DFX Intelligence
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Borrower
L•••••••• I••••••••• C•••
Also written as: L•••••••• I••••••••• C•••. 1; L•••••••• I••••••••• C•••. 2
What matters now
- $227Mprincipal outstanding
$227M principal held by 2 lenders; matures Mar 2028.
Q2 2026 · Refinancing is due in 17 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 101¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $227M
sum of BDC pieces, a lower bound
Fair value
$227M
100c on cost, debt pieces
Unfunded
$12.2M
commitments not yet drawn
BDC lenders
4
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 1, 2028
$227M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
7
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•••••• C••• | $115M | 100¢ | -1 pts |
| B••• O•• C••••• I••••• C•••• | $112M | 100¢ | 0 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $115M | $115M 100c | S+550 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• I••••• | $112M | $112M 100c | S+550 bp |
| B••• O•• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $0 | S+550 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N•••••••••/non-affiliated | Not disclosed | Not disclosed | S+550 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 $115M | 100c | S+550 bp | Mar 1, 2028 | 4 |
| first lien revolver first lien | at least $112M | 100c | S+550 bp | Mar 1, 2028 | 4 |
| first lien delayed draw term loan first lien exited Jun 30, 2024 | at least $9.4M | 101c | S+600 bp | Nov 1, 2027 | 4 |
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 | $227M | $227M | 100c | 0 |
| Mar 31, 2026 | 3 | $197M | $197M | 101c | 0 |
| Dec 31, 2025 | 3 | $210M | $209M | 100c | 0 |
| Sep 30, 2025 | 3 | $232M | $229M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $234M | $233M | 100c | 0 |
| Mar 31, 2025 | 3 | $229M | $227M | 100c | 0 |
| Dec 31, 2024 | 3 | $322M | $320M | 100c | 0 |
| Sep 30, 2024 | 4 | $237M | $237M | 101c | 0 |
| Jun 30, 2024 | 4 | $237M | $237M | 101c | 0 |
| Mar 31, 2024 | 4 | $217M | $217M | 101c | 0 |
| Dec 31, 2023 | 4 | $207M | $206M | 100c | 0 |
| Sep 30, 2023 | 3 | $172M | $170M | 100c | 0 |
| Jun 30, 2023 | 4 | $212M | $209M | 100c | 0 |
| Mar 31, 2023 | 4 | $201M | $198M | 99c | 0 |
| Dec 31, 2022 | 4 | $185M | $181M | 99c | 0 |
| Sep 30, 2022 | 1 | $35.3M | $34.1M | 98c | 0 |
| Dec 31, 2021 | 1 | $32.2M | $31.7M | 100c | 0 |
What changed
- Maturity approachingMar 1, 2028
- Maturity approachingMar 1, 2028
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Lender left a facilityMar 31, 2026
Full timeline · 25 eventsShow fewer
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Maturity extended (observed)Sep 30, 2025
- Spread increasedSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Facility left every BDC scheduleJun 30, 2024
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Mar 31, 2023
- Maturity extended (observed)Mar 31, 2023
- Maturity extended (observed)Mar 31, 2023
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: S••••••••• C•••••• L•, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- F•••• I••••••••• A••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedfarolam.com"••• Locked"
- S••••••••• C•••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedsouthfieldmezz.com"••• Locked"
- E•••••••• C••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedeagletree.com"••• Locked"
- M••• R••• C••••••
- the sponsor's own portfolio page lists a company of this nameestimatedmillroadcapital.com"••• Locked"
Identity
- Group key
- LIGNETICSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 4 BDCsderived