DFX Intelligence
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Borrower
A•• S•••• A• P••••• L••
Trading Companies & Distributorsgroup grade Aon a schedule nowsponsor unattributed
What matters now
- 101¢ → 95¢consensus mark
Consensus mark 95¢ on cost, down from 101¢ a year ago, 100¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $4.88Mprincipal outstanding
$4.88M principal held by 1 lender; matures Sep 2026.
Q2 2026 · Refinancing is due in 0 months at a 95¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
101¢ · 100¢ · 100¢ · 100¢ · 95¢Q2 2025 to Q2 2026
Principal held
at least $4.9M
sum of BDC pieces, a lower bound
Fair value
$4.6M
95c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Sep 30, 2026
$4.9M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
5
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 |
|---|---|---|---|
| S•• P•••••• C••••• I••••• B•• L•• | $4.88M | 95¢ | -5 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•• P•••••• C••••• I••••• B•• L•• | unstated lien unstated I••••••• T•••••• Companies & D••••••••• S••••• above I•••• S+650(6) F•••• 1.00% I••••••• R | $4.9M | $4.6M 95c | SOFR+650 bp |
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 $4.9M | 95c | SOFR+650 bp | Sep 30, 2026 | 1 |
| first lien term loan first lien exited Dec 31, 2022 | at least $4.2M | 103c | S+575 bp | Sep 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 | $4.9M | $4.6M | 95c | 0 |
| Mar 31, 2026 | 1 | $5.0M | $5.0M | 100c | 0 |
| Dec 31, 2025 | 1 | $10.0M | $10.0M | 100c | 0 |
| Sep 30, 2025 | 1 | $5.0M | $5.0M | 100c | 0 |
All 9 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $5.0M | $5.0M | 101c | 0 |
| Mar 31, 2025 | 1 | $5.0M | $5.0M | 101c | 0 |
| Dec 31, 2024 | 1 | $15.3M | $15.3M | 101c | 0 |
| Dec 31, 2023 | 1 | $5.2M | $5.2M | 101c | 0 |
| Dec 31, 2022 | 1 | $4.2M | $4.2M | 103c | 0 |
What changed
- Maturity approachingSep 30, 2026
- Maturity approachingSep 30, 2026
- Maturity approachingSep 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedMar 31, 2025
Full timeline · 7 eventsShow fewer
- Facility left every BDC scheduleDec 31, 2022
- New borrower on a BDC scheduleDec 31, 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
- A•• S•••• A• P••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Trading Companies & Distributorsreportedas one filer wrote it