DFX Intelligence
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Borrower
M•••••• S••••••• I••
Technologygroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. 2L
What matters now
- 73¢ → 58¢consensus mark
Consensus mark 58¢ on cost, down from 73¢ a year ago, 60¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $584Kprincipal outstanding
$584K principal held by 1 lender; matures Jul 2030.
Q2 2026 · Refinancing is due in 46 months at a 58¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
73¢ · 66¢ · 61¢ · 60¢ · 58¢Q2 2025 to Q2 2026
Principal held
at least $584,000
sum of BDC pieces, a lower bound
Fair value
$228,000
58c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Jul 26, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
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 |
|---|---|---|---|
| P•••• C•••••• S•••••••• B•• C•••• | $584K | 58¢ | -2 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P•••• C•••••• S•••••••• B•• C•••• | term loan second lien T••• L••• | D••• Investments | S••••• L••• S••••• S•••••• | 07/26/2030 | $584,000 | $228,000 58c | PIK 12.00% |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $584,000 | 58c | PIK 12.00% | Jul 26, 2030 | 1 |
| first lien term loan first lien exited Sep 30, 2025 | at least $545,000 | 66c | PIK 12.00% | Jul 26, 2030 | 1 |
Equity pieces beside the debt: warrants ($0 fair value, 1 BDC)
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 | $584,000 | $228,000 | 58c | 1 |
| Mar 31, 2026 | 1 | $561,000 | $219,000 | 60c | 1 |
| Dec 31, 2025 | 1 | $561,000 | $219,000 | 61c | 1 |
| Sep 30, 2025 | 1 | $545,000 | $221,000 | 66c | 1 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $11.1M | $8.1M | 73c | 0 |
| Mar 31, 2025 | 1 | $11.1M | $8.2M | 75c | 0 |
| Dec 31, 2024 | 2 | $26.1M | $19.7M | 76c | 0 |
| Sep 30, 2024 | 1 | $9.8M | $6.6M | 68c | 0 |
| Jun 30, 2024 | 1 | $9.8M | $7.3M | 76c | 0 |
| Mar 31, 2024 | 1 | $9.8M | $7.0M | 72c | 0 |
| Dec 31, 2023 | 1 | $19.6M | $13.9M | 71c | 0 |
| Sep 30, 2023 | 1 | $9.8M | $7.9M | 80c | 0 |
| Jun 30, 2023 | 1 | $1.6M | $1.2M | n/a | 0 |
| Dec 31, 2022 | 2 | $11.6M | $9.5M | 96c | 0 |
What changed
- Marked down across lendersSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- PIK interest appearsSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
Full timeline · 16 eventsShow fewer
- PIK interest appearsSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Default reported on Form N-PORTJun 30, 2025••• Locked
- Mark recoveredDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread increasedDec 31, 2024
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down across lendersDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- New borrower on a 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
- M•••••• S••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Technologyreportedas one filer wrote it