DFX Intelligence
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Borrower
M•••••••• X••• L••••••
group grade Aon a schedule nowsponsor unattributed
Also written as: M•••••••• XXXII Ltd; M•••••••• XXXII Ltd - Class E; Multi-Sector Holdings
What matters now
- 99¢ → 91¢consensus mark
Consensus mark 91¢ on cost, down from 99¢ a year ago, 89¢ 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
99¢ · 98¢ · 96¢ · 89¢ · 91¢Q2 2025 to Q2 2026
Principal held
at least $5.3M
sum of BDC pieces, a lower bound
Fair value
$4.8M
91c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Sep 30, 2022
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 |
|---|---|---|---|
| B•••••• B••• I••• | $5.25M | 91¢ | +2 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | notes unsecured or subordinated S••••••••• N•••• | $5.3M | $4.8M 91c | S+800 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated notes unsecured or subordinated | at least $5.3M | 91c | S+800 bp | unstated | 1 |
| other lien unstated exited Jun 30, 2025 | at least $5.0M | 101c | S+690 bp | Apr 15, 2035 | 1 |
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 | $5.3M | $4.8M | 91c | 0 |
| Mar 31, 2026 | 1 | $5.3M | $4.7M | 89c | 0 |
| Dec 31, 2025 | 1 | $5.3M | $5.0M | 96c | 0 |
| Sep 30, 2025 | 1 | $5.3M | $5.1M | 98c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $10.3M | $10.2M | 99c | 0 |
| Mar 31, 2025 | 2 | $10.3M | $10.3M | 100c | 0 |
| Dec 31, 2024 | 2 | $31.0M | $31.1M | 101c | 0 |
| Sep 30, 2024 | 2 | $24.0M | $17.5M | 96c | 0 |
| Jun 30, 2024 | 2 | $24.0M | $18.1M | 97c | 0 |
| Mar 31, 2024 | 2 | $24.0M | $18.6M | 98c | 0 |
| Dec 31, 2023 | 2 | $24.0M | $18.3M | 95c | 0 |
| Sep 30, 2023 | 2 | $24.0M | $19.3M | 100c | 0 |
| Jun 30, 2023 | 2 | $24.0M | $17.4M | 90c | 0 |
| Mar 31, 2023 | 2 | $24.0M | $17.4M | 89c | 0 |
| Dec 31, 2022 | 2 | $24.0M | $17.0M | 87c | 0 |
| Sep 30, 2022 | 2 | $24.0M | $16.8M | 87c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Facility left every BDC scheduleJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Mark recoveredDec 31, 2024
Full timeline · 9 eventsShow fewer
- Marked down across lendersDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Mark recoveredSep 30, 2023
- New borrower on a BDC scheduleSep 30, 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
- MAGNETITE #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 2 BDCsderived