DFX Intelligence
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Borrower
A••••••• R••••••••• H•••••••• L••
Construction & Engineeringgroup grade Aon a schedule nowsponsor unattributed
Also written as: American R•••••••••; LLC Undrawn Commitment
What matters now
- 101¢ → 83¢consensus mark
Consensus mark 83¢ on cost, down from 101¢ a year ago, 100¢ 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 - 13 pts74¢ to 87¢
Lenders disagree by 13 points: A••••• D••• S•••••••• B•• 74¢ to B••••••••• P•••••• C••••• F••• 87¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks → - $164Mprincipal outstanding
$164M principal held by 5 lenders; matures Jul 2030.
Q2 2026 · Refinancing is due in 46 months at a 83¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 99¢ → 74¢-25 pts, one lender
A••••• D••• S•••••••• B•• marked it 99¢ → 74¢, the largest move among 5 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 100¢ · 83¢Q2 2025 to Q2 2026
Where each lender marks it, 13 points apart
74¢87¢
Principal held
at least $164M
sum of BDC pieces, a lower bound
Fair value
$135M
83c on cost, debt pieces
Unfunded
$31.1M
commitments not yet drawn
BDC lenders
5
5 on the latest quarter
Facilities
7
0 equity pieces beside them
Next maturity
Jul 24, 2030
no dated debt inside 24 months
On the tape since
Jun 30, 2024
latest Jun 30, 2026
Events
6
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••• | $92.5M | 87¢ | -13 pts |
| A••••• D••• S•••••••• B•• | $23.8M | 74¢ | -25 pts |
| M••••• F•••••••• I••••••••• C••• | $21M | 76¢ | -24 pts |
| B••••••••• S•••••• L•••••• F••• | $15.6M | 87¢ | -13 pts |
| M••••• A••••• I••••••••• P•••••• L•••••• | $10.7M | 81¢ | -19 pts |
Every BDC piece · 24 positions across 5 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••••• | $27.1M | $24.1M 90c | S+500 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $22.6M | $17.2M 77c | S+500 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $20.9M | $18.6M 90c | S+500 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+510, 1.00% F•••• M•••• | $12.3M | $9.9M 82c | SOFR+510 bp |
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+510, 1.00% F•••• M••••••• D••• 07/24/30 | $12.3M | $9.9M 82c | SOFR+510 bp |
View all 24 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $10.4M | $9.3M 90c | S+500 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S+510, 1.00% F•••• M••••••• D••• 07/24/30 | $10.2M | $8.2M 82c | SOFR+510 bp |
| A••••• D••• S•••••••• B•• | delayed draw term loan first lien Investment T••• F•••• L••• S•••••• D••• - D•••••• D••• I••••••• R••• S+510, 1.00% F•••• M• | $9.3M | $5.8M 63c | SOFR+510 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $8.1M | $7.2M 90c | S+500 bp |
| M••••• F•••••••• I••••••••• C••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S•••+510, 1.00% F•••• M••••••• D••• 07/24/30 | $6.4M | $4.1M 65c | SOFR+510 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $4.6M | $4.1M 90c | S+500 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $3.8M | $2.9M 77c | S+500 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $3.5M | $3.1M 90c | S+500 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $3.5M | $3.1M 90c | S+500 bp |
| A••••• D••• S•••••••• B•• | revolver first lien Investment T••• F•••• L••• S•••••• D••• - R••••••• I••••••• R••• S+510, 1.00% F•••• M••••• | $2.3M | $1.8M 81c | SOFR+510 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S•••+510, 1.00% F•••• M••••••• D••• 07/24/30 | $2.3M | $1.8M 81c | SOFR+510 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $1.8M | $1.6M 90c | S+500 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $1.4M | $1.2M 90c | S+500 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $587,000 | $522,000 90c | S+500 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S+510, 1.00% F•••• M••••••• D••• 07/24/30 | $318,000 | $206,000 65c | SOFR+510 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S+510, 1.00% F•••• M••••••• D••• 07/24/30 | $127,000 | $102,000 81c | SOFR+510 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+500 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | S+500 bp |
| M••••• A••••• I••••••••• P•••••• L•••••• | unstated lien unstated | Not disclosed | Not disclosed |
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 $108M | 87c | S+500 bp | Jul 24, 2030 | 2 |
| first lien term loan first lien | at least $34.8M | 82c | SOFR+510 bp | Jul 24, 2030 | 3 |
| first lien delayed draw term loan first lien | at least $16.0M | 64c | SOFR+510 bp | Jul 24, 2030 | 3 |
| first lien revolver first lien | at least $4.7M | 81c | SOFR+510 bp | Jul 24, 2030 | 3 |
| other lien unstated | unknown | n/a | unstated | 5 |
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 | $164M | $135M | 83c | 0 |
| Mar 31, 2026 | 5 | $164M | $162M | 100c | 0 |
| Dec 31, 2025 | 5 | $151M | $149M | 101c | 0 |
| Sep 30, 2025 | 5 | $140M | $140M | 101c | 0 |
All 9 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $135M | $135M | 101c | 0 |
| Mar 31, 2025 | 5 | $109M | $108M | 101c | 0 |
| Dec 31, 2024 | 5 | $167M | $166M | 102c | 0 |
| Sep 30, 2024 | 5 | $65.7M | $63.8M | 100c | 0 |
| Jun 30, 2024 | 2 | $0 | $0 | n/a | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down across lendersJun 30, 2026
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 19 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Facility left every BDC scheduleDec 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Facility left every BDC scheduleJun 30, 2024
- New borrower on a BDC scheduleJun 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- AMERICAN RESTORATIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 5 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it