DFX Intelligence
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Borrower
N• H•••••• L••
group grade Aon a schedule nowsponsor unattributed
What matters now
- 101¢ → 93¢consensus mark
Consensus mark 93¢ on cost, down from 101¢ a year ago, 92¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 3 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
101¢ · 99¢ · 97¢ · 92¢ · 93¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
93¢93¢
Principal held
at least $18.3M
sum of BDC pieces, a lower bound
Fair value
$17.2M
93c on cost, debt pieces
Unfunded
$698,000
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
16
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•••••• B••• I••• | $7.08M | 93¢ | +1 pts |
| B•••••• P•••••• C••••• C••• | $6.55M | 93¢ | +1 pts |
| B•••••• C•••••• I••••••••• C••• | $4.72M | 93¢ | +1 pts |
Every BDC piece · 9 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $6.2M | $5.7M 94c | S+650 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $5.4M | $5.0M 94c | S+650 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $4.1M | $3.8M 94c | S+650 bp |
| B•••••• P•••••• C••••• C••• | revolver lien unstated R••••••• | $1.2M | $1.1M 92c | S+650 bp |
| B•••••• B••• I••• | revolver lien unstated R••••••• | $873,000 | $786,000 92c | S+650 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• | $582,000 | $524,000 92c | S+650 bp |
| B•••••• B••• I••• | equity equity LLC U•••• | Not disclosed | $115,000 17c | |
| B•••••• C•••••• I••••••••• C••• | equity equity LLC U•••• | Not disclosed | $77,000 18c | |
| B•••••• P•••••• C••••• C••• | equity equity LLC U•••• | Not disclosed | $154,000 17c |
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 $15.7M | 94c | S+650 bp | unstated | 3 |
| revolver lien unstated | at least $2.6M | 92c | S+650 bp | unstated | 3 |
| first lien revolver first lien exited Mar 31, 2026 | at least $471,000 | 88c | S+650 bp | unstated | 2 |
Equity pieces beside the debt: equity ($346,000 fair value, 3 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 | 3 | $18.3M | $16.8M | 93c | 0 |
| Mar 31, 2026 | 3 | $17.8M | $16.1M | 92c | 0 |
| Dec 31, 2025 | 3 | $21.7M | $20.5M | 97c | 0 |
| Sep 30, 2025 | 3 | $17.7M | $17.2M | 99c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $17.3M | $17.0M | 101c | 0 |
| Mar 31, 2025 | 3 | $16.7M | $16.7M | 103c | 0 |
| Dec 31, 2024 | 3 | $29.1M | $29.1M | 103c | 0 |
| Sep 30, 2024 | 3 | $17.8M | $17.7M | 102c | 0 |
| Jun 30, 2024 | 3 | $17.3M | $17.1M | 102c | 0 |
| Mar 31, 2024 | 3 | $16.7M | $16.6M | 102c | 0 |
| Dec 31, 2023 | 3 | $17.4M | $17.0M | 101c | 0 |
| Sep 30, 2023 | 3 | $17.5M | $17.0M | 100c | 0 |
| Jun 30, 2023 | 3 | $19.2M | $18.5M | 100c | 0 |
| Mar 31, 2023 | 3 | $19.2M | $18.5M | 100c | 0 |
| Dec 31, 2022 | 3 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 30 eventsShow fewer
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Spread increasedJun 30, 2024
- Spread increasedJun 30, 2024
- Spread increasedJun 30, 2024
- Spread increasedJun 30, 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
- N• H•••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived