DFX Intelligence
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Borrower
V•••• O••••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: V SandCo, LLC
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q3 2025.
since Q3 2025 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 100¢ → 100¢consensus mark
Consensus mark 100¢ on cost, up from 100¢ a year ago, 52¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal - $56.1Mprincipal outstanding
$56.1M principal held by 1 lender; matures Nov 2026.
Q2 2026 · Refinancing is due in 1 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 52¢ → 100¢+48 pts, one lender
A••• C•••••• C••• marked it 52¢ → 100¢, the largest move among 1 lender this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
100¢ · 88¢ · 68¢ · 52¢ · 100¢Q2 2025 to Q2 2026
Principal held
at least $56.1M
sum of BDC pieces, a lower bound
Fair value
$44.6M
43c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Nov 1, 2026
$56.1M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
11
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 |
|---|---|---|---|
| A••• C•••••• C••• | $56.1M | 100¢ | +48 pts |
Every BDC piece · 6 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 3 | $34.4M | $600,000 2c | S+950 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $7.8M | $7.8M 100c | S+950 bp PIK 13.42% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $7.6M | $7.6M 100c | S+950 bp PIK 13.42% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $6.3M | $6.3M 100c | S+950 bp PIK 13.42% |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | $22.3M |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | equity equity C•••• A units | Not disclosed | $0 0c |
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 $56.1M | 43c | S+950 bp PIK 13.42% | Nov 1, 2026 | 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 | 1 | $56.1M | $22.3M | 43c | 3 |
| Mar 31, 2026 | 1 | $54.3M | $26.6M | 52c | 3 |
| Dec 31, 2025 | 1 | $52.5M | $34.4M | 68c | 3 |
| Sep 30, 2025 | 1 | $48.4M | $41.9M | 88c | 3 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $46.8M | $46.8M | 100c | 4 |
| Mar 31, 2025 | 1 | $45.2M | $45.2M | 100c | 4 |
| Dec 31, 2024 | 1 | $43.8M | $43.8M | 100c | 4 |
| Sep 30, 2024 | 1 | $38.3M | $38.3M | 100c | 0 |
| Jun 30, 2024 | 1 | $38.3M | $38.3M | 100c | 0 |
| Mar 31, 2024 | 1 | $38.3M | $38.3M | 100c | 0 |
| Dec 31, 2023 | 1 | $38.3M | $38.3M | 100c | 0 |
| Sep 30, 2023 | 1 | $38.3M | $38.3M | 100c | 0 |
| Jun 30, 2023 | 1 | $42.8M | $42.8M | 100c | 0 |
| Mar 31, 2023 | 1 | $42.7M | $42.7M | 100c | 0 |
| Dec 31, 2022 | 1 | $70.0M | $70.0M | 100c | 0 |
| Sep 30, 2022 | 1 | $42.7M | $42.7M | 100c | 3 |
| Dec 31, 2021 | 1 | $37.6M | $37.6M | 100c | 3 |
What changed
- Maturity approachingNov 1, 2026
- Maturity approachingNov 1, 2026
- Maturity approachingNov 1, 2026
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 18 eventsShow fewer
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down across lendersSep 30, 2025
- non accrual placedSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Maturity extended (observed)Dec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- PIK interest increasedSep 30, 2022
- PIK interest increasedSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- V•••• O••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived