DFX Intelligence
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Borrower
T•••• S••••••• I••
S•••••••group grade Aon a schedule nowsponsor unattributed
Also written as: Elliott Alto Co-Investor Aggregator L.P; Inc. Dollar; Other; Picard HoldCo, LLC; Picard MidCo; Picard Parent, Inc
What matters now
- 99¢ → 92¢consensus mark
Consensus mark 92¢ on cost, down from 99¢ a year ago, 100¢ 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
Mark path, consensus per quarter end
99¢ · 101¢ · 101¢ · 100¢ · 92¢Q1 2025 to Q1 2026
Principal held
at least $1.8M
sum of BDC pieces, a lower bound
Fair value
$1.6M
92c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
15
1 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Aug 13, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2026
Events
10
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 |
|---|---|---|---|
| B•••••••• P•••••• C••••• F••• | $1.75M | 92¢ | -8 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) S••••• 3.25% T•••• C••••• 6.95% M••••••• 8/13/ | $1.8M | $1.6M 92c | SOFR+325 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Mar 31, 2023 | at least $85.3M | 81c | S+700 bp | Sep 1, 2029 | 1 |
| first lien term loan first lien exited Mar 31, 2026 | at least $1.8M | 92c | SOFR+325 bp | Aug 13, 2032 | 1 |
| term loan lien unstated exited Sep 30, 2022 | at least $1.0M | 100c | S+650 bp | Mar 31, 2029 | 1 |
| other lien unstated exited Sep 30, 2025 | at least $700,000 | 117c | S+650 bp | Mar 1, 2029 | 1 |
Equity pieces beside the debt: equity ($12.6M fair value, 1 BDC), preferred equity ($80.7M 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 | $1.8M | $1.6M | 92c | 0 |
| Dec 31, 2025 | 1 | $1.8M | $1.8M | 100c | 0 |
| Sep 30, 2025 | 2 | $7.1M | $7.1M | 102c | 0 |
| Jun 30, 2025 | 2 | $9.6M | $9.6M | 102c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 2 | $11.1M | $11.0M | 100c | 0 |
| Dec 31, 2024 | 2 | $5.6M | $5.6M | 104c | 0 |
| Sep 30, 2024 | 2 | $5.1M | $5.1M | 104c | 0 |
| Jun 30, 2024 | 2 | $2.0M | $2.0M | 111c | 0 |
| Mar 31, 2024 | 5 | $21.8M | $21.7M | 107c | 0 |
| Dec 31, 2023 | 5 | $55.0M | $53.7M | 106c | 0 |
| Sep 30, 2023 | 5 | $102M | $96.1M | 106c | 0 |
| Jun 30, 2023 | 6 | $118M | $109M | 104c | 0 |
| Mar 31, 2023 | 8 | $275M | $238M | 90c | 0 |
| Dec 31, 2022 | 9 | $493M | $425M | 91c | 0 |
| Sep 30, 2022 | 5 | $274M | $235M | 90c | 0 |
| Dec 31, 2021 | 1 | $13.0M | $13.0M | 99c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
Full timeline · 21 eventsShow fewer
- Facility left every BDC scheduleSep 30, 2025
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Marked down (one lender)Sep 30, 2024
- New lender joined a facilityDec 31, 2023
- Maturity shortened (observed)Dec 31, 2023
- Mark recoveredJun 30, 2023
- Spread increasedJun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Facility left every BDC scheduleMar 31, 2023
- Spread increasedMar 31, 2023
- Maturity extended (observed)Mar 31, 2023
- Spread changed (observed)Dec 31, 2022
- New lender joined a facilityDec 31, 2022
- Facility left every BDC scheduleSep 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
- T•••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 15 BDCsderived
- Industry
- S•••••••reportedas one filer wrote it