DFX Intelligence
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Borrower
B••• H••••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: 1; Billtrust
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 98¢ · 98¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 2 points apart
98¢100¢
Principal held
at least $268M
sum of BDC pieces, a lower bound
Fair value
$261M
98c on cost, debt pieces
Unfunded
$8.7M
commitments not yet drawn
BDC lenders
7
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Dec 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
11
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 |
|---|---|---|---|
| B••• O•• T••••••••• F•••••• C•••• | $155M | 98¢ | 0 pts |
| B••• O•• T••••••••• I••••• C•••• | $48.1M | 98¢ | 0 pts |
| B••• O•• C••••• I••••• C•••• | $33.4M | 98¢ | 0 pts |
| M••••• C•••••• I••••• P••• C••• | $30.9M | 100¢ | 0 pts |
Every BDC piece · 9 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $155M | $152M 98c | S+550 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $48.1M | $47.0M 98c | S+550 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $33.4M | $32.6M 98c | S+550 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $26.4M | $26.4M 100c | S+550 bp |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | S••••• S•••••• L•••• | $4.5M | $3.5M 100c | S+550 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N•••••••••/non-affiliated | Not disclosed | Not disclosed | S+550 bp |
| B••• O•• T••••••••• F•••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• I••••• | Not disclosed | $0 | S+550 bp |
| B••• O•• T••••••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $0 | S+550 bp |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | 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 $263M | 98c | S+550 bp | Dec 15, 2028 | 4 |
| first lien revolver first lien | at least $4.5M | 100c | S+550 bp | Dec 15, 2028 | 4 |
| first lien delayed draw term loan first lien exited Dec 31, 2024 | at least $842,000 | 100c | S+725 bp | Dec 15, 2028 | 3 |
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 | 4 | $268M | $261M | 98c | 0 |
| Mar 31, 2026 | 4 | $268M | $261M | 98c | 0 |
| Dec 31, 2025 | 4 | $260M | $258M | 100c | 0 |
| Sep 30, 2025 | 4 | $263M | $261M | 100c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $257M | $255M | 100c | 0 |
| Mar 31, 2025 | 4 | $257M | $255M | 100c | 0 |
| Dec 31, 2024 | 6 | $125M | $278M | 103c | 0 |
| Sep 30, 2024 | 6 | $97.6M | $249M | 103c | 0 |
| Jun 30, 2024 | 6 | $96.8M | $247M | 103c | 0 |
| Mar 31, 2024 | 6 | $97.0M | $246M | 103c | 0 |
| Dec 31, 2023 | 6 | $111M | $396M | 103c | 0 |
| Sep 30, 2023 | 6 | $91.3M | $227M | 102c | 0 |
| Jun 30, 2023 | 6 | $93.3M | $231M | 101c | 0 |
| Mar 31, 2023 | 6 | $90.8M | $223M | 101c | 3 |
| Dec 31, 2022 | 6 | $101M | $224M | 100c | 0 |
What changed
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Dec 31, 2024
Full timeline · 28 eventsShow fewer
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Marked down (one lender)Mar 31, 2024
- Spread changed (observed)Dec 31, 2023
- New lender joined a facilityDec 31, 2023
- Spread changed (observed)Sep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Mark recoveredJun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
- PIK interest appearsMar 31, 2023
- Spread changed (observed)Mar 31, 2023
- Spread increasedMar 31, 2023
- Spread increasedMar 31, 2023
- Spread increasedMar 31, 2023
- Spread increasedMar 31, 2023
- PIK interest appearsMar 31, 2023
- PIK interest appearsMar 31, 2023
- PIK interest appearsMar 31, 2023
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- B••• HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived