DFX Intelligence
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Borrower
T•• V••••• C••••••••• L••
Also written as: 02; 11; 18; 2023; 2025; 22; LLC - Funded; LLC - Unfunded
What matters now
- $76Mprincipal outstanding
$76M principal held by 3 lenders; matures Aug 2027.
Q2 2026 · Refinancing is due in 11 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
101¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 1 point apart
99¢100¢
Principal held
at least $76.0M
sum of BDC pieces, a lower bound
Fair value
$69.6M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Aug 31, 2027
$949,000 inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
10
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 |
|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | $45.2M | 99¢ | -1 pts |
| P••••••••• I••••••••• C••• | $18.3M | 99¢ | -1 pts |
| S•••••••• P•••••• C••••• F••• L•• | $12.4M | 100¢ | 0 pts |
Every BDC piece · 12 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 4/11/2023 M••••••• 8/31/2028 I••••••• C••••••••• and E• | $17.3M | $17.2M 100c | SOFR+500 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 8/25/2021 M••••••• 8/31/2028 I••••••• C••••••••• & E••• | $14.7M | $14.6M 100c | SOFR+510 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 03/02/22 M••••••• 08/31/28 I••••••• B••••••• Services C | $14.4M | $14.2M 99c | SOFR+510 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 11/18/2025 M••••••• 8/31/2028 I••••••• C••••••••• and E | $7.7M | $7.6M 99c | //www.pennantpark.com/20260630#Secured Overnight Financing Rate+510 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• B | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 8/31/2028 | $4.7M | $4.7M 100c | SOFR+500 bp |
View all 12 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• D | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 8/31/2028 One | $3.9M | $3.9M 100c | SOFR+500 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 8/25/2021 M••••••• 8/31/2028 I••••••• C••••••• | $3.3M | -$33,000 | S+510 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• D | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 8/31/2028 | $2.9M | $2.8M 100c | SOFR+500 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 08/25/2021 M••••••• 08/31/2028 I••••••• B••••• | $2.4M | -$24,000 | S+510 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 8/25/2021 M••••••• 8/31/2028 I••••••• C••••••• | $2.2M | $2.2M 99c | SOFR+510 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 08/25/2021 M••••••• 08/31/2028 I••••••• B••••• | $1.6M | $1.6M 99c | SOFR+510 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 8/31/2027 | $949,000 | $945,000 101c | SOFR+500 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 $60.9M | 99c | SOFR+510 bp | Aug 31, 2028 | 3 |
| first lien revolver first lien | at least $10.4M | 98c | SOFR+510 bp | Aug 31, 2028 | 3 |
| first lien delayed draw term loan first lien | at least $4.7M | 100c | SOFR+500 bp | Aug 31, 2028 | 1 |
| other lien unstated exited Mar 31, 2024 | at least $7.7M | 101c | S+635 bp | Aug 31, 2027 | 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 | 3 | $76.0M | $69.6M | 99c | 0 |
| Mar 31, 2026 | 3 | $76.3M | $70.9M | 100c | 0 |
| Dec 31, 2025 | 3 | $95.0M | $87.8M | 100c | 0 |
| Sep 30, 2025 | 3 | $140M | $130M | 100c | 3 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $57.4M | $49.2M | 101c | 0 |
| Mar 31, 2025 | 3 | $57.5M | $47.7M | 100c | 0 |
| Dec 31, 2024 | 3 | $93.9M | $67.6M | 99c | 0 |
| Sep 30, 2024 | 2 | $59.9M | $57.9M | 101c | 0 |
| Jun 30, 2024 | 2 | $20.5M | $19.7M | 101c | 0 |
| Mar 31, 2024 | 2 | $20.6M | $19.6M | 101c | 0 |
| Dec 31, 2023 | 2 | $47.5M | $42.7M | 100c | 0 |
| Sep 30, 2023 | 2 | $20.6M | $18.8M | 101c | 0 |
| Jun 30, 2023 | 2 | $16.6M | $14.2M | 99c | 0 |
| Mar 31, 2023 | 2 | $16.6M | $14.0M | 99c | 0 |
| Sep 30, 2022 | 2 | $21.4M | $20.0M | 101c | 0 |
What changed
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- Maturity shortened (observed)Sep 30, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
Full timeline · 24 eventsShow fewer
- Maturity extended (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Lender left a facilityMar 31, 2024
- Maturity shortened (observed)Mar 31, 2024
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Spread changed (observed)Sep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
- W••• P•••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedwppartners.com"••• Locked"
Identity
- Group key
- VERTEX COMPANIESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it