DFX Intelligence
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Borrower
H•••• D••••••••• I••
Trading Companies & Distributorsgroup grade Aon a schedule nowsponsor unattributed
Also written as: 13; 18; 2; 2023; 2024; 2025; 24; 3
What matters now
- $83.5Mprincipal outstanding
$83.5M principal held by 5 lenders; matures Dec 2027.
Q2 2026 · Refinancing is due in 14 months at a 101¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 101¢ · 101¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
100¢101¢
Principal held
at least $83.5M
sum of BDC pieces, a lower bound
Fair value
$89.4M
101c on cost, debt pieces
Unfunded
$15.1M
commitments not yet drawn
BDC lenders
5
5 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Dec 5, 2027
$9.4M inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
2
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••• | $30.7M | 101¢ | 0 pts |
| P••••••••• I••••••••• C••• | $23.7M | 101¢ | 0 pts |
| A••• C•••••• C••• | $14.7M | 100¢ | 0 pts |
| A••• S•••••••• I••••• F••• | $11.4M | 101¢ | 0 pts |
| S•••••••• P•••••• C••••• F••• L•• | $2.98M | 100¢ | 0 pts |
Every BDC piece · 22 positions across 5 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••••••••• 11/02/2023 M••••••• 11/08/2029 I••••••• D••••••••• C••• | $17.9M | $17.9M 101c | SOFR+550 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 02/13/24 M••••••• 11/08/29 I••••••• D••••••••• C•••••• | $14.4M | $14.4M 101c | SOFR+550 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 5/3/2024 M••••••• 11/8/2029 I••••••• B••••••• Services | $8.2M | $8.2M 101c | SOFR+550 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $8.1M | $8.1M 101c | S+550 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 11/2/2023 M••••••• 12/5/2027 I••••••• D•••••• | $7.5M | $38,000 | S+550 bp |
View all 22 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $5.2M | $5.2M 100c | S+550 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $4.8M | $4.8M 100c | S+550 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $4.7M | $4.7M 100c | S+400 bp |
| A••• S•••••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan | $3.3M | $3.3M 101c | S+400 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 11/18/2025 M••••••• 11/8/2029 I••••••• D••••••••• C•••• | $2.6M | $2.6M 100c | //www.pennantpark.com/20260630#Secured Overnight Financing Rate+550 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 11/02/2023 M••••••• 12/06/2027 I••••••• D•••• | $1.9M | $10,000 | S+550 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 11/2/2023 M••••••• 11/8/2029 I••••••• D••••••••• C••••• | $1.8M | $1.8M 100c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 11/8/2029 One | $1.4M | $1.4M 100c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 11/8/2029 | $911,000 | $911,000 101c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 11/8/2029 | $233,000 | $232,000 100c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 11/8/2029 | $177,000 | $174,000 99c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 11/8/2029 One | $112,000 | $112,000 101c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 11/8/2029 | $109,000 | $107,000 98c | SOFR+550 bp |
| A••• C•••••• C••• | equity equity L•••••• partnership interest | Not disclosed | $9.3M 158c | |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | equity equity L•••••• partnership interest | Not disclosed | $6.1M 158c |
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 $74.3M | 101c | SOFR+550 bp | Nov 8, 2029 | 5 |
| first lien revolver first lien | at least $8.0M | 101c | S+400 bp | Nov 1, 2029 | 2 |
| first lien delayed draw term loan first lien | at least $1.1M | 101c | SOFR+550 bp | Nov 8, 2029 | 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 | 5 | $83.5M | $74.1M | 101c | 0 |
| Mar 31, 2026 | 5 | $80.1M | $68.4M | 101c | 0 |
| Dec 31, 2025 | 5 | $83.0M | $70.8M | 100c | 0 |
| Sep 30, 2025 | 5 | $104M | $98.2M | 101c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $60.5M | $60.5M | 101c | 0 |
| Mar 31, 2025 | 5 | $63.5M | $60.2M | 100c | 0 |
| Dec 31, 2024 | 5 | $69.7M | $66.4M | 100c | 0 |
| Sep 30, 2024 | 5 | $128M | $86.9M | 100c | 0 |
| Jun 30, 2024 | 5 | $59.7M | $39.4M | 100c | 0 |
| Mar 31, 2024 | 5 | $59.8M | $39.0M | 99c | 0 |
| Dec 31, 2023 | 3 | $10.5M | $10.2M | 98c | 0 |
What changed
- Spread changed (observed)Dec 31, 2024
- Spread increasedDec 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- New borrower on a BDC scheduleDec 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- H•••• D•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Trading Companies & Distributorsreportedas one filer wrote it