DFX Intelligence
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Borrower
B••••• F••••••• I••
Hotels, restaurants and leisuregroup grade Aon a schedule nowsponsor unattributed
Also written as: 4th Amendment
What matters now
- 101¢ → 89¢consensus mark
Consensus mark 89¢ on cost, down from 101¢ a year ago, 94¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 2 lenders' own marks, weighted by principal - $11Mprincipal outstanding
$11M principal held by 2 lenders; matures Jul 2028.
Q2 2026 · Refinancing is due in 22 months at a 89¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
101¢ · 97¢ · 95¢ · 94¢ · 89¢Q2 2025 to Q2 2026
Principal held
at least $11.0M
sum of BDC pieces, a lower bound
Fair value
$9.8M
89c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Jul 27, 2028
no dated debt inside 24 months
On the tape since
Mar 31, 2023
latest Jun 30, 2026
Events
8
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••••••• C•••••• B••• I••• | $7.15M | 89¢ | -5 pts |
| M••••••• P•••••• C••••• F••• | $3.81M | no cost filed | new this quarter |
Every BDC piece · 7 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• U••••••••• F•••• L••• T••• L••• I••••••• T••• S + 650 (50 PIK), 100 F•••• | $4.7M | $4.1M 89c | SOFR+650 bp PIK 0.50% |
| C••••••• C•••••• B••• I••• | delayed draw term loan first lien Investment T••• U••••••••• F•••• L••• D•••••• D••• T••• L••• I••••••• T••• S + 650 (50 PIK | $2.1M | $1.8M 89c | SOFR+650 bp PIK 0.50% |
| M••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | S••••• loans 238.6% | $1.7M | $1.6M | S+600 bp |
| M••••••• P•••••• C••••• F••• | term loan lien unstated T••• L••• (3 month CME T••• S••• + 6.000%) | S••••• loans 238.6% | $1.4M | $1.3M | SOFR+600 bp |
| M••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• (3 month CME T••• S••• + 6.000% and 0.500% PIK) | S••••• loans 238. | $541,130 | $493,510 | SOFR+600 bp PIK 0.50% |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C••••••• C•••••• B••• I••• | revolver first lien Investment T••• U••••••••• F•••• L••• R••••••• I••••••• T••• S + 650 (50 PIK), 100 F•••• I | $402,000 | $357,000 89c | SOFR+650 bp PIK 0.50% |
| M••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• (3 month CME T••• S••• + 6.000% and 0.500% PIK) | S••••• loans 238.6% | $115,276 | $105,132 | SOFR+600 bp PIK 0.50% |
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 $4.7M | 89c | SOFR+650 bp PIK 0.50% | Jul 31, 2028 | 1 |
| delayed draw term loan lien unstated | at least $2.2M | n/a | SOFR+600 bp PIK 0.50% | Jul 27, 2028 | 1 |
| first lien delayed draw term loan first lien | at least $2.1M | 89c | SOFR+650 bp PIK 0.50% | Jul 31, 2028 | 1 |
| term loan lien unstated | at least $1.4M | n/a | SOFR+600 bp | Jul 27, 2028 | 1 |
| first lien revolver first lien | at least $402,000 | 89c | SOFR+650 bp PIK 0.50% | Jul 31, 2028 | 1 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $115,276 | n/a | SOFR+600 bp PIK 0.50% | Jul 27, 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 | $11.0M | $9.8M | 138c | 5 |
| Mar 31, 2026 | 2 | $11.0M | $10.2M | 144c | 3 |
| Dec 31, 2025 | 2 | $14.7M | $13.8M | 194c | 8 |
| Sep 30, 2025 | 2 | $11.0M | $10.5M | 147c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $11.0M | $10.9M | 153c | 0 |
| Mar 31, 2025 | 2 | $10.7M | $10.6M | 158c | 0 |
| Dec 31, 2024 | 2 | $15.4M | $15.3M | 135c | 0 |
| Sep 30, 2024 | 2 | $10.3M | $10.3M | 161c | 0 |
| Jun 30, 2024 | 2 | $8.6M | $8.6M | 134c | 0 |
| Mar 31, 2024 | 2 | $8.7M | $8.6M | 134c | 0 |
| Dec 31, 2023 | 2 | $10.8M | $10.7M | 168c | 0 |
| Sep 30, 2023 | 1 | $6.0M | $5.9M | 101c | 0 |
| Jun 30, 2023 | 1 | $5.8M | $5.6M | 100c | 0 |
| Mar 31, 2023 | 1 | $5.4M | $5.2M | 98c | 0 |
What changed
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
Full timeline · 14 eventsShow fewer
- Spread increasedMar 31, 2026
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- Mark recoveredJun 30, 2023
- New borrower on a BDC scheduleMar 31, 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
- B••••• F••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Hotels, restaurants and leisurereportedas one filer wrote it