DFX Intelligence
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Borrower
T•••••••• B•••• L••••••
group grade Aon a schedule nowsponsor unattributed
What matters now
- 102¢ → 99¢consensus mark
Consensus mark 99¢ on cost, down from 102¢ a year ago, 101¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived7 of 7 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
102¢ · 101¢ · 101¢ · 101¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $1.2B
sum of BDC pieces, a lower bound
Fair value
$1.3B
99c on cost, debt pieces
Unfunded
$80.4M
commitments not yet drawn
BDC lenders
7
7 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Jul 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
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••• | $948M | 99¢ | -2 pts |
| B••••••••• S•••••• L•••••• F••• | $178M | 99¢ | -1 pts |
| N•• M••••••• F•••••• C••• | $37.3M | 100¢ | 0 pts |
| N•• M••••••• G••••••• I• B••• L••••• | $11.6M | 100¢ | 0 pts |
| N•• M••••••• P•••••• C••••• F••• | $10.9M | 100¢ | 0 pts |
View all 7 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| N•• S•• I• I••• | $7.93M | 100¢ | 0 pts |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | $2.73M | 100¢ | 0 pts |
Every BDC piece · 32 positions across 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $562M | $555M 101c | S+550 bp PIK 2.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $154M | $201M 97c | S+550 bp PIK 2.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $105M | $103M 99c | S+550 bp PIK 2.00% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $85.9M | $84.8M 100c | S+550 bp PIK 2.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $49.9M | $56.3M 98c | S+550 bp PIK 2.00% |
View all 32 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $46.3M | $60.6M 97c | S+550 bp PIK 2.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $34.5M | $34.0M 99c | S+550 bp PIK 2.00% |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien 1 | $20.0M | $20.0M 100c | S+350 bp PIK 2.00% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $19.9M | $19.7M 99c | S+550 bp PIK 2.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $18.5M | $20.9M 96c | S+550 bp PIK 2.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $18.3M | $24.0M 104c | S+550 bp PIK 2.00% |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien 2 | $16.4M | $16.4M 100c | S+350 bp PIK 2.00% |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• lien 1 | $11.0M | $11.0M 100c | S+350 bp PIK 2.00% |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 1 | N••••••••• I••••• | $10.4M | $10.4M 100c | S+350 bp PIK 2.00% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $9.5M | $10.7M 99c | S+550 bp PIK 2.00% |
| N•• S•• I• I••• | term loan first lien F•••• lien | N••••••••• I••••• | $7.5M | $7.5M 100c | S+350 bp PIK 2.00% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $6.7M | $6.6M 99c | S+550 bp PIK 2.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $4.7M | $5.3M 91c | S+550 bp PIK 2.00% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $3.6M | $4.1M 96c | S+550 bp PIK 2.00% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $3.5M | $4.6M 104c | S+550 bp PIK 2.00% |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien F•••• L••• 1 | N••••••••• I••••• | $2.6M | $2.6M 100c | S+350 bp PIK 2.00% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $2.0M | $1.7M 53c | S+550 bp PIK 2.00% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $1.9M | $2.2M 106c | S+550 bp PIK 2.00% |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien 3 | $899,000 | $899,000 100c | S+350 bp PIK 2.00% |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• lien 2 | $607,000 | $607,000 100c | S+350 bp PIK 2.00% |
| N•• S•• I• I••• | term loan first lien F•••• lien | N••••••••• I••••• | $415,000 | $415,000 100c | S+350 bp PIK 2.00% |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 2 | N••••••••• I••••• | $397,000 | $397,000 100c | S+350 bp PIK 2.00% |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $384,000 | $337,000 61c | S+550 bp PIK 2.00% |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 3 | N••••••••• I••••• | $173,000 | $173,000 100c | S+350 bp PIK 2.00% |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien F•••• L••• 2 | N••••••••• I••••• | $143,000 | $143,000 100c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+550 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+550 bp |
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 $1.1B | 99c | S+550 bp PIK 2.00% | Jul 1, 2031 | 2 |
| first lien term loan first lien | at least $70.5M | 100c | S+350 bp PIK 2.00% | Jul 1, 2031 | 5 |
| other lien unstated exited Sep 30, 2024 | at least $892M | 101c | S+525 bp | Jul 1, 2031 | 2 |
| term loan lien unstated exited Jun 30, 2024 | unknown | n/a | unstated | 2 |
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 | $1.2B | $1.3B | 99c | 29 |
| Mar 31, 2026 | 7 | $1.2B | $1.3B | 101c | 21 |
| Dec 31, 2025 | 7 | $1.2B | $1.3B | 101c | 29 |
| Sep 30, 2025 | 7 | $976M | $1.1B | 101c | 24 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $966M | $1.0B | 102c | 23 |
| Mar 31, 2025 | 3 | $967M | $1.0B | 101c | 13 |
| Dec 31, 2024 | 3 | $1.9B | $2.0B | 99c | 26 |
| Sep 30, 2024 | 3 | $984M | $1.0B | 101c | 0 |
| Jun 30, 2024 | 3 | $823M | $863M | 99c | 14 |
| Mar 31, 2024 | 3 | $787M | $808M | 99c | 14 |
| Dec 31, 2023 | 3 | $678M | $683M | 99c | 14 |
| Sep 30, 2023 | 3 | $593M | $611M | 98c | 16 |
| Jun 30, 2023 | 3 | $590M | $605M | 98c | 5 |
| Mar 31, 2023 | 3 | $539M | $547M | 97c | 5 |
| Dec 31, 2022 | 3 | $551M | $544M | 95c | 0 |
| Sep 30, 2022 | 3 | $534M | $581M | 100c | 0 |
| Dec 31, 2021 | 3 | $411M | $422M | 99c | 0 |
What changed
- PIK interest appearsJun 30, 2026
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
Full timeline · 24 eventsShow fewer
- Spread changed (observed)Dec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- Facility left every BDC scheduleSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- New lender joined a facilityJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- PIK interest appearsSep 30, 2023
- PIK interest appearsSep 30, 2023
- PIK interest appearsSep 30, 2023
- Spread changed (observed)Mar 31, 2023
- PIK interest appearsMar 31, 2023
- PIK interest appearsMar 31, 2023
- Marked down (one lender)Dec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- TENNESSEE #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived