DFX Intelligence
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Borrower
M••••• P•••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: M••••• Buyer, LLC; M••••• Holding GMBH; M••••• Z LLC
What matters now
- 62¢ → 100¢consensus mark
Consensus mark 100¢ on cost, up from 62¢ in Q4 2023.
Q2 2026 · The lenders' own valuations moved back up.
Derived3 of 3 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
62¢ · 71¢ · 41¢ · 100¢Q4 2023 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $6.3M
sum of BDC pieces, a lower bound
Fair value
$6.2M
100c on cost, debt pieces
Unfunded
$2.8M
commitments not yet drawn
BDC lenders
8
3 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
unstated
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 |
|---|---|---|---|
| B•••••• P•••••• C••••• C••• | $3.66M | 100¢ | new this quarter |
| B•••••• B••• I••• | $1.84M | 100¢ | new this quarter |
| B•••••• C•••••• I••••••••• C••• | $833K | 100¢ | new this quarter |
Every BDC piece · 9 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $3.6M | $3.5M 100c | S+475 bp |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $1.8M | $1.8M 100c | S+475 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $809,000 | $798,000 100c | S+475 bp |
| B•••••• P•••••• C••••• C••• | revolver lien unstated R••••••• | $105,000 | $98,000 100c | S+475 bp |
| B•••••• B••• I••• | revolver lien unstated R••••••• | $53,000 | $49,000 100c | S+475 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• | $24,000 | $22,000 100c | S+475 bp |
| B•••••• B••• I••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+475 bp |
| B•••••• C•••••• I••••••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+475 bp |
| B•••••• P•••••• C••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+475 bp |
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 $6.2M | 100c | S+475 bp | unstated | 5 |
| revolver lien unstated | at least $182,000 | 100c | S+475 bp | unstated | 3 |
| delayed draw term loan lien unstated | unknown | n/a | S+475 bp | unstated | 3 |
| other lien unstated exited Jun 30, 2024 | at least $35.2M | 14c | S+800 bp | unstated | 3 |
| second lien term loan second lien exited Jun 30, 2024 | at least $10.9M | 0c | S+800 bp | unstated | 1 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| term loan lien unstated exited Sep 30, 2022 | at least $84,600 | n/a | S+650 bp | unstated | 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 | 3 | $6.3M | $6.2M | 100c | 0 |
| Dec 31, 2025 | 3 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 4 | $49.1M | $5.7M | 12c | 0 |
| Mar 31, 2024 | 4 | $38.0M | $10.4M | 28c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2023 | 4 | $40.1M | $24.3M | 62c | 0 |
| Sep 30, 2023 | 4 | $36.6M | $23.5M | 65c | 0 |
| Jun 30, 2023 | 4 | $47.4M | $33.4M | 72c | 0 |
| Mar 31, 2023 | 3 | $36.7M | $25.9M | 72c | 0 |
| Dec 31, 2022 | 4 | $49.9M | $45.9M | 94c | 0 |
| Sep 30, 2022 | 1 | $84,600 | $77,800 | 92c | 0 |
| Dec 31, 2021 | 1 | $91,200 | $96,400 | 106c | 0 |
What changed
- Mark recoveredJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Facility left every BDC scheduleJun 30, 2024
Full timeline · 28 eventsShow fewer
- Facility left every BDC scheduleJun 30, 2024
- Marked down across lendersJun 30, 2024
- Lender left a facilityJun 30, 2024
- Lender left a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- non accrual placedMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down (one lender)Mar 31, 2024
- non accrual placedDec 31, 2023
- non accrual placedDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down across lendersJun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down (one lender)Mar 31, 2023
- Marked down (one lender)Mar 31, 2023
- Facility left every BDC scheduleSep 30, 2022
- Marked down (one lender)Sep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- MATRIXderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 8 BDCsderived