DFX Intelligence
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Borrower
J••• B•••• L••••••
group grade Aon a schedule nowsponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 102¢ · 102¢ · 102¢ · 102¢Q1 2025 to Q1 2026
Where each lender marks it on the first lien term loan, 1 point apart
101¢102¢
Principal held
at least $32.7M
sum of BDC pieces, a lower bound
Fair value
$32.7M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2026
Events
7
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••• P•••••• C••••• C••• | $24.9M | 102¢ | 0 pts |
| B•••••• B••• I••• | $7.77M | 102¢ | 0 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 2 | $21.1M | $21.1M 101c | S+525 bp |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 2 | $6.5M | $6.5M 101c | S+525 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 1 | $3.8M | $3.8M 106c | S+525 bp |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• 1 | $1.2M | $1.2M 107c | S+525 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2026 | at least $32.7M | 102c | S+525 bp | unstated | 2 |
| other lien unstated exited Mar 31, 2023 | at least $3.6M | 99c | S+550 bp | unstated | 1 |
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, 2026 | 2 | $32.7M | $32.7M | 102c | 0 |
| Dec 31, 2025 | 2 | $32.8M | $32.8M | 102c | 0 |
| Sep 30, 2025 | 2 | $32.8M | $32.8M | 102c | 0 |
| Jun 30, 2025 | 2 | $32.8M | $32.8M | 102c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 2 | $32.4M | $32.4M | 101c | 0 |
| Dec 31, 2024 | 2 | $64.6M | $64.5M | 101c | 0 |
| Sep 30, 2024 | 2 | $32.7M | $32.7M | 102c | 3 |
| Jun 30, 2024 | 2 | $32.7M | $32.7M | 101c | 0 |
| Mar 31, 2024 | 2 | $32.7M | $32.7M | 102c | 0 |
| Dec 31, 2023 | 2 | $32.8M | $32.5M | 101c | 0 |
| Sep 30, 2023 | 2 | $32.6M | $32.2M | 100c | 0 |
| Jun 30, 2023 | 2 | $32.7M | $32.3M | 101c | 0 |
| Mar 31, 2023 | 2 | $35.7M | $35.1M | 100c | 0 |
| Dec 31, 2022 | 2 | $39.1M | $38.4M | 100c | 0 |
| Sep 30, 2022 | 1 | $10.5M | $10.3M | 96c | 0 |
| Dec 31, 2021 | 1 | $2.3M | $2.3M | 103c | 1 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
- Spread changed (observed)Sep 30, 2023
Full timeline · 12 eventsShow fewer
- Facility left every BDC scheduleMar 31, 2023
- Spread changed (observed)Dec 31, 2022
- New lender joined a facilityDec 31, 2022
- Spread changed (observed)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Spread increasedSep 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
- J••• B•••• #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived