DFX Intelligence
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Borrower
M••••• S•••••• R••••••••• M••••••• L••• T•••• 2••••••••
group grade Aon a schedule nowsponsor unattributed
Also written as: ABS
What matters now
- 100¢ → 105¢consensus mark
Consensus mark 105¢ on cost, up from 100¢ in Q3 2025, 102¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived2 of 2 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 102¢ · 102¢ · 105¢Q3 2025 to Q2 2026
Where each lender marks it, 0 points apart
105¢105¢
Principal held
at least $188M
sum of BDC pieces, a lower bound
Fair value
$24.8M
105c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Sep 30, 2025
latest Jun 30, 2026
Events
1
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 |
|---|---|---|---|
| K•• F• I••••• T•••• | $116M | 105¢ | +3 pts |
| K•• F• I••••• T•••• S••••• | $72.4M | 105¢ | +3 pts |
Every BDC piece · 8 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•• F• I••••• T•••• | unstated lien unstated | $107M | $6.2M 110c | 1.90% |
| K•• F• I••••• T•••• S••••• | unstated lien unstated | $67.0M | $3.9M 110c | 1.90% |
| K•• F• I••••• T•••• | unstated lien unstated | $5.5M | $5.3M 102c | 7.20% |
| K•• F• I••••• T•••• S••••• | unstated lien unstated | $3.4M | $3.3M 102c | 7.20% |
| K•• F• I••••• T•••• | unstated lien unstated | $3.2M | $3.1M 101c | 6.40% |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•• F• I••••• T•••• S••••• | unstated lien unstated | $2.0M | $2.0M 101c | 6.40% |
| K•• F• I••••• T•••• | unstated lien unstated | Not disclosed | $566,000 102c | 0.30% |
| K•• F• I••••• T•••• S••••• | unstated lien unstated | Not disclosed | $354,000 102c | 0.30% |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $188M | 105c | 7.20% | unstated | 2 |
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 | 2 | $188M | $24.8M | 105c | 0 |
| Mar 31, 2026 | 2 | $194M | $24.8M | 102c | 0 |
| Dec 31, 2025 | 2 | $198M | $25.6M | 102c | 0 |
| Sep 30, 2025 | 2 | $200M | $25.7M | 100c | 0 |
What changed
- New borrower on a BDC scheduleSep 30, 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
- MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN TRUST 2025 DSC3derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived