DFX Intelligence
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Borrower
S•••••• B••••• L••
group grade Aon a schedule nowsponsor unattributed
What matters now
- 100¢ → 94¢consensus mark
Consensus mark 94¢ on cost, down from 100¢ a year ago, 97¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal - $38.7Mprincipal outstanding
$38.7M principal held by 2 lenders; matures Sep 2028.
Q2 2026 · Refinancing is due in 24 months at a 94¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 100¢ · 99¢ · 97¢ · 94¢Q2 2025 to Q2 2026
Where each lender marks it, 4 points apart
93¢97¢
Principal held
at least $38.7M
sum of BDC pieces, a lower bound
Fair value
$36.0M
94c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Sep 19, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
1
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•••••• C••• I• | $22M | 93¢ | -4 pts |
| N••••• C•••••••• D••••• L•••••• C•••• | $16.7M | 97¢ | -1 pts |
Every BDC piece · 3 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• C•••••• C••• I• | term loan first lien S••••• S•••••• T••• L•••, Due 9/19/2028 | $22.0M | $20.1M 93c | SOFR+625 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien P•••• T••• H•••••••••) | F•••• L••• D••• 2 | $9.0M | $8.6M 96c | S+625 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien P•••• T••• H•••••••••) | F•••• L••• D••• 1 | $7.7M | $7.3M 97c | 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 $38.7M | 94c | SOFR+625 bp | Sep 19, 2028 | 2 |
| other lien unstated exited Dec 31, 2024 | at least $17.4M | 101c | S+625 bp | Sep 19, 2028 | 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 | 2 | $38.7M | $36.0M | 94c | 0 |
| Mar 31, 2026 | 2 | $38.9M | $37.3M | 97c | 0 |
| Dec 31, 2025 | 2 | $39.0M | $38.0M | 99c | 0 |
| Sep 30, 2025 | 2 | $39.6M | $38.8M | 100c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $40.0M | $39.5M | 100c | 0 |
| Mar 31, 2025 | 2 | $40.4M | $40.3M | 102c | 0 |
| Dec 31, 2024 | 2 | $58.3M | $57.9M | 101c | 0 |
| Sep 30, 2024 | 1 | $23.8M | $23.8M | 102c | 0 |
| Jun 30, 2024 | 2 | $41.8M | $41.7M | 102c | 0 |
| Mar 31, 2024 | 2 | $43.0M | $42.8M | 102c | 0 |
| Dec 31, 2023 | 2 | $43.8M | $43.5M | 102c | 0 |
| Sep 30, 2023 | 2 | $44.8M | $43.6M | 100c | 0 |
| Jun 30, 2023 | 1 | $9.6M | $9.6M | 103c | 0 |
| Mar 31, 2023 | 1 | $9.8M | $9.7M | 102c | 0 |
| Dec 31, 2022 | 1 | $9.9M | $9.6M | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SANDLOTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived