DFX Intelligence
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Borrower
A• P•••• F•• M••• I••
What matters now
- 14 pts87¢ to 101¢
Lenders disagree by 14 points on the first lien term loan: G•••••• S•••• B••• I••• 87¢ to V•••• C••••• S•••••••• L•••••• C•••• 101¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over cost on the same facility (first lien term loan), funded pieces of $2M or moreFor secondary buyers, special situations fundsLender marks → - $48.9Mprincipal outstanding
$48.9M principal held by 3 lenders; matures Feb 2028.
Q2 2026 · Refinancing is due in 17 months at a 99¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
97¢ · 99¢ · 100¢ · 99¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 14 points apart
87¢101¢
Principal held
at least $48.9M
sum of BDC pieces, a lower bound
Fair value
$47.5M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
3 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Feb 10, 2028
$48.9M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
6
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 |
|---|---|---|---|
| V•••• C••••• S•••••••• L•••••• C•••• | $39.6M | 101¢ | 0 pts |
| G•••••• S•••• B••• I••• | $7.05M | 87¢ | -2 pts |
| A•••• C••••• B•• I••• | $2.27M | 98¢ | 0 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| V•••• C••••• S•••••••• L•••••• C•••• | term loan first lien F••••••••• D••• R•••••••• R••• and S••••• S••• + 5.50% I••••••• R••• 9.14% M••••••• D••• 2 | $39.6M | $39.2M 101c | SOFR+550 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• D••••••••• C••••••• Services I••••••• R••• 9.14% R•• | $7.0M | $6.1M 87c | SOFR+550 bp |
| A•••• C••••• B•• I••• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S+ S••••• 5.50% I••••••• R••• 9.23% A••••••••• D• | $2.3M | $2.2M 98c | SOFR+550 bp |
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 $48.9M | 99c | SOFR+550 bp | Feb 10, 2028 | 3 |
| other lien unstated exited Dec 31, 2024 | at least $16.4M | 100c | S+450 bp | Feb 10, 2026 | 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 | 3 | $48.9M | $47.5M | 99c | 0 |
| Mar 31, 2026 | 3 | $49.1M | $47.8M | 99c | 0 |
| Dec 31, 2025 | 3 | $51.6M | $50.6M | 100c | 0 |
| Sep 30, 2025 | 3 | $40.4M | $39.6M | 99c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $25.6M | $24.9M | 97c | 0 |
| Mar 31, 2025 | 3 | $25.7M | $25.0M | 98c | 0 |
| Dec 31, 2024 | 3 | $42.2M | $41.5M | 98c | 0 |
| Sep 30, 2024 | 3 | $16.1M | $15.3M | 95c | 0 |
| Jul 31, 2024 | 1 | $9.7M | $9.7M | 100c | 0 |
| Jun 30, 2024 | 3 | $16.2M | $15.3M | 95c | 0 |
| Mar 31, 2024 | 3 | $16.2M | $15.3M | 94c | 0 |
| Dec 31, 2023 | 3 | $25.7M | $24.1M | 94c | 0 |
| Sep 30, 2023 | 3 | $16.3M | $15.4M | 95c | 0 |
| Jun 30, 2023 | 3 | $16.4M | $8.9M | 98c | 0 |
| Mar 31, 2023 | 2 | $14.2M | $6.6M | 96c | 0 |
| Dec 31, 2022 | 3 | $16.5M | $15.8M | 96c | 0 |
What changed
- Maturity approachingFeb 10, 2028
- Marked down (one lender)Mar 31, 2026
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
Full timeline · 14 eventsShow fewer
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Lender left a facilityJun 30, 2025
- Mark recoveredDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
Possible relationship, not established: S••••• L••• T••••••••• M••••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.65). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- S••••• L••• T••••••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedsilverlake.com"••• Locked"
Identity
- Group key
- A• P•••• F•• M••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Services: Consumerreportedas one filer wrote it