DFX Intelligence
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Borrower
H•••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: Inc 1; Inc. 2; Inc. 3; Inc. 4
Principal held
at least $40.5M
sum of BDC pieces, a lower bound
Fair value
$34.2M
82c on cost, debt pieces
Unfunded
$0
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
3 equity pieces beside them
Next maturity
Dec 31, 2026
$25.4M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
8
dated, non-routine
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 $26.6M | 80c | S+350 bp | Dec 1, 2027 | 2 |
| revolver lien unstated | at least $13.9M | 86c | S+200 bp | Dec 31, 2026 | 2 |
| other lien unstated | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: preferred equity ($1,000 fair value, 2 BDCs), warrants ($0 fair value, 2 BDCs), equity ($0 fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T••••••••• P•••••• V•••••• C••••• I••• | warrants equity Common Stock 1 | Warrant Investments | n/a | $0 0c | |
| T••••••••• P•••••• V•••••• C••••• I••• | term loan lien unstated G••••• Capital Loan | $9.9M | $8.3M 80c | S+350 bp |
| T••••••••• P•••••• V•••••• C••••• I••• | preferred equity equity Preferred Stock | Warrant Investments | n/a | $0 0c | |
| T••••••••• P•••••• V•••••• C••••• I••• | unstated lien unstated | n/a | n/a | |
| T••••••••• P•••••• V•••••• C••••• I••• | warrants equity Common Stock 3 | Warrant Investments | n/a | $0 0c | |
| T••••••••• P•••••• V•••••• C••••• I••• | revolver lien unstated Revolver | $5.2M | $4.5M 86c | S+200 bp |
| T••••••••• P•••••• V•••••• C••••• I••• | preferred equity equity Preferred Stock | Equity Investments | n/a | $1,000 1c | |
| T••••••••• P•••••• V•••••• C••••• I••• | equity equity Common Stock | Equity Investments | n/a | $0 0c | |
| T••••••••• P•••••• V•••••• C••••• I••• | warrants equity Common Stock 2 | Warrant Investments | n/a | $0 0c | |
| T••••••••• V•••••• G••••• B•• C•••• | revolver lien unstated Revolver | $8.7M | $7.5M 86c | S+200 bp |
| T••••••••• V•••••• G••••• B•• C•••• | term loan lien unstated G••••• Capital Loan | $16.7M | $13.9M 80c | S+350 bp |
| T••••••••• V•••••• G••••• B•• C•••• | preferred equity equity Preferred Stock | Warrant Investments | n/a | $0 0c | |
| T••••••••• V•••••• G••••• B•• C•••• | equity equity Common Stock | Equity Investments | n/a | $0 0c | |
| T••••••••• V•••••• G••••• B•• C•••• | warrants equity Common Stock | Warrant Investments | n/a | $0 0c | |
| T••••••••• V•••••• G••••• B•• C•••• | unstated lien unstated | n/a | n/a |
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 | $40.5M | $34.2M | 82c | 0 |
| Mar 31, 2026 | 2 | $40.6M | $34.0M | 82c | 0 |
| Dec 31, 2025 | 2 | $81.6M | $72.7M | 88c | 0 |
| Sep 30, 2025 | 2 | $41.7M | $38.9M | 92c | 0 |
| Jun 30, 2025 | 2 | $41.7M | $38.2M | 91c | 0 |
| Mar 31, 2025 | 2 | $15.7M | $14.2M | 91c | 0 |
| Dec 31, 2024 | 2 | $106M | $94.1M | 89c | 0 |
| Sep 30, 2024 | 1 | $15.0M | $16.1M | 99c | 0 |
| Jun 30, 2024 | 1 | $15.0M | $15.8M | 98c | 0 |
| Mar 31, 2024 | 1 | $15.0M | $15.6M | 97c | 0 |
| Dec 31, 2023 | 2 | $15.0M | $15.3M | 97c | 0 |
| Dec 31, 2022 | 1 | $15.0M | $15.2M | 99c | 0 |
What changed
- Maturity approachingDec 1, 2027
- Maturity approachingDec 1, 2027
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread changed (observed)Dec 31, 2024
- Marked down across lendersDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- New lender joined a facilityDec 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
- HYDROWderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived