DFX Intelligence
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Borrower
V• S•••• I••••••••• I• L••
group grade Aon a schedule nowsponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $131M
sum of BDC pieces, a lower bound
Fair value
$127M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Mar 31, 2025
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••• | $70.2M | 100¢ | 0 pts |
| B•••••• B••• I••• | $46.8M | 100¢ | 0 pts |
| B•••••• C•••••• I••••••••• C••• | $14M | 100¢ | 0 pts |
Every BDC piece · 6 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••• | $70.2M | $68.1M 100c | S+500 bp PIK 4.40% |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $46.8M | $45.4M 100c | S+500 bp PIK 4.40% |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $14.0M | $13.6M 100c | S+500 bp PIK 4.40% |
| B•••••• B••• I••• | equity equity LLC U•••• | Not disclosed | $0 | |
| B•••••• C•••••• I••••••••• C••• | equity equity LLC U•••• | Not disclosed | $0 |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• P•••••• C••••• C••• | equity equity LLC U•••• | 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 $131M | 100c | S+500 bp PIK 4.40% | unstated | 3 |
Equity pieces beside the debt: equity ($0 fair value, 3 BDCs)
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 | $131M | $127M | 100c | 3 |
| Mar 31, 2026 | 3 | $130M | $126M | 100c | 3 |
| Dec 31, 2025 | 3 | $143M | $138M | 100c | 4 |
| Sep 30, 2025 | 3 | $128M | $123M | 100c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $127M | $122M | 100c | 0 |
| Mar 31, 2025 | 3 | $127M | $122M | 100c | 0 |
What changed
- PIK interest appearsDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
Full timeline · 6 eventsShow fewer
- New borrower on a BDC scheduleMar 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
- VB SPINE INTERMEDIARYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived