DFX Intelligence
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Borrower
R•••••••• I••
Also written as: Inc.1; Inc.3
Principal held
at least $112M
sum of BDC pieces, a lower bound
Fair value
$159M
91c on cost, debt pieces
Unfunded
$2.0M
commitments not yet drawn
BDC lenders
10
8 on the latest quarter
Facilities
6
2 equity pieces beside them
Next maturity
Apr 15, 2027
$5.9M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
19
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 $97.8M | 91c | SOFR+650 bp PIK 1.75% | Apr 16, 2029 | 7 |
| first lien delayed draw term loan first lien | at least $12.9M | 92c | SOFR+490 bp PIK 1.75% | Apr 16, 2029 | 2 |
| first lien revolver first lien | at least $973,000 | 80c | SOFR+590 bp PIK 0.50% | Apr 1, 2029 | 5 |
| revolver lien unstated | unknown | n/a | unstated | 3 | |
| other lien unstated | unknown | n/a | unstated | 8 | |
| delayed draw term loan lien unstated exited Jun 30, 2024 | at least $5.5M | 94c | S+575 bp | Apr 15, 2027 | 1 |
Equity pieces beside the debt: preferred equity ($58.2M fair value, 6 BDCs), equity ($23.0M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien First lien senior secured loan | $700,000 | $600,000 86c | S+650 bp PIK 1.75% |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• C•••••• C••• | revolver first lien First lien senior secured revolving loan | $400,000 | $300,000 75c | S+625 bp |
| B••• C•••••• S•••••••• F••••••• I••• | delayed draw term loan first lien First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 4.75% (1.75% PIK) In | $5.3M | $4.9M 93c | SOFR+475 bp PIK 1.75% |
| B••• C•••••• S•••••••• F••••••• I••• | revolver first lien First Lien Senior Secured Loan - Revolver SOFR Floor 1.00% Spread 5.90% (0.50% PIK) Intere | $573,000 | $472,000 83c | SOFR+590 bp PIK 0.50% |
| B••• C•••••• S•••••••• F••••••• I••• | delayed draw term loan first lien First Lien Senior Secured Loan - Delayed Draw SOFR Floor 1.00% Spread 4.90% (1.75% PIK) In | $2.0M | $1.8M 93c | SOFR+490 bp PIK 1.75% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | Non-Affiliated Issuer | $20.7M | $18.6M 91c | S+650 bp PIK 1.75% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 7 | Non-Affiliated Issuer | $231,000 | $208,000 95c | S+650 bp PIK 1.75% |
| G•••• C•••••• B••• I••• | preferred equity equity Preferred stock 2 | Non-Affiliated Issuer | n/a | $13.7M 87c | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 6 | Non-Affiliated Issuer | $2.4M | $2.2M 94c | S+650 bp PIK 1.75% |
| G•••• C•••••• B••• I••• | preferred equity equity Preferred stock 1 | Non-Affiliated Issuer | n/a | $22.8M 87c | |
| G•••• C•••••• B••• I••• | preferred equity equity Preferred stock 3 | Non-Affiliated Issuer | n/a | $8.9M 81c | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 5 | Non-Affiliated Issuer | $2.5M | $2.2M 92c | S+650 bp PIK 1.75% |
| G•••• C•••••• B••• I••• | preferred equity equity Preferred stock 4 | Non-Affiliated Issuer | n/a | $3.4M 79c | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | Non-Affiliated Issuer | $12.1M | $10.9M 91c | S+650 bp PIK 1.75% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | Non-Affiliated Issuer | $6.0M | $5.4M 91c | S+650 bp PIK 1.75% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 8 | Non-Affiliated Issuer | $194,000 | $148,000 82c | S+625 bp PIK 0.50% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | Non-Affiliated Issuer | $3.6M | $3.3M 92c | S+650 bp PIK 1.75% |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest | $19.5M | $17.6M 90c | SOFR+7 bp PIK 1.75% |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 04/16/2029 | n/a | n/a | |
| M••••• S•••••• D••••• L•••••• F••• | preferred equity equity Investment Preferred Equity Reference Rate and Spread S + 10.00% PIK Acquisition Date 12/1 | n/a | $3.2M 81c | |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest | $30,000 | $23,000 77c | SOFR+7 bp PIK 1.75% |
| N•••• H•••• P•••••• I••••• F••• L•• | preferred equity equity Investment Preferred Equity Reference Rate and Spread S+ 10.00% PIK Acquisition Date 12/29 | n/a | $3.0M 58c | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 6.50% (incl. 1.75% PIK) Interest Ra | $14.5M | $13.1M 92c | SOFR+650 bp PIK 1.75% |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 6.50% (incl. 1.75% PIK) Interest Ra | $332,000 | $255,000 78c | SOFR+650 bp PIK 1.75% |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 04/16/2029 | n/a | n/a | |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien First Lien Debt (Delayed Draw) 3 | $242,000 | $220,000 91c | S+475 bp PIK 1.75% |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien First Lien Debt (Delayed Draw) 1 | $4.2M | $3.9M 91c | S+475 bp PIK 1.75% |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien First Lien Debt (Delayed Draw) 2 | $1.1M | $994,000 91c | S+475 bp PIK 1.75% |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.13% | $11.6M | $10.5M 90c | SOFR+650 bp PIK 1.75% |
| T• S••••• B•• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 6.50% (incl. 1.75% PIK) Interest Rate 10.13% | $603,000 | $464,000 77c | SOFR+650 bp PIK 1.75% |
| T• S••••• B•• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 04/16/2029 | n/a | n/a | |
| T• S••••• B•• L•• | preferred equity equity Preferred Equity Reference Rate and Spread S + 10.00% PIK Acquisition Date 12/14/2021 | n/a | $3.2M 81c | |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien First Lien Debt | $455,000 | $426,000 94c | S+650 bp PIK 1.75% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien First Lien Debt | $306,000 | $111,000 87c | S+625 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien First Lien Debt | $2.1M | $1.9M 94c | S+650 bp PIK 1.75% |
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 | 8 | $112M | $100M | 91c | 23 |
| Mar 31, 2026 | 8 | $111M | $99.0M | 91c | 24 |
| Dec 31, 2025 | 8 | $120M | $110M | 92c | 22 |
| Sep 30, 2025 | 8 | $158M | $143M | 92c | 30 |
| Jun 30, 2025 | 8 | $112M | $102M | 93c | 3 |
| Mar 31, 2025 | 8 | $111M | $102M | 93c | 0 |
| Dec 31, 2024 | 8 | $170M | $157M | 94c | 0 |
| Sep 30, 2024 | 7 | $106M | $99.5M | 96c | 0 |
| Jun 30, 2024 | 8 | $102M | $95.6M | 95c | 0 |
| Mar 31, 2024 | 10 | $110M | $103M | 95c | 0 |
| Dec 31, 2023 | 10 | $117M | $113M | 97c | 0 |
| Sep 30, 2023 | 10 | $110M | $112M | 97c | 0 |
| Jun 30, 2023 | 10 | $110M | $105M | 94c | 0 |
| Mar 31, 2023 | 3 | $9.3M | $8.8M | 459c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 31, 2025
- PIK interest appearsDec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
Sponsor
- H•
- the sponsor's own portfolio page lists a company of this nameestimatedhgcapital.com"••• Locked"
Identity
- Group key
- REVALIZEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived
- Industry
- Softwarereportedas one filer wrote it