DFX Intelligence
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Borrower
T•• A••••
Real Estate Operating Companiesgroup grade Bon a schedule nowsponsor unattributed
Also written as: A•••• Management Inc; A•••• Management Inc. dba Whetstone Upholstery; Real Estate Operating Companies; Whetstone Upholstery
Principal held
at least $20.3M
sum of BDC pieces, a lower bound
Fair value
$16.0M
118c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Feb 16, 2028
$20.3M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
dated, non-routine
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 $20.3M | 118c | PIK 10.00% | Feb 16, 2028 | 1 |
| unsecured or subordinated term loan unsecured or subordinated exited Sep 30, 2023 | at least $4.6M | 90c | S+1250 bp | Feb 17, 2023 | 1 |
| unsecured or subordinated subordinated debt unsecured or subordinated exited Dec 31, 2022 | at least $3.7M | 101c | S+1250 bp | unstated | 1 |
| term loan lien unstated exited Dec 31, 2021 | at least $5,700 | n/a | S+275 bp | unstated | 1 |
Equity pieces beside the debt: equity ($0 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 4 | $10.8M | $7.5M 141c | PIK 10.00% |
| O•••••• S•••••••• L•••••• C••• | equity equity M••••••••• I••••••• | $0 | $0 | |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 2 | $0 | $0 | |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 1 | $4.1M | $3.1M 109c | PIK 10.00% |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 3 | $5.4M | $5.4M 100c | PIK 10.00% |
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 | 1 | $20.3M | $16.0M | 118c | 3 |
| Mar 31, 2026 | 1 | $24.6M | $16.1M | 90c | 4 |
| Dec 31, 2025 | 1 | $27.4M | $16.9M | 82c | 4 |
| Sep 30, 2025 | 1 | $26.9M | $17.6M | 85c | 2 |
| Jun 30, 2025 | 1 | $26.9M | $18.6M | 87c | 2 |
| Mar 31, 2025 | 1 | $53.8M | $39.3M | 179c | 4 |
| Dec 31, 2024 | 1 | $26.0M | $22.1M | 93c | 2 |
| Sep 30, 2024 | 1 | $26.0M | $44.6M | 187c | 2 |
| Jun 30, 2024 | 1 | $26.0M | $22.5M | 94c | 2 |
| Mar 31, 2024 | 1 | $25.9M | $22.7M | 95c | 2 |
| Dec 31, 2023 | 1 | $25.9M | $23.0M | 96c | 2 |
| Sep 30, 2023 | 1 | $23.8M | $22.5M | 95c | 0 |
| Jun 30, 2023 | 1 | $23.8M | $22.4M | 94c | 0 |
| Mar 31, 2023 | 1 | $23.8M | $23.4M | 98c | 0 |
| Dec 31, 2022 | 1 | $19.0M | $19.1M | 101c | 0 |
| Sep 30, 2022 | 1 | $38.9M | $39.0M | 101c | 0 |
| Dec 31, 2021 | 1 | $5,700 | $5,900 | 104c | 0 |
What changed
- Maturity approachingFeb 16, 2028
- Mark recoveredJun 30, 2026
- Mark recoveredMar 31, 2026
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- Maturity shortened (observed)Dec 31, 2023
- Maturity extended (observed)Sep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Marked down across lendersJun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Facility left every BDC scheduleDec 31, 2022
- Facility left every BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- AVERYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 2 BDCsderived
- Industry
- Real Estate Operating Companiesreportedas one filer wrote it