DFX Intelligence
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Borrower
M•• B•••• L••
Construction & Engineeringgroup grade Aon a schedule nowsponsor unattributed
Also written as: Equity Securities
Principal held
at least $123M
sum of BDC pieces, a lower bound
Fair value
$117M
101c on cost, debt pieces
Unfunded
$18.2M
commitments not yet drawn
BDC lenders
8
6 on the latest quarter
Facilities
6
1 equity pieces beside them
Next maturity
Jun 29, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
7
dated, non-routine
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 $99.6M | 101c | SOFR+425 bp | Jun 30, 2029 | 7 |
| first lien delayed draw term loan first lien | at least $17.6M | 100c | SOFR+425 bp | Jun 29, 2029 | 5 |
| first lien revolver first lien | at least $5.7M | 100c | S+425 bp | Jun 29, 2029 | 2 |
| revolver lien unstated | unknown | n/a | unstated | 1 | |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 4 | |
| other lien unstated exited Mar 31, 2025 | at least $28.9M | 101c | S+500 bp | Jun 29, 2029 | 3 |
Equity pieces beside the debt: equity ($11.9M fair value, 3 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 7.91% M• | $196,000 | $196,000 100c | SOFR+425 bp |
| A•••••• S•••••••• C••••• F••• | equity equity Asset T••• C••••• | n/a | $2.9M 360c | |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.25% I••••••• R••• 7.91% M• | $4.2M | $4.2M 100c | SOFR+425 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.25% I••••••• | $669,000 | $667,000 101c | SOFR+425 bp |
| K•••••• L•••• C•••••• C• | term loan first lien F•••• L••• D••• O••••••• P••••••• D••• 6/12/2023 S+4.25% I••••••• R••• 7.87% Due 6/29/2029 | $1.6M | $392,256 98c | SOFR+425 bp |
| K•••••• L•••• C•••••• C• | term loan first lien F•••• L••• D••• O••••••• P••••••• D••• 6/12/2023 S+4.25% I••••••• R••• 7.89% Due 6/29/2029 | $2.7M | $468,410 106c | SOFR+425 bp |
| K•••••• L•••• C•••••• C• | revolver lien unstated R••••••• | n/a | n/a | |
| K•••••• L•••• C•••••• C• | term loan first lien F•••• L••• D••• O••••••• P••••••• D••• 6/12/2023 S+4.25% I••••••• R••• 7.89% Due 6/29/2029 | $14.8M | $14.7M 101c | SOFR+425 bp |
| K•••••• L•••• C•••••• C• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | n/a | n/a | |
| K•••••• L•••• C•••••• C• | term loan first lien F•••• L••• D••• O••••••• P••••••• D••• 6/12/2023 S+4.25% I••••••• R••• 7.88% Due 6/29/2029 | $2.4M | $2.4M 100c | SOFR+425 bp |
| M••••• C•••••• I••••• P••• C••• | equity equity Equity S••••••••• | $0 | $9.0M 313c | |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $15.1M | $15.2M 101c | S+425 bp |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $4.3M | $4.3M 101c | S+425 bp |
| M••••• C•••••• I••••• P••• C••• | delayed draw term loan first lien D•••••• D•••) | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $26.8M | $27.1M 103c | S+425 bp |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | S••••• S•••••• L•••• | $5.7M | $1.0M 100c | S+425 bp |
| M••••• C•••••• I••••• P••• C••• | delayed draw term loan first lien D•••••• D•••) | S••••• S•••••• L•••• | $9.6M | $2.4M 101c | S+425 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• | $11.1M | $11.1M 101c | S+425 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien D•••••• D••• L••• | n/a | n/a | |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) 1 | $2.1M | $520,000 100c | S+425 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) 2 | $1.8M | $1.8M 100c | S+425 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $16.3M | $16.3M 100c | S+425 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) 2 | $1.6M | $1.6M 100c | S+425 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien D•••••• D••• L••• | n/a | n/a | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) 1 | $1.9M | $459,000 100c | S+425 bp |
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 | 6 | $123M | $105M | 101c | 0 |
| Mar 31, 2026 | 6 | $112M | $93.9M | 102c | 0 |
| Dec 31, 2025 | 7 | $117M | $97.7M | 102c | 0 |
| Sep 30, 2025 | 7 | $95.8M | $80.6M | 102c | 0 |
| Jun 30, 2025 | 7 | $96.0M | $78.0M | 102c | 0 |
| Mar 31, 2025 | 6 | $96.2M | $77.4M | 102c | 0 |
| Dec 31, 2024 | 7 | $189M | $177M | 103c | 0 |
| Sep 30, 2024 | 5 | $73.8M | $62.3M | 103c | 0 |
| Jul 31, 2024 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 5 | $57.8M | $47.3M | 102c | 0 |
| Mar 31, 2024 | 5 | $57.9M | $47.4M | 103c | 0 |
| Dec 31, 2023 | 4 | $65.9M | $54.4M | 105c | 0 |
| Sep 30, 2023 | 3 | $37.6M | $27.8M | 104c | 0 |
| Jun 30, 2023 | 3 | $37.6M | $26.8M | 100c | 0 |
| Dec 31, 2022 | 2 | $0 | $0 | n/a | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Lender left a facilityMar 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- M•• B••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 8 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it