DFX Intelligence
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Borrower
A•••• P•••••••• G••••• L••
Aerospace & Defensegroup grade Aon a schedule nowsponsor unattributed
Also written as: A•••• P•••••••• Topco, L.P; LLC - Class A-3 Units
Principal held
at least $106M
sum of BDC pieces, a lower bound
Fair value
$192M
98c on cost, debt pieces
Unfunded
$1.2M
commitments not yet drawn
BDC lenders
5
5 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Jul 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
5
dated, non-routine
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 $66.3M | 100c | S+675 bp PIK 100.00% | Jul 3, 2030 | 3 |
| delayed draw term loan lien unstated | at least $39.9M | 95c | S+675 bp PIK 10.45% | Jul 3, 2030 | 2 |
| second lien delayed draw term loan second lien | unknown | n/a | unstated | 2 | |
| other lien unstated | unknown | n/a | unstated | 5 |
Equity pieces beside the debt: equity ($11.7M fair value, 5 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien First lien senior secured loan | $15.7M | $15.6M 100c | S+675 bp PIK 10.45% |
| A••• C•••••• C••• | unstated lien unstated | n/a | $15.7M | |
| A••• C•••••• C••• | equity equity Class A-2 units | n/a | $100,000 | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | equity equity Class A-3 Units | Non-Controlled Affiliated Issuer | n/a | $1.3M 131c | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Non-Controlled Affiliated Issuer | $23.9M | $22.5M 94c | S+675 bp PIK 10.45% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Non-Controlled Affiliated Issuer | $4.9M | $4.9M 100c | S+675 bp PIK 10.45% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | equity equity Class A-3 Units | Non-Controlled Affiliated | n/a | $502,000 131c | |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated Non-Controlled Affiliated | $1.9M | $1.9M 100c | S+675 bp PIK 10.45% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated Non-Controlled Affiliated | $9.2M | $8.7M 94c | S+675 bp PIK 10.45% |
| C•••••• C••••• S••••••••• I••• | delayed draw term loan second lien Investments | Non-Affiliated Issuer | First and Second Lien Debt | Delayed Draw | n/a | n/a | |
| C•••••• C••••• S••••••••• I••• | equity equity Investment | Affiliated Issuer | Equity Investments | n/a | $4.9M 83c | |
| C•••••• C••••• S••••••••• I••• | unstated lien unstated Investments | Affiliated Issuer | n/a | $21.4M | |
| C•••••• C••••• S••••••••• I••• | unstated lien unstated Investments | Affiliated Issuer | n/a | $3.9M | |
| C•••••• C••••• S••••••••• I••• | term loan first lien Investment | Affiliated Issuer | First Lien Debt | Aerospace & Defense 2 | $3.9M | $3.9M 102c | S+675 bp PIK 100.00% |
| C•••••• C••••• S••••••••• I••• | term loan first lien Investment | Affiliated Issuer | First Lien Debt | Aerospace & Defense 1 | $21.4M | $21.4M 100c | S+675 bp PIK 100.00% |
| C•••••• C••••• S••••••••• I••• | unstated lien unstated Investments | Affiliated Issuer | n/a | $4.9M | |
| C•••••• S•••••• L••••••• I••• | equity equity Investment | Affiliated Issuer | Equity Investments | n/a | $4.9M 83c | |
| C•••••• S•••••• L••••••• I••• | unstated lien unstated Investment | Affiliated Issuer | n/a | $21.4M | |
| C•••••• S•••••• L••••••• I••• | delayed draw term loan second lien Investments | Non-Affiliated | First and Second Lien Debt | Delayed Draw | n/a | n/a | |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | Affiliated Issuer | First Lien Debt | Aerospace & Defense 1 | $21.4M | $21.4M 100c | S+675 bp PIK 100.00% |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | Affiliated Issuer | First Lien Debt | Aerospace & Defense 2 | $3.9M | $3.9M 102c | S+675 bp PIK 100.00% |
| C•••••• S•••••• L••••••• I••• | unstated lien unstated Investment | Affiliated Issuer | n/a | $3.9M | |
| C•••••• S•••••• L••••••• I••• | unstated lien unstated Investment | Affiliated Issuer | n/a | $4.9M |
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 | 5 | $106M | $104M | 98c | 9 |
| Mar 31, 2026 | 5 | $104M | $104M | 100c | 9 |
| Dec 31, 2025 | 5 | $97.1M | $149M | 154c | 9 |
| Sep 30, 2025 | 5 | $93.2M | $93.6M | 100c | 9 |
| Jun 30, 2025 | 1 | $27.5M | $12.6M | 46c | 0 |
| Dec 31, 2024 | 2 | $0 | $0 | n/a | 0 |
What changed
- Mark recoveredSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- PIK interest appearsSep 30, 2025
- Spread increasedSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New borrower on a BDC scheduleDec 31, 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
- ALIGN PRECISIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Aerospace & Defensereportedas one filer wrote it