DFX Intelligence
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Borrower
T••••• P•••• R••••• C•
Construction & Engineeringgroup grade Aon a schedule nowsponsor unattributed
Also written as: Letters of Credit; T••••• Safety Solutions Holdings, LLC; Undrawn Commitment
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
99¢100¢
Principal held
at least $72.8M
sum of BDC pieces, a lower bound
Fair value
$72.0M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
Dec 4, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
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 |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $47.8M | 99¢ | -1 pts |
| M••••• F•••••••• I••••••••• C••• | $19.1M | 100¢ | 0 pts |
| S•••••••• P•••••• C••••• F••• L•• | $5.81M | 100¢ | 0 pts |
Every BDC piece · 7 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+560, 1.00% F•••• M•••• | $43.6M | $43.2M 99c | SOFR+560 bp |
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+560, 1.00% F•••• M••••••• D••• 12/04/28 | $17.5M | $17.3M 100c | SOFR+560 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 12/4/2028 | $5.3M | $5.3M 100c | SOFR+550 bp |
| A••••• D••• S•••••••• B•• | revolver first lien Investment T••• F•••• L••• S•••••• D••• - R••••••• I••••••• R••• S+560, 1.00% F•••• M••••• | $4.2M | $4.1M 99c | SOFR+560 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S•••+560, 1.00% F•••• M••••••• D••• 12/04/28 | $1.7M | $1.7M 99c | SOFR+560 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 12/4/2028 | $508,000 | $506,000 100c | SOFR+550 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | equity equity C••••• Equity | Not disclosed | $40,000 31c |
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 $66.4M | 99c | SOFR+560 bp | Dec 4, 2028 | 3 |
| first lien revolver first lien | at least $6.4M | 99c | SOFR+560 bp | Dec 4, 2028 | 3 |
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 | 4 | $72.8M | $72.0M | 99c | 0 |
| Mar 31, 2026 | 4 | $72.5M | $71.8M | 100c | 0 |
| Dec 31, 2025 | 4 | $76.4M | $75.7M | 100c | 0 |
| Sep 30, 2025 | 4 | $69.9M | $69.3M | 100c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $69.2M | $68.5M | 100c | 0 |
| Mar 31, 2025 | 4 | $73.5M | $72.8M | 100c | 0 |
| Dec 31, 2024 | 4 | $84.5M | $83.3M | 99c | 0 |
| Sep 30, 2024 | 4 | $73.3M | $72.1M | 99c | 0 |
| Jun 30, 2024 | 4 | $72.8M | $71.6M | 99c | 0 |
| Mar 31, 2024 | 4 | $74.6M | $70.1M | 99c | 0 |
| Dec 31, 2023 | 4 | $74.7M | $69.3M | 100c | 0 |
| Sep 30, 2023 | 3 | $69.2M | $63.9M | 100c | 0 |
| Jun 30, 2023 | 3 | $69.4M | $64.0M | 100c | 0 |
| Mar 31, 2023 | 3 | $69.5M | $63.8M | n/a | 0 |
| Dec 31, 2022 | 3 | $89.6M | $82.2M | 128c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
Full timeline · 12 eventsShow fewer
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Spread increasedSep 30, 2024
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New borrower on a BDC scheduleDec 31, 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
- T••••• P•••• R•••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it