DFX Intelligence
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Borrower
A•••••••• B•••• L••••••
Also written as: The Access Group
Principal held
at least $657M
sum of BDC pieces, a lower bound
Fair value
$843M
107c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
14
10 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Jun 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated | at least $479M | 107c | S+525 bp | Jun 28, 2029 | 1 |
| first lien delayed draw term loan first lien | at least $103M | 109c | S+525 bp | Jun 28, 2029 | 6 |
| first lien term loan first lien | at least $74.4M | 105c | S+525 bp | Jun 1, 2029 | 11 |
| other lien unstated exited Jun 30, 2023 | unknown | n/a | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $479M | $616M 107c | S+525 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured GBP term loan | N••••••••• | $1.8M | $2.4M 106c | S+525 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured GBP term loan | N••••••••• I••••• | $25.2M | $32.5M 106c | S+525 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured GBP term loan | N••••••••• I••••• | $16.2M | $20.8M 103c | S+525 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured GBP term loan | $19.3M | $24.8M 106c | S+525 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $354,000 | $349,000 112c | S+525 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $678,000 | $668,000 108c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $5.8M | $5.7M 106c | S+525 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $3.0M | $3.0M 108c | S+525 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $678,000 | $668,000 108c | S+525 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $354,000 | $349,000 112c | S+525 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $678,000 | $668,000 108c | S+525 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $354,000 | $348,000 111c | S+525 bp |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $35.5M | $46.0M 111c | S+525 bp |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien N••••••••• I••••• | $68.0M | $88.2M 108c | S+525 bp |
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 | 10 | $657M | $843M | 107c | 0 |
| Mar 31, 2026 | 10 | $694M | $897M | 108c | 0 |
| Dec 31, 2025 | 10 | $771M | $1.0B | 110c | 0 |
| Sep 30, 2025 | 10 | $743M | $977M | 110c | 0 |
| Jun 30, 2025 | 10 | $731M | $985M | 113c | 0 |
| Mar 31, 2025 | 10 | $730M | $927M | 106c | 0 |
| Dec 31, 2024 | 11 | $1.4B | $1.8B | 103c | 0 |
| Sep 30, 2024 | 11 | $731M | $952M | 109c | 0 |
| Jun 30, 2024 | 11 | $730M | $902M | 104c | 0 |
| Mar 31, 2024 | 12 | $730M | $899M | 103c | 0 |
| Dec 31, 2023 | 12 | $761M | $939M | 104c | 0 |
| Sep 30, 2023 | 11 | $738M | $851M | 98c | 0 |
| Jun 30, 2023 | 13 | $721M | $856M | 103c | 0 |
| Mar 31, 2023 | 13 | $701M | $806M | 101c | 0 |
| Dec 31, 2022 | 9 | $698M | $790M | 100c | 0 |
| Sep 30, 2022 | 7 | $379M | $402M | 90c | 0 |
| Dec 31, 2021 | 2 | $56,000 | $76,000 | 97c | 0 |
What changed
- Lender left a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilityDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilityDec 31, 2023
- Maturity extended (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Spread changed (observed)Jun 30, 2023
- Facility left every BDC scheduleJun 30, 2023
- Maturity extended (observed)Mar 31, 2023
- Mark recoveredDec 31, 2022
- Spread changed (observed)Dec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Spread changed (observed)Dec 31, 2022
- Mark recoveredDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
Sponsor
- Q••••• M••••••••• I•••
- the sponsor's own portfolio page lists a company of this nameestimatedquadc.com"••• Locked"
Identity
- Group key
- ARMSTRONG #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 14 BDCsderived