DFX Intelligence
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Borrower
A••••••• L••
Diversified Conglomerate Servicegroup grade Aon a schedule nowsponsor unattributed
Also written as: 10; 2025; A•••••• Holdings, LLC; LLC - Unfunded; LLC Acquisition 4; LLC - Funded
What matters now
- $60.1Mprincipal outstanding
$60.1M principal held by 2 lenders; matures Nov 2027.
Q2 2026 · Refinancing is due in 14 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
99¢ · 98¢ · 97¢ · 99¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
100¢100¢
Principal held
at least $60.1M
sum of BDC pieces, a lower bound
Fair value
$38.6M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Nov 26, 2027
$19.6M inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
5
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 |
|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | $46.7M | 100¢ | +1 pts |
| P••••••••• I••••••••• C••• | $13.5M | 100¢ | +1 pts |
Every BDC piece · 11 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 6/26/2024 M••••••• 6/26/2029 I••••••• D••••••••• C••••• | $24.4M | $24.2M 100c | SOFR+575 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 6/26/2024 M••••••• 11/26/2027 I••••••• D••••• | $13.5M | $-34,000 | S+575 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 06/26/2024 M••••••• 11/26/2027 I••••••• D•••• | $6.1M | $-15,000 | S+575 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 06/26/2024 M••••••• 06/26/2029 I••••••• D••••••••• C••• | $5.7M | $5.7M 100c | SOFR+575 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 4/10/2025 M••••••• 6/26/2029 I••••••• D••••••••• C••••• | $4.9M | $4.9M 101c | SOFR+575 bp |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 6/26/2024 M••••••• 6/26/2029 I••••••• D••••••• | $2.0M | $-20,000 | S+575 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 6/26/2024 M••••••• 6/26/2029 I••••••• D••••••• | $1.8M | $1.8M 99c | SOFR+575 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 06/26/2024 M••••••• 06/26/2029 I••••••• D••••• | $897,000 | $-9,000 | S+575 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 06/26/2024 M••••••• 06/26/2029 I••••••• D••••• | $800,000 | $792,000 99c | SOFR+575 bp |
| P••••••••• F••••••• R••• C•••••• L••• | equity equity C••••• Equity A••••••••• 6/26/2024 I••••••• D••••••••• C••••••• S••••••s | Not disclosed | $970,000 70c | |
| P••••••••• I••••••••• C••• | equity equity C••••• Equity A••••••••• 06/26/2024 I••••••• D••••••••• C••••••••• S•••••• | Not disclosed | $436,000 70c |
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 $54.7M | 100c | SOFR+575 bp | Jun 26, 2029 | 2 |
| first lien revolver first lien | at least $5.5M | 98c | SOFR+575 bp | Jun 26, 2029 | 2 |
Equity pieces beside the debt: equity ($1.4M fair value, 2 BDCs)
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 | $60.1M | $37.2M | 100c | 0 |
| Mar 31, 2026 | 2 | $64.6M | $43.8M | 99c | 0 |
| Dec 31, 2025 | 2 | $64.7M | $38.8M | 95c | 0 |
| Sep 30, 2025 | 2 | $63.1M | $59.0M | 98c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $35.5M | $32.4M | 99c | 0 |
| Mar 31, 2025 | 2 | $35.5M | $17.4M | 97c | 0 |
| Dec 31, 2024 | 2 | $35.6M | $16.2M | 97c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread increasedJun 30, 2026
- Mark recoveredMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down across lendersDec 31, 2025
Full timeline · 8 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- New borrower on a BDC scheduleDec 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- AZUREONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 2 BDCsderived
- Industry
- Diversified Conglomerate Servicereportedas one filer wrote it