DFX Intelligence
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Borrower
A•• T••••••••• C•••
Aerospace & Defensegroup grade Aon a schedule nowsponsor unattributed
Also written as: Aerospace & Defense1; Aerospace & Defense2; A•• T••••••••• 2026
What matters now
- 92¢ → 100¢consensus mark
Consensus mark 100¢ on cost, up from 92¢ a year ago, 97¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived2 of 2 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
92¢ · 96¢ · 96¢ · 97¢ · 100¢Q2 2025 to Q2 2026
Principal held
at least $5.5M
sum of BDC pieces, a lower bound
Fair value
$5.4M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
2 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Jun 3, 2033
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
15
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 |
|---|---|---|---|
| A•••• P•••••• C••••• F•••• L•• | $4.7M | 100¢ | new this quarter |
| A•••• C••••• B•• I••• | $783K | 100¢ | +3 pts |
Every BDC piece · 10 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••• P•••••• C••••• F•••• L•• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S+ S••••• 5.50% I••••••• R••• 9.23% A••••••••• D• | $2.5M | $2.5M 100c | SOFR+550 bp |
| A•••• P•••••• C••••• F•••• L•• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S+ S••••• 5.50% I••••••• R••• 9.23% A••••••••• D• | $2.2M | $2.2M 100c | SOFR+550 bp |
| A•••• C••••• B•• I••• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S + S••••• 5.50% I••••••• R••• 9.23% A••••••••• D | $782,600 | $774,774 100c | SOFR+550 bp |
| A•••• C••••• B•• I••• | revolver first lien Investment T••• 1st L••• R••••••• I•••• S + S••••• 5.50% I••••••• R••• 9.23% A••••••••• D• | $0 | $0 0c | SOFR+550 bp |
| A•••• P•••••• C••••• F•••• L•• | delayed draw term loan first lien Investment T••• 1st L••• D••• I•••• S+ S••••• 5.50% I••••••• R••• 9.23% A••••••••• D••• 6/ | $0 | $0 0c | SOFR+550 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••• P•••••• C••••• F•••• L•• | revolver first lien Investment T••• 1st L••• R••••••• I•••• S+ S••••• 5.50% I••••••• R••• 9.23% A••••••••• D•• | $0 | $0 0c | SOFR+550 bp |
| A•••• C••••• B•• I••• | revolver first lien Investment T••• S••••• S•••••• R•••••••• L••• I•••• S+ S••••• 5.50% I••••••• R••• 9.23% M• | Not disclosed | Not disclosed | SOFR+550 bp |
| A•••• C••••• B•• I••• | revolver first lien Investment T••• S••••• S•••••• R•••••••• L••• I•••• S+ S••••• 5.50% I••••••• R••• 9.23% M• | Not disclosed | Not disclosed | SOFR+550 bp |
| A•••• P•••••• C••••• F•••• L•• | revolver first lien 1st L••• R••••••• M••••••• 6/3/2033 | Not disclosed | Not disclosed | SOFR+550 bp |
| A•••• P•••••• C••••• F•••• L•• | delayed draw term loan first lien 1st L••• D••• M••••••• 6/3/2033 | Not disclosed | Not disclosed | SOFR+550 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 $5.5M | 100c | SOFR+550 bp | Jun 5, 2033 | 2 |
| first lien delayed draw term loan first lien | at least $0 | n/a | SOFR+550 bp | Jun 3, 2033 | 1 |
| first lien revolver first lien | at least $0 | n/a | SOFR+550 bp | Jun 5, 2033 | 2 |
| other lien unstated exited Dec 31, 2021 | at least $14.6M | 98c | S+425 bp | May 9, 2026 | 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 | 2 | $5.5M | $5.4M | 100c | 0 |
| Mar 31, 2026 | 2 | $19.6M | $18.5M | 99c | 4 |
| Dec 31, 2025 | 3 | $20.6M | $19.0M | 98c | 6 |
| Sep 30, 2025 | 1 | $17.9M | $16.3M | 98c | 2 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $17.6M | $15.3M | 95c | 2 |
| Mar 31, 2025 | 2 | $18.5M | $15.4M | 91c | 2 |
| Dec 31, 2024 | 2 | $52.3M | $41.8M | 89c | 6 |
| Sep 30, 2024 | 2 | $17.9M | $13.3M | 86c | 4 |
| Jun 30, 2024 | 2 | $17.6M | $12.8M | 84c | 2 |
| Mar 31, 2024 | 2 | $17.3M | $11.2M | 73c | 2 |
| Dec 31, 2023 | 2 | $34.1M | $21.9M | 70c | 4 |
| Sep 30, 2023 | 2 | $15.4M | $9.6M | 63c | 0 |
| Jun 30, 2023 | 2 | $15.4M | $10.7M | 70c | 0 |
| Mar 31, 2023 | 1 | $14.4M | $10.6M | 74c | 0 |
| Dec 31, 2022 | 2 | $29.9M | $27.1M | 91c | 0 |
| Sep 30, 2022 | 2 | $20.3M | $18.3M | 90c | 0 |
| Dec 31, 2021 | 1 | $29.3M | $28.5M | 98c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- New lender joined a facilityJun 30, 2026
- Spread increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
Full timeline · 29 eventsShow fewer
- Lender left a facilityMar 31, 2026
- Returned to accrualDec 31, 2024
- PIK interest appearsSep 30, 2024
- Mark recoveredJun 30, 2024
- Mark recoveredDec 31, 2023
- PIK interest appearsDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- PIK interest appearsDec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Marked down across lendersSep 30, 2023
- Placed on non-accrualSep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down across lendersMar 31, 2023
- Marked down (one lender)Mar 31, 2023
- Maturity extended (observed)Dec 31, 2022
- Marked down across lendersSep 30, 2022
- New lender joined a facilitySep 30, 2022
- Lender left a facilitySep 30, 2022
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
- Facility left every 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
- A•• T•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 4 BDCsderived
- Industry
- Aerospace & Defensereportedas one filer wrote it