DFX Intelligence
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Borrower
T••• • C•••••• H•••••••• I••
Distributorsgroup grade Aon a schedule nowsponsor unattributed
Also written as: Class B; Class B of T••• & C•••••• TopCo LLC; Class W; Distributors; Non-Voting
What matters now
- 91¢ → 89¢consensus mark
Consensus mark 89¢ on cost, down from 91¢ 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 - $236Mprincipal outstanding
$236M principal held by 1 lender; matures Aug 2028.
Q2 2026 · Refinancing is due in 23 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
91¢ · 99¢ · 101¢ · 91¢ · 89¢Q2 2025 to Q2 2026
Principal held
at least $236M
sum of BDC pieces, a lower bound
Fair value
$256M
103c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Aug 29, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
3
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 |
|---|---|---|---|
| P••••••• C•••••• C••• | $236M | 89¢ | -2 pts |
Every BDC piece · 7 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• 2 | $165M | $169M 102c | 8.00% |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• 1 | $42.1M | $43.1M 102c | 8.00% PIK 5.00% |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• | $28.8M | $29.5M 104c | 8.00% |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• | Not disclosed | Not disclosed | |
| P••••••• C•••••• C••• | unstated lien unstated | Not disclosed | $14.7M 29c |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• | Not disclosed | Not disclosed | PIK 5.00% |
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 $236M | 103c | 8.00% PIK 5.00% | Aug 29, 2028 | 1 |
| other lien unstated | unknown | 29c | unstated | 1 |
Equity pieces beside the debt: equity (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 | $236M | $241M | 103c | 2 |
| Mar 31, 2026 | 1 | $236M | $241M | 102c | 3 |
| Dec 31, 2025 | 1 | $236M | $237M | 101c | 4 |
| Sep 30, 2025 | 1 | $236M | $234M | 99c | 4 |
All 23 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $472M | $428M | 91c | 8 |
| Mar 31, 2025 | 1 | $236M | $240M | 102c | 4 |
| Jan 9, 2025 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2024 | 1 | $232M | $235M | 102c | 4 |
| Dec 30, 2024 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2024 | 1 | $231M | $234M | 102c | 5 |
| Jun 30, 2024 | 1 | $265M | $269M | 101c | 7 |
| Apr 23, 2024 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 1 | $214M | $254M | 119c | 3 |
| Dec 31, 2023 | 1 | $202M | $246M | 122c | 3 |
| Jun 30, 2023 | 1 | $205M | $323M | 157c | 5 |
| Mar 31, 2023 | 1 | $185M | $223M | 121c | 3 |
| Dec 31, 2022 | 1 | $179M | $219M | 122c | 3 |
| Nov 17, 2022 | 1 | $0 | $0 | n/a | 1 |
| Sep 30, 2022 | 1 | $160M | $153M | 96c | 2 |
| Aug 31, 2022 | 1 | $0 | $0 | n/a | 1 |
| Jun 30, 2022 | 1 | $166M | $166M | 100c | 1 |
| Mar 31, 2022 | 1 | $0 | $0 | n/a | 1 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 1 |
What changed
- Mark recoveredSep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Sep 30, 2022
Full timeline · 6 eventsShow fewer
- 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
- TOWN AND COUNTRYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Distributorsreportedas one filer wrote it