DFX Intelligence
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Borrower
M••••••• M•••••• C••••••• L••
What matters now
- 96¢ → 90¢consensus mark
Consensus mark 90¢ on cost, down from 96¢ a year ago, 90¢ 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 - $29.5Mprincipal outstanding
$29.5M principal held by 1 lender; matures Feb 2027.
Q2 2026 · Refinancing is due in 5 months at a 90¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
96¢ · 90¢ · 90¢ · 90¢ · 90¢Q2 2025 to Q2 2026
Principal held
at least $29.4M
sum of BDC pieces, a lower bound
Fair value
$26.3M
90c on cost, debt pieces
Unfunded
$1.3M
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Feb 10, 2027
$29.4M inside 24 months
On the tape since
Mar 31, 2022
latest Jun 30, 2026
Events
12
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••• | $29.5M | 90¢ | 0 pts |
Every BDC piece · 8 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••• | $28.2M | $25.2M 90c | S+800 bp |
| C•••••• S•••••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | $1.3M | $1.1M 89c | S+800 bp PIK 7.00% |
| C•••••• S•••••••• C••• | revolver lien unstated R•••••••• L••• | $0 | $0 0c | S+800 bp |
| C•••••• S•••••••• C••• | equity equity C•••• E U••• | Not disclosed | $0 | |
| C•••••• S•••••••• C••• | equity equity C•••• A-2 U•••• | Not disclosed | $0 0c |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L•••• | Not disclosed | Not disclosed | S+800 bp |
| C•••••• S•••••••• C••• | equity equity C•••• A U•••• | Not disclosed | $0 0c | |
| C•••••• S•••••••• C••• | equity equity C•••• A-1 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 $28.2M | 90c | S+800 bp | Feb 10, 2027 | 1 |
| delayed draw term loan lien unstated | at least $1.3M | 89c | S+800 bp PIK 7.00% | Feb 10, 2027 | 1 |
| revolver lien unstated | at least $0 | n/a | S+800 bp | Feb 10, 2027 | 1 |
Equity pieces beside the debt: 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 | $29.4M | $26.3M | 90c | 1 |
| Mar 31, 2026 | 1 | $25.8M | $23.0M | 90c | 2 |
| Dec 31, 2025 | 1 | $24.9M | $22.3M | 90c | 2 |
| Sep 30, 2025 | 1 | $24.1M | $21.5M | 90c | 1 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $23.3M | $22.2M | 96c | 1 |
| Mar 31, 2025 | 1 | $67.7M | $64.3M | 96c | 2 |
| Dec 31, 2024 | 1 | $21.8M | $20.7M | 96c | 0 |
| Sep 30, 2024 | 1 | $21.8M | $20.7M | 96c | 0 |
| Jun 30, 2024 | 1 | $21.8M | $21.4M | 99c | 0 |
| Mar 31, 2024 | 1 | $21.8M | $21.4M | 99c | 0 |
| Dec 31, 2023 | 1 | $21.8M | $21.4M | 100c | 0 |
| Sep 30, 2023 | 1 | $21.8M | $21.8M | 102c | 0 |
| Jun 30, 2023 | 1 | $21.8M | $21.8M | 102c | 0 |
| Mar 31, 2023 | 1 | $21.8M | $21.8M | 102c | 0 |
| Dec 31, 2022 | 1 | $21.8M | $21.8M | 102c | 0 |
| Sep 30, 2022 | 1 | $12.0M | $12.0M | 103c | 0 |
| Mar 31, 2022 | 1 | $12.0M | $12.0M | 103c | 0 |
What changed
- Maturity approachingFeb 10, 2027
- Maturity approachingFeb 10, 2027
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Marked down across lendersSep 30, 2025
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Sep 30, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- Spread changed (observed)Dec 31, 2023
Sponsor
Sponsor not established: the evidence below names K••••• ••• C•••••• L• and H••••• M••• • C•• P•••••••• L••• with comparable strength, so none of them is shown as this borrower’s sponsor. A club deal has more than one; a stale or mismatched attribution has the wrong one. The sources are listed with each.
- K••••• ••• C•••••• L•
- Form D signer consensus, grade Aestimated"••• Locked"
- H••••• M••• • C•• P•••••••• L•••
- Form D signer consensus, grade Aestimated"••• Locked"
Identity
- Group key
- M••••••• M••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived