DFX Intelligence
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Borrower
T•••• T••• • A••• S••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Next Horizon Capital T•••Co SPV, LP; T•••• T••• Holdco
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
97¢ · 101¢ · 101¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
99¢101¢
Principal held
at least $50.8M
sum of BDC pieces, a lower bound
Fair value
$51.6M
100c on cost, debt pieces
Unfunded
$13.6M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Mar 1, 2031
no dated debt inside 24 months
On the tape since
Mar 31, 2025
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••• C•••••• C••• | $27.1M | 99¢ | -1 pts |
| A••• S•••••••• I••••• F••• | $23.7M | 101¢ | 0 pts |
Every BDC piece · 13 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $15.8M | $15.8M 101c | S+475 bp |
| A••• C•••••• C••• | term loan unsecured or subordinated S••••• subordinated loan | $10.9M | $10.7M 98c | PIK 15.00% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $8.0M | $8.0M 100c | S+475 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $7.9M | $7.9M 100c | S+475 bp |
| A••• S•••••••• I••••• F••• | term loan unsecured or subordinated S••••• subordinated loan | $7.5M | $7.3M 100c | PIK 15.00% |
View all 13 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan 1 | $245,500 | $245,500 102c | S+550 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $200,000 | $200,000 100c | S+550 bp |
| A••• S•••••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan 2 | $103,200 | $103,200 102c | S+375 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan 1 | $100,000 | $100,000 100c | S+375 bp |
| A••• C•••••• C••• | equity equity L•••••• partnership interests | Not disclosed | $600,000 200c | |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | equity equity L•••••• partnership interests | Not disclosed | $587,300 171c |
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 $31.7M | 100c | S+475 bp | Mar 1, 2031 | 2 |
| unsecured or subordinated term loan unsecured or subordinated | at least $18.4M | 99c | PIK 15.00% | Jun 1, 2033 | 2 |
| first lien revolver first lien | at least $648,700 | 101c | S+550 bp | Mar 1, 2031 | 2 |
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 | $50.8M | $50.4M | 100c | 2 |
| Mar 31, 2026 | 2 | $32.2M | $32.2M | 100c | 0 |
| Dec 31, 2025 | 2 | $15.0M | $15.0M | 101c | 0 |
| Sep 30, 2025 | 2 | $13.7M | $13.7M | 101c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $4.1M | $3.9M | 97c | 0 |
| Mar 31, 2025 | 2 | $1.9M | $1.9M | 101c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down (one lender)Jun 30, 2025
Full timeline · 6 eventsShow fewer
- New borrower on a BDC scheduleMar 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- TELLE TIRE AND AUTO SERVICEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived