DFX Intelligence
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Borrower
P••••• S••••••• C••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Property & Casualty
What matters now
- 101¢ → 91¢consensus mark
Consensus mark 91¢ on cost, down from 101¢ a year ago, 91¢ 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
Mark path, consensus per quarter end
101¢ · 91¢ · 91¢ · 91¢ · 91¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
91¢91¢
Principal held
at least $137M
sum of BDC pieces, a lower bound
Fair value
$123M
91c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
3
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•••••• P•••••• C••••• C••• | $58.3M | 91¢ | 0 pts |
| B•••••• B••• I••• | $55.4M | 91¢ | 0 pts |
| B•••••• C•••••• I••••••••• C••• | $23.2M | 91¢ | 0 pts |
Every BDC piece · 18 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $58.3M | $52.5M 91c | S+600 bp PIK 4.00% |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $55.4M | $49.9M 91c | S+600 bp PIK 4.00% |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $23.2M | $20.9M 91c | S+600 bp PIK 4.00% |
| B•••••• B••• I••• | warrants equity W••••••• - C•••• D | Not disclosed | $0 | |
| B•••••• B••• I••• | warrants equity W••••••• - C•••• A | Not disclosed | $0 |
View all 18 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | equity equity C•••• A U•••• | Not disclosed | $0 | |
| B•••••• B••• I••• | warrants equity W••••••• - C•••• CC | Not disclosed | $0 | |
| B•••••• B••• I••• | warrants equity W••••••• - C•••• B | Not disclosed | $0 | |
| B•••••• C•••••• I••••••••• C••• | equity equity C•••• A U•••• | Not disclosed | $0 | |
| B•••••• C•••••• I••••••••• C••• | warrants equity W••••••• - C•••• A | Not disclosed | $0 | |
| B•••••• C•••••• I••••••••• C••• | warrants equity W••••••• - C•••• CC | Not disclosed | $0 | |
| B•••••• C•••••• I••••••••• C••• | warrants equity W••••••• - C•••• B | Not disclosed | $0 | |
| B•••••• C•••••• I••••••••• C••• | warrants equity W••••••• - C•••• D | Not disclosed | $0 | |
| B•••••• P•••••• C••••• C••• | warrants equity W••••••• - C•••• B | Not disclosed | $0 | |
| B•••••• P•••••• C••••• C••• | equity equity C•••• A U•••• | Not disclosed | $0 | |
| B•••••• P•••••• C••••• C••• | warrants equity W••••••• - C•••• CC | Not disclosed | $0 | |
| B•••••• P•••••• C••••• C••• | warrants equity W••••••• - C•••• D | Not disclosed | $0 | |
| B•••••• P•••••• C••••• C••• | warrants equity W••••••• - C•••• A | Not disclosed | $0 |
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 $137M | 91c | S+600 bp PIK 4.00% | unstated | 3 |
| delayed draw term loan lien unstated exited Mar 31, 2026 | unknown | n/a | unstated | 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 | $137M | $123M | 91c | 3 |
| Mar 31, 2026 | 3 | $133M | $120M | 91c | 3 |
| Dec 31, 2025 | 3 | $154M | $139M | 91c | 4 |
| Sep 30, 2025 | 3 | $130M | $117M | 91c | 3 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $129M | $128M | 101c | 3 |
| Mar 31, 2025 | 3 | $127M | $126M | 100c | 3 |
| Dec 31, 2024 | 3 | $241M | $239M | 100c | 5 |
| Sep 30, 2024 | 3 | $130M | $129M | 100c | 3 |
| Jun 30, 2024 | 3 | $129M | $127M | 100c | 3 |
| Mar 31, 2024 | 3 | $128M | $126M | 100c | 3 |
| Dec 31, 2023 | 3 | $127M | $124M | 100c | 3 |
| Sep 30, 2023 | 3 | $125M | $123M | 100c | 3 |
| Jun 30, 2023 | 3 | $124M | $122M | 100c | 3 |
| Mar 31, 2023 | 3 | $124M | $121M | 100c | 3 |
| Dec 31, 2022 | 3 | $122M | $120M | 100c | 3 |
| Sep 30, 2022 | 1 | $49.1M | $47.7M | 99c | 1 |
| Dec 31, 2021 | 1 | $45.8M | $44.0M | 100c | 1 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
Full timeline · 8 eventsShow fewer
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- P••••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived