DFX Intelligence
Private Credit Intelligence
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Borrower
L•••• B••••• L••
Consumer Discretionarygroup grade Aon a schedule nowsponsor unattributed
Also written as: Arc Gaming & Technologies LLC; Gaming; L; LLC - DIP; LLC - First-Out; LLC - Last-Out; LLC - LB NewHoldCo, LLC; LLC - Priority First Out Exit
Principal held
at least $42.3M
sum of BDC pieces, a lower bound
Fair value
$12.5M
34c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
7
3 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
May 29, 2028
$34.1M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
21
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated subordinated debt unsecured or subordinated | at least $34.1M | 23c | 12.50% | May 29, 2028 | 3 |
| term loan lien unstated | at least $8.3M | 74c | Oct 2, 2029 | 1 | |
| unsecured or subordinated notes unsecured or subordinated | unknown | n/a | 12.50% PIK 12.50% | unstated | 1 |
| first lien term loan first lien exited Sep 30, 2025 | at least $2.4M | 85c | SOFR+765 bp | Oct 2, 2029 | 4 |
| other lien unstated exited Sep 30, 2024 | at least $2.2M | 104c | unstated | 3 |
Equity pieces beside the debt: equity ($784,000 fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•• I••••••••• C••• | subordinated debt unsecured or subordinated Subordinated Debt Maturity 05/29/28 | $8.8M | $1.7M 28c | |
| C••• I••••••••• C••• | notes unsecured or subordinated Unsecured Note | n/a | n/a | 12.50% PIK 12.50% |
| C••• I••••••••• C••• | subordinated debt unsecured or subordinated Unsecured Debt | $25.3M | $4.8M 21c | 12.50% |
| P•••••••• C••• | term loan lien unstated | $4.2M | $3.0M 70c | |
| P•••••••• C••• | term loan lien unstated Term Loan | $1.7M | $1.6M 102c | |
| P•••••••• C••• | term loan lien unstated Term Loan | $2.4M | $1.4M 62c |
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 | $42.3M | $12.5M | 34c | 1 |
| Mar 31, 2026 | 3 | $41.7M | $13.0M | 36c | 1 |
| Dec 31, 2025 | 3 | $92.3M | $24.2M | 30c | 2 |
| Sep 30, 2025 | 4 | $55.4M | $29.1M | 59c | 1 |
| Jun 30, 2025 | 4 | $40.7M | $17.1M | 43c | 2 |
| Mar 31, 2025 | 4 | $35.6M | $9.2M | 27c | 1 |
| Dec 31, 2024 | 4 | $42.0M | $10.6M | 26c | 1 |
| Sep 30, 2024 | 5 | $43.5M | $18.1M | 44c | 1 |
| Jun 30, 2024 | 4 | $36.2M | $8.8M | 26c | 1 |
| Mar 31, 2024 | 4 | $31.3M | $9.5M | 32c | 1 |
| Dec 31, 2023 | 5 | $44.8M | $15.5M | 35c | 3 |
| Sep 30, 2023 | 4 | $63.6M | $15.5M | 29c | 1 |
| Jun 30, 2023 | 4 | $53.3M | $14.9M | 33c | 1 |
| Mar 31, 2023 | 4 | $37.3M | $12.3M | 34c | 1 |
| Dec 31, 2022 | 4 | $84.1M | $51.9M | 62c | 3 |
| Sep 30, 2022 | 3 | $95.3M | $77.1M | 82c | 0 |
| Dec 31, 2021 | 2 | $78.2M | $77.3M | 100c | 0 |
What changed
- Maturity approachingMay 29, 2028
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Mark recoveredSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest appearsJun 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Lender left a facilitySep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down across lendersDec 31, 2023
- New lender joined a facilityDec 31, 2023
- Mark recoveredDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- New lender joined a facilityDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- L•••• B••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 7 BDCsderived
- Industry
- Consumer Discretionaryreportedas one filer wrote it