DFX Intelligence
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Borrower
M•••••••• M••••••• H•••••••• L••
Mediagroup grade Aon 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 Q4 2024.
since Q4 2024 · 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 → - 55¢ → 37¢consensus mark
Consensus mark 37¢ on cost, down from 55¢ a year ago, 51¢ 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 - $8.5Mprincipal outstanding
$8.5M principal held by 1 lender; matures Aug 2027.
Q1 2026 · Refinancing is due in 11 months at a 37¢ mark.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound - 51¢ → 37¢-14 pts, one lender
A••••• D••• S•••••••• B•• marked it 51¢ → 37¢, the largest move among 1 lender this quarter.
Q1 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
55¢ · 51¢ · 48¢ · 51¢ · 37¢Q1 2025 to Q1 2026
Principal held
at least $8.5M
sum of BDC pieces, a lower bound
Fair value
$3.0M
37c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Aug 19, 2027
$8.5M inside 24 months
On the tape since
Jun 30, 2023
latest Mar 31, 2026
Events
13
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 |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $8.5M | 37¢ | -14 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• 9.80% M••••••• D••• 08/1 | $8.3M | $2.8M 35c | 9.80% |
| A••••• D••• S•••••••• B•• | delayed draw term loan first lien Investment T••• F•••• L••• S•••••• D••• - D•••••• D••• I••••••• R••• 9.80% M••••••• D••• 0 | $226,000 | $211,000 93c | 9.80% |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2026 | at least $8.3M | 35c | 9.80% | Aug 19, 2027 | 1 |
| first lien delayed draw term loan first lien exited Mar 31, 2026 | at least $226,000 | 93c | 9.80% | Aug 19, 2027 | 1 |
Equity pieces beside the debt: other ($4.1M 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 |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $8.5M | $3.0M | 37c | 0 |
| Dec 31, 2025 | 1 | $8.5M | $3.1M | 41c | 0 |
| Sep 30, 2025 | 1 | $8.3M | $3.0M | 38c | 2 |
| Jun 30, 2025 | 1 | $8.3M | $3.3M | 41c | 2 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $8.1M | $4.1M | 50c | 2 |
| Dec 31, 2024 | 1 | $14.3M | $11.3M | 79c | 3 |
| Sep 30, 2024 | 1 | $7.8M | $6.9M | 89c | 2 |
| Jun 30, 2024 | 1 | $7.4M | $6.6M | 90c | 0 |
| Mar 31, 2024 | 1 | $7.4M | $7.3M | 99c | 0 |
| Dec 31, 2023 | 1 | $7.4M | $7.3M | 99c | 0 |
| Sep 30, 2023 | 1 | $7.4M | $7.3M | 99c | 0 |
| Jun 30, 2023 | 1 | $7.4M | $7.3M | 99c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Marked down across lendersMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 21 eventsShow fewer
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Placed on non-accrualDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread increasedDec 31, 2024
- PIK interest appearsSep 30, 2024
- Spread changed (observed)Sep 30, 2024
- PIK interest appearsSep 30, 2024
- Spread increasedSep 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- New borrower on a BDC scheduleJun 30, 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
- MATERIAL MATERIALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Mediareportedas one filer wrote it