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Borrower

F••••••••• S•••••••• C•••••• F•••••• L••

Real Estate Operating Companiesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Real Estate Operating Companies

What matters now

  1. 98¢ → 92¢
    consensus mark

    Consensus mark 92¢ on cost, down from 98¢ a year ago, 92¢ last quarter.

    Q2 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
Q2 2025: 98¢Q3 2025: 97¢Q4 2025: 95¢Q1 2026: 92¢Q2 2026: 92¢98¢ · 97¢ · 95¢ · 92¢ · 92¢Q2 2025 to Q2 2026
Principal held
at least $24.2M
sum of BDC pieces, a lower bound
Fair value
$22.3M
92c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
Dec 24, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
2
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
O•••••• S•••••••• L•••••• C•••$24.2M92¢0 pts
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
O•••••• S•••••••• L•••••• C•••term loan first lien$24.2M$22.3M
92c
9.00%
O•••••• S•••••••• L•••••• C•••warrants equity
W•••••••
Not disclosed$0
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $24.2M92c9.00%Dec 24, 20281
first lien delayed draw term loan first lien
exited Dec 31, 2022
at least $31.0M100c9.00%unstated1
Equity pieces beside the debt: warrants ($0 fair value, 1 BDC), other (Not disclosed fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20261$24.2M$22.3M92c0
Mar 31, 20261$25.9M$23.8M92c0
Dec 31, 20251$25.9M$24.6M95c0
Sep 30, 20251$28.4M$27.5M97c0
All 16 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20251$32.3M$31.6M98c0
Mar 31, 20251$33.5M$33.2M99c0
Dec 31, 20241$33.5M$33.2M99c0
Sep 30, 20241$48.9M$48.9M100c0
Jun 30, 20241$56.9M$56.9M100c0
Mar 31, 20241$60.5M$60.5M100c0
Dec 31, 20231$61.5M$61.5M100c0
Sep 30, 20231$60.0M$60.0M100c0
Jun 30, 20231$52.7M$52.7M100c0
Mar 31, 20231$51.6M$51.6M100c0
Dec 31, 20221$31.0M$31.0M100c0
Sep 30, 20221$55.7M$55.7M100c0
What changed
Every change including routine ones
Identity
Group key
F••••••••• S•••••••• C•••••• F••••••derivedthe codename stem after legal suffixes and deal words
Spellings
1 across 1 BDCderived
Industry
Real Estate Operating Companiesreportedas one filer wrote it