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Borrower

U••••• F••• T••••••••• I••••••••• H••••• I•• L••

Utilities: Watergroup grade Aon a schedule nowsponsor B•••••••• P••••••• L•• carried
Also written as: LLC Amendment No. 1; United F••• T•••••••••
Principal held
at least $25.6M
sum of BDC pieces, a lower bound
Fair value
$18.4M
100c on cost, debt pieces
Unfunded
$7.0M
commitments not yet drawn
BDC lenders
15
2 on the latest quarter
Facilities
8
0 equity pieces beside them
Next maturity
Dec 6, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
17
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $24.0M100cS+500 bp
PIK 2.75%
Dec 6, 203213
other lien unstatedat least $1.6M100cS+500 bp
PIK 2.75%
unstated4
revolver lien unstatedunknownn/aunstated5
delayed draw term loan lien unstatedunknownn/aunstated5
second lien delayed draw term loan second lien
exited Sep 30, 2025
unknownn/aunstated3
second lien revolver second lien
exited Sep 30, 2025
unknownn/aunstated3
first lien delayed draw term loan first lien
exited Mar 31, 2026
unknown96cSOFR+500 bpDec 6, 20325
first lien revolver first lien
exited Mar 31, 2026
unknown100cSOFR+500 bpDec 6, 20324
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
O•• S••••• P•••••• L•••••• F••• •• L••unstated lien unstated
N••••••••• I•••••
$1.1M$1.1M
100c
S+500 bp
PIK 2.75%
O•• S••••• P•••••• L•••••• F••• •• L••revolver lien unstated
R•••••••
n/an/a
O•• S••••• P•••••• L•••••• F••• •• L••unstated lien unstated
N••••••••• I•••••
$391,000$91,000
98c
S+500 bp
PIK 2.75%
O•• S••••• P•••••• L•••••• F••• •• L••delayed draw term loan lien unstated
D•••••• D••• T••• L•••
n/an/a
O•• S••••• P•••••• L•••••• F••• •• L••unstated lien unstated
N••••••••• I•••••
$146,000$-1,000
100c
S+500 bp
PIK 2.75%
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
F•••• L••• D•••
$5.8M$1.4M
98c
S+500 bp
PIK 2.75%
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
F•••• L••• D•••
$2.2M$-11,000
110c
S+500 bp
PIK 2.75%
T• R••• P•••• O•• S••••• P•••••• C••••• F•••revolver lien unstated
R•••••••
n/an/a
T• R••• P•••• O•• S••••• P•••••• C••••• F•••term loan first lien
F•••• L••• D•••
$16.0M$15.9M
100c
S+500 bp
PIK 2.75%
T• R••• P•••• O•• S••••• P•••••• C••••• F•••delayed draw term loan lien unstated
D•••••• D••• T••• L•••
n/an/a
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20262$25.6M$18.4M100c6
Mar 31, 20263$25.5M$31.7M100c3
Dec 31, 20252$50.6M$33.4M100c0
Sep 30, 202510$140M$175M101c0
Jun 30, 202510$159M$190M100c0
Mar 31, 20259$156M$174M100c3
Dec 31, 202410$172M$151M101c0
Sep 30, 20249$106M$123M100c0
Jun 30, 20249$117M$120M100c0
Mar 31, 20242$51.5M$50.6M100c0
Dec 31, 20232$52.5M$51.6M100c0
Sep 30, 20232$51.5M$50.5M100c0
Jun 30, 20232$47.2M$45.8M99c0
Mar 31, 20232$41.4M$39.9M98c0
Dec 31, 20222$40.0M$38.5M98c0
What changed
Every change including routine ones
Identity
Group key
UNITED FLOW TECHNOLOGIESderivedthe codename stem after legal suffixes and deal words
Spellings
2 across 15 BDCsderived
Industry
Utilities: Waterreportedas one filer wrote it