DFX Intelligence
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Borrower
D•••••• H••••••
Household durablesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Air Conditioning & Refrigeration, LLC
What matters now
- 100¢ → 97¢consensus mark
Consensus mark 97¢ on cost, down from 100¢ a year ago, 99¢ 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
100¢ · 100¢ · 101¢ · 99¢ · 97¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
97¢99¢
Principal held
at least $39.4M
sum of BDC pieces, a lower bound
Fair value
$31.9M
97c on cost, debt pieces
Unfunded
$6.1M
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
7
0 equity pieces beside them
Next maturity
Feb 4, 2031
no dated debt inside 24 months
On the tape since
Mar 31, 2025
latest Jun 30, 2026
Events
2
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 |
|---|---|---|---|
| W••••• T••• C•••••• C••• | $27.4M | 97¢ | 0 pts |
| K•••• A••••••• B••• I••• | $9.81M | 99¢ | -3 pts |
| K•••• D• 2•••• I••• | $2.14M | 99¢ | -3 pts |
Every BDC piece · 11 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| W••••• T••• C•••••• C••• | term loan lien unstated T••• L••• | N••••••••• I••••• | $11.9M | $11.4M 97c | S+550 bp |
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | N••••••••• I••••• | $11.3M | $6.8M 96c | S+550 bp |
| K•••• A••••••• B••• I••• | term loan first lien F•••• lien senior secured loan - I••••••• R••• 9.15% - S••••• 5.50% - R•••••••• S•••(Q) - | $5.2M | $5.1M 99c | SOFR+550 bp |
| W••••• T••• C•••••• C••• | revolver lien unstated R••••••• | N••••••••• I••••• | $4.3M | $2.1M 95c | S+550 bp |
| K•••• A••••••• B••• I••• | delayed draw term loan first lien F•••• lien senior secured delayed draw loan - I••••••• R••• 9.17% - S••••• 5.50% - R•••••• | $3.3M | $3.3M 99c | SOFR+550 bp |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•••• A••••••• B••• I••• | revolver first lien F•••• lien senior secured revolving loan - I••••••• R••• 9.17% - S••••• 5.50% - R•••••••• | $1.2M | $1.2M 100c | SOFR+550 bp |
| K•••• D• 2•••• I••• | term loan first lien F•••• lien senior secured loan - I••••••• R••• 9.15% - S••••• 5.50% - R•••••••• S•••(Q) - | $1.1M | $1.1M 99c | SOFR+550 bp |
| K•••• D• 2•••• I••• | delayed draw term loan first lien F•••• lien senior secured delayed draw loan - I••••••• R••• 9.17% - S••••• 5.50% - R•••••• | $731,000 | $713,000 99c | SOFR+550 bp |
| K•••• D• 2•••• I••• | revolver first lien F•••• lien senior secured revolving loan - I••••••• R••• 9.17% - S••••• 5.50% - R•••••••• | $269,000 | $263,000 100c | SOFR+550 bp |
| W••••• T••• C•••••• C••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+550 bp |
| W••••• T••• C•••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+550 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| term loan lien unstated | at least $11.9M | 97c | S+550 bp | Feb 4, 2031 | 1 |
| delayed draw term loan lien unstated | at least $11.3M | 96c | S+550 bp | Feb 4, 2031 | 1 |
| first lien term loan first lien | at least $6.4M | 99c | SOFR+550 bp | Feb 4, 2031 | 2 |
| revolver lien unstated | at least $4.3M | 95c | S+550 bp | Feb 4, 2031 | 1 |
| first lien delayed draw term loan first lien | at least $4.1M | 99c | SOFR+550 bp | Feb 4, 2031 | 2 |
All 7 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien revolver first lien | at least $1.5M | 100c | SOFR+550 bp | Feb 4, 2031 | 2 |
| other lien unstated exited Jun 30, 2025 | at least $27.6M | 100c | S+550 bp | Feb 4, 2031 | 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 | $39.4M | $31.9M | 97c | 0 |
| Mar 31, 2026 | 3 | $39.3M | $32.0M | 99c | 0 |
| Dec 31, 2025 | 3 | $53.1M | $46.2M | 101c | 0 |
| Sep 30, 2025 | 2 | $36.2M | $27.4M | 100c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $27.6M | $20.1M | 100c | 0 |
| Mar 31, 2025 | 1 | $27.7M | $20.5M | 100c | 0 |
What changed
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Facility left every BDC scheduleJun 30, 2025
- 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
- DEL AIR HEATINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Household durablesreportedas one filer wrote it