DFX Intelligence
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Borrower
A••••••••
Also written as: Armstrong Bidco; Armstrong Bidco T; Armstrong Midco, LLC; L; The Access Group
Principal held
at least $2.7M
sum of BDC pieces, a lower bound
Fair value
$2.7M
99c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
2 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Jun 30, 2027
$2.7M inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2026
Events
6
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated subordinated debt unsecured or subordinated exited Mar 31, 2026 | at least $2.7M | 99c | PIK 15.00% | Jun 30, 2027 | 2 |
| other lien unstated exited Sep 30, 2025 | at least $2.5M | 100c | PIK 17.00% | Jun 30, 2027 | 3 |
| delayed draw term loan lien unstated exited Dec 31, 2024 | at least $2.2M | 99c | PIK 17.00% | Jun 30, 2027 | 3 |
| first lien term loan first lien exited Dec 31, 2021 | at least $705,000 | 125c | SOFR+475 bp | Apr 30, 2025 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• D••••• L•••••• C•••• | subordinated debt unsecured or subordinated S••••••••• D••• | $1.4M | $1.3M 99c | PIK 15.00% |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | subordinated debt unsecured or subordinated S••••••••• D••• | $1.4M | $1.3M 99c | PIK 15.00% |
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 | $2.7M | $2.7M | 99c | 2 |
| Dec 31, 2025 | 2 | $2.6M | $2.6M | 100c | 2 |
| Sep 30, 2025 | 2 | $2.5M | $2.5M | 100c | 2 |
| Jun 30, 2025 | 2 | $2.4M | $2.4M | 99c | 2 |
| Mar 31, 2025 | 2 | $2.3M | $2.3M | 99c | 2 |
| Dec 31, 2024 | 2 | $4.4M | $4.3M | 99c | 4 |
| Sep 30, 2024 | 2 | $19.2M | $14.6M | 101c | 0 |
| Jul 31, 2024 | 1 | $10.1M | $7.7M | 100c | 0 |
| Jun 30, 2024 | 2 | $19.2M | $14.6M | 101c | 0 |
| Mar 31, 2024 | 2 | $19.3M | $14.3M | 101c | 0 |
| Dec 31, 2023 | 2 | $19.3M | $14.2M | 100c | 0 |
| Dec 31, 2022 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $705,000 | $954,000 | 125c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- PIK interest appearsDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- Maturity shortened (observed)Dec 31, 2024
- Maturity shortened (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New borrower on a BDC scheduleDec 31, 2021
- Lender left a facilityDec 31, 2021
- Facility left every BDC scheduleDec 31, 2021
Sponsor
- Q••••• M••••••••• I•••
- the sponsor's own portfolio page lists a company of this nameestimatedquadc.com"••• Locked"
Identity
- Group key
- ARMSTRONGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 4 BDCsderived