DFX Intelligence
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Borrower
M•••••• B•••• I••••••••• L••
Construction & Engineeringgroup grade Aon a schedule nowsponsor unattributed
Also written as: M•••••• B••••
Principal held
at least $170M
sum of BDC pieces, a lower bound
Fair value
$166M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
14
6 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Dec 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
2
dated, non-routine
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 $153M | 100c | SOFR+450 bp | Dec 1, 2028 | 12 |
| other lien unstated | at least $17.6M | 100c | S+450 bp | Dec 1, 2028 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F••••••• B•• C•••••• C••• | unstated lien unstated | $17.6M | $17.2M 100c | S+450 bp |
| M•• I••••••••• C•••• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• F•••• 0.75% I••••••• R•• | $99.5M | $96.6M 100c | SOFR+450 bp |
| O••••• S••••• C•••••• C•••• | term loan first lien S••••• S•••••• N•••• first lien senior secured notes | $9.8M | $9.8M 99c | 7.66% |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.66% (S + 4.00%) M••••••• D••• 12 | $8.9M | $8.9M 100c | SOFR+400 bp |
| S••••• P•••• S•••••••• L•••••• F••• | term loan first lien 1st L•••/S•••••• L•••• I••••••••• 1st L••• T••• L••• I••••••• P••••••••• Services R••• S+4 | $18.1M | $17.5M 100c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 12/1/2028 | $16.3M | $15.9M 100c | SOFR+450 bp |
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 | 6 | $170M | $166M | 100c | 0 |
| Mar 31, 2026 | 6 | $173M | $169M | 100c | 0 |
| Dec 31, 2025 | 6 | $209M | $203M | 100c | 0 |
| Sep 30, 2025 | 5 | $35.2M | $35.3M | 100c | 0 |
| Jun 30, 2025 | 6 | $35.8M | $35.9M | 101c | 0 |
| Mar 31, 2025 | 5 | $25.9M | $25.9M | 100c | 0 |
| Dec 31, 2024 | 8 | $88.4M | $88.8M | 101c | 0 |
| Sep 30, 2024 | 7 | $52.7M | $53.0M | 101c | 0 |
| Jun 30, 2024 | 5 | $22.7M | $22.8M | 101c | 0 |
| Mar 31, 2024 | 1 | $3.3M | $3.3M | 101c | 0 |
| Dec 31, 2023 | 2 | $9.4M | $9.4M | 101c | 0 |
| Sep 30, 2023 | 1 | $3.3M | $3.3M | 100c | 0 |
| Jun 30, 2023 | 1 | $3.3M | $3.3M | 100c | 0 |
| Mar 31, 2023 | 1 | $3.3M | $3.2M | 98c | 0 |
| Dec 31, 2022 | 1 | $6.6M | $6.4M | 98c | 0 |
| Dec 31, 2021 | 1 | $3.3M | $3.3M | 100c | 0 |
What changed
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Spread increasedDec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilityJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityDec 31, 2023
- 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
- MICHAEL BAKERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 14 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it