DFX Intelligence
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Borrower
A••••• S•••••••• L••
Construction & Engineeringgroup grade Aon a schedule nowsponsor not established · possible relationship
Also written as: Fixed Rate; LLC - Funded; Verdelite JV LP
What matters now
- 85¢ → 91¢consensus mark
Consensus mark 91¢ on cost, up from 85¢ a year ago, 90¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived4 of 4 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
85¢ · 94¢ · 86¢ · 90¢ · 91¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
89¢92¢
Principal held
at least $94.5M
sum of BDC pieces, a lower bound
Fair value
$84.1M
91c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
10
4 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Feb 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
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 |
|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | $78.4M | 92¢ | +4 pts |
| A••• S•••••••• I••••• F••• | $8.7M | 89¢ | -7 pts |
| F••••••• B•• C•••••• C••• | $5.49M | 89¢ | +4 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $1.97M | 89¢ | +3 pts |
Every BDC piece · 5 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• | $53.1M | $47.1M 89c | S+450 bp |
| O•••••• S•••••••• C••••• F••• | notes lien unstated F•••• R••• B••• | $25.2M | $22.7M 97c | 8.50% |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $8.7M | $7.7M 89c | S+450 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $5.5M | $4.8M 89c | S+450 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 4.50% I••••••• R••• 8.14% M••••••• | $2.0M | $1.7M 89c | SOFR+450 bp |
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 $63.8M | 89c | SOFR+450 bp | Feb 15, 2031 | 4 |
| notes lien unstated | at least $25.2M | 97c | 8.50% | Feb 15, 2031 | 1 |
| other lien unstated | at least $5.5M | 89c | S+450 bp | Feb 18, 2031 | 4 |
| second lien term loan second lien exited Dec 31, 2023 | at least $9.1M | 73c | S+725 bp | Mar 6, 2026 | 1 |
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 | 4 | $94.5M | $84.1M | 91c | 0 |
| Mar 31, 2026 | 4 | $113M | $96.4M | 90c | 0 |
| Dec 31, 2025 | 4 | $118M | $96.4M | 86c | 0 |
| Sep 30, 2025 | 4 | $112M | $100M | 94c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $82.7M | $69.3M | 85c | 0 |
| Mar 31, 2025 | 5 | $83.9M | $79.5M | 95c | 0 |
| Dec 31, 2024 | 4 | $100M | $98.9M | 99c | 0 |
| Sep 30, 2024 | 4 | $63.4M | $62.1M | 98c | 0 |
| Jun 30, 2024 | 4 | $58.0M | $58.6M | 101c | 0 |
| Mar 31, 2024 | 4 | $50.3M | $50.8M | 102c | 0 |
| Dec 31, 2023 | 3 | $17.5M | $14.2M | 85c | 0 |
| Sep 30, 2023 | 2 | $4.5M | $4.2M | 96c | 0 |
| Jun 30, 2023 | 1 | $2.5M | $2.1M | 87c | 0 |
| Mar 31, 2023 | 1 | $2.5M | $2.1M | 85c | 0 |
| Dec 31, 2022 | 1 | $4.9M | $4.0M | 82c | 0 |
| Dec 31, 2021 | 1 | $2.5M | $2.4M | 97c | 0 |
What changed
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersDec 31, 2025
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 30 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Mark recoveredSep 30, 2025
- Mark recoveredSep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilityMar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
Sponsor
Possible relationship, not established: A••••••• P•••••• C••••••• L•, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- C••••••• D••••••• • R•••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedcdr.com"••• Locked"
- A••••••• P•••••• C••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedargonautpe.com"••• Locked"
Identity
- Group key
- A••••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it