DFX Intelligence
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Borrower
M••••••••• L••
Construction & Engineeringgroup grade Aon a schedule nowsponsor unattributed
Also written as: M•••••••• Holdings, LLC
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 99¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $10.3M
sum of BDC pieces, a lower bound
Fair value
$20.4M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Dec 18, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
6
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••••• F••• L•• | $10.3M | 100¢ | 0 pts |
| S••• M••••••• L•••• M••••••••• C•••••• C••• | no principal filed | 100¢ | +1 pts |
Every BDC piece · 8 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 2/18/2030 | $5.2M | $5.2M 100c | SOFR+600 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 12/18/2031 One | $4.0M | $4.0M 100c | SOFR+600 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 12/18/2031 | $1.0M | $1.0M 100c | SOFR+600 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 12/18/2031 | $0 | -$33,000 143c | SOFR+100 bp |
| S••• M••••••• L•••• M••••••••• C•••••• C••• | term loan first lien F•••• lien senior secured term loan S••••• A•••• I•••• S + 6.00% - I••••••• R••• 9.85% - A | Not disclosed | $5.7M 100c | S+600 bp |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S••• M••••••• L•••• M••••••••• C•••••• C••• | unstated lien unstated A••••••••• D••• 9/17/2025 | Not disclosed | $724,487 1176c | S+0 bp |
| S••• M••••••• L•••• M••••••••• C•••••• C••• | term loan first lien F•••• lien senior secured term loan S••••• A•••• I•••• S + 6.00% - I••••••• R••• 9.85% - A | Not disclosed | $652,987 100c | S+600 bp |
| S••• M••••••• L•••• M••••••••• C•••••• C••• | unstated lien unstated I••••••• R••• 13.50% PIK - A••••••••• D••• 9/2/2021 | Not disclosed | $3.1M 183c |
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 $9.2M | 100c | SOFR+600 bp | Dec 18, 2031 | 2 |
| first lien revolver first lien | at least $1.0M | 100c | SOFR+600 bp | Dec 18, 2031 | 1 |
| first lien delayed draw term loan first lien | at least $0 | n/a | SOFR+100 bp | Dec 18, 2031 | 1 |
Equity pieces beside the debt: other ($3.8M fair value, 1 BDC), preferred equity ($4.0M fair value, 1 BDC)
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 | $10.3M | $16.5M | 100c | 0 |
| Mar 31, 2026 | 2 | $10.3M | $16.5M | 99c | 0 |
| Dec 31, 2025 | 2 | $20.6M | $33.2M | 100c | 0 |
| Sep 30, 2025 | 1 | $0 | $14.0M | 100c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $0 | $13.7M | 100c | 0 |
| Mar 31, 2025 | 1 | $13.8M | $13.6M | 99c | 0 |
| Dec 31, 2024 | 1 | $0 | $26.9M | 101c | 0 |
| Sep 30, 2024 | 1 | $12.4M | $12.4M | 101c | 0 |
| Jun 30, 2024 | 1 | $12.3M | $12.1M | 99c | 0 |
| Mar 31, 2024 | 1 | $12.2M | $11.9M | 98c | 0 |
| Dec 31, 2023 | 1 | $24.7M | $21.2M | 87c | 0 |
| Sep 30, 2023 | 1 | $8.1M | $7.4M | 93c | 0 |
| Jun 30, 2023 | 1 | $8.1M | $7.1M | 90c | 0 |
| Mar 31, 2023 | 1 | $8.1M | $7.2M | 92c | 0 |
| Dec 31, 2022 | 1 | $32.3M | $26.5M | 84c | 0 |
What changed
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Sep 30, 2024
- Mark recoveredMar 31, 2024
Full timeline · 10 eventsShow fewer
- Marked down across lendersDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Spread increasedDec 31, 2023
- Mark recoveredMar 31, 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
- MECHANAIRderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 2 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it