DFX Intelligence
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Borrower
R••••• T••• H•••••••• I••
Specialty Retailgroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. - Exit Facility; Inc. - First In; Inc. - First In Last Out; Inc. FILO; R••••• T•••; R••••• T•••’s; Specialty Retail
What matters now
- 72¢ → 73¢consensus mark
Consensus mark 73¢ on cost, up from 72¢ a year ago, 68¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal - $11.2Mprincipal outstanding
$11.2M principal held by 1 lender; matures May 2027.
Q2 2026 · Refinancing is due in 7 months at a 73¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
72¢ · 72¢ · 70¢ · 68¢ · 73¢Q2 2025 to Q2 2026
Principal held
at least $11.2M
sum of BDC pieces, a lower bound
Fair value
$7.8M
73c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
1 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
May 1, 2027
$651,000 inside 24 months
On the tape since
Jun 30, 2022
latest Jun 30, 2026
Events
23
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••••••• C•••••• C••• | $11.2M | 73¢ | +5 pts |
Every BDC piece · 11 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | term loan first lien F•••• L••• S••••• Out T••• L••• | $7.0M | $3.8M 57c | 12.00% PIK 12.00% |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• F•••• Out T••• L••• | $2.7M | $2.6M 95c | 15.00% PIK 15.00% |
| P••••••• C•••••• C••• | unstated lien unstated | $810,000 | $810,000 100c | S+875 bp PIK 20.00% |
| P••••••• C•••••• C••• | term loan first lien F•••• In L••• Out T••• L••• | $651,000 | $651,000 100c | 30.00% PIK 30.00% |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• S••••• Out T••• L••• | Not disclosed | Not disclosed | PIK 12.00% |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | warrants equity W••••••• | Not disclosed | $0 | |
| P••••••• C•••••• C••• | warrants equity W•••••••• | Not disclosed | $0 | |
| P••••••• C•••••• C••• | term loan lien unstated T••• L••• 1 | Not disclosed | Not disclosed | S+875 bp PIK 30.00% |
| P••••••• C•••••• C••• | term loan lien unstated T••• L••• 2 | Not disclosed | Not disclosed | S+875 bp PIK 20.00% |
| P••••••• C•••••• C••• | equity equity C•••• A C••••• U•••• of M••••• One H•••••, LLC | Not disclosed | $0 0c | |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• F•••• Out T••• L••• | Not disclosed | Not disclosed | PIK 15.00% |
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 $10.4M | 70c | 30.00% PIK 30.00% | May 1, 2027 | 3 |
| other lien unstated | at least $810,000 | 100c | S+875 bp PIK 20.00% | unstated | 2 |
| term loan lien unstated | unknown | n/a | S+875 bp PIK 30.00% | unstated | 1 |
| second lien term loan second lien exited Jun 30, 2024 | at least $0 | n/a | unstated | 2 |
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 | $11.2M | $7.8M | 73c | 8 |
| Mar 31, 2026 | 2 | $10.8M | $12.8M | 123c | 8 |
| Dec 31, 2025 | 2 | $10.4M | $12.8M | 127c | 8 |
| Sep 30, 2025 | 2 | $10.1M | $12.7M | 132c | 8 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $17.1M | $11.8M | 72c | 6 |
| Mar 31, 2025 | 2 | $8.3M | $5.8M | 74c | 4 |
| Dec 31, 2024 | 2 | $8.0M | $6.9M | 90c | 4 |
| Sep 30, 2024 | 2 | $7.8M | $6.7M | 90c | 4 |
| Jun 30, 2024 | 2 | $5.6M | $5.2M | 100c | 2 |
| Mar 31, 2024 | 2 | $10.0M | $9.6M | 102c | 0 |
| Dec 31, 2023 | 2 | $14.5M | $13.9M | 101c | 0 |
| Jun 30, 2023 | 2 | $25.6M | $12.0M | 48c | 4 |
| Mar 31, 2023 | 2 | $24.7M | $12.5M | 51c | 1 |
| Dec 31, 2022 | 2 | $54.4M | $24.0M | 46c | 0 |
| Sep 30, 2022 | 1 | $23.0M | $19.7M | 87c | 0 |
| Jun 30, 2022 | 2 | $24.0M | $22.5M | 95c | 0 |
What changed
- Maturity approachingMay 1, 2027
- Maturity approachingMay 1, 2027
- Maturity approachingMay 1, 2027
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
Full timeline · 30 eventsShow fewer
- Maturity shortened (observed)Sep 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- PIK interest increasedSep 30, 2024
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- PIK interest increasedSep 30, 2024
- Maturity shortened (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Lender left a facilityMar 31, 2024
- Mark recoveredDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Maturity shortened (observed)Dec 31, 2023
- Marked down across lendersJun 30, 2023
- Spread changed (observed)Jun 30, 2023
- PIK interest appearsJun 30, 2023
- Lender left a facilityJun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
- PIK interest appearsJun 30, 2023
- PIK interest appearsJun 30, 2023
- Lender left a facilityJun 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- RISING TIDEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 3 BDCsderived
- Industry
- Specialty Retailreportedas one filer wrote it