DFX Intelligence
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Borrower
B•••••• H•••••••• I••
group grade Bon a schedule nowsponsor unattributed
Also written as: CION/EagleTree
What matters now
- 96¢ → 84¢consensus mark
Consensus mark 84¢ on cost, down from 96¢ a year ago, 89¢ 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 - $26Mprincipal outstanding
$26M principal held by 1 lender.
Q2 2026 · The loss if the marks hold, spread across the holders below.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
96¢ · 96¢ · 96¢ · 89¢ · 84¢Q2 2025 to Q2 2026
Principal held
at least $26.0M
sum of BDC pieces, a lower bound
Fair value
$21.2M
84c on cost, debt pieces
Unfunded
$692,000
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Jul 31, 2026
$26.0M inside 24 months
On the tape since
Dec 31, 2021
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••• I••••••••• C••• | $26M | 84¢ | -5 pts |
Every BDC piece · 7 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | $18.4M | $15.3M 83c | S+900 bp |
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | $4.8M | $4.2M 88c | S+900 bp |
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | $1.6M | $1.4M 92c | S+900 bp |
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | $692,000 | -$87,000 | S+900 bp |
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | $503,000 | $440,000 87c | S+900 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C••• I••••••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | Not disclosed | Not disclosed | S+900 bp PIK 12.73% |
| C••• I••••••••• C••• | unstated lien unstated | Not disclosed | Not disclosed |
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 $26.0M | 84c | S+900 bp PIK 12.73% | Jul 31, 2027 | 1 |
Equity pieces beside the debt: other (Not disclosed 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 | $26.0M | $21.2M | 84c | 1 |
| Mar 31, 2026 | 1 | $22.6M | $19.9M | 89c | 1 |
| Dec 31, 2025 | 1 | $67.2M | $55.9M | 96c | 2 |
| Sep 30, 2025 | 1 | $22.1M | $18.4M | 96c | 1 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $21.9M | $18.0M | 96c | 1 |
| Mar 31, 2025 | 1 | $17.3M | $16.3M | 98c | 0 |
| Dec 31, 2024 | 1 | $15.0M | $14.7M | 99c | 0 |
| Sep 30, 2024 | 1 | $15.0M | $14.5M | 98c | 0 |
| Jun 30, 2024 | 1 | $15.0M | $14.4M | 98c | 0 |
| Mar 31, 2024 | 1 | $15.0M | $14.5M | 99c | 0 |
| Dec 31, 2023 | 1 | $15.0M | $14.3M | 99c | 0 |
| Sep 30, 2023 | 1 | $15.0M | $14.2M | 99c | 0 |
| Jun 30, 2023 | 1 | $15.0M | $14.6M | 102c | 0 |
| Mar 31, 2023 | 1 | $15.0M | $14.4M | 101c | 0 |
| Dec 31, 2022 | 1 | $15.0M | $14.3M | 101c | 0 |
| Sep 30, 2022 | 1 | $13.8M | $13.1M | 102c | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Maturity approachingJul 31, 2027
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- PIK interest increasedMar 31, 2026
- Marked down across lendersMar 31, 2026
Full timeline · 14 eventsShow fewer
- Marked down (one lender)Mar 31, 2026
- PIK interest increasedMar 31, 2026
- Maturity extended (observed)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- BERLITZderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived