DFX Intelligence
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Borrower
B•••••• A•••••••• G•••• H•••••••• L••
A•••••••• & Defensegroup grade Aon a schedule nowsponsor unattributed
Also written as: Environmental Industries; Inc.First Lien; Municipal Revenue
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
103¢ · 103¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $39.5M
sum of BDC pieces, a lower bound
Fair value
$84.9M
100c on cost, debt pieces
Unfunded
$3.2M
commitments not yet drawn
BDC lenders
6
6 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
Oct 28, 2030
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
3
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•••••• P•••••• C••••• | $24.6M | 100¢ | 0 pts |
| C•••••••• L•••••• S••••••••• L•• | $8.76M | 100¢ | -1 pts |
| B••• C•••••• S•••••••• F••••••• I••• | $6.14M | 100¢ | 0 pts |
Every BDC piece · 12 positions across 6 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• P•••••• C••••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• F•••• 1.00% S••••• 6.00% I••••••• R••• 9.64% M••••••• | $20.3M | $20.1M 100c | SOFR+600 bp |
| C•••••••• L•••••• S••••••••• L•• | term loan first lien F••••••••• loan | $8.4M | $8.2M 100c | S+600 bp |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• F•••• 1.00% S••••• 6.00% I••••••• R••• 9.64% M••••••• | $5.1M | $5.0M 100c | SOFR+600 bp |
| B••• C•••••• P•••••• C••••• | delayed draw term loan first lien F•••• L••• S••••• S•••••• L••• - D•••••• D••• S••• F•••• 1.00% S••••• 6.00% I••••••• R••• | $2.7M | $2.6M 98c | SOFR+600 bp |
| B••• C•••••• P•••••• C••••• | revolver first lien F•••• L••• S••••• S•••••• L••• - R••••••• S••• F•••• 1.00% S••••• 6.00% I••••••• R••• 9.64 | $1.6M | $1.5M 100c | SOFR+600 bp |
View all 12 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | delayed draw term loan first lien S••••• S•••••• L••• - D•••••• D••• S••• F•••• 1.00% S••••• 6.00% I••••••• R••• 9.64% M•••• | $677,000 | $649,000 98c | SOFR+600 bp |
| C•••••••• L•••••• S••••••••• L•• | revolver first lien F••••••••• revolving loan | $403,000 | $393,000 101c | S+600 bp |
| B••• C•••••• S•••••••• F••••••• I••• | revolver first lien F•••• L••• S••••• S•••••• L••• - R••••••• S••• F•••• 1.00% S••••• 6.00% I••••••• R••• 9.64 | $391,000 | $383,000 100c | SOFR+600 bp |
| B•••••• B••• I••• | preferred equity equity P•••••••• S••••• Series C | Not disclosed | $17.0M 91c | PIK 7.00% |
| B•••••• C•••••• I••••••••• C••• | preferred equity equity P•••••••• S••••• Series C | Not disclosed | $8.5M 91c | PIK 7.00% |
| B•••••• P•••••• C••••• C••• | preferred equity equity P•••••••• S••••• Series C | Not disclosed | $20.6M 91c | PIK 7.00% |
| C•••••••• L•••••• S••••••••• L•• | revolver lien unstated D•••••• D••• & R••••••• | 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 $33.7M | 100c | SOFR+600 bp | Oct 28, 2030 | 3 |
| first lien delayed draw term loan first lien | at least $3.4M | 98c | SOFR+600 bp | Oct 28, 2030 | 2 |
| first lien revolver first lien | at least $2.4M | 100c | SOFR+600 bp | Oct 28, 2030 | 3 |
| revolver lien unstated | unknown | n/a | unstated | 1 | |
| notes lien unstated exited Sep 30, 2025 | at least $73.8M | 103c | 11.50% | unstated | 3 |
Equity pieces beside the debt: preferred equity ($46.1M 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 | 6 | $39.5M | $38.8M | 100c | 0 |
| Mar 31, 2026 | 6 | $36.2M | $35.6M | 100c | 0 |
| Dec 31, 2025 | 6 | $56.4M | $55.5M | 100c | 0 |
| Sep 30, 2025 | 3 | $73.8M | $76.0M | 103c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $73.8M | $76.0M | 103c | 0 |
| Mar 31, 2025 | 3 | $73.8M | $76.0M | 103c | 0 |
| Dec 31, 2024 | 4 | $134M | $137M | 102c | 0 |
| Sep 30, 2024 | 3 | $73.8M | $76.9M | 104c | 0 |
| Jun 30, 2024 | 3 | $73.8M | $75.8M | 103c | 0 |
| Mar 31, 2024 | 3 | $73.8M | $75.9M | 103c | 0 |
| Dec 31, 2023 | 3 | $73.8M | $78.1M | 106c | 0 |
| Sep 30, 2023 | 3 | $73.8M | $77.1M | 105c | 0 |
| Jun 30, 2023 | 3 | $73.8M | $76.9M | 104c | 0 |
| Mar 31, 2023 | 3 | $73.8M | $77.4M | 105c | 0 |
| Dec 31, 2022 | 3 | $73.8M | $76.8M | 104c | 0 |
| Sep 30, 2022 | 1 | $27.2M | $28.3M | 104c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Facility left every BDC scheduleSep 30, 2025
Full timeline · 8 eventsShow fewer
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- 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
- BRIDGER AEROSPACEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- A•••••••• & Defensereportedas one filer wrote it