DFX Intelligence
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Borrower
A•• S•••••••
group grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Mar 2025, Consensus mark 97¢ on cost, up from 91¢ a year ago, 90¢ last quarter.
Mark path, consensus per quarter end
91¢ · 91¢ · 91¢ · 90¢ · 97¢Q1 2024 to Q1 2025
Where each lender marks it on the second lien term loan, 0 points apart
97¢97¢
Principal held
at least $15.2M
sum of BDC pieces, a lower bound
Fair value
$14.6M
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2025
Events
7
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 |
|---|---|---|---|
| B•••••• B••• I••• | $7.58M | 97¢ | +7 pts |
| B•••••• C•••••• I••••••••• C••• | $7.58M | 97¢ | +7 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | term loan second lien S••••• L••• S••••• S•••••• T••• L••• | $7.6M | $7.3M 97c | S+925 bp |
| B•••••• C•••••• I••••••••• C••• | term loan second lien S••••• L••• S••••• S•••••• T••• L••• | $7.6M | $7.3M 97c | S+925 bp |
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 Mar 31, 2025 | at least $15.2M | 97c | S+925 bp | unstated | 2 |
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 | $15.2M | $14.6M | 97c | 0 |
| Dec 31, 2024 | 2 | $28.3M | $25.0M | 90c | 0 |
| Sep 30, 2024 | 2 | $14.1M | $12.6M | 91c | 0 |
| Jun 30, 2024 | 2 | $13.6M | $12.1M | 91c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 2 | $13.2M | $11.6M | 91c | 0 |
| Dec 31, 2023 | 2 | $12.7M | $10.8M | 88c | 0 |
| Sep 30, 2023 | 2 | $12.2M | $10.4M | 88c | 0 |
| Jun 30, 2023 | 2 | $11.8M | $9.8M | 87c | 0 |
| Mar 31, 2023 | 2 | $11.4M | $9.4M | 87c | 0 |
| Dec 31, 2022 | 2 | $11.0M | $8.4M | 81c | 0 |
| Sep 30, 2022 | 1 | $5.5M | $4.6M | 90c | 0 |
| Dec 31, 2021 | 1 | $5.5M | $5.1M | 100c | 0 |
What changed
- Mark recoveredMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Mark recoveredMar 31, 2023
- Marked down across lendersDec 31, 2022
- Spread changed (observed)Dec 31, 2022
Full timeline · 11 eventsShow fewer
- New lender joined a facilityDec 31, 2022
- Marked down (one lender)Dec 31, 2022
- Spread increasedDec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- A•• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived