DFX Intelligence
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Borrower
P••••••• M•• I••••••••• H••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: BPCP P••••••• Holdings, Inc
What matters now
- 100¢ → 91¢consensus mark
Consensus mark 91¢ on cost, down from 100¢ a year ago, 90¢ 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
Mark path, consensus per quarter end
100¢ · 94¢ · 90¢ · 90¢ · 91¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
90¢92¢
Principal held
at least $16.3M
sum of BDC pieces, a lower bound
Fair value
$15.0M
91c on cost, debt pieces
Unfunded
$12.6M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
3 equity pieces beside them
Next maturity
Oct 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
7
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••• S•••••••• I••••• F••• | $9.24M | 92¢ | +5 pts |
| A••• C•••••• C••• | $7.1M | 90¢ | -3 pts |
Every BDC piece · 10 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $8.6M | $7.8M 92c | S+675 bp PIK 1.50% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $6.6M | $6.0M 91c | S+675 bp PIK 1.50% |
| A••• S•••••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan | $639,500 | $582,000 95c | S+675 bp PIK 1.50% |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $500,000 | $400,000 80c | S+675 bp PIK 1.50% |
| A••• C•••••• C••• | preferred equity equity P•••••••• units | Not disclosed | $100,000 100c | PIK 20.00% |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | equity equity C••••• stock | Not disclosed | $0 0c | |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | equity equity C••••• stock | Not disclosed | $6,700 1c | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | preferred equity equity P•••••••• units | Not disclosed | $109,000 100c | PIK 20.00% |
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 $15.2M | 91c | S+675 bp PIK 1.50% | Oct 1, 2030 | 2 |
| first lien revolver first lien | at least $1.1M | 88c | S+675 bp PIK 1.50% | Oct 1, 2030 | 2 |
Equity pieces beside the debt: equity ($6,700 fair value, 2 BDCs), other (Not disclosed fair value, 2 BDCs), preferred equity ($209,000 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 | 2 | $16.3M | $14.8M | 91c | 4 |
| Mar 31, 2026 | 2 | $16.8M | $15.0M | 90c | 4 |
| Dec 31, 2025 | 2 | $16.8M | $15.0M | 90c | 4 |
| Sep 30, 2025 | 2 | $18.2M | $17.0M | 94c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $17.7M | $17.6M | 100c | 0 |
| Mar 31, 2025 | 2 | $14.0M | $13.8M | 99c | 0 |
| Dec 31, 2024 | 2 | $13.8M | $13.5M | 99c | 0 |
What changed
- Marked down (one lender)Jun 30, 2026
- Spread changed (observed)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- PIK interest appearsDec 31, 2025
Full timeline · 25 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- Marked down across lendersSep 30, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- New borrower on a BDC scheduleDec 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
- PINNACLE MEPderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived