DFX Intelligence
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Borrower
T•••••• M••••••• S••••••• I••
Also written as: Inc. 1; Inc. 2
What matters now
- 12 pts86¢ to 98¢
Lenders disagree by 12 points: B•••••• P•••••• C••••• C••• 86¢ to M••••• C•••••• I••••• P••• C••• 98¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks → - $35Mprincipal outstanding
$35M principal held by 4 lenders; matures Feb 2027.
Q2 2026 · Refinancing is due in 5 months at a 87¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
88¢ · 85¢ · 88¢ · 87¢ · 87¢Q2 2025 to Q2 2026
Where each lender marks it, 12 points apart
86¢98¢
Principal held
at least $35.0M
sum of BDC pieces, a lower bound
Fair value
$30.2M
87c on cost, debt pieces
Unfunded
$24,000
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Feb 26, 2027
$1.5M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
15
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•••••• C•••••• I••••••••• C••• | $13.9M | 86¢ | -1 pts |
| B•••••• B••• I••• | $12.2M | 86¢ | -1 pts |
| B•••••• P•••••• C••••• C••• | $7.42M | 86¢ | -1 pts |
| M••••• C•••••• I••••• P••• C••• | $1.49M | 98¢ | new this quarter |
Every BDC piece · 6 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $13.9M | $11.9M 86c | S+550 bp PIK 2.00% |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $12.2M | $10.5M 86c | S+550 bp PIK 2.00% |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $7.4M | $6.4M 86c | S+550 bp PIK 2.00% |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $1.3M | $1.2M 98c | S+760 bp PIK 2.00% |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | S••••• S•••••• L•••• | $167,000 | $134,000 99c | S+760 bp PIK 2.00% |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• C•••••• I••••• P••• C••• | revolver lien unstated R•••••••) | Not disclosed | Not disclosed |
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 $34.8M | 87c | S+550 bp PIK 2.00% | Feb 26, 2027 | 5 |
| first lien revolver first lien | at least $167,000 | 99c | S+760 bp PIK 2.00% | Feb 26, 2027 | 2 |
| revolver lien unstated | unknown | n/a | unstated | 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 | 4 | $35.0M | $30.2M | 87c | 5 |
| Mar 31, 2026 | 3 | $39.1M | $33.8M | 87c | 3 |
| Dec 31, 2025 | 4 | $57.4M | $50.4M | 88c | 6 |
| Sep 30, 2025 | 3 | $42.4M | $36.0M | 85c | 3 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $42.0M | $36.7M | 88c | 3 |
| Mar 31, 2025 | 3 | $41.9M | $38.6M | 92c | 3 |
| Dec 31, 2024 | 3 | $66.1M | $62.2M | 95c | 0 |
| Sep 30, 2024 | 3 | $42.3M | $40.6M | 96c | 0 |
| Jun 30, 2024 | 3 | $42.7M | $40.7M | 96c | 0 |
| Mar 31, 2024 | 3 | $42.7M | $41.2M | 97c | 0 |
| Dec 31, 2023 | 3 | $42.8M | $41.8M | 99c | 0 |
| Sep 30, 2023 | 4 | $40.2M | $36.3M | 91c | 0 |
| Jun 30, 2023 | 4 | $40.3M | $39.4M | 99c | 0 |
| Mar 31, 2023 | 3 | $40.3M | $39.9M | 100c | 0 |
| Dec 31, 2022 | 4 | $44.0M | $43.2M | 108c | 0 |
| Sep 30, 2022 | 1 | $14.8M | $14.6M | 100c | 0 |
| Dec 31, 2021 | 2 | $17.6M | $17.4M | 118c | 0 |
What changed
- Maturity approachingFeb 26, 2027
- Maturity approachingFeb 26, 2027
- Maturity approachingFeb 26, 2027
- Maturity approachingFeb 26, 2027
- Maturity approachingFeb 26, 2027
Full timeline · 30 eventsShow fewer
- Maturity approachingFeb 26, 2027
- New lender joined a facilityJun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread changed (observed)Sep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- Mark recoveredDec 31, 2023
- Marked down across lendersSep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Spread changed (observed)Jun 30, 2023
- Spread increasedJun 30, 2023
- Spread increasedJun 30, 2023
- Spread increasedJun 30, 2023
- New lender joined a facilityDec 31, 2022
Sponsor
Possible relationship, not established: J••• L••••• a•• C•••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.65). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- J••• L••••• a•• C•••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedjflco.com"••• Locked"
Identity
- Group key
- T•••••• M••••••• S••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived