DFX Intelligence
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Borrower
D•••• B••••• I••
Also written as: D•••• B•••• Inc Merger Sub LLC; DCert Preferred Holdings, Inc; Destiny Digital Holdings, L.P; DigiCert; Emerald JV LP; Inc. Asset Type; Inc. Verdelite JV LP; Inc.-High Tech Industries
What matters now
- 93¢ → 91¢consensus mark
Consensus mark 91¢ on cost, down from 93¢ a year ago, 88¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived5 of 5 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
93¢ · 95¢ · 94¢ · 88¢ · 91¢Q2 2025 to Q2 2026
Where each lender marks it on the second lien term loan, 1 point apart
84¢85¢
Principal held
at least $76.4M
sum of BDC pieces, a lower bound
Fair value
$119M
91c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
13
5 on the latest quarter
Facilities
5
2 equity pieces beside them
Next maturity
Feb 19, 2029
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••• | $61M | 84¢ | +7 pts |
| S•••• P•••• C••••• C••• | $8.26M | 85¢ | +7 pts |
| B•• I••••••••• C••• | $5.4M | 84¢ | +7 pts |
| B• P••••••• L•••••• C••• | $1.76M | 99¢ | +1 pts |
| 2•••••• B••• I••• | no principal filed | 100¢ | 0 pts |
Every BDC piece · 7 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $61.0M | $51.3M 84c | S+700 bp |
| S•••• P•••• C••••• C••• | term loan second lien S••••• L••• T••• L•••, Due 2/19/2029 | $8.3M | $7.0M 85c | SOFR+700 bp |
| B•• I••••••••• C••• | term loan second lien S••••• L•••/S••••• S•••••• D••• I••••••• R••• 10.64% R•••••••• R••• and S••••• S••• + 7.00 | $5.4M | $4.5M 84c | SOFR+700 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 9.48% R•••••••• R••• and S••••• S + 5.75% F•••• 1.75% M• | $1.8M | $1.7M 99c | SOFR+575 bp |
| 2•••••• B••• I••• | term loan first lien D••• Investments | F•••• L••• S••••• S•••••• T••• L••• | S••• + 5.750 | 9.394% | 7/29/2025 | Not disclosed | $54.3M 100c | SOFR+575 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| 2•••••• B••• I••• | revolver first lien D••• Investments | F•••• L••• S••••• S•••••• R•••••••• L••• | S••• + 5.750 | 7/30/2025 | 7 | Not disclosed | -$57,000 106c | SOFR+575 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 9.48% R•••••••• R••• and S••••• S + 5.75% F•••• 1.00% M• | Not disclosed | -$3,000 150c | SOFR+575 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $61.0M | 84c | S+700 bp | Feb 19, 2029 | 1 |
| second lien term loan second lien | at least $13.7M | 85c | SOFR+700 bp | Feb 19, 2029 | 2 |
| first lien term loan first lien | at least $1.8M | 100c | SOFR+575 bp | Jul 30, 2030 | 2 |
| first lien revolver first lien | unknown | n/a | SOFR+575 bp | Jul 10, 2030 | 1 |
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 1 |
Equity pieces beside the debt: equity ($12.0M fair value, 1 BDC), preferred equity ($162M 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 | 5 | $76.4M | $119M | 91c | 0 |
| Mar 31, 2026 | 6 | $76.4M | $124M | 88c | 0 |
| Dec 31, 2025 | 5 | $78.2M | $120M | 94c | 0 |
| Sep 30, 2025 | 5 | $76.4M | $119M | 95c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $135M | $123M | 93c | 0 |
| Mar 31, 2025 | 6 | $135M | $117M | 88c | 0 |
| Dec 31, 2024 | 8 | $295M | $254M | 86c | 0 |
| Sep 30, 2024 | 7 | $128M | $117M | 92c | 0 |
| Jun 30, 2024 | 6 | $125M | $116M | 94c | 0 |
| Mar 31, 2024 | 5 | $120M | $113M | 95c | 0 |
| Dec 31, 2023 | 6 | $202M | $190M | 94c | 0 |
| Sep 30, 2023 | 4 | $117M | $112M | 97c | 0 |
| Jun 30, 2023 | 3 | $115M | $110M | 96c | 0 |
| Mar 31, 2023 | 3 | $103M | $97.8M | 95c | 0 |
| Dec 31, 2022 | 3 | $152M | $144M | 95c | 0 |
| Sep 30, 2022 | 2 | $103M | $97.2M | 95c | 0 |
| Dec 31, 2021 | 1 | $70.8M | $70.9M | 100c | 0 |
What changed
- Mark recoveredJun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 30 eventsShow fewer
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Mark recoveredJun 30, 2025
- Lender left a facilityJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityMar 31, 2025
- Marked down across lendersDec 31, 2024
- Lender left a facilityDec 31, 2024
- 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
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityDec 31, 2023
- Mark recoveredSep 30, 2023
- Lender left a facilityDec 31, 2022
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
- C•••••••• C•••••• G••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedclearlake.com"••• Locked"
- C••••••••• C•••••• P•••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedcrosspointcapital.com"••• Locked"
- T• A•••••••••
- the sponsor's own portfolio page lists a company of this nameestimatedta.com"••• Locked"
Identity
- Group key
- DCERTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 13 BDCsderived
- Industry
- Softwarereportedas one filer wrote it