DFX Intelligence
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Borrower
P•••• C••••••••• L••
Auto Sectorgroup grade Aon a schedule nowsponsor unattributed
Also written as: 18; 19; 2025; 24; 25; LLC - Funded; LLC - Subordinate Debt; LLC - Unfunded
What matters now
- $120Mprincipal outstanding
$120M principal held by 3 lenders; matures Oct 2027.
Q2 2026 · Refinancing is due in 12 months at a 99¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
101¢ · 103¢ · 100¢ · 100¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
99¢101¢
Principal held
at least $120M
sum of BDC pieces, a lower bound
Fair value
$87.4M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Oct 1, 2027
$30.5M inside 24 months
On the tape since
Jun 30, 2023
latest Jun 30, 2026
Events
10
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | $57.5M | 99¢ | -1 pts |
| P••••••••• I••••••••• C••• | $49.7M | 99¢ | -1 pts |
| F•••• I••••••••• C••• | $12.5M | 101¢ | +1 pts |
Every BDC piece · 15 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 10/03/2025 M••••••• 10/03/2030 I••••••• A••• S••••• C•• | $20.4M | $20.1M 99c | SOFR+475 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 10/3/2025 M••••••• 10/1/2027 I••••••• A•••••• | $15.3M | -$134,000 | S+475 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 10/03/2025 M••••••• 10/01/2027 I••••••• A••• | $15.3M | -$134,000 | S+475 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 11/19/2025 M••••••• 10/2/2031 I••••••• A••••••••• C•••• | $14.9M | $14.7M 99c | SOFR+475 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 10/3/2025 M••••••• 10/3/2030 I••••••• A••••••••• C••••• | $14.4M | $14.2M 99c | SOFR+475 bp |
View all 15 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F•••• I••••••••• C••• | term loan first lien F•••• L••• D••• V••••••• I•••• S••••• (S + 5.00%) V••••••• I•••• F•••• (0.75%) R••• C••• 8 | $12.5M | $12.5M 101c | SOFR+500 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 12/24/25 M••••••• 10/03/30 I••••••• A••• S••••• C•••••• | $9.9M | $9.8M 99c | SOFR+475 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 11/18/2025 M••••••• 10/3/2030 I••••••• A••••••••• C•••• | $8.1M | $8.0M 99c | //www.pennantpark.com/20260630#Secured Overnight Financing Rate+475 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 10/3/2025 M••••••• 10/3/2030 I••••••• A••••••• | $3.2M | $3.2M 98c | SOFR+475 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 10/03/2025 M••••••• 10/03/2030 I••••••• A••• S | $3.2M | $3.2M 98c | SOFR+475 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 10/3/2025 M••••••• 10/3/2030 I••••••• A••••••• | $812,000 | -$12,000 | S+475 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 10/03/2025 M••••••• 10/03/2030 I••••••• A••• S | $812,000 | -$12,000 | S+475 bp |
| P••••••••• F••••••• R••• C•••••• L••• | subordinated debt unsecured or subordinated S••••••••• D••• A••••••••• 4/3/2026 M••••••• 4/3/2031 I••••••• A••••••••• C•••••• | $734,000 | $727,000 100c | 15.00% |
| F•••• I••••••••• C••• | equity equity C••••• Equity (310 units) Investment date 1/4/2024 | Not disclosed | $970,000 120c | |
| P••••••••• I••••••••• C••• | equity equity C••••• Equity A••••••••• 10/03/2025 I••••••• A••• S••••• | Not disclosed | $333,000 102c |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $111M | 99c | SOFR+475 bp | Oct 2, 2031 | 3 |
| first lien revolver first lien | at least $8.1M | 98c | SOFR+475 bp | Oct 3, 2030 | 2 |
| unsecured or subordinated subordinated debt unsecured or subordinated | at least $734,000 | 100c | 15.00% | Apr 3, 2031 | 2 |
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 | 3 | $120M | $86.1M | 99c | 0 |
| Mar 31, 2026 | 3 | $120M | $65.4M | 99c | 0 |
| Dec 31, 2025 | 3 | $139M | $82.1M | 100c | 0 |
| Sep 30, 2025 | 1 | $22.2M | $22.8M | 103c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $22.2M | $22.2M | 101c | 0 |
| Mar 31, 2025 | 1 | $22.3M | $22.3M | 101c | 2 |
| Dec 31, 2024 | 1 | $22.3M | $22.3M | 101c | 2 |
| Sep 30, 2024 | 1 | $22.2M | $22.2M | 101c | 0 |
| Jun 30, 2024 | 1 | $22.2M | $22.0M | 100c | 0 |
| Mar 31, 2024 | 1 | $22.2M | $22.0M | 100c | 0 |
| Dec 31, 2023 | 1 | $17.5M | $17.5M | 100c | 0 |
| Sep 30, 2023 | 1 | $10.5M | $10.5M | 100c | 0 |
| Jun 30, 2023 | 1 | $5.1M | $5.1M | 100c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Mark recoveredJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity shortened (observed)Mar 31, 2026
Full timeline · 24 eventsShow fewer
- Maturity shortened (observed)Mar 31, 2026
- Maturity shortened (observed)Mar 31, 2026
- Maturity shortened (observed)Mar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilityMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Lender left a facilityMar 31, 2025
- Maturity shortened (observed)Mar 31, 2025
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Spread changed (observed)Dec 31, 2023
- New borrower on a BDC scheduleJun 30, 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
- P•••• C••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived
- Industry
- Auto Sectorreportedas one filer wrote it