DFX Intelligence
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Borrower
J••• W••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: J••• W•••••• Ultimate Holdings; J••• W•••••• Ultimate Holdings, LLC; LLC J••• W•••••• Holdings, Inc; LLC Priority
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q1 2024.
since Q1 2024 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 21¢ → 12¢consensus mark
Consensus mark 12¢ on cost, down from 21¢ a year ago, 21¢ 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 - $15.3Mprincipal outstanding
$15.3M principal held by 1 lender; matures Dec 2026.
Q2 2026 · Refinancing is due in 3 months at a 12¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
21¢ · 21¢ · 25¢ · 21¢ · 12¢Q2 2025 to Q2 2026
Principal held
at least $15.3M
sum of BDC pieces, a lower bound
Fair value
$10.2M
33c 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 31, 2026
$15.3M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
19
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 |
|---|---|---|---|
| S•••••• C•••••• I••••••••• C••• | $15.3M | 12¢ | -9 pts |
Every BDC piece · 8 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated T••• L••• (S•••) | $10.0M | $1.2M 12c | 4.09% |
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated T••• L••• (S•••) Two | $3.6M | $436,821 12c | 5.00% |
| S•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• (S•••) | $1.7M | $3.5M 200c | 5.00% |
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated T••• L••• | Not disclosed | $1.6M | |
| S•••••• C•••••• I••••••••• C••• | preferred equity equity C•••• A P•••••••• | Not disclosed | Not disclosed |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••• C•••••• I••••••••• C••• | equity equity C•••• A U•••• (S•••) | Not disclosed | Not disclosed | |
| S•••••• C•••••• I••••••••• C••• | equity equity C•••• A U•••• | Not disclosed | Not disclosed | |
| S•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• | Not disclosed | $3.5M |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| term loan lien unstated | at least $13.6M | 12c | 5.00% | Dec 31, 2026 | 1 |
| revolver lien unstated | at least $1.7M | 200c | 5.00% | Dec 31, 2026 | 1 |
Equity pieces beside the debt: equity (Not disclosed fair value, 1 BDC), preferred equity (Not disclosed fair value, 1 BDC)
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 | 1 | $15.3M | $10.2M | 66c | 0 |
| Mar 31, 2026 | 1 | $15.3M | $12.3M | 81c | 0 |
| Dec 31, 2025 | 1 | $16.8M | $16.3M | 97c | 0 |
| Sep 30, 2025 | 1 | $15.1M | $11.7M | 78c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $14.8M | $10.5M | 71c | 0 |
| Mar 31, 2025 | 1 | $14.7M | $5.1M | 35c | 0 |
| Dec 31, 2024 | 1 | $15.8M | $6.4M | 41c | 0 |
| Sep 30, 2024 | 1 | $14.7M | $3.3M | 23c | 0 |
| Jun 30, 2024 | 1 | $14.7M | $3.4M | 23c | 0 |
| Mar 31, 2024 | 1 | $13.6M | $4.9M | 36c | 0 |
| Dec 31, 2023 | 1 | $13.6M | $4.9M | 36c | 1 |
| Sep 30, 2023 | 1 | $13.2M | $7.7M | 59c | 1 |
| Jun 30, 2023 | 1 | $13.0M | $11.8M | 90c | 1 |
| Mar 31, 2023 | 1 | $12.9M | $11.7M | 90c | 1 |
| Dec 31, 2022 | 1 | $12.8M | $11.2M | 88c | 1 |
| Sep 30, 2022 | 1 | $12.7M | $0 | n/a | 1 |
| Dec 31, 2021 | 1 | $12.5M | $11.9M | 96c | 1 |
What changed
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
Full timeline · 26 eventsShow fewer
- Maturity approachingDec 31, 2026
- non accrual placedJun 30, 2026
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- returned to accrualMar 31, 2026
- non accrual placedDec 31, 2025
- Mark recoveredMar 31, 2025
- returned to accrualDec 31, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- non accrual placedMar 31, 2024
- Marked down across lendersDec 31, 2023
- PIK interest increasedDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- PIK interest increasedDec 31, 2023
- Marked down across lendersSep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Spread changed (observed)Dec 31, 2022
- PIK interest increasedDec 31, 2022
- Spread increasedDec 31, 2022
- PIK interest increasedDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- J R WATKINSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived