DFX Intelligence
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Borrower
S••••• A•• I••
Also written as: 2/7/2025; Defense Technologies; Equity; Equity and
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 100¢ · 101¢Q2 2025 to Q2 2026
Principal held
at least $148M
sum of BDC pieces, a lower bound
Fair value
$154M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Feb 1, 2029
no dated debt inside 24 months
On the tape since
Mar 31, 2024
latest Jun 30, 2026
Events
1
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 |
|---|---|---|---|
| H••••••• C••••••• I••• | $148M | 101¢ | +1 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, F••••••• 2029, P•••• + 0.85%, F•••• rate 6.85%, Cap rate 9.60%, PIK I••••• | $148M | $150M 101c | S+85 bp PIK 2.50% |
| H••••••• C••••••• I••• | preferred equity equity P•••••••• Series F1 | Not disclosed | $3.7M 164c |
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 $148M | 101c | S+85 bp PIK 2.50% | Feb 1, 2029 | 1 |
Equity pieces beside the debt: preferred equity ($3.7M fair value, 1 BDC)
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 | 1 | $148M | $150M | 101c | 1 |
| Mar 31, 2026 | 1 | $117M | $117M | 100c | 1 |
| Dec 31, 2025 | 1 | $117M | $117M | 100c | 1 |
| Sep 30, 2025 | 1 | $116M | $117M | 101c | 1 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $115M | $116M | 101c | 1 |
| Mar 31, 2025 | 1 | $114M | $115M | 101c | 1 |
| Dec 31, 2024 | 1 | $114M | $114M | 101c | 1 |
| Sep 30, 2024 | 1 | $75.8M | $76.1M | 101c | 1 |
| Jun 30, 2024 | 1 | $56.7M | $56.2M | 100c | 1 |
| Mar 31, 2024 | 1 | $56.3M | $55.8M | 100c | 1 |
What changed
- New borrower on a BDC scheduleMar 31, 2024
Sponsor
Possible relationship, not established: S••••••••• P•••••• E•••••, because a company of this name is on the sponsor's portfolio page (confidence 0.6). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- W••••••••• H•••••• P••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedwashingtonharbour.com"••• Locked"
- L•••••••• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedlabyrinthcapitalpartners.com"••• Locked"
- S••••••••• P•••••• E•••••
- the sponsor's own portfolio page lists a company of this nameestimatedsweetwaterpe.com"••• Locked"
Identity
- Group key
- S••••• A•derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived