DFX Intelligence
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Borrower
M•••••• C•• C••••••• L••
Also written as: LLC Paper &
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Principal held
at least $26.5M
sum of BDC pieces, a lower bound
Fair value
$26.5M
100c on cost, debt pieces
Unfunded
$2.0M
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jul 31, 2026
$26.5M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
9
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 |
|---|---|---|---|
| F••••••• B•• C•••••• C••• | $26.5M | 100¢ | 0 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F••••••• B•• C•••••• C••• | term loan first lien | $26.5M | $26.5M 100c | S+600 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $0 | $0 | S+600 bp |
| F••••••• B•• C•••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | 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 $26.5M | 100c | S+600 bp | Jul 31, 2026 | 1 |
| first lien revolver first lien exited Dec 31, 2024 | at least $59.8M | 100c | S+600 bp | Mar 2, 2026 | 2 |
| other lien unstated exited Mar 31, 2025 | at least $27.9M | 100c | S+600 bp | Mar 2, 2026 | 2 |
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 | $26.5M | $26.5M | 100c | 0 |
| Mar 31, 2026 | 1 | $27.9M | $27.9M | 100c | 0 |
| Dec 31, 2025 | 1 | $27.9M | $27.9M | 100c | 0 |
| Sep 30, 2025 | 1 | $27.9M | $27.9M | 100c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $27.9M | $27.9M | 100c | 0 |
| Mar 31, 2025 | 1 | $27.9M | $27.9M | 100c | 0 |
| Dec 31, 2024 | 1 | $59.8M | $59.8M | 100c | 0 |
| Sep 30, 2024 | 1 | $30.5M | $30.5M | 100c | 0 |
| Jun 30, 2024 | 1 | $30.5M | $30.5M | 100c | 0 |
| Mar 31, 2024 | 1 | $30.5M | $30.5M | 100c | 0 |
| Sep 30, 2023 | 1 | $30.4M | $30.4M | 101c | 1 |
| Jun 30, 2023 | 1 | $32.2M | $32.2M | 101c | 1 |
| Mar 31, 2023 | 1 | $32.0M | $32.0M | 101c | 0 |
| Dec 31, 2022 | 1 | $32.1M | $32.1M | 101c | 0 |
| Dec 31, 2021 | 1 | $33.0M | $33.0M | 102c | 0 |
What changed
- Maturity approachingJul 31, 2026
- Maturity approachingJul 31, 2026
- Maturity approachingJul 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
Full timeline · 13 eventsShow fewer
- Facility left every BDC scheduleMar 31, 2025
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Jun 30, 2023
- PIK interest appearsJun 30, 2023
- Spread increasedJun 30, 2023
- PIK interest appearsJun 30, 2023
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: A••••• P•••••••• L•, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- A••••• P•••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedargandequity.com"••• Locked"
Identity
- Group key
- M•••••• C••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Containers & Packagingreportedas one filer wrote it