DFX Intelligence
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Borrower
V•• A•••• H••••••• 1• L••
Technology Security 1st Lien, Secured Loangroup grade Aon a schedule nowsponsor unattributed
Also written as: VCI Asset Holdings 2 LLC; VCI Asset Holdings LLC
What matters now
- 100¢ → 107¢consensus mark
Consensus mark 107¢ on cost, up from 100¢ in Q4 2025, 104¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived5 of 5 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 104¢ · 107¢Q4 2025 to Q2 2026
Where each lender marks it, 3 points apart
104¢107¢
Principal held
at least $437M
sum of BDC pieces, a lower bound
Fair value
$465M
107c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
8
5 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Nov 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2025
latest Jun 30, 2026
Events
1
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••• O•• C••••• I••••• C•••• | $193M | 107¢ | +3 pts |
| B••• O•• T••••••••• F•••••• C•••• | $111M | 107¢ | +3 pts |
| B••• O•• C•••••• C••• | $81.4M | 107¢ | +3 pts |
| B••• O•• T••••••••• I••••• C•••• | $49.5M | 107¢ | +3 pts |
| G•••• E•• C•••••• C•••• | $2.19M | 104¢ | +1 pts |
Every BDC piece · 5 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien N••••••••• I••••• F•••• lien senior secured loan | $193M | $205M 107c | S+1000 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $111M | $118M 107c | S+1000 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $81.4M | $86.7M 107c | S+1000 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $49.5M | $52.7M 107c | S+1000 bp |
| G•••• E•• C•••••• C•••• | term loan first lien I••••••• T••••••••• S••••••• 1st L•••, S•••••• L••• I••••••• R••• 7.38% I•••••• A••••••••• | $2.2M | $2.3M 104c | 7.38% |
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 $437M | 107c | S+1000 bp | Feb 13, 2031 | 7 |
Equity pieces beside the debt: equity ($1.3M fair value, 2 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 | 5 | $437M | $465M | 107c | 0 |
| Mar 31, 2026 | 7 | $507M | $524M | 104c | 0 |
| Dec 31, 2025 | 7 | $531M | $526M | 100c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New borrower on a BDC scheduleDec 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- VCI ASSETderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 8 BDCsderived
- Industry
- Technology Security 1st Lien, Secured Loanreportedas one filer wrote it