DFX Intelligence
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Borrower
F•••• B•••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: F•••• B••••• Holdings, Inc; LLC 1; LLC 10; LLC 11; LLC 12; LLC 13; LLC 14; LLC 15
What matters now
- $65.3Mprincipal outstanding
$65.3M principal held by 2 lenders; matures May 2027.
Q2 2026 · Refinancing is due in 7 months at a 88¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
88¢ · 89¢ · 91¢ · 88¢ · 88¢Q2 2025 to Q2 2026
Where each lender marks it on the term loan, 1 point apart
88¢89¢
Principal held
at least $65.3M
sum of BDC pieces, a lower bound
Fair value
$59.8M
88c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
3 equity pieces beside them
Next maturity
May 1, 2027
$65.3M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
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 |
|---|---|---|---|
| T••••••••• V•••••• G••••• B•• C•••• | $40.1M | 88¢ | 0 pts |
| T••••••••• P•••••• V•••••• C••••• I••• | $25.1M | 89¢ | 0 pts |
Every BDC piece · 16 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T••••••••• V•••••• G••••• B•• C•••• | term loan lien unstated Growth Capital L••• 2 | $18.7M | $17.2M 88c | S+575 bp PIK 12.00% |
| T••••••••• V•••••• G••••• B•• C•••• | term loan lien unstated Growth Capital L••• 1 | $15.0M | $13.7M 88c | S+575 bp PIK 12.00% |
| T••••••••• P•••••• V•••••• C••••• I••• | term loan lien unstated Growth Capital L••• 2 | $11.2M | $10.3M 88c | S+575 bp PIK 12.00% |
| T••••••••• P•••••• V•••••• C••••• I••• | term loan lien unstated Growth Capital L••• 1 | $9.0M | $8.2M 88c | S+575 bp PIK 12.00% |
| T••••••••• V•••••• G••••• B•• C•••• | term loan lien unstated Growth Capital L••• 3 | $3.8M | $3.5M 90c | S+575 bp PIK 5.75% |
View all 16 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T••••••••• P•••••• V•••••• C••••• I••• | term loan lien unstated Growth Capital L••• 4 | $2.6M | $2.4M 92c | S+575 bp PIK 12.00% |
| T••••••••• V•••••• G••••• B•• C•••• | term loan lien unstated Growth Capital L••• 4 | $2.6M | $2.4M 92c | S+575 bp PIK 12.00% |
| T••••••••• P•••••• V•••••• C••••• I••• | term loan lien unstated Growth Capital L••• 3 | $2.3M | $2.1M 90c | S+575 bp PIK 5.75% |
| T••••••••• V•••••• G••••• B•• C•••• | notes lien unstated C••••••••• N••• | $2,000 | $2,000 100c | PIK 12.00% |
| T••••••••• P•••••• V•••••• C••••• I••• | notes lien unstated C••••••••• N••• | $1,000 | $0 0c | PIK 12.00% |
| T••••••••• P•••••• V•••••• C••••• I••• | preferred equity equity P•••••••• S•••• 3 | W•••••• Investments | Not disclosed | $0 0c | |
| T••••••••• P•••••• V•••••• C••••• I••• | equity equity C••••• S•••• | Equity Investments | Not disclosed | $0 0c | |
| T••••••••• P•••••• V•••••• C••••• I••• | preferred equity equity P•••••••• S•••• 2 | W•••••• Investments | Not disclosed | $0 0c | |
| T••••••••• P•••••• V•••••• C••••• I••• | preferred equity equity P•••••••• S•••• 1 | W•••••• Investments | Not disclosed | $0 0c | |
| T••••••••• V•••••• G••••• B•• C•••• | preferred equity equity P•••••••• S•••• | W•••••• Investments | Not disclosed | $0 0c | |
| T••••••••• V•••••• G••••• B•• C•••• | preferred equity equity P•••••••• S•••• | Equity Investments | Not disclosed | $0 0c |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| term loan lien unstated | at least $65.3M | 88c | S+575 bp PIK 12.00% | May 1, 2027 | 2 |
| notes lien unstated | at least $3,000 | n/a | PIK 12.00% | May 1, 2027 | 2 |
| other lien unstated exited Sep 30, 2025 | at least $36.6M | 89c | S+575 bp PIK 12.00% | May 1, 2027 | 1 |
Equity pieces beside the debt: equity ($0 fair value, 1 BDC), preferred equity ($0 fair value, 2 BDCs), warrants ($106,000 fair value, 2 BDCs)
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 | 2 | $65.3M | $59.8M | 88c | 10 |
| Mar 31, 2026 | 2 | $63.3M | $58.0M | 88c | 10 |
| Dec 31, 2025 | 2 | $123M | $116M | 91c | 21 |
| Sep 30, 2025 | 2 | $59.6M | $55.1M | 89c | 10 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $57.7M | $52.4M | 88c | 8 |
| Mar 31, 2025 | 1 | $20.2M | $19.5M | 93c | 0 |
| Dec 31, 2024 | 2 | $125M | $120M | 94c | 0 |
| Sep 30, 2024 | 2 | $20.2M | $18.9M | 92c | 0 |
| Jun 30, 2024 | 2 | $20.2M | $19.9M | 97c | 0 |
| Mar 31, 2024 | 2 | $20.0M | $19.5M | 96c | 0 |
| Dec 31, 2023 | 2 | $20.0M | $19.3M | 96c | 0 |
| Dec 31, 2022 | 2 | $18.0M | $17.6M | 98c | 0 |
| Sep 30, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Maturity approachingMay 1, 2027
- Maturity approachingMay 1, 2027
- Marked down (one lender)Mar 31, 2026
- Facility left every BDC scheduleSep 30, 2025
- PIK interest appearsJun 30, 2025
Full timeline · 10 eventsShow fewer
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- Marked down (one lender)Sep 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
- F•••• B•••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 2 BDCsderived