DFX Intelligence
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Borrower
M••••• M•••• L••••••
group grade Aon a schedule nowsponsor unattributed
What matters now
- 101¢ → 85¢consensus mark
Consensus mark 85¢ on cost, down from 101¢ a year ago, 86¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 3 lenders' own marks, weighted by principal - $4.47Mprincipal outstanding
$4.47M principal held by 3 lenders.
Q2 2026 · The loss if the marks hold, spread across the holders below.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
101¢ · 98¢ · 92¢ · 86¢ · 85¢Q2 2025 to Q2 2026
Where each lender marks it, 5 points apart
81¢86¢
Principal held
at least $4.5M
sum of BDC pieces, a lower bound
Fair value
$3.7M
85c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
7
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•••••• C•••••• I••••••••• C••• | $1.95M | 86¢ | -2 pts |
| B•••••• B••• I••• | $1.74M | 84¢ | -1 pts |
| B•••••• P•••••• C••••• C••• | $782K | 81¢ | -2 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $1.9M | $1.6M 86c | S+625 bp |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $1.7M | $1.4M 84c | S+625 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $782,000 | $652,000 81c | S+625 bp |
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 $4.5M | 85c | S+625 bp | unstated | 3 |
| delayed draw term loan lien unstated exited Dec 31, 2023 | unknown | n/a | unstated | 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 | 3 | $4.5M | $3.7M | 85c | 0 |
| Mar 31, 2026 | 3 | $4.4M | $3.8M | 86c | 0 |
| Dec 31, 2025 | 3 | $6.5M | $5.8M | 92c | 0 |
| Sep 30, 2025 | 3 | $4.5M | $4.3M | 98c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $4.6M | $4.4M | 101c | 0 |
| Mar 31, 2025 | 3 | $4.3M | $4.2M | 96c | 0 |
| Dec 31, 2024 | 3 | $6.6M | $6.6M | 96c | 0 |
| Sep 30, 2024 | 3 | $4.5M | $4.5M | 103c | 0 |
| Jun 30, 2024 | 3 | $4.3M | $4.3M | 97c | 0 |
| Mar 31, 2024 | 3 | $4.3M | $4.3M | 97c | 0 |
| Dec 31, 2023 | 3 | $4.3M | $4.3M | 98c | 0 |
| Sep 30, 2023 | 3 | $3.2M | $3.2M | 93c | 0 |
| Jun 30, 2023 | 3 | $3.3M | $3.3M | 96c | 0 |
| Mar 31, 2023 | 3 | $3.2M | $3.1M | 93c | 0 |
| Dec 31, 2022 | 3 | $3.0M | $2.9M | 91c | 0 |
| Sep 30, 2022 | 1 | $912,000 | $896,000 | 85c | 0 |
| Dec 31, 2021 | 1 | $5.3M | $5.1M | 103c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
Full timeline · 30 eventsShow fewer
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Spread changed (observed)Jun 30, 2025
- Spread increasedJun 30, 2025
- Spread increasedJun 30, 2025
- Spread increasedJun 30, 2025
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2023
- Spread increasedJun 30, 2023
- Spread increasedJun 30, 2023
- Spread increasedJun 30, 2023
- Mark recoveredDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- 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
- MURPHY #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived