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Borrower

F••• D••••••••• C••••••• S••••••• N••••••• E•••••• W••• P••••• I••••••••• H•••••• L••

group grade Aon a schedule nowsponsor unattributed

What matters now

  1. 101¢ → 99¢
    consensus mark

    Consensus mark 99¢ on cost, down from 101¢ in Q4 2025.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
Q4 2025: 101¢Q2 2026: 99¢101¢ · 99¢Q4 2025 to Q2 2026
Principal held
at least $1.5M
sum of BDC pieces, a lower bound
Fair value
$1.5M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jul 16, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2025
latest Jun 30, 2026
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
S••••• C••••• I••••••••• L••$1.5M99¢-2 pts
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
S••••• C••••• I••••••••• L••delayed draw term loan first lien
Investment T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 6.00% (inc
$1.1M$1.1M
99c
SOFR+600 bp
PIK 2.75%
S••••• C••••• I••••••••• L••delayed draw term loan first lien
Investment T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 6.00% (inc
$388,000$368,000
97c
SOFR+600 bp
PIK 2.75%
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien delayed draw term loan first lienat least $1.5M99cSOFR+600 bp
PIK 2.75%
Jul 16, 20291
first lien term loan first lien
exited Dec 31, 2025
at least $1.7M101cSOFR+500 bpJul 16, 20291
first lien revolver first lien
exited Dec 31, 2025
at least $22,000n/aSOFR+500 bpJul 16, 20291
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20261$1.5M$1.5M99c2
Dec 31, 20251$4.1M$4.1M101c0
What changed
Every change including routine ones
Identity
Group key
F••• DIVERSIFIED CONSUMER SERVICES NATIONAL EXPRESS WASHderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 1 BDCderived