DFX Intelligence
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Borrower
H••••• L••
Real Estate Mgmt. & Developmentgroup grade Aon a schedule nowsponsor unattributed
Also written as: Lone Wolf
What matters now
- $147Mprincipal outstanding
$147M principal held by 4 lenders; matures Oct 2027.
Q2 2026 · Refinancing is due in 13 months at a 92¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
96¢ · 96¢ · 95¢ · 93¢ · 92¢Q2 2025 to Q2 2026
Where each lender marks it, 5 points apart
91¢96¢
Principal held
at least $147M
sum of BDC pieces, a lower bound
Fair value
$136M
92c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 22, 2027
$147M inside 24 months
On the tape since
Dec 31, 2021
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 |
|---|---|---|---|
| G•••••• S•••• B••• I••• | $62.1M | 91¢ | 0 pts |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | $56.8M | 91¢ | new this quarter |
| M••• S••••• C•••••• C••• | $27.7M | 96¢ | -1 pts |
| B•••••••• D••••• L•••••• C•••• | $803K | 92¢ | -5 pts |
Every BDC piece · 8 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• Real Estate M•••. & D••••••••• I••••••• R••• 10.33% | $38.1M | $34.7M 91c | SOFR+650 bp PIK 3.50% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• Real Estate M•••. & D••••••••• I••••••• R••• 10.33% | $34.9M | $31.7M 91c | SOFR+650 bp PIK 3.50% |
| M••• S••••• C•••••• C••• | term loan lien unstated S•••••• D••• | $27.7M | $26.7M 96c | S+650 bp PIK 3.50% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• Real Estate M•••. & D••••••••• I••••••• R••• 10.50% | $12.3M | $11.2M 91c | SOFR+650 bp PIK 3.50% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• Real Estate M•••. & D••••••••• I••••••• R••• 10.33% | $11.7M | $10.6M 91c | SOFR+650 bp PIK 3.50% |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• Real Estate M•••. & D••••••••• I••••••• R••• 13.50% | $11.2M | $10.2M 91c | SOFR+650 bp PIK 3.50% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• Real Estate M•••. & D••••••••• I••••••• R••• 10.33% | $10.7M | $9.7M 91c | SOFR+650 bp PIK 3.50% |
| B•••••••• D••••• L•••••• C•••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• 1.00% S••••• 3.15% C••• + 3.50% PIK T••• | $803,163 | $735,002 92c | SOFR+315 bp PIK 3.50% |
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 $120M | 91c | SOFR+650 bp PIK 3.50% | Oct 23, 2027 | 3 |
| term loan lien unstated | at least $27.7M | 96c | S+650 bp PIK 3.50% | Oct 23, 2027 | 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 | 4 | $147M | $136M | 92c | 8 |
| Mar 31, 2026 | 3 | $89.8M | $83.4M | 93c | 5 |
| Dec 31, 2025 | 3 | $89.0M | $84.1M | 95c | 4 |
| Sep 30, 2025 | 3 | $88.2M | $84.0M | 96c | 5 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $87.4M | $83.5M | 96c | 5 |
| Mar 31, 2025 | 3 | $86.7M | $82.8M | 96c | 5 |
| Dec 31, 2024 | 3 | $140M | $136M | 97c | 9 |
| Sep 30, 2024 | 4 | $139M | $131M | 95c | 8 |
| Jun 30, 2024 | 4 | $137M | $130M | 95c | 8 |
| Mar 31, 2024 | 4 | $136M | $130M | 96c | 7 |
| Dec 31, 2023 | 4 | $244M | $232M | 96c | 0 |
| Sep 30, 2023 | 4 | $135M | $128M | 96c | 0 |
| Jun 30, 2023 | 4 | $135M | $25.2M | 100c | 0 |
| Mar 31, 2023 | 4 | $82.9M | $25.0M | 99c | 0 |
| Dec 31, 2022 | 4 | $115M | $110M | 96c | 0 |
| Sep 30, 2022 | 1 | $25.4M | $23.6M | 93c | 0 |
| Dec 31, 2021 | 1 | $51.1M | $51.1M | 100c | 0 |
What changed
- Maturity approachingOct 23, 2027
- Maturity approachingOct 23, 2027
- Marked down (one lender)Jun 30, 2026
- PIK interest appearsMar 31, 2026
- Maturity extended (observed)Jun 30, 2025
Full timeline · 26 eventsShow fewer
- Maturity extended (observed)Jun 30, 2025
- Spread changed (observed)Jun 30, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Spread changed (observed)Mar 31, 2024
- PIK interest appearsMar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- PIK interest appearsMar 31, 2024
- PIK interest appearsMar 31, 2024
- PIK interest appearsMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Spread changed (observed)Sep 30, 2023
- Spread changed (observed)Jun 30, 2023
- Spread increasedJun 30, 2023
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- HOWLCOderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Real Estate Mgmt. & Developmentreportedas one filer wrote it