DFX Intelligence
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Borrower
T• S•••••••• H•••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: 2024; 2025 9th Amendment
What matters now
- 54¢ → 64¢consensus mark
Consensus mark 64¢ on cost, up from 54¢ a year ago, 68¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal - $21.3Mprincipal outstanding
$21.3M principal held by 1 lender; matures May 2028.
Q2 2026 · Refinancing is due in 19 months at a 64¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
54¢ · 69¢ · 68¢ · 68¢ · 64¢Q2 2025 to Q2 2026
Principal held
at least $21.3M
sum of BDC pieces, a lower bound
Fair value
$13.0M
64c on cost, debt pieces
Unfunded
$1.0M
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
May 4, 2028
$21.3M inside 24 months
On the tape since
Sep 30, 2023
latest Jun 30, 2026
Events
9
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 |
|---|---|---|---|
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | $21.3M | 64¢ | -4 pts |
Every BDC piece · 5 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $16.2M | $8.9M 55c | S+970 bp PIK 3.00% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $3.2M | $3.2M 101c | 17.50% PIK 17.50% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $1.0M | $0 0c | S+650 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $890,000 | $890,000 101c | S+650 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | delayed draw term loan lien unstated 2025 9th A•••••••• D•••••• D••• T••• L••• | Not disclosed | Not disclosed |
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 $21.3M | 64c | S+970 bp PIK 17.50% | May 4, 2028 | 1 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 1 | |
| other lien unstated exited Mar 31, 2026 | at least $21.1M | 68c | 17.50% PIK 17.50% | May 4, 2028 | 1 |
| term loan lien unstated exited Mar 31, 2024 | unknown | n/a | S+550 bp | unstated | 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 | 1 | $21.3M | $13.0M | 64c | 2 |
| Mar 31, 2026 | 1 | $21.1M | $13.6M | 68c | 4 |
| Dec 31, 2025 | 1 | $41.7M | $26.2M | 68c | 5 |
| Sep 30, 2025 | 1 | $20.2M | $13.2M | 69c | 3 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $21.1M | $8.7M | 49c | 4 |
| Mar 31, 2025 | 1 | $16.4M | $11.9M | 81c | 2 |
| Dec 31, 2024 | 1 | $47.6M | $40.0M | 94c | 6 |
| Sep 30, 2024 | 1 | $15.9M | $13.5M | 95c | 2 |
| Jun 30, 2024 | 1 | $15.9M | $13.7M | 96c | 0 |
| Mar 31, 2024 | 1 | $15.8M | $13.2M | 99c | 2 |
| Dec 31, 2023 | 1 | $15.0M | $13.3M | 100c | 2 |
| Sep 30, 2023 | 1 | $15.0M | $13.3M | 100c | 0 |
What changed
- Maturity approachingMay 4, 2028
- Facility left every BDC scheduleMar 31, 2026
- Spread changed (observed)Sep 30, 2025
- Mark recoveredSep 30, 2025
- Marked down across lendersJun 30, 2025
Full timeline · 14 eventsShow fewer
- PIK interest increasedJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest increasedJun 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Facility left every BDC scheduleMar 31, 2024
- Spread increasedDec 31, 2023
- PIK interest appearsDec 31, 2023
- New borrower on a BDC scheduleSep 30, 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
- TC SIGNATUREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived