DFX Intelligence
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Borrower
S•••••• P••••••• I••
Also written as: Easypost
What matters now
- 100¢ → 99¢consensus mark
Consensus mark 99¢ on cost, down from 100¢ a year ago, 97¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 97¢ · 98¢ · 97¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
99¢99¢
Principal held
at least $98.1M
sum of BDC pieces, a lower bound
Fair value
$97.8M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Jun 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2023
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 |
|---|---|---|---|
| B••• O•• T••••••••• F•••••• C•••• | $74.6M | 99¢ | +2 pts |
| B••• O•• T••••••••• I••••• C•••• | $23.5M | 99¢ | +2 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $74.6M | $72.1M 99c | S+800 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $23.5M | $22.7M 99c | S+800 bp |
| B••• O•• T••••••••• F•••••• C•••• | warrants equity W••••••• | N••••••••• I••••• | Not disclosed | $2.2M 84c | |
| B••• O•• T••••••••• I••••• C•••• | warrants equity W••••••• | Not disclosed | $700,000 81c |
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 $98.1M | 99c | S+800 bp | Jun 1, 2029 | 3 |
| first lien delayed draw term loan first lien exited Mar 31, 2026 | unknown | n/a | S+800 bp | unstated | 3 |
Equity pieces beside the debt: warrants ($2.9M fair value, 3 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 | $98.1M | $94.9M | 99c | 0 |
| Mar 31, 2026 | 2 | $95.6M | $90.3M | 97c | 0 |
| Dec 31, 2025 | 2 | $85.6M | $80.7M | 98c | 0 |
| Sep 30, 2025 | 2 | $82.5M | $76.9M | 97c | 0 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $85.6M | $82.2M | 100c | 0 |
| Mar 31, 2025 | 2 | $87.5M | $83.5M | 100c | 0 |
| Dec 31, 2024 | 3 | $103M | $98.5M | 100c | 0 |
| Sep 30, 2024 | 3 | $81.7M | $77.4M | 100c | 0 |
| Jun 30, 2024 | 3 | $81.7M | $77.3M | 100c | 0 |
| Dec 31, 2023 | 3 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Spread changed (observed)Dec 31, 2024
- Spread increasedDec 31, 2024
Full timeline · 8 eventsShow fewer
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- New borrower on a BDC scheduleDec 31, 2023
Sponsor
Possible relationship, not established: 1•• V••••••• M••••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.55). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- B••••• F••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedbullvc.com"••• Locked"
- 1•• V••••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimated137ventures.com"••• Locked"
Identity
- Group key
- S•••••• P••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived