DFX Intelligence
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Borrower
T••••••• A•• S••••••• I••
Aerospace & Defensegroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc One; Inc Two
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 101¢ · 101¢ · 101¢ · 101¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
100¢103¢
Principal held
at least $25.1M
sum of BDC pieces, a lower bound
Fair value
$22.9M
101c on cost, debt pieces
Unfunded
$2.0M
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Dec 22, 2028
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 |
|---|---|---|---|
| C••• I••••••••• C••• | $16.7M | 100¢ | 0 pts |
| B• P••••••• L•••••• C••• | $4.19M | 100¢ | 0 pts |
| B•• I••••••••• C••• | $4.19M | 103¢ | -1 pts |
Every BDC piece · 10 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C••• I••••••••• C••• | term loan second lien S••••• S•••••• S••••• L••• D••• | $10.9M | $10.9M 100c | S+850 bp |
| B•• I••••••••• C••• | term loan first lien F•••• L•••/S••••• S•••••• D••• I••••••• R••• 12.32% R•••••••• R••• and S••••• S••• + 8.50% | $4.2M | $4.1M 103c | SOFR+850 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 11.23% R•••••••• R••• and S••••• S + 7.50% F•••• 1.00% M | $3.1M | $3.1M 100c | SOFR+750 bp |
| C••• I••••••••• C••• | term loan second lien S••••• S•••••• S••••• L••• D••• | $2.0M | $0 | S+850 bp |
| C••• I••••••••• C••• | term loan second lien S••••• S•••••• S••••• L••• D••• | $1.9M | $1.9M 100c | S+850 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C••• I••••••••• C••• | term loan second lien S••••• S•••••• S••••• L••• D••• | $1.8M | $1.8M 102c | S+850 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 11.23% R•••••••• R••• and S••••• S + 7.50% F•••• 1.00% M | $543,000 | $535,000 100c | SOFR+750 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 11.23% R•••••••• R••• and S••••• S + 7.50% F•••• 1.00% M | $521,000 | $514,000 99c | SOFR+750 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 11.23% R•••••••• R••• and S••••• S + 7.50% F•••• 1.00% M | Not disclosed | $-8,000 | SOFR+750 bp |
| C••• I••••••••• C••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $16.7M | 100c | S+850 bp | Dec 22, 2028 | 1 |
| first lien term loan first lien | at least $8.4M | 101c | SOFR+750 bp | Dec 22, 2028 | 4 |
Equity pieces beside the debt: other (Not disclosed 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 | 3 | $25.1M | $22.9M | 101c | 0 |
| Mar 31, 2026 | 3 | $25.4M | $23.2M | 101c | 0 |
| Dec 31, 2025 | 3 | $64.1M | $58.0M | 101c | 0 |
| Sep 30, 2025 | 3 | $26.0M | $23.9M | 101c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $19.3M | $19.2M | 100c | 0 |
| Mar 31, 2025 | 4 | $21.4M | $21.4M | 101c | 0 |
| Dec 31, 2024 | 4 | $31.6M | $31.4M | 101c | 0 |
| Sep 30, 2024 | 4 | $22.0M | $21.9M | 101c | 0 |
| Jun 30, 2024 | 4 | $20.9M | $18.7M | 100c | 0 |
| Mar 31, 2024 | 3 | $19.1M | $17.0M | 100c | 0 |
| Dec 31, 2023 | 4 | $22.6M | $20.4M | 100c | 0 |
| Dec 31, 2022 | 1 | $0 | $0 | n/a | 0 |
What changed
- Spread increasedJun 30, 2026
- Lender left a facilityMar 31, 2026
- Spread changed (observed)Dec 31, 2025
- 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
- T••••••• A•• S••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Aerospace & Defensereportedas one filer wrote it