DFX Intelligence
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Borrower
T•••••• P•••••• I••
Aerospace & Defensegroup grade Bon a schedule nowsponsor unattributed
Also written as: T••••••; T•••••• 2025
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢Q4 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $4.0M
sum of BDC pieces, a lower bound
Fair value
$4.1M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Dec 22, 2032
no dated debt inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
5
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 |
|---|---|---|---|
| A•••• P•••••• C••••• F•••• L•• | $3.58M | 100¢ | 0 pts |
| A•••• C••••• B•• I••• | $398K | 100¢ | 0 pts |
| G•••• C•••••• B••• I••• | no principal filed | no cost filed | new this quarter |
Every BDC piece · 7 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••• P•••••• C••••• F•••• L•• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S+ S••••• 3.75% I••••••• R••• 7.48% A••••••••• D• | $3.6M | $3.5M 100c | SOFR+375 bp |
| A•••• C••••• B•• I••• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S + S••••• 3.75% I••••••• R••• 7.48% A••••••••• D | $398,000 | $394,020 100c | SOFR+375 bp |
| A•••• C••••• B•• I••• | revolver first lien Investment T••• 1st L••• R••••••• I•••• S + S••••• 3.75% I••••••• R••• 7.48% A••••••••• D• | $0 | $0 0c | SOFR+375 bp |
| A•••• P•••••• C••••• F•••• L•• | revolver first lien Investment T••• 1st L••• R••••••• I•••• S+ S••••• 3.75% I••••••• R••• 7.48% A••••••••• D•• | $0 | $0 0c | SOFR+375 bp |
| A•••• C••••• B•• I••• | revolver first lien Investment T••• S••••• S•••••• R•••••••• L••• I•••• S+ S••••• 3.75% I••••••• R••• 7.43% M• | Not disclosed | Not disclosed | SOFR+375 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••• P•••••• C••••• F•••• L•• | revolver first lien 1st L••• R••••••• M••••••• 12/22/2032 | Not disclosed | Not disclosed | SOFR+375 bp |
| G•••• C•••••• B••• I••• | unstated lien unstated LLC interest | N••••••••• I••••• | Not disclosed | $120,000 300c |
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 $4.0M | 100c | SOFR+375 bp | Dec 22, 2032 | 4 |
| first lien revolver first lien | at least $0 | n/a | SOFR+375 bp | Dec 22, 2032 | 2 |
| term loan lien unstated exited Sep 30, 2022 | at least $772,000 | 92c | S+625 bp PIK 0.50% | Sep 1, 2023 | 1 |
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 | $4.0M | $3.9M | 100c | 0 |
| Mar 31, 2026 | 3 | $4.0M | $4.0M | 101c | 0 |
| Dec 31, 2025 | 3 | $11.6M | $11.5M | 100c | 0 |
| Sep 30, 2025 | 1 | $0 | $0 | n/a | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2025 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2024 | 3 | $0 | $0 | n/a | 0 |
| Sep 30, 2024 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2023 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2023 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2023 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2023 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2022 | 3 | $8.4M | $7.9M | 94c | 4 |
| Sep 30, 2022 | 1 | $1.5M | $1.4M | 92c | 4 |
| Sep 30, 2021 | 1 | $700,000 | $610,000 | 88c | 2 |
What changed
- Mark recoveredDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2022
Full timeline · 9 eventsShow fewer
- Lender left a facilityDec 31, 2022
- Lender left a facilityDec 31, 2022
- Facility left every BDC scheduleSep 30, 2022
- New borrower on a BDC scheduleSep 30, 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
- TRONAIRderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 4 BDCsderived
- Industry
- Aerospace & Defensereportedas one filer wrote it