DFX Intelligence
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Borrower
T••••• F•••••• L••
Chemicalsgroup grade Aon a schedule nowsponsor unattributed
What matters now
- 99¢ → 95¢consensus mark
Consensus mark 95¢ on cost, down from 99¢ a year ago, 88¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal - 14 pts85¢ to 99¢
Lenders disagree by 14 points: S••••• C•••• C•••••• C••• 85¢ to P••••• S••••• C•••••• B•• I••• 99¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
Mark path, consensus per quarter end
99¢ · 97¢ · 89¢ · 88¢ · 95¢Q2 2025 to Q2 2026
Where each lender marks it, 14 points apart
85¢99¢
Principal held
at least $4.0M
sum of BDC pieces, a lower bound
Fair value
$3.3M
95c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Apr 4, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2023
latest Jun 30, 2026
Events
5
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 |
|---|---|---|---|
| P••••• S••••• C•••••• B•• I••• | $2.99M | 99¢ | new this quarter |
| S••••• C•••• C•••••• C••• | $985K | 85¢ | +3 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 6.19% (S + 2.50%) M••••••• D••• 9/ | $3.0M | $2.5M 99c | SOFR+250 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $985,000 | $834,000 85c | S+225 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 $4.0M | 95c | SOFR+250 bp | Sep 30, 2031 | 3 |
| other lien unstated exited Mar 31, 2024 | at least $1.1M | 101c | S+350 bp | Aug 16, 2028 | 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 | 2 | $4.0M | $3.3M | 95c | 0 |
| Mar 31, 2026 | 2 | $8.0M | $6.5M | 88c | 0 |
| Dec 31, 2025 | 2 | $8.0M | $6.6M | 89c | 0 |
| Sep 30, 2025 | 2 | $6.5M | $5.9M | 97c | 0 |
All 9 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $995,000 | $981,000 | 99c | 0 |
| Dec 31, 2024 | 1 | $998,000 | $1.0M | 101c | 0 |
| Mar 31, 2024 | 1 | $1.1M | $1.1M | 101c | 0 |
| Dec 31, 2023 | 1 | $1.0M | $1.0M | 101c | 0 |
| Sep 30, 2023 | 1 | $500,000 | $497,000 | 100c | 0 |
What changed
- Mark recoveredJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- Lender left a facilityMar 31, 2026
- Marked down across lendersDec 31, 2025
Full timeline · 11 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- New lender joined a facilitySep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Facility left every BDC scheduleMar 31, 2024
- New borrower on a BDC scheduleSep 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- T••••• F••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Chemicalsreportedas one filer wrote it