DFX Intelligence
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Borrower
A••••••••• I••
Financial Servicesgroup grade Aon a schedule nowsponsor unattributed
What matters now
- 98¢ → 82¢consensus mark
Consensus mark 82¢ on cost, down from 98¢ a year ago, 86¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived4 of 4 lenders' own marks, weighted by principal - $61.1Mprincipal outstanding
$61.1M principal held by 4 lenders; matures May 2028.
Q2 2026 · Refinancing is due in 20 months at a 82¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
98¢ · 99¢ · 98¢ · 86¢ · 82¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
83¢84¢
Principal held
at least $61.1M
sum of BDC pieces, a lower bound
Fair value
$52.6M
82c on cost, debt pieces
Unfunded
$2.1M
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
May 25, 2028
$1.9M inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
5
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••• C•••••• S•••••••• F••••••• I••• | $32.9M | 83¢ | -2 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $15.4M | 82¢ | -6 pts |
| T• S••••• B•• L•• | $8.64M | 82¢ | -6 pts |
| M••••• S•••••• D••••• L•••••• F••• | $4.16M | 82¢ | -6 pts |
Every BDC piece · 17 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• F•••• 0.75% S••••• 6.25% PIK I••••••• R••• 9.98% M•••• | $31.9M | $26.6M 84c | SOFR+625 bp PIK 6.25% |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 6.25% PIK I••••••• R••• 9.95% M•••• | $14.9M | $12.3M 83c | SOFR+625 bp PIK 6.25% |
| T• S••••• B•• L•• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S+ 6.25% PIK I••••••• R••• 9.95% M••••••• D••• 0 | $8.4M | $6.9M 83c | SOFR+625 bp PIK 6.25% |
| B••• C•••••• S•••••••• F••••••• I••• | equity equity Equity I••••••• | $8.3M | $166,000 3c | |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.25% PIK I••••••• R••• 9.95% M•• | $4.0M | $3.3M 83c | SOFR+625 bp PIK 6.25% |
View all 17 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | revolver first lien F•••• L••• S••••• S•••••• L••• - R••••••• S••• F•••• 0.75% S••••• 5.75% I••••••• R••• 9.43 | $1.0M | $463,000 45c | SOFR+575 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 6.25% PIK I••••••• R••• 9.43% M•••• | $480,000 | $200,000 43c | SOFR+625 bp PIK 6.25% |
| T• S••••• B•• L•• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S+ 5.75% I••••••• R••• 9.43% M••••••• D••• 05/25 | $270,000 | $112,000 42c | SOFR+575 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.25% PIK I••••••• R••• 9.43% M•• | $130,000 | $54,000 43c | SOFR+625 bp PIK 6.25% |
| B••• C•••••• S•••••••• F••••••• I••• | equity equity Equity I••••••• One | $20,000 | Not disclosed n/a | |
| B••• C•••••• S•••••••• F••••••• I••• | unstated lien unstated A••••••••• D••• 7/18/2025 | Not disclosed | Not disclosed | |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 05/25/2028 | Not disclosed | Not disclosed | S+625 bp |
| M••••• S•••••• D••••• L•••••• F••• | equity equity Investment C••••• Equity A••••••••• D••• 07/18/2025 | Not disclosed | $366,000 61c | |
| N•••• H•••• P•••••• I••••• F••• L•• | equity equity Investment C••••• Equity A••••••••• D••• 07/18/2025 | Not disclosed | $1.4M 61c | |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 05/25/2028 | Not disclosed | Not disclosed | S+625 bp |
| T• S••••• B•• L•• | equity equity C••••• Equity A••••••••• D••• 07/18/2025 | Not disclosed | $760,000 61c | |
| T• S••••• B•• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 05/25/2028 | Not disclosed | Not disclosed |
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 $60.1M | 83c | SOFR+625 bp PIK 6.25% | May 25, 2029 | 4 |
| first lien revolver first lien | at least $1.0M | 45c | SOFR+625 bp | May 25, 2028 | 4 |
| other lien unstated | unknown | n/a | unstated | 1 | |
| revolver lien unstated exited Dec 31, 2024 | at least $8.4M | 100c | S+625 bp PIK 6.25% | unstated | 1 |
Equity pieces beside the debt: equity ($2.6M fair value, 4 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 | 4 | $61.1M | $50.0M | 82c | 6 |
| Mar 31, 2026 | 4 | $57.7M | $48.5M | 85c | 4 |
| Dec 31, 2025 | 4 | $56.3M | $54.5M | 98c | 4 |
| Sep 30, 2025 | 4 | $54.9M | $53.9M | 99c | 4 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $62.3M | $60.1M | 97c | 4 |
| Mar 31, 2025 | 4 | $48.0M | $47.4M | 100c | 4 |
| Dec 31, 2024 | 4 | $74.0M | $73.1M | 100c | 7 |
| Sep 30, 2024 | 4 | $45.5M | $44.8M | 100c | 4 |
| Jun 30, 2024 | 4 | $42.4M | $41.7M | 100c | 4 |
| Mar 31, 2024 | 5 | $42.9M | $41.9M | 99c | 5 |
| Dec 31, 2023 | 5 | $41.6M | $40.6M | 99c | 4 |
| Sep 30, 2023 | 5 | $40.4M | $39.2M | 98c | 5 |
| Jun 30, 2023 | 5 | $39.3M | $37.7M | 97c | 4 |
| Mar 31, 2023 | 5 | $38.2M | $36.5M | 97c | 6 |
| Dec 31, 2022 | 5 | $72.3M | $71.3M | 100c | 0 |
| Sep 30, 2022 | 1 | $24.7M | $24.4M | 100c | 0 |
What changed
- Maturity approachingMay 25, 2028
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 22 eventsShow fewer
- Marked down (one lender)Mar 31, 2026
- New lender joined a facilitySep 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- PIK interest appearsMar 31, 2024
- PIK interest appearsMar 31, 2024
- PIK interest appearsMar 31, 2023
- PIK interest appearsMar 31, 2023
- New borrower on a BDC scheduleSep 30, 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
- APPLITOOLSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Financial Servicesreportedas one filer wrote it