DFX Intelligence
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Borrower
V••••• G•••• H••••••• L••
group grade Aon a schedule nowsponsor unattributed
What matters now
- 99¢ → 83¢consensus mark
Consensus mark 83¢ on cost, down from 99¢ a year ago, 90¢ last quarter.
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 - $2Mprincipal outstanding
$2M principal held by 1 lender; matures Sep 2030.
Q2 2026 · Refinancing is due in 47 months at a 83¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
99¢ · 95¢ · 89¢ · 90¢ · 83¢Q2 2025 to Q2 2026
Principal held
at least $2.0M
sum of BDC pieces, a lower bound
Fair value
$1.7M
83c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Sep 3, 2030
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 |
|---|---|---|---|
| H•• C•••••••• L•••••• F••• | $2M | 83¢ | -7 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $1.3M | $1.0M 83c | 13.75% PIK 13.75% |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $397,000 | $326,000 83c | 13.75% PIK 13.75% |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $345,000 | $293,000 86c | 14.75% PIK 14.75% |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $2.0M | 83c | 14.75% PIK 14.75% | Sep 3, 2030 | 1 |
| unsecured or subordinated delayed draw term loan unsecured or subordinated exited Dec 31, 2025 | at least $1.9M | 89c | 14.75% PIK 14.75% | Sep 3, 2030 | 1 |
| unsecured or subordinated term loan unsecured or subordinated exited Jun 30, 2025 | at least $8,000 | n/a | PIK 14.75% | Aug 31, 2030 | 1 |
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 | $2.0M | $1.7M | 83c | 3 |
| Mar 31, 2026 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2025 | 1 | $1.9M | $1.6M | 89c | 3 |
| Sep 30, 2025 | 1 | $1.8M | $1.7M | 95c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $1.7M | $1.7M | 99c | 3 |
| Mar 31, 2025 | 2 | $1.7M | $1.7M | 101c | 3 |
| Dec 31, 2024 | 2 | $3.3M | $3.2M | 101c | 6 |
| Sep 30, 2024 | 2 | $1.6M | $1.5M | 99c | 6 |
| Jun 30, 2024 | 2 | $1.5M | $1.4M | 97c | 6 |
| Mar 31, 2024 | 1 | $1.5M | $1.4M | 96c | 3 |
| Dec 31, 2023 | 1 | $1.4M | $1.3M | 93c | 3 |
| Sep 30, 2023 | 1 | $1.4M | $1.3M | 96c | 3 |
| Jun 30, 2023 | 1 | $1.1M | $955,000 | 92c | 2 |
| Mar 31, 2023 | 1 | $1.1M | $925,000 | 90c | 2 |
| Dec 31, 2022 | 1 | $1.0M | $703,000 | 91c | 1 |
What changed
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsJun 30, 2026
- PIK interest appearsDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Marked down across lendersDec 31, 2025
Full timeline · 15 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- Facility left every BDC scheduleJun 30, 2025
- PIK interest appearsMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- PIK interest appearsMar 31, 2025
- Marked down (one lender)Sep 30, 2024
- New lender joined a facilityJun 30, 2024
- PIK interest increasedSep 30, 2023
- PIK interest increasedSep 30, 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
- VETCORderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived