DFX Intelligence
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Borrower
B•••• T••••••••• P••••
Drug Discovery & Developmentgroup grade Aon a schedule nowsponsor not established · possible relationship
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 99¢Q4 2025 to Q2 2026
Principal held
at least $17.3M
sum of BDC pieces, a lower bound
Fair value
$17.2M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Oct 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2025
latest Jun 30, 2026
Events
1
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 |
|---|---|---|---|
| H••••••• C••••••• I••• | $17.3M | 99¢ | -1 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, O•••••• 2029, P•••• + 2.45%, F•••• rate 9.95%, 5.25% E••• Fee | $17.3M | $16.8M 99c | S+245 bp |
| H••••••• C••••••• I••• | preferred equity equity W••••••, 10/8/2025, P•••••••• Series A | Not disclosed | $383,000 156c |
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 $17.3M | 99c | S+245 bp | Oct 1, 2029 | 1 |
Equity pieces beside the debt: preferred equity ($383,000 fair value, 1 BDC), other (Not disclosed 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 | 1 | $17.3M | $16.8M | 99c | 0 |
| Mar 31, 2026 | 1 | $8.6M | $8.5M | 100c | 0 |
| Dec 31, 2025 | 1 | $8.6M | $8.5M | 100c | 0 |
What changed
- New borrower on a BDC scheduleDec 31, 2025
Sponsor
Possible relationship, not established: A•••• W••• G•••••• L•, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- A•••• W••• G•••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedalphawaveglobal.com"••• Locked"
Identity
- Group key
- BEREN THERAPEUTICSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Drug Discovery & Developmentreportedas one filer wrote it