DFX Intelligence
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Borrower
A••••••• N••• O••••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Units of
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules.
since Q2 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 92¢ → 86¢consensus mark
Consensus mark 86¢ on cost, down from 92¢ a year ago, 91¢ 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 - $27.1Mprincipal outstanding
$27.1M principal held by 1 lender; matures Mar 2028.
Q2 2026 · Refinancing is due in 18 months at a 86¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
92¢ · 91¢ · 91¢ · 91¢ · 86¢Q2 2025 to Q2 2026
Principal held
at least $27.1M
sum of BDC pieces, a lower bound
Fair value
$23.3M
86c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Mar 28, 2028
$13.5M inside 24 months
On the tape since
Mar 31, 2022
latest Jun 30, 2026
Events
20
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 |
|---|---|---|---|
| C•••••• S•••••••• C••• | $27.1M | 86¢ | -5 pts |
Every BDC piece · 10 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••••• C••• | term loan first lien F•••• L••• - T••• L••• A | $6.7M | $6.7M | S+850 bp |
| C•••••• S•••••••• C••• | term loan first lien F•••• L••• - T••• L••• B | $6.7M | $4.8M 71c | S+850 bp PIK 12.34% |
| C•••••• S•••••••• C••• | term loan first lien F•••• L••• - T••• L••• A | $6.7M | $6.7M 100c | S+850 bp PIK 12.34% |
| C•••••• S•••••••• C••• | term loan first lien F•••• L••• - T••• L••• B | $6.7M | $4.8M | S+850 bp |
| C•••••• S•••••••• C••• | term loan first lien F•••• L••• - T••• L••• C | $246,000 | $246,000 | S+850 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••••• C••• | term loan first lien F•••• L••• - T••• L••• C | $246,000 | $246,000 100c | S+850 bp PIK 12.34% |
| C•••••• S•••••••• C••• | equity equity C•••• C C••••• U•••• | $0 | $0 | |
| C•••••• S•••••••• C••• | preferred equity equity C•••• A P•••••••• U•••• | $0 | $0 | |
| C•••••• S•••••••• C••• | equity equity C•••• C C••••• U•••• | Not disclosed | $0 0c | |
| C•••••• S•••••••• C••• | preferred equity equity C•••• A P•••••••• U•••• | Not disclosed | $0 0c |
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 $27.1M | 86c | S+850 bp PIK 12.34% | Mar 28, 2028 | 1 |
Equity pieces beside the debt: equity ($0 fair value, 1 BDC), preferred equity ($0 fair value, 1 BDC)
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 | $27.1M | $23.3M | 172c | 3 |
| Mar 31, 2026 | 1 | $13.2M | $23.9M | 182c | 3 |
| Dec 31, 2025 | 1 | $25.0M | $22.7M | 182c | 2 |
| Sep 30, 2025 | 1 | $24.2M | $22.0M | 181c | 2 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $23.4M | $21.7M | 185c | 2 |
| Mar 31, 2025 | 1 | $23.4M | $43.3M | 185c | 0 |
| Dec 31, 2024 | 1 | $25.1M | $14.9M | 60c | 2 |
| Sep 30, 2024 | 1 | $25.1M | $17.6M | 71c | 2 |
| Jun 30, 2024 | 1 | $25.1M | $17.6M | 71c | 2 |
| Mar 31, 2024 | 1 | $25.1M | $17.6M | 71c | 2 |
| Dec 31, 2023 | 1 | $25.1M | $18.4M | 74c | 2 |
| Sep 30, 2023 | 1 | $23.6M | $18.9M | 80c | 2 |
| Jun 30, 2023 | 1 | $23.5M | $20.3M | 87c | 2 |
| Mar 31, 2023 | 1 | $23.4M | $20.9M | 90c | 2 |
| Dec 31, 2022 | 1 | $24.7M | $23.3M | 95c | 0 |
| Sep 30, 2022 | 1 | $24.8M | $24.5M | 99c | 0 |
| Mar 31, 2022 | 1 | $24.9M | $24.9M | 101c | 0 |
What changed
- Maturity approachingMar 28, 2028
- Placed on non-accrualJun 30, 2026
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- Spread changed (observed)Mar 31, 2025
Full timeline · 30 eventsShow fewer
- Maturity extended (observed)Mar 31, 2025
- Mark recoveredMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- PIK interest increasedJun 30, 2024
- PIK interest increasedJun 30, 2024
- Spread increasedJun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Marked down across lendersDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down across lendersSep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Spread increasedSep 30, 2023
- Spread changed (observed)Jun 30, 2023
- Marked down across lendersMar 31, 2023
- PIK interest appearsMar 31, 2023
- PIK interest appearsMar 31, 2023
- Marked down (one lender)Mar 31, 2023
- Spread changed (observed)Dec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- A••••••• N••• O•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived