DFX Intelligence
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Borrower
P••• A•••••• H••••••• L••
Also written as: 2025; P••• A••••••
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 101¢ · 101¢Q1 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 1 point apart
100¢101¢
Principal held
at least $229M
sum of BDC pieces, a lower bound
Fair value
$221M
101c on cost, debt pieces
Unfunded
$48.8M
commitments not yet drawn
BDC lenders
10
7 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Aug 1, 2032
no dated debt inside 24 months
On the tape since
Mar 31, 2023
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 |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $103M | 101¢ | 0 pts |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | $35.1M | 100¢ | 0 pts |
| A••• C•••••• C••• | $30.2M | 100¢ | 0 pts |
| A••• S•••••••• I••••• F••• | $25.4M | 101¢ | 0 pts |
| B••••••••• S•••••• L•••••• F••• | $18.8M | 101¢ | 0 pts |
View all 7 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | $12.3M | 100¢ | 0 pts |
| O•• S••••• P•••••• L•••••• F••• •• L•• | $4.24M | 100¢ | 0 pts |
Every BDC piece · 28 positions across 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $79.1M | $79.1M 101c | S+525 bp PIK 2.88% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $26.8M | $26.8M 100c | S+525 bp PIK 2.88% |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $22.5M | $22.5M 101c | S+525 bp PIK 2.88% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $21.9M | $21.8M 100c | S+525 bp PIK 2.88% |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $17.0M | $17.0M 101c | S+525 bp PIK 2.88% |
View all 28 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $13.6M | $13.6M 101c | S+525 bp PIK 2.88% |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $10.1M | $10.1M 102c | S+475 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 8.98% / 2.88% | 8/27/2032 | $9.5M | $9.4M 100c | SOFR+525 bp PIK 2.88% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $7.5M | $3.7M 99c | S+525 bp PIK 2.88% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $5.6M | $2.8M 100c | S+475 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $3.4M | $3.4M 100c | S+475 bp |
| A••• S•••••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan | $2.9M | $2.9M 102c | S+475 bp |
| O•• S••••• P•••••• L•••••• F••• •• L•• | term loan first lien F•••• L••• D••• | $2.6M | $2.6M 100c | S+525 bp PIK 2.88% |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $1.9M | $1.9M 102c | S+475 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 8/27/2032 | $1.6M | $1.6M 101c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• Credit L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 8/27/2032 | $1.2M | $1.2M 99c | SOFR+475 bp |
| O•• S••••• P•••••• L•••••• F••• •• L•• | term loan first lien F•••• L••• D••• | $908,000 | $451,000 100c | S+525 bp PIK 2.88% |
| O•• S••••• P•••••• L•••••• F••• •• L•• | term loan first lien F•••• L••• D••• | $679,000 | $336,000 100c | S+475 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| O•• S••••• P•••••• L•••••• F••• •• L•• | delayed draw term loan lien unstated 2025 D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| O•• S••••• P•••••• L•••••• F••• •• L•• | revolver lien unstated 2025 R••••••• | Not disclosed | Not disclosed | |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | delayed draw term loan lien unstated 2025 D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | revolver lien unstated 2025 R••••••• | Not disclosed | Not disclosed |
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 $122M | 101c | S+525 bp PIK 2.88% | Aug 27, 2032 | 4 |
| first lien term loan first lien | at least $98.1M | 100c | SOFR+525 bp PIK 2.88% | Aug 27, 2032 | 5 |
| first lien revolver first lien | at least $7.5M | 101c | SOFR+475 bp | Aug 27, 2032 | 3 |
| first lien delayed draw term loan first lien | at least $1.6M | 101c | SOFR+525 bp | Aug 27, 2032 | 1 |
| revolver lien unstated | unknown | n/a | unstated | 4 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated | unknown | n/a | unstated | 4 |
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 | 7 | $229M | $221M | 101c | 10 |
| Mar 31, 2026 | 7 | $212M | $202M | 101c | 11 |
| Dec 31, 2025 | 7 | $259M | $237M | 100c | 18 |
| Sep 30, 2025 | 7 | $201M | $187M | 100c | 6 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2024 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2024 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2023 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2023 | 2 | $0 | $0 | n/a | 0 |
| Jun 30, 2023 | 3 | $4.3M | $4.2M | 101c | 0 |
| Mar 31, 2023 | 3 | $4.2M | $4.0M | 100c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Spread increasedMar 31, 2026
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
Full timeline · 30 eventsShow fewer
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilitySep 30, 2023
- Lender left a facilityJun 30, 2023
- Lender left a facilityJun 30, 2023
- Lender left a facilityJun 30, 2023
- New borrower on a BDC scheduleMar 31, 2023
Sponsor
- T•••••• I••••••••• A•••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedtrivest.com"••• Locked"
- A•• Q• A••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedaeainvestors.com"••• Locked"
- A•• I•••••••• S•• L•
- the sponsor's own portfolio page lists a company of this nameestimatedaeainvestors.com"••• Locked"
Identity
- Group key
- PAVE AMERICAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 10 BDCsderived
- Industry
- Services: Businessreportedas one filer wrote it