DFX Intelligence
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Borrower
M•• S••••••• H•••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: A-3 Units; Commercial &
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q4 2025.
since Q4 2025 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 92¢ → 76¢consensus mark
Consensus mark 76¢ on cost, down from 92¢ a year ago, 78¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $7.69Mprincipal outstanding
$7.69M principal held by 1 lender.
Q2 2026 · The loss if the marks hold, spread across the holders below.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
92¢ · 90¢ · 82¢ · 78¢ · 76¢Q2 2025 to Q2 2026
Principal held
at least $7.7M
sum of BDC pieces, a lower bound
Fair value
$5.3M
76c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 30, 2026
$7.7M inside 24 months
On the tape since
Mar 31, 2024
latest Jun 30, 2026
Events
10
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 |
|---|---|---|---|
| H•• C•••••••• C•••••• S•••••••• F••• | $7.69M | 76¢ | -2 pts |
Every BDC piece · 7 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $4.4M | $3.0M 76c | PIK 9.50% |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $1.7M | $1.2M 76c | PIK 9.50% |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $1.1M | $786,000 76c | PIK 9.50% |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $183,000 | $125,000 76c | PIK 10.00% |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $123,000 | $84,000 76c | PIK 9.50% |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $114,000 | $78,000 74c | PIK 10.00% |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $55,000 | $38,000 73c | PIK 10.00% |
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 $7.7M | 76c | PIK 10.00% | Jun 30, 2026 | 1 |
| first lien revolver first lien exited Dec 31, 2025 | at least $6.9M | 82c | S+1000 bp PIK 9.50% | Jan 30, 2026 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2025 | unknown | n/a | unstated | 1 |
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 | $7.7M | $5.3M | 76c | 7 |
| Mar 31, 2026 | 1 | $7.4M | $5.4M | 78c | 4 |
| Dec 31, 2025 | 1 | $6.9M | $5.6M | 82c | 4 |
| Sep 30, 2025 | 1 | $6.6M | $6.0M | 90c | 4 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $40.9M | $37.2M | 93c | 5 |
| Mar 31, 2025 | 2 | $39.7M | $36.5M | 94c | 5 |
| Dec 31, 2024 | 2 | $45.1M | $42.1M | 96c | 8 |
| Sep 30, 2024 | 2 | $37.4M | $36.1M | 99c | 5 |
| Jun 30, 2024 | 2 | $36.3M | $34.6M | 99c | 4 |
| Mar 31, 2024 | 1 | $28.6M | $28.0M | 102c | 0 |
What changed
- Default reported on Form N-PORTDec 31, 2025••• Locked
- Marked down across lendersDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Placed on non-accrualDec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 18 eventsShow fewer
- Facility left every BDC scheduleDec 31, 2025
- Marked down across lendersSep 30, 2025
- PIK interest increasedSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- PIK interest appearsMar 31, 2025
- Spread increasedMar 31, 2025
- PIK interest increasedMar 31, 2025
- Marked down (one lender)Dec 31, 2024
- PIK interest appearsJun 30, 2024
- New borrower on a BDC scheduleMar 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
- MBS SERVICESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived