DFX Intelligence
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Borrower
L••••••••• B•••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: L••••••••• Topco LLC
What matters now
- 79¢ → 79¢consensus mark
Consensus mark 79¢ on cost, up from 79¢ a year ago, 80¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal - $67.4Mprincipal outstanding
$67.4M principal held by 1 lender; matures Jul 2029.
Q2 2026 · Refinancing is due in 33 months at a 79¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
79¢ · 79¢ · 79¢ · 80¢ · 79¢Q2 2025 to Q2 2026
Principal held
at least $67.4M
sum of BDC pieces, a lower bound
Fair value
$51.8M
79c on cost, debt pieces
Unfunded
$800,000
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
Jul 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
17
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••• C•••••• C••• | $67.4M | 79¢ | -1 pts |
Every BDC piece · 9 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $24.0M | $18.4M 77c | S+175 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 5 | $17.8M | $13.7M 82c | S+175 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan 2 | $15.7M | $12.1M 80c | S+175 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $4.7M | $3.6M 82c | S+175 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan 1 | $4.7M | $3.6M 80c | S+75 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 4 | $400,000 | $300,000 75c | S+575 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 3 | $100,000 | $100,000 100c | S+175 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• C•••••• C••• | equity equity C•••• A units | Not disclosed | $0 0c |
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 $47.0M | 79c | S+575 bp | Jul 1, 2029 | 1 |
| first lien revolver first lien | at least $20.4M | 80c | S+175 bp | Jul 1, 2029 | 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 | 1 | $67.4M | $51.8M | 79c | 0 |
| Mar 31, 2026 | 1 | $66.8M | $51.6M | 80c | 0 |
| Dec 31, 2025 | 1 | $66.6M | $51.5M | 79c | 0 |
| Sep 30, 2025 | 1 | $71.4M | $55.7M | 79c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $63.3M | $49.4M | 79c | 0 |
| Mar 31, 2025 | 1 | $58.9M | $46.6M | 77c | 0 |
| Dec 31, 2024 | 1 | $54.3M | $43.5M | 77c | 6 |
| Sep 30, 2024 | 1 | $53.1M | $43.0M | 80c | 5 |
| Jun 30, 2024 | 1 | $63.3M | $53.2M | 83c | 6 |
| Mar 31, 2024 | 1 | $59.3M | $51.7M | 86c | 5 |
| Dec 31, 2023 | 1 | $53.3M | $46.3M | 87c | 6 |
| Sep 30, 2023 | 1 | $49.7M | $45.6M | 91c | 6 |
| Jun 30, 2023 | 1 | $63.0M | $57.3M | 91c | 0 |
| Mar 31, 2023 | 1 | $58.1M | $55.2M | 94c | 0 |
| Dec 31, 2022 | 1 | $53.6M | $51.4M | 95c | 0 |
| Sep 30, 2022 | 1 | $48.3M | $46.9M | 95c | 0 |
| Dec 31, 2021 | 1 | $57.9M | $57.9M | 102c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
Full timeline · 30 eventsShow fewer
- Spread increasedDec 31, 2024
- PIK interest increasedSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- PIK interest increasedSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- PIK interest increasedSep 30, 2024
- PIK interest increasedSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Spread changed (observed)Dec 31, 2023
- Marked down across lendersDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Spread changed (observed)Sep 30, 2023
- PIK interest appearsSep 30, 2023
- Spread changed (observed)Sep 30, 2023
- PIK interest appearsSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- PIK interest appearsSep 30, 2023
- PIK interest appearsSep 30, 2023
- Spread changed (observed)Jun 30, 2023
- Spread changed (observed)Mar 31, 2023
- Spread increasedMar 31, 2023
- Marked down (one lender)Sep 30, 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
- LABORATORIESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived