DFX Intelligence
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Borrower
P•••••••• P•••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: LLC - Funded; LLC 1; LLC 2; LLC-Healthcare &
What matters now
- 91¢ → 104¢consensus mark
Consensus mark 104¢ on cost, up from 91¢ a year ago, 99¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived2 of 2 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
91¢ · 83¢ · 88¢ · 99¢ · 104¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
104¢104¢
Principal held
at least $296M
sum of BDC pieces, a lower bound
Fair value
$287M
111c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
7
2 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Dec 1, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
12
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 |
|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | $278M | 104¢ | +5 pts |
| B••• O•• C•••••• C••• | $17.9M | 104¢ | +5 pts |
Every BDC piece · 5 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan 1 | N••••••••• I••••• | $175M | $174M 104c | S+600 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan 3 | N••••••••• I••••• | $83.9M | $78.9M 129c | S+300 bp PIK 2.50% |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan 2 | N••••••••• I••••• | $18.3M | $16.5M 129c | S+150 bp PIK 2.50% |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | N••••••••• | $11.3M | $11.2M 104c | S+600 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | N••••••••• | $6.6M | $5.9M 129c | S+150 bp PIK 2.50% |
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 $296M | 111c | S+600 bp PIK 2.50% | Dec 1, 2029 | 5 |
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 | 2 | $296M | $287M | 111c | 3 |
| Mar 31, 2026 | 2 | $295M | $252M | 99c | 3 |
| Dec 31, 2025 | 2 | $295M | $222M | 88c | 3 |
| Sep 30, 2025 | 3 | $296M | $210M | 83c | 5 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $296M | $227M | 91c | 5 |
| Mar 31, 2025 | 3 | $296M | $247M | 100c | 1 |
| Dec 31, 2024 | 5 | $333M | $228M | 74c | 0 |
| Sep 30, 2024 | 3 | $157M | $117M | 78c | 0 |
| Jun 30, 2024 | 3 | $157M | $118M | 79c | 0 |
| Mar 31, 2024 | 3 | $155M | $120M | 82c | 0 |
| Dec 31, 2023 | 3 | $149M | $144M | 101c | 0 |
| Sep 30, 2023 | 2 | $14.9M | $14.2M | 96c | 0 |
| Jun 30, 2023 | 1 | $12.8M | $12.0M | 95c | 0 |
| Mar 31, 2023 | 1 | $12.8M | $12.0M | 95c | 0 |
| Dec 31, 2022 | 1 | $12.9M | $12.2M | 96c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Mark recoveredMar 31, 2026
- Marked down across lendersSep 30, 2025
- Lender left a facilitySep 30, 2025
- Marked down (one lender)Sep 30, 2025
Full timeline · 30 eventsShow fewer
- Marked down (one lender)Sep 30, 2025
- Marked down across lendersJun 30, 2025
- Spread changed (observed)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- Mark recoveredMar 31, 2025
- PIK interest appearsMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- PIK interest appearsMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Sep 30, 2024
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•••••••• P•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived