DFX Intelligence
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Borrower
Z••• A••••••••• C•••
group grade Aon a schedule nowsponsor unattributed
Also written as: CION/EagleTree; Collateralized Securities; Structured Products
What matters now
- $25.3Mprincipal outstanding
$25.3M principal held by 2 lenders; matures Feb 2028.
Q2 2026 · Refinancing is due in 16 months at a 98¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 101¢ · 99¢ · 98¢ · 98¢Q2 2025 to Q2 2026
Where each lender marks it, 4 points apart
97¢101¢
Principal held
at least $25.3M
sum of BDC pieces, a lower bound
Fair value
$24.8M
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
8
2 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Feb 1, 2028
$25.3M inside 24 months
On the tape since
Dec 31, 2021
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••• O•• C••••• I••••• C•••• | $19.2M | 97¢ | 0 pts |
| N•• M••••••• G••••••• I• B••• L••••• | $6.04M | 101¢ | 0 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $19.2M | $18.8M 97c | S+525 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• L••• | $6.0M | $6.0M 101c | S+525 bp |
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 $25.3M | 98c | S+525 bp | Feb 1, 2028 | 2 |
| second lien term loan second lien exited Dec 31, 2022 | at least $60.0M | 94c | S+700 bp | Mar 14, 2026 | 2 |
Equity pieces beside the debt: other (Not disclosed fair value, 1 BDC)
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 | $25.3M | $24.8M | 98c | 0 |
| Mar 31, 2026 | 2 | $25.3M | $24.7M | 98c | 0 |
| Dec 31, 2025 | 2 | $25.4M | $25.0M | 99c | 0 |
| Sep 30, 2025 | 2 | $25.5M | $25.5M | 101c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $25.5M | $25.4M | 100c | 0 |
| Mar 31, 2025 | 2 | $25.6M | $25.6M | 101c | 0 |
| Dec 31, 2024 | 2 | $51.3M | $51.9M | 102c | 0 |
| Sep 30, 2024 | 2 | $25.7M | $25.8M | 101c | 0 |
| Jun 30, 2024 | 2 | $25.8M | $26.0M | 103c | 0 |
| Mar 31, 2024 | 2 | $25.9M | $25.7M | 102c | 0 |
| Dec 31, 2023 | 3 | $32.1M | $31.4M | 101c | 0 |
| Sep 30, 2023 | 3 | $18.0M | $17.6M | 102c | 0 |
| Jun 30, 2023 | 3 | $18.1M | $17.4M | 100c | 0 |
| Mar 31, 2023 | 2 | $11.8M | $11.4M | 101c | 0 |
| Dec 31, 2022 | 3 | $60.0M | $56.3M | 94c | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Maturity approachingFeb 1, 2028
- Maturity extended (observed)Dec 31, 2023
- Maturity shortened (observed)Sep 30, 2023
- New lender joined a facilityJun 30, 2023
- Facility left every BDC scheduleDec 31, 2022
Full timeline · 6 eventsShow fewer
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- Z••• A•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 8 BDCsderived