DFX Intelligence
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Borrower
D••••• B•••• L••••••
group grade Aon a schedule nowsponsor unattributed
Also written as: D••••• Holdco, Ltd
Principal held
at least $313M
sum of BDC pieces, a lower bound
Fair value
$337M
99c on cost, debt pieces
Unfunded
$600,000
commitments not yet drawn
BDC lenders
8
6 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
Sep 1, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2023
latest Jun 30, 2026
Events
11
dated, non-routine
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 $125M | 99c | S+475 bp | Sep 1, 2031 | 5 |
| delayed draw term loan lien unstated | at least $123M | 99c | S+1120 bp PIK 11.20% | Sep 5, 2032 | 2 |
| unsecured or subordinated subordinated debt unsecured or subordinated | at least $65.3M | 97c | PIK 11.20% | Sep 1, 2032 | 4 |
| first lien delayed draw term loan first lien exited Jun 30, 2025 | at least $69.9M | 113c | S+500 bp | Aug 29, 2030 | 1 |
| other lien unstated exited Sep 30, 2024 | unknown | n/a | unstated | 3 |
Equity pieces beside the debt: equity ($1.3M fair value, 5 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $19.4M | $25.5M 104c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $3.1M | $4.1M 98c | S+1120 bp PIK 11.20% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $21.3M | $24.1M 101c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $5.4M | $6.1M 97c | S+980 bp PIK 9.80% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $32.9M | $37.2M 98c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $8.5M | $11.1M 98c | S+1120 bp PIK 11.20% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $17.7M | $23.2M 100c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $14.6M | $16.4M 97c | S+980 bp PIK 9.80% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $7.2M | $7.2M 100c | S+475 bp |
| G•••• C•••••• B•• 4• I••• | subordinated debt unsecured or subordinated S••••••••• debt 2 | $10.7M | $10.5M 97c | PIK 9.80% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $14.8M | $14.6M 101c | S+475 bp |
| G•••• C•••••• B•• 4• I••• | equity equity LP interest | n/a | $180,000 353c | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $0 | $-47,000 138c | S+475 bp |
| G•••• C•••••• B•• 4• I••• | subordinated debt unsecured or subordinated S••••••••• debt 1 | $7.2M | $7.1M 98c | PIK 11.20% |
| G•••• C•••••• B••• I••• | subordinated debt unsecured or subordinated S••••••••• debt 1 | N••••••••• I••••• | $108,000 | $107,000 98c | PIK 11.20% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $0 | $-8,000 267c | S+475 bp |
| G•••• C•••••• B••• I••• | equity equity LP interest | N••••••••• I••••• | n/a | $917,000 269c | |
| G•••• C•••••• B••• I••• | subordinated debt unsecured or subordinated S••••••••• debt 2 | N••••••••• I••••• | $160,000 | $157,000 97c | PIK 9.80% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $6.6M | $6.5M 103c | S+475 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $8.4M | $8.3M 102c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $0 | $-20,000 143c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | subordinated debt unsecured or subordinated S••••••••• debt 1 | $65,000 | $64,000 98c | PIK 11.20% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $1.4M | $1.4M 104c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | equity equity LP interest | n/a | $75,000 357c | |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $3.1M | $3.0M 106c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | subordinated debt unsecured or subordinated S••••••••• debt 2 | $96,000 | $94,000 97c | PIK 9.80% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $54.7M | $54.2M 98c | S+475 bp |
| G•••• C•••••• P•••••• C••••• F••• | subordinated debt unsecured or subordinated S••••••••• debt 2 | $18.9M | $18.7M 98c | PIK 11.20% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 3 | $0 | $-42,000 140c | S+475 bp |
| G•••• C•••••• P•••••• C••••• F••• | subordinated debt unsecured or subordinated S••••••••• debt 1 | $28.0M | $27.6M 97c | PIK 9.80% |
| G•••• C•••••• P•••••• C••••• F••• | equity equity LP interest | n/a | $161,000 350c | |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $28.5M | $28.2M 98c | S+475 bp |
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 | 6 | $313M | $335M | 99c | 12 |
| Mar 31, 2026 | 6 | $312M | $333M | 99c | 12 |
| Dec 31, 2025 | 6 | $312M | $341M | 102c | 12 |
| Sep 30, 2025 | 6 | $498M | $524M | 102c | 20 |
| Jun 30, 2025 | 7 | $136M | $146M | 112c | 0 |
| Mar 31, 2025 | 7 | $133M | $135M | 104c | 0 |
| Dec 31, 2024 | 7 | $234M | $232M | 101c | 0 |
| Sep 30, 2024 | 7 | $134M | $140M | 108c | 0 |
| Jun 30, 2024 | 7 | $133M | $132M | 102c | 0 |
| Mar 31, 2024 | 8 | $79.6M | $81.7M | 102c | 0 |
| Dec 31, 2023 | 8 | $78.4M | $79.5M | 100c | 0 |
| Sep 30, 2023 | 8 | $80.7M | $79.8M | 97c | 0 |
What changed
- Maturity shortened (observed)Dec 31, 2025
- PIK interest appearsSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 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
- DENALI #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 8 BDCsderived