DFX Intelligence
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Borrower
J•••• F••• H••••••••• • D••••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Pond Management Group Holdings, LLC
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
98¢101¢
Principal held
at least $47.4M
sum of BDC pieces, a lower bound
Fair value
$51.0M
100c on cost, debt pieces
Unfunded
$50.4M
commitments not yet drawn
BDC lenders
6
3 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Nov 1, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
2
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••• | $18M | 98¢ | -2 pts |
| A••• C•••••• C••• | $17.1M | 100¢ | +1 pts |
| A••• S•••••••• I••••• F••• | $12.3M | 101¢ | +1 pts |
Every BDC piece · 10 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $17.1M | $17.1M 100c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $16.5M | $16.1M 99c | S+425 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $12.3M | $12.3M 101c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $1.6M | $1.3M 86c | S+425 bp |
| A••• C•••••• C••• | equity equity C•••• A units | Not disclosed | $2.5M 96c |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | equity equity C•••• A units | Not disclosed | $1.8M 94c | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+425 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+425 bp |
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 $29.4M | 101c | S+425 bp | Nov 1, 2032 | 5 |
| other lien unstated | at least $18.0M | 98c | S+425 bp | Nov 19, 2032 | 3 |
| revolver lien unstated | unknown | n/a | S+425 bp | unstated | 4 |
| delayed draw term loan lien unstated | unknown | n/a | S+425 bp | unstated | 1 |
Equity pieces beside the debt: equity ($4.3M fair value, 5 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 | 3 | $47.4M | $46.8M | 100c | 0 |
| Mar 31, 2026 | 3 | $43.9M | $43.3M | 100c | 0 |
| Dec 31, 2025 | 6 | $43.3M | $42.7M | 100c | 0 |
| Sep 30, 2025 | 3 | $37.6M | $37.3M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $18.1M | $17.9M | 100c | 0 |
| Mar 31, 2025 | 3 | $15.8M | $15.8M | 101c | 0 |
| Dec 31, 2024 | 3 | $26.5M | $26.5M | 102c | 0 |
| Sep 30, 2024 | 3 | $15.0M | $15.0M | 102c | 0 |
| Jun 30, 2024 | 3 | $15.0M | $14.7M | 100c | 0 |
| Mar 31, 2024 | 3 | $15.0M | $14.8M | 101c | 0 |
| Dec 31, 2023 | 3 | $23.0M | $22.6M | 100c | 0 |
| Sep 30, 2023 | 3 | $15.0M | $14.6M | 99c | 0 |
| Jun 30, 2023 | 3 | $15.0M | $14.5M | 99c | 0 |
| Mar 31, 2023 | 3 | $10.4M | $10.0M | 98c | 0 |
| Dec 31, 2022 | 3 | $8.4M | $8.2M | 100c | 0 |
| Sep 30, 2022 | 1 | $2.8M | $2.7M | 100c | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
Full timeline · 15 eventsShow fewer
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- JONES FISH HATCHERIES AND DISTRIBUTORSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived