% PIK) I••••••• R••• 12.51% M••••••• | $345,000 | $452,000 98c | SOFR+418 bp PIK 3.50% |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• S••••• 4.18% (3.50% PIK) I••••••• R••• 12.51% M••••••• | $123,000 | $162,000 99c | SOFR+418 bp PIK 3.50% |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2024 | at least $468,000 | 99c | SOFR+418 bp PIK 3.50% | Jul 10, 2028 | 1 |
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, 2024 | 1 | $468,000 | $614,000 | 99c | 2 |
| Sep 30, 2024 | 1 | $457,000 | $604,000 | 100c | 2 |
| Jun 30, 2024 | 1 | $445,000 | $589,000 | 101c | 2 |
| Mar 31, 2024 | 1 | $436,000 | $575,000 | 101c | 2 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2023 | 1 | $425,000 | $561,000 | 102c | 2 |
| Sep 30, 2023 | 1 | $414,000 | $547,000 | 102c | 2 |
| Jun 30, 2023 | 1 | $404,000 | $513,000 | 99c | 2 |
| Mar 31, 2023 | 1 | $395,000 | $487,000 | 96c | 2 |
| Dec 31, 2022 | 1 | $772,000 | $932,000 | 94c | 4 |
| Sep 30, 2022 | 1 | $379,000 | $423,000 | 87c | 2 |
What changed
- Facility left every BDC scheduleDec 31, 2024
- PIK interest increasedDec 31, 2023
- PIK interest increasedDec 31, 2023
- PIK interest increasedSep 30, 2023
- Spread changed (observed)Sep 30, 2023
Full timeline · 8 eventsShow fewer
- PIK interest increasedSep 30, 2023
- Mark recoveredDec 31, 2022
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
- M••••• E••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedmarlinequity.com"••• Locked"
Identity
- Group key
- L••••••• P•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Services: Businessreportedas one filer wrote it