DFX Intelligence
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Borrower
S•••• B•••• L••
Insurancegroup grade Aon a schedule nowsponsor unattributed
Also written as: Other Financial; Second Out; S•••• Holdco Ltd
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $1.2B
sum of BDC pieces, a lower bound
Fair value
$1.2B
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
8
8 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Aug 21, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
2
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••••••••• P•••••• C••••• F••• | $929M | 100¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $148M | 100¢ | 0 pts |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | $58M | 100¢ | 0 pts |
| B•••••• P•••••• C••••• C••• | $43.9M | 100¢ | 0 pts |
| B•••••• C•••••• I••••••••• C••• | $17M | 100¢ | 0 pts |
View all 8 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A•• B••• L•• | $15.4M | 100¢ | 0 pts |
| B•••••• B••• I••• | $12M | 100¢ | 0 pts |
| O•• S••••• P•••••• L•••••• F••• •• L•• | $8.28M | 100¢ | 0 pts |
Every BDC piece · 13 positions across 8 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $929M | $929M 100c | S+518 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $148M | $148M 100c | S+518 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $58.0M | $58.0M 100c | S+475 bp |
| B•••••• P•••••• C••••• C••• | term loan lien unstated S••••• Out T••• L••• | $43.9M | $43.7M 100c | S+475 bp |
| B•••••• C•••••• I••••••••• C••• | term loan lien unstated S••••• Out T••• L••• | $17.0M | $16.9M 100c | S+475 bp |
View all 13 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•• B••• L•• | unstated lien unstated | $15.4M | $15.4M 100c | S+475 bp |
| B•••••• B••• I••• | term loan lien unstated S••••• Out T••• L••• | $12.0M | $12.0M 100c | S+475 bp |
| O•• S••••• P•••••• L•••••• F••• •• L•• | term loan first lien F•••• L••• D••• | $8.3M | $8.3M 100c | S+475 bp |
| B•••••• B••• I••• | equity equity C••••• S•••• | Not disclosed | $4.7M 391c | |
| B•••••• C•••••• I••••••••• C••• | equity equity C••••• S•••• | Not disclosed | $2.3M 391c | |
| B•••••• P•••••• C••••• C••• | equity equity C••••• S•••• | Not disclosed | $4.7M 391c | |
| B••••••••• P•••••• C••••• F••• | equity equity C••••• Equity | N••••••••• I••••• | Not disclosed | $4.9M 380c | |
| B••••••••• S•••••• L•••••• F••• | equity equity C••••• Equity | Non - A••••••••• I••••• | Not disclosed | $190,000 380c |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $1.1B | 100c | S+518 bp | Oct 17, 2031 | 5 |
| term loan lien unstated | at least $72.9M | 100c | S+475 bp | unstated | 3 |
| first lien term loan first lien | at least $66.3M | 100c | S+475 bp | Aug 21, 2031 | 5 |
Equity pieces beside the debt: equity ($16.9M fair value, 5 BDCs)
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 | 8 | $1.2B | $1.2B | 100c | 0 |
| Mar 31, 2026 | 8 | $1.2B | $1.2B | 100c | 0 |
| Dec 31, 2025 | 7 | $1.3B | $1.3B | 100c | 0 |
| Sep 30, 2025 | 7 | $1.2B | $1.2B | 100c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $1.2B | $1.2B | 100c | 0 |
| Mar 31, 2025 | 7 | $1.2B | $1.2B | 100c | 0 |
| Dec 31, 2024 | 7 | $2.5B | $2.5B | 100c | 0 |
| Sep 30, 2024 | 5 | $213M | $214M | 103c | 0 |
| Jun 30, 2024 | 5 | $214M | $215M | 103c | 0 |
| Mar 31, 2024 | 5 | $214M | $216M | 103c | 0 |
| Dec 31, 2023 | 5 | $215M | $213M | 102c | 0 |
| Sep 30, 2023 | 5 | $215M | $212M | 101c | 0 |
| Jun 30, 2023 | 5 | $215M | $210M | 100c | 0 |
| Mar 31, 2023 | 5 | $224M | $218M | 100c | 0 |
| Dec 31, 2022 | 5 | $224M | $218M | 100c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
Full timeline · 15 eventsShow fewer
- New lender joined a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Maturity shortened (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SHELF #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 8 BDCsderived
- Industry
- Insurancereportedas one filer wrote it