DFX Intelligence
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Borrower
A••••••• S••••• C••••••• I•••••••••
Textiles, apparel & luxury goodsgroup grade Aon a schedule nowsponsor unattributed
What matters now
- 2 of 2 lenderson non-accrual
Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q1 2026.
since Q1 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 103¢ → 44¢consensus mark
Consensus mark 44¢ on cost, down from 103¢ a year ago, 82¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal - $40.4Mprincipal outstanding
$40.4M principal held by 2 lenders; matures Jul 2027.
Q2 2026 · Refinancing is due in 10 months at a 44¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 82¢ → 44¢-38 pts, one lender
K•••• A••••••• B••• I••• marked it 82¢ → 44¢, the largest move among 2 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
103¢ · 95¢ · 91¢ · 82¢ · 44¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
44¢44¢
Principal held
at least $40.4M
sum of BDC pieces, a lower bound
Fair value
$22.6M
58c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 20, 2027
$40.4M inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
12
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 |
|---|---|---|---|
| K•••• A••••••• B••• I••• | $37.2M | 44¢ | -38 pts |
| K•••• D• 2•••• I••• | $3.19M | 44¢ | -38 pts |
Every BDC piece · 6 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•••• A••••••• B••• I••• | term loan first lien F•••• lien senior secured loan - M••••••• D••• 7/20/2027 | $29.1M | $12.4M 44c | S+0 bp |
| K•••• A••••••• B••• I••• | revolver first lien F•••• lien senior secured revolving loan - M••••••• D••• 7/20/2027 - One | $5.0M | $2.1M 44c | SOFR+0 bp |
| K•••• A••••••• B••• I••• | revolver first lien F•••• lien senior secured revolving loan - M••••••• D••• 7/20/2027 | $3.1M | $6.3M 200c | S+0 bp |
| K•••• D• 2•••• I••• | term loan first lien F•••• lien senior secured loan - M••••••• D••• 7/20/2027 One | $2.5M | $1.1M 44c | SOFR+0 bp |
| K•••• D• 2•••• I••• | revolver first lien F•••• lien senior secured revolving loan - M••••••• D••• 7/20/2027 | $427,000 | $183,000 44c | SOFR+0 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•••• D• 2•••• I••• | term loan first lien F•••• lien senior secured loan - M••••••• D••• 7/20/2027 | $269,000 | $539,000 200c | SOFR+0 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 $31.8M | 46c | SOFR+0 bp | Jul 20, 2027 | 2 |
| first lien revolver first lien | at least $8.5M | 103c | SOFR+0 bp | Jul 20, 2027 | 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 | 2 | $40.4M | $22.6M | 58c | 0 |
| Mar 31, 2026 | 2 | $37.9M | $29.9M | 82c | 0 |
| Dec 31, 2025 | 2 | $69.1M | $61.5M | 91c | 6 |
| Sep 30, 2025 | 2 | $35.7M | $33.2M | 95c | 4 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $2.8M | $2.8M | 103c | 2 |
| Dec 31, 2024 | 1 | $29.9M | $29.9M | 104c | 2 |
What changed
- Maturity approachingJul 20, 2027
- Maturity approachingJul 20, 2027
- Maturity approachingJul 20, 2027
- Maturity approachingJul 20, 2027
- Marked down across lendersJun 30, 2026
Full timeline · 23 eventsShow fewer
- Mark recoveredJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down across lendersMar 31, 2026
- non accrual placedMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down across lendersMar 31, 2026
- non accrual placedMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- A••••••• S•••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Textiles, apparel & luxury goodsreportedas one filer wrote it