DFX Intelligence
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Borrower
M•• E•••••• I••
Containers & Packaginggroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. NCP-MSI Buyer
What matters now
- 100¢ → 97¢consensus mark
Consensus mark 97¢ on cost, down from 100¢ a year ago, 99¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived5 of 5 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 99¢ · 97¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
97¢98¢
Principal held
at least $33.0M
sum of BDC pieces, a lower bound
Fair value
$31.8M
97c on cost, debt pieces
Unfunded
$5.4M
commitments not yet drawn
BDC lenders
5
5 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
Mar 24, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
2
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•••••• P•••••• C••••• C••• | $13.5M | 97¢ | -3 pts |
| M••••• F•••••••• I••••••••• C••• | $9.17M | 98¢ | +1 pts |
| M••••• A••••• I••••••••• P•••••• L•••••• | $4.59M | 98¢ | +1 pts |
| B•••••• B••• I••• | $3.53M | 97¢ | -3 pts |
| B•••••• C•••••• I••••••••• C••• | $2.29M | 97¢ | -3 pts |
Every BDC piece · 13 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $10.8M | $10.2M 96c | S+500 bp |
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+500, 0.75% F•••• M••••••• D••• 03/24/31 | $5.8M | $5.6M 98c | SOFR+500 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S+500, 0.75% F•••• M••••••• D••• 03/24/31 | $2.9M | $2.8M 98c | SOFR+500 bp |
| B•••••• P•••••• C••••• C••• | revolver lien unstated R••••••• | $2.7M | $2.6M 98c | S+375 bp |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.2M | $2.1M 97c | S+500 bp |
View all 13 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S•••+375, 0.75% F•••• M••••••• D••• 03/24/31 | $1.9M | $1.8M 97c | SOFR+375 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $1.8M | $1.7M 97c | S+500 bp |
| M••••• F•••••••• I••••••••• C••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S•••+500, 0.75% F•••• M••••••• D••• 03/24/31 | $1.5M | $1.5M 98c | SOFR+500 bp |
| B•••••• B••• I••• | revolver lien unstated R••••••• | $1.3M | $1.3M 98c | S+375 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S+375, 0.75% F•••• M••••••• D••• 03/24/31 | $952,000 | $911,000 97c | SOFR+375 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S+500, 0.75% F•••• M••••••• D••• 03/24/31 | $748,000 | $726,000 98c | SOFR+500 bp |
| B•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• | $476,000 | $460,000 98c | S+375 bp |
| B•••••• P•••••• C••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+375 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 $23.5M | 97c | SOFR+500 bp | Mar 24, 2031 | 5 |
| revolver lien unstated | at least $4.5M | 98c | S+375 bp | unstated | 3 |
| first lien revolver first lien | at least $2.9M | 97c | SOFR+375 bp | Mar 24, 2031 | 2 |
| first lien delayed draw term loan first lien | at least $2.2M | 98c | SOFR+500 bp | Mar 24, 2031 | 2 |
| delayed draw term loan lien unstated | unknown | n/a | S+375 bp | unstated | 3 |
Equity pieces beside the debt: other ($9.6M fair value, 2 BDCs)
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 | 5 | $33.0M | $31.8M | 97c | 0 |
| Mar 31, 2026 | 5 | $33.2M | $32.3M | 99c | 0 |
| Dec 31, 2025 | 5 | $32.9M | $32.4M | 100c | 0 |
| Sep 30, 2025 | 5 | $25.9M | $25.5M | 100c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $26.8M | $26.3M | 100c | 0 |
| Mar 31, 2025 | 5 | $26.8M | $26.3M | 100c | 0 |
| Dec 31, 2024 | 3 | $0 | $0 | n/a | 0 |
What changed
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Spread changed (observed)Jun 30, 2025
- New borrower on a BDC scheduleDec 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- M•• E••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Containers & Packagingreportedas one filer wrote it