DFX Intelligence
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Borrower
E•• F•••• S••••••
group grade Aon a schedule nowsponsor unattributed
Also written as: Netceed
What matters now
- 35¢ → 98¢consensus mark
Consensus mark 98¢ on cost, up from 35¢ a year ago, 99¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived3 of 3 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
35¢ · 35¢ · 35¢ · 99¢ · 98¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
98¢99¢
Principal held
at least $28.5M
sum of BDC pieces, a lower bound
Fair value
$23.9M
98c on cost, debt pieces
Unfunded
$3.7M
commitments not yet drawn
BDC lenders
5
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jan 1, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
20
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•• C••••• I••••• C•••• | $18M | 98¢ | -1 pts |
| B••• O•• C•••••• C••• | $8.14M | 99¢ | 0 pts |
| B••• O•• C•••••• C••• I• | $2.28M | 99¢ | 0 pts |
Every BDC piece · 9 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $16.7M | $13.8M 98c | S+500 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $7.5M | $6.2M 99c | S+500 bp |
| B••• O•• C•••••• C••• I• | term loan first lien F•••• lien senior secured loan | Non A••••••••• | $2.1M | $1.7M 99c | S+500 bp |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | N••••••••• I••••• | $1.3M | $1.4M 97c | S+625 bp |
| B••• O•• C•••••• C••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | N••••••••• | $603,000 | $624,000 96c | S+625 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C•••••• C••• I• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | Non A••••••••• | $169,000 | $175,000 96c | S+625 bp |
| B••• O•• C•••••• C••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | Not disclosed | $0 | S+625 bp |
| B••• O•• C•••••• C••• I• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | N••••••••• | Not disclosed | Not disclosed | S+625 bp |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan | N•••••••••/non-affiliated | Not disclosed | Not disclosed | S+625 bp |
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 $26.4M | 99c | S+500 bp | Jan 1, 2032 | 5 |
| first lien delayed draw term loan first lien | at least $2.1M | 96c | S+625 bp | Jan 1, 2032 | 3 |
| term loan lien unstated exited Dec 31, 2022 | at least $1.3M | 106c | SOFR+600 bp | Aug 20, 2027 | 1 |
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 | $28.5M | $23.9M | 98c | 0 |
| Mar 31, 2026 | 3 | $28.5M | $23.9M | 99c | 0 |
| Dec 31, 2025 | 4 | $146M | $36.3M | 34c | 3 |
| Sep 30, 2025 | 4 | $142M | $35.8M | 34c | 3 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $139M | $36.3M | 34c | 3 |
| Mar 31, 2025 | 4 | $136M | $56.4M | 52c | 0 |
| Dec 31, 2024 | 4 | $207M | $137M | 74c | 0 |
| Sep 30, 2024 | 4 | $90.6M | $73.1M | 84c | 0 |
| Jun 30, 2024 | 4 | $91.2M | $74.0M | 85c | 0 |
| Mar 31, 2024 | 1 | $7.2M | $6.0M | 84c | 0 |
| Dec 31, 2023 | 1 | $21.8M | $20.1M | 94c | 0 |
| Sep 30, 2023 | 1 | $7.4M | $7.2M | 99c | 0 |
| Jun 30, 2023 | 1 | $1.2M | $1.2M | 107c | 0 |
| Mar 31, 2023 | 1 | $1.3M | $1.2M | 107c | 0 |
| Dec 31, 2022 | 1 | $2.5M | $2.4M | 106c | 0 |
What changed
- Mark recoveredMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
Full timeline · 30 eventsShow fewer
- New lender joined a facilityMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- returned to accrualMar 31, 2026
- returned to accrualMar 31, 2026
- returned to accrualMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Lender left a facilityDec 31, 2025
- PIK interest appearsJun 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- Marked down across lendersMar 31, 2025
- non accrual placedMar 31, 2025
- non accrual placedMar 31, 2025
- non accrual placedMar 31, 2025
- non accrual placedMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 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
- EOS FINCO S A R L #LUderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived