DFX Intelligence
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Borrower
B•• T•••• B••
group grade Aon a schedule nowsponsor unattributed
What matters now
- 108¢ → 106¢consensus mark
Consensus mark 106¢ on cost, down from 108¢ in Q1 2026.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 2 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
108¢ · 106¢Q1 2026 to Q2 2026
Principal held
at least $27.0M
sum of BDC pieces, a lower bound
Fair value
$26.4M
108c on cost, debt pieces
Unfunded
$44.2M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Oct 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
2
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 |
|---|---|---|---|
| A••• S•••••••• I••••• F••• | $13.6M | no cost filed | new this quarter |
| A••• C•••••• C••• | $13.4M | 106¢ | -2 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan unsecured or subordinated S••••• subordinated loan | $13.6M | $13.3M 110c | S+675 bp |
| A••• C•••••• C••• | term loan unsecured or subordinated S••••• subordinated loan | $13.4M | $13.1M 106c | S+675 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated term loan unsecured or subordinated | at least $27.0M | 108c | S+675 bp | Oct 1, 2030 | 2 |
Equity pieces beside the debt: other (Not disclosed 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 | 2 | $27.0M | $26.4M | 108c | 0 |
| Mar 31, 2026 | 2 | $26.4M | $25.5M | 108c | 0 |
| Dec 31, 2025 | 2 | $26.8M | $25.9M | 110c | 0 |
| Sep 30, 2025 | 2 | $26.8M | $25.9M | 111c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $26.9M | $25.9M | 111c | 0 |
| Mar 31, 2025 | 2 | $24.7M | $23.8M | 102c | 0 |
| Dec 31, 2024 | 2 | $23.7M | $22.8M | 98c | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
Full timeline · 6 eventsShow fewer
- New borrower on a BDC scheduleDec 31, 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
- BNZ TOPCO B V #NLderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived