DFX Intelligence
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Borrower
D••••• B••••
Diversified Financial Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: D••••• Buyer Inc; D••••• UK B•••• Limited
What matters now
- 101¢ → 84¢consensus mark
Consensus mark 84¢ on cost, down from 101¢ a year ago, 96¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 3 lenders' own marks, weighted by principal - $12.2Mprincipal outstanding
$12.2M principal held by 3 lenders; matures Sep 2031.
Q2 2026 · Refinancing is due in 60 months at a 84¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 96¢ → 85¢-11 pts, one lender
N••••• C•••••••• P•••••• C•••••• I••••• F••• marked it 96¢ → 85¢, the largest move among 3 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 96¢ · 84¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
84¢85¢
Principal held
at least $12.2M
sum of BDC pieces, a lower bound
Fair value
$10.3M
84c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
10
3 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Sep 30, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
9
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 |
|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $6.9M | 85¢ | -11 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $4.85M | 84¢ | -11 pts |
| M••••••• C•••••••• L•••••• I••••• F•••• I••• | $468K | 84¢ | -11 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $6.9M | $5.8M 85c | S+275 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 2.75% I••••••• R••• 6.48% M••••••• | $4.8M | $4.1M 84c | SOFR+275 bp |
| M••••••• C•••••••• L•••••• I••••• F•••• I••• | term loan first lien S••••• S•••••• L••• T••• L••• | $467,875 | $391,649 84c | 7.84% |
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 $12.2M | 84c | SOFR+275 bp | Sep 30, 2031 | 10 |
| other lien unstated exited Dec 31, 2024 | at least $14.0M | 101c | SOFR+325 bp | Sep 30, 2031 | 2 |
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 | 3 | $12.2M | $10.3M | 84c | 0 |
| Mar 31, 2026 | 4 | $12.8M | $12.2M | 96c | 0 |
| Dec 31, 2025 | 5 | $21.1M | $21.1M | 100c | 0 |
| Sep 30, 2025 | 5 | $20.7M | $20.7M | 101c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $20.7M | $20.8M | 101c | 0 |
| Mar 31, 2025 | 8 | $31.1M | $30.9M | 99c | 0 |
| Dec 31, 2024 | 8 | $51.1M | $51.2M | 99c | 0 |
| Sep 30, 2024 | 5 | $18.0M | $18.0M | 100c | 0 |
| Jun 30, 2024 | 3 | $8.7M | $8.7M | 97c | 0 |
| Mar 31, 2024 | 3 | $8.7M | $8.7M | 97c | 0 |
| Dec 31, 2023 | 3 | $8.9M | $8.9M | 99c | 0 |
| Sep 30, 2023 | 3 | $8.6M | $8.5M | 95c | 0 |
| Jun 30, 2023 | 3 | $8.8M | $8.7M | 97c | 0 |
| Mar 31, 2023 | 3 | $11.8M | $11.7M | 95c | 0 |
| Dec 31, 2022 | 3 | $12.4M | $12.2M | 94c | 0 |
| Sep 30, 2022 | 1 | $3.4M | $3.4M | 84c | 0 |
| Dec 31, 2021 | 1 | $2.7M | $2.7M | 95c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Lender left a facilityMar 31, 2026
Full timeline · 30 eventsShow fewer
- New lender joined a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- New lender joined a facilitySep 30, 2024
- Spread changed (observed)Dec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 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
- DRAGONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 10 BDCsderived
- Industry
- Diversified Financial Servicesreportedas one filer wrote it