DFX Intelligence
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Borrower
I•• M•••• L••
Wholesalegroup grade Con a schedule nowsponsor unattributed
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q1 2025.
since Q1 2025 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 31 Mar 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 67¢ → 25¢consensus mark
Consensus mark 25¢ on cost, down from 67¢ a year ago, 42¢ last quarter.
Q1 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $16.9Mprincipal outstanding
$16.9M principal held by 1 lender; matures Apr 2028.
Q1 2026 · Refinancing is due in 19 months at a 25¢ mark.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound - 42¢ → 25¢-17 pts, one lender
O••• D••••• L•••••• B•• F••• marked it 42¢ → 25¢, the largest move among 1 lender this quarter.
Q1 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
67¢ · 63¢ · 59¢ · 42¢ · 25¢Q1 2025 to Q1 2026
Principal held
at least $16.9M
sum of BDC pieces, a lower bound
Fair value
$3.7M
25c on cost, debt pieces
Unfunded
$255,110
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Apr 27, 2028
no dated debt inside 24 months
On the tape since
Jun 30, 2023
latest Mar 31, 2026
Events
25
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| O••• D••••• L•••••• B•• F••• | $16.9M | 25¢ | -17 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O••• D••••• L•••••• B•• F••• | term loan lien unstated T••• L••• A R•••••••• R••• and S••••• 3M S••• + 5.00% F•••• 1.00% I••••••• R••• 8.82% (4.0 | $10.5M | $3.7M 38c | SOFR+500 bp PIK 4.00% |
| O••• D••••• L•••••• B•• F••• | term loan lien unstated T••• L••• B R•••••••• R••• and S••••• 8.00% I••••••• R••• 8.00% PIK I•••••• A••••••••• D•• | $6.1M | $23,300 0c | S+800 bp PIK 8.00% |
| O••• D••••• L•••••• B•• F••• | revolver lien unstated R•••••••• L••• R•••••••• R••• and S••••• 3M S••• + 1.15% F•••• 1.00% I••••••• R••• 4.81% I | $255,109 | $-74,594 -29c | SOFR+115 bp |
| O••• D••••• L•••••• B•• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+115 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| term loan lien unstated exited Mar 31, 2026 | at least $16.6M | 26c | SOFR+800 bp PIK 8.00% | Apr 27, 2028 | 1 |
| revolver lien unstated exited Mar 31, 2026 | at least $255,109 | n/a | SOFR+115 bp | Apr 27, 2028 | 1 |
| delayed draw term loan lien unstated exited Dec 31, 2023 | unknown | n/a | S+700 bp | unstated | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $16.9M | $3.7M | 25c | 2 |
| Dec 31, 2025 | 1 | $16.5M | $5.8M | 40c | 2 |
| Sep 30, 2025 | 1 | $16.4M | $8.4M | 58c | 2 |
| Jun 30, 2025 | 1 | $16.3M | $8.7M | 62c | 2 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $16.2M | $9.2M | 67c | 2 |
| Dec 31, 2024 | 1 | $10.0M | $8.9M | 108c | 1 |
| Sep 30, 2024 | 1 | $16.0M | $10.7M | 83c | 2 |
| Jun 30, 2024 | 1 | $15.9M | $13.7M | 109c | 2 |
| Mar 31, 2024 | 1 | $17.2M | $13.4M | 79c | 0 |
| Dec 31, 2023 | 1 | $17.3M | $14.8M | 87c | 0 |
| Sep 30, 2023 | 1 | $17.3M | $15.7M | 92c | 1 |
| Jun 30, 2023 | 1 | $17.3M | $16.0M | 94c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- non accrual placedMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Spread changed (observed)Mar 31, 2026
Full timeline · 30 eventsShow fewer
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- returned to accrualDec 31, 2025
- PIK interest increasedMar 31, 2025
- Marked down across lendersMar 31, 2025
- non accrual placedMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- PIK interest increasedMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Mark recoveredDec 31, 2024
- returned to accrualDec 31, 2024
- Marked down across lendersSep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Mark recoveredJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- PIK interest appearsJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Spread increasedJun 30, 2024
- PIK interest appearsJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Marked down across lendersMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down across lendersDec 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- I•• M••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Wholesalereportedas one filer wrote it