DFX Intelligence
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Borrower
D•••••• B••••• H•••••••• L••
Also written as: D•••••• B•••••, Inc; David’s B•••••, LLC; Exit; Fourteenth Amendment; LLC 1; LLC 2; LLC 3
What matters now
- 89¢ → 93¢consensus mark
Consensus mark 93¢ on cost, up from 89¢ a year ago, 91¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal - $149Mprincipal outstanding
$149M principal held by 1 lender; matures Dec 2026.
Q2 2026 · Refinancing is due in 3 months at a 93¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
89¢ · 93¢ · 91¢ · 91¢ · 93¢Q2 2025 to Q2 2026
Principal held
at least $149M
sum of BDC pieces, a lower bound
Fair value
$333M
93c on cost, debt pieces
Unfunded
$1.0M
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
3 equity pieces beside them
Next maturity
Dec 31, 2026
$149M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
21
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 |
|---|---|---|---|
| C••• I••••••••• C••• | $149M | 93¢ | +2 pts |
Every BDC piece · 18 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | $92.9M | $84.5M 91c | S+650 bp |
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | $19.0M | $17.2M 91c | S+600 bp |
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | $16.7M | $16.7M 100c | S+600 bp |
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | $10.0M | $9.9M 102c | S+650 bp |
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | $9.0M | $8.5M 95c | 0.00% |
View all 18 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | $1.0M | -$95,000 | 0.00% |
| C••• I••••••••• C••• | term loan first lien I••••••••• F•••• L••• T••• L••• | C••••••••• Investments 2 | Not disclosed | $17.1M | |
| C••• I••••••••• C••• | term loan first lien S•••••• L••• R••••••••• | C••••••••• Investments | Not disclosed | $8.5M | |
| C••• I••••••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| C••• I••••••••• C••• | equity equity C•••• B C••••• U•••• | C••••••••• Investments | Not disclosed | $5.7M | |
| C••• I••••••••• C••• | term loan first lien E••• F•••• L••• T••• L••• | C••••••••• Investments | Not disclosed | $84.5M | |
| C••• I••••••••• C••• | equity equity C•••• A C••••• U•••• | C••••••••• Investments | Not disclosed | $11.4M | |
| C••• I••••••••• C••• | equity equity C•••• B C••••• U•••• | Equity | Not disclosed | $5.7M 82c | |
| C••• I••••••••• C••• | term loan first lien I••••••••• F•••• L••• T••• L••• | C••••••••• Investments 1 | Not disclosed | $16.7M | |
| C••• I••••••••• C••• | preferred equity equity P•••••••• U•••• | C••••••••• Investments | Not disclosed | $12.9M | |
| C••• I••••••••• C••• | equity equity C•••• A C••••• U•••• | Equity | Not disclosed | $11.4M 49c | |
| C••• I••••••••• C••• | term loan first lien F••••••••• A•••••••• T••• L••• | C••••••••• Investments | Not disclosed | $9.9M | |
| C••• I••••••••• C••• | preferred equity equity P•••••••• U•••• | Equity | Not disclosed | $12.9M 119c |
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 $149M | 93c | S+650 bp | Dec 21, 2027 | 1 |
Equity pieces beside the debt: other (Not disclosed fair value, 1 BDC), preferred equity ($25.8M fair value, 1 BDC), equity ($34.3M fair value, 1 BDC)
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 | 1 | $149M | $273M | 186c | 0 |
| Mar 31, 2026 | 1 | $138M | $244M | 181c | 0 |
| Dec 31, 2025 | 1 | $413M | $607M | 152c | 0 |
| Sep 30, 2025 | 1 | $113M | $208M | 185c | 1 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $106M | $179M | 177c | 0 |
| Mar 31, 2025 | 1 | $98.0M | $161M | 176c | 0 |
| Dec 31, 2024 | 1 | $87.2M | $259M | 297c | 0 |
| Sep 30, 2024 | 1 | $58.1M | $112M | 193c | 0 |
| Jun 30, 2024 | 1 | $44.9M | $89.0M | 198c | 0 |
| Mar 31, 2024 | 1 | $38.9M | $76.9M | 198c | 0 |
| Dec 31, 2023 | 1 | $39.1M | $116M | 297c | 0 |
| Sep 30, 2023 | 1 | $22.1M | $44.1M | 200c | 0 |
| Jun 30, 2023 | 1 | $25.7M | $15.2M | 63c | 3 |
| Mar 31, 2023 | 1 | $25.5M | $10.7M | 45c | 2 |
| Dec 31, 2022 | 1 | $37.9M | $25.2M | 68c | 2 |
| Sep 30, 2022 | 1 | $12.0M | $11.0M | 95c | 0 |
| Dec 31, 2021 | 1 | $11.5M | $11.5M | 106c | 0 |
What changed
- Maturity approachingDec 21, 2027
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Dec 31, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
Full timeline · 30 eventsShow fewer
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Dec 31, 2023
- Maturity extended (observed)Sep 30, 2023
- Mark recoveredSep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- PIK interest increasedJun 30, 2023
- Spread changed (observed)Jun 30, 2023
- Mark recoveredJun 30, 2023
- PIK interest increasedJun 30, 2023
- Spread increasedJun 30, 2023
- Marked down across lendersMar 31, 2023
- Marked down (one lender)Mar 31, 2023
- PIK interest appearsDec 31, 2022
- Marked down across lendersDec 31, 2022
- Maturity extended (observed)Dec 31, 2022
- Marked down (one lender)Dec 31, 2022
- PIK interest appearsDec 31, 2022
- Maturity extended (observed)Dec 31, 2022
- Spread changed (observed)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
Sponsor
Possible relationship, not established: S••••• C•••••• P•••••••• L•••, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- S••••• C•••••• P•••••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedsolacecap.com"••• Locked"
Identity
- Group key
- DAVID S BRIDALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 1 BDCderived