DFX Intelligence
The names on this page are hidden. Create a free account to reveal 5 records a month, or get Private Credit Intelligence at $249 a month for every name. Every figure, date and source on this page is public either way.
Borrower
D•••• T••••• I••
Also written as: D••••; D•••• 2; D•••• 2 Sarl; D•••• 2 T; Emerald JV LP; Formula One; Inc.2; Infoblox, Inc.
What matters now
- 100¢ → 93¢consensus mark
Consensus mark 93¢ on cost, down from 100¢ a year ago, 91¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived9 of 9 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 100¢ · 99¢ · 91¢ · 93¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 3 points apart
95¢98¢
Principal held
at least $424M
sum of BDC pieces, a lower bound
Fair value
$393M
93c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
18
9 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Nov 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
9
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••••••••• P•••••• C••••• F••• | $217M | 94¢ | +2 pts |
| B••• O•• C••••• I••••• C•••• | $90.4M | 92¢ | +3 pts |
| B••• O•• T••••••••• I••••• C•••• | $39.1M | 91¢ | +2 pts |
| B••• O•• T••••••••• F•••••• C•••• | $37.5M | 92¢ | +2 pts |
| H•• C•••••••• L•••••• F••• | $18.9M | 95¢ | -2 pts |
View all 9 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| P••••• S••••• C•••••• B•• I••• | $9.33M | 94¢ | +1 pts |
| H•• C•••••••• C•••••• S•••••••• F••• | $5.17M | 95¢ | -2 pts |
| B•••••••• P•••••• C••••• F••• | $3.9M | 95¢ | -2 pts |
| B•••••• P•••••• C••••• C••• | $2.49M | 95¢ | -2 pts |
Every BDC piece · 15 positions across 9 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $130M | $119M 93c | S+525 bp |
| B••• O•• C••••• I••••• C•••• | term loan second lien S••••• lien senior secured loan | N••••••••• I••••• | $82.1M | $74.6M 91c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $49.3M | $46.8M 95c | S+275 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan second lien S••••• lien senior secured loan | $39.1M | $35.5M 91c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $31.6M | $30.0M 95c | S+275 bp |
View all 15 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• T••••••••• F•••••• C•••• | term loan second lien S••••• lien senior secured loan | N••••••••• I••••• | $30.0M | $27.3M 91c | S+525 bp |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $18.9M | $17.9M 95c | S+275 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $8.3M | $7.8M 96c | S+275 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $7.5M | $7.0M 98c | S+275 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $6.9M | $6.5M 95c | S+275 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $5.2M | $4.9M 95c | S+275 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 6.42% (S + 2.75%) M••••••• D••• 11 | $4.8M | $4.6M 95c | SOFR+275 bp |
| P••••• S••••• C•••••• B•• I••• | term loan second lien Investment S••••• L••• S••••• S•••••• L••• I••••••• R••• 8.92% (S + 5.25%) M••••••• D••• 1 | $4.5M | $4.1M 92c | SOFR+525 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) S••••• 2.75% T•••• C••••• 6.40% M••••••• 12/3/ | $3.9M | $3.7M 95c | SOFR+275 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.5M | $2.3M 95c | S+275 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $241M | 94c | S+275 bp | Dec 1, 2030 | 3 |
| second lien term loan second lien | at least $156M | 91c | SOFR+525 bp | Dec 24, 2030 | 4 |
| first lien term loan first lien | at least $27.0M | 96c | SOFR+275 bp | Dec 3, 2029 | 5 |
| term loan lien unstated exited Jun 30, 2024 | at least $1.3M | 100c | S+225 bp | Jan 15, 2030 | 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 | 9 | $424M | $393M | 93c | 0 |
| Mar 31, 2026 | 9 | $421M | $382M | 91c | 0 |
| Dec 31, 2025 | 9 | $637M | $631M | 99c | 0 |
| Sep 30, 2025 | 10 | $528M | $525M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 10 | $369M | $369M | 100c | 0 |
| Mar 31, 2025 | 10 | $361M | $360M | 100c | 0 |
| Dec 31, 2024 | 12 | $1.0B | $1.0B | 101c | 0 |
| Sep 30, 2024 | 11 | $380M | $381M | 101c | 0 |
| Jun 30, 2024 | 11 | $374M | $377M | 101c | 0 |
| Mar 31, 2024 | 11 | $270M | $271M | 102c | 0 |
| Dec 31, 2023 | 12 | $327M | $326M | 103c | 0 |
| Sep 30, 2023 | 9 | $238M | $235M | 101c | 0 |
| Jun 30, 2023 | 9 | $252M | $244M | 99c | 0 |
| Mar 31, 2023 | 11 | $244M | $226M | 95c | 0 |
| Dec 31, 2022 | 10 | $221M | $204M | 94c | 0 |
| Sep 30, 2022 | 3 | $63.5M | $57.7M | 91c | 0 |
| Dec 31, 2021 | 2 | $37.4M | $37.4M | 100c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 30 eventsShow fewer
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Spread changed (observed)Mar 31, 2025
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Lender left a facilityJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Spread increasedJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
Sponsor
- V•••• E••••• P••••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedvistaequitypartners.com"••• Locked"
- K•••• ••••••••• M••••••••• C••••••• S••••••
- Form D signer consensus, grade Bestimated"••• Locked"
- T••• L••• C•••••• P•••••••• L••
- Form D signer consensus, grade Bestimated"••• Locked"
- S•••• P•••• C•••••• L••
- Form D signer consensus, grade Bestimated"••• Locked"
- L•••••• C•••••• L••
- Form D signer consensus, grade Bestimated"••• Locked"
- W•••••• P••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedwarburgpincus.com"••• Locked"
Identity
- Group key
- DELTAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 18 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it