DFX Intelligence
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Borrower
Z••••• H••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Z••••• TopCo Limited
What matters now
- 101¢ → 96¢consensus mark
Consensus mark 96¢ on cost, down from 101¢ a year ago, 100¢ 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
101¢ · 102¢ · 102¢ · 100¢ · 96¢Q2 2025 to Q2 2026
Principal held
at least $6.3M
sum of BDC pieces, a lower bound
Fair value
$7.7M
96c on cost, debt pieces
Unfunded
$3.3M
commitments not yet drawn
BDC lenders
3
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Aug 1, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2024
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 |
|---|---|---|---|
| F• K•• C•••••• C••• | $6.3M | 96¢ | -4 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | unstated lien unstated S••••••• & Services 1 | $3.5M | $4.5M 96c | S+470 bp |
| F• K•• C•••••• C••• | unstated lien unstated S••••••• & Services 2 | $2.8M | $3.2M 97c | S+470 bp |
| F• K•• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
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 | $6.3M | $7.7M | 96c | 0 |
| Mar 31, 2026 | 1 | $6.3M | $8.0M | 100c | 0 |
| Dec 31, 2025 | 1 | $6.2M | $8.2M | 102c | 0 |
| Sep 30, 2025 | 1 | $6.2M | $8.2M | 102c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $6.2M | $8.1M | 101c | 0 |
| Mar 31, 2025 | 1 | $6.3M | $8.0M | 100c | 0 |
| Dec 31, 2024 | 3 | $12.6M | $15.8M | 99c | 0 |
| Sep 30, 2024 | 3 | $6.3M | $7.9M | 99c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2024
- New borrower on a BDC scheduleSep 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- ZELLIS #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived