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Borrower

D•••••• C••••••••• L••

group grade Aon a schedule nowsponsor not established · possible relationship
Also written as: 000; 2; 211.03; 250; 255; 435; 5; 500
See every lender's markFind rescue capital
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Special situations PE firms

What matters now

  1. 103¢ → 99¢
    consensus mark

    Consensus mark 99¢ on cost, down from 103¢ a year ago, 101¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived3 of 3 lenders' own marks, weighted by principal
  2. 10 pts
    95¢ to 105¢

    Lenders disagree by 10 points: C•••••• S•••••••• C••• 95¢ to M•• I••••• F•••• I••• 105¢.

    Q2 2026 · Holders value the same loan differently, so a position could trade between them.

    Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
  3. $31.6M
    principal outstanding

    $31.6M principal held by 3 lenders; matures Dec 2026.

    Q2 2026 · Refinancing is due in 3 months at a 99¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
Q2 2025: 103¢Q3 2025: 104¢Q4 2025: 99¢Q1 2026: 101¢Q2 2026: 99¢103¢ · 104¢ · 99¢ · 101¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 10 points apart
95¢Consensus: 99¢C•••••• S•••••••• C•••: 95¢M•• I••••• F•••• I•••: 105¢M••• S••••• C•••••• C•••: 105¢105¢
Principal held
at least $31.6M
sum of BDC pieces, a lower bound
Fair value
$31.0M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Dec 31, 2026
$21.0M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
43
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
C•••••• S•••••••• C•••$21M95¢0 pts
M•• I••••• F•••• I•••$5.26M105¢-1 pts
M••• S••••• C•••••• C•••$5.26M105¢-1 pts
Every BDC piece · 22 positions across 3 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
C•••••• S•••••••• C•••term loan first lien
F•••• L••• - T••• L••• A
$5.5M$5.3M
95c
S+800 bp
PIK 11.74%
C•••••• S•••••••• C•••term loan first lien
F•••• L••• - T••• L••• A
$5.5M$5.3M
C•••••• S•••••••• C•••term loan first lien
F•••• L••• - T••• L••• B
$5.0M$4.7M
C•••••• S•••••••• C•••term loan first lien
F•••• L••• - T••• L••• B
$5.0M$4.7M
95c
S+900 bp
M••• S••••• C•••••• C•••term loan lien unstated
S•••••• D••• 1
$2.8M$2.8M
102c
S+800 bp
PIK 11.74%
View all 22 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
M•• I••••• F•••• I•••term loan lien unstated
S•••••• D••• 1
$2.8M$2.8M
102c
S+800 bp
PIK 11.74%
M••• S••••• C•••••• C•••term loan lien unstated
S•••••• D••• 2
$2.5M$2.5M
109c
S+900 bp
M•• I••••• F•••• I•••term loan lien unstated
S•••••• D••• 2
$2.5M$2.5M
109c
S+900 bp
C•••••• S•••••••• C•••preferred equity equity
C•••• A P•••••••• units
$0$166,000
C•••••• S•••••••• C•••equity equity
C••••• units
$0$0
C•••••• S•••••••• C•••preferred equity equity
C•••• C P•••••••• units
$0$0
C•••••• S•••••••• C•••preferred equity equity
C•••• B P•••••••• units
$0$0
C•••••• S•••••••• C•••preferred equity equity
C•••• A P•••••••• U••••
Not disclosed$166,000
66c
C•••••• S•••••••• C•••preferred equity equity
C•••• C P•••••••• U••••
Not disclosed$0
C•••••• S•••••••• C•••equity equity
C••••• U••••
Not disclosed$0
C•••••• S•••••••• C•••preferred equity equity
C•••• B P•••••••• U••••
Not disclosed$0
0c
M••• S••••• C•••••• C•••preferred equity equity
P•••••••• Equity 2
Not disclosed$0
M••• S••••• C•••••• C•••equity equity
C••••• Equity
Not disclosed$0
M••• S••••• C•••••• C•••preferred equity equity
P•••••••• Equity 1
Not disclosed$110,000
86c
M•• I••••• F•••• I•••preferred equity equity
P•••••••• Equity 1
Not disclosed$110,000
86c
M•• I••••• F•••• I•••equity equity
C••••• Equity
Not disclosed$0
M•• I••••• F•••• I•••preferred equity equity
P•••••••• Equity 2
Not disclosed$0
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $21.0M95cS+900 bp
PIK 11.74%
Dec 31, 20261
term loan lien unstatedat least $10.5M105cS+900 bp
PIK 11.74%
Dec 31, 20262
unsecured or subordinated subordinated debt unsecured or subordinated
exited Mar 31, 2023
unknownn/aunstated1
revolver lien unstated
exited Mar 31, 2023
unknownn/aunstated1
Equity pieces beside the debt: equity ($0 fair value, 3 BDCs), preferred equity ($552,000 fair value, 3 BDCs)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20263$31.6M$30.5M149c3
Mar 31, 20263$20.7M$30.0M149c3
Dec 31, 20253$30.6M$29.5M150c3
Sep 30, 20253$20.1M$20.0M104c3
All 18 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20253$19.8M$19.5M103c3
Mar 31, 20253$29.3M$38.4M135c8
Dec 31, 20243$33.0M$31.8M119c10
Sep 30, 20243$22.8M$22.3M127c6
Jun 30, 20243$22.1M$21.3M126c6
Mar 31, 20243$17.2M$25.0M152c6
Dec 31, 20233$16.7M$15.9M100c6
Sep 30, 20233$16.2M$14.9M97c4
Jun 30, 20233$15.8M$14.9M100c4
Mar 31, 20233$15.2M$14.4M100c4
Dec 31, 20223$15.0M$14.2M100c4
Sep 30, 20222$17.5M$14.2M81c1
Mar 31, 20221$11.9M$11.0M93c1
Dec 31, 20211$11.4M$11.1M99c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
D•••••• C•••••••••derivedthe codename stem after legal suffixes and deal words
Spellings
1 across 3 BDCsderived