DFX Intelligence
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Borrower
A• A•••••••• H•••••••• L••
group grade Aon a schedule nowsponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 99¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
99¢100¢
Principal held
at least $123M
sum of BDC pieces, a lower bound
Fair value
$121M
99c on cost, debt pieces
Unfunded
$31.4M
commitments not yet drawn
BDC lenders
7
7 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Apr 1, 2031
no dated debt inside 24 months
On the tape since
Jun 30, 2025
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
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• | $54.7M | 100¢ | 0 pts |
| A••• C•••••• C••• | $32.1M | 99¢ | 0 pts |
| A••• S•••••••• I••••• F••• | $27.7M | 100¢ | 0 pts |
| G•••• C•••••• B••• I••• | $5.76M | 100¢ | 0 pts |
| G•••• C•••••• B•• 4• I••• | $1.65M | 100¢ | 0 pts |
View all 7 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••• C•••••• D••••• L•••••• C••• | $529K | 100¢ | 0 pts |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | $265K | 99¢ | -1 pts |
Every BDC piece · 19 positions across 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 3 | $54.7M | $54.2M 100c | S+475 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $32.1M | $31.8M 99c | S+475 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $27.7M | $27.4M 100c | S+475 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $5.8M | $5.7M 100c | S+475 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $1.7M | $1.6M 100c | S+475 bp |
View all 19 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $529,000 | $525,000 100c | S+475 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 3 | $265,000 | $262,000 99c | S+475 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $0 | -$2,000 200c | S+475 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $0 | -$5,000 250c | S+475 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $0 | -$8,000 200c | S+475 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $0 | -$17,000 213c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $0 | -$1,000 | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $0 | -$2,000 200c | S+475 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $0 | -$1,000 | S+475 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $0 | $0 | S+475 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $0 | -$76,000 205c | S+475 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $0 | -$158,000 208c | S+475 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed |
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 $123M | 99c | S+475 bp | Apr 1, 2032 | 7 |
| first lien revolver first lien exited Jun 30, 2025 | at least $409,800 | 99c | S+475 bp | Apr 1, 2031 | 2 |
Equity pieces beside the debt: other (Not disclosed fair value, 2 BDCs)
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 | 7 | $123M | $121M | 99c | 0 |
| Mar 31, 2026 | 7 | $123M | $121M | 99c | 0 |
| Dec 31, 2025 | 7 | $123M | $123M | 100c | 0 |
| Sep 30, 2025 | 7 | $189M | $188M | 100c | 0 |
All 5 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $127M | $126M | 100c | 0 |
What changed
- New borrower on a BDC scheduleJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- AP ADHESIVESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived