DFX Intelligence
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Borrower
L••••••• B•• T••••••••
group grade Aon a schedule nowsponsor unattributed
Also written as: LLC First and
What matters now
- 100¢ → 103¢consensus mark
Consensus mark 103¢ on cost, up from 100¢ a year ago, 100¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal - $37.7Mprincipal outstanding
$37.7M principal held by 1 lender; matures Dec 2026.
Q2 2026 · Refinancing is due in 3 months at a 103¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 103¢Q2 2025 to Q2 2026
Principal held
at least $37.7M
sum of BDC pieces, a lower bound
Fair value
$38.3M
103c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Dec 11, 2026
$24.5M inside 24 months
On the tape since
Mar 31, 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 |
|---|---|---|---|
| K•••••• L•••• C•••••• C• | $37.7M | 103¢ | +3 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•••••• L•••• C•••••• C• | term loan first lien F•••• L••• D••• O••••••• P••••••• D••• 2/13/2024 S+4.50%/1% PIK I••••••• R••• 9.14% Due 12 | $24.5M | $24.4M 100c | SOFR+450 bp PIK 1.00% |
| K•••••• L•••• C•••••• C• | term loan first lien F•••• L••• D••• O••••••• P••••••• D••• 2/13/2024 S+6.50%/2% PIK I••••••• R••• 12.14% Due 2 | $12.2M | $12.8M 106c | SOFR+650 bp PIK 2.00% |
| K•••••• L•••• C•••••• C• | term loan first lien F•••• L••• D••• O••••••• P••••••• D••• 2/13/2024 S+6.50%/2% PIK I••••••• R••• 12.14% Due 2 | $1.1M | $1.2M 107c | SOFR+650 bp PIK 2.00% |
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 $37.7M | 103c | SOFR+650 bp PIK 2.00% | Feb 12, 2029 | 1 |
| second lien term loan second lien exited Dec 31, 2025 | at least $37.5M | 100c | SOFR+650 bp PIK 2.00% | Feb 12, 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 | 1 | $37.7M | $38.3M | 103c | 3 |
| Mar 31, 2026 | 1 | $37.6M | $37.1M | 100c | 3 |
| Dec 31, 2025 | 1 | $37.5M | $36.9M | 100c | 3 |
| Sep 30, 2025 | 1 | $35.6M | $35.0M | 100c | 2 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $34.9M | $34.3M | 100c | 2 |
| Mar 31, 2025 | 1 | $33.7M | $33.0M | 100c | 2 |
| Dec 31, 2024 | 1 | $67.2M | $65.6M | 100c | 4 |
| Sep 30, 2024 | 1 | $33.5M | $32.6M | 101c | 0 |
| Jun 30, 2024 | 1 | $33.4M | $32.4M | 101c | 2 |
| Mar 31, 2024 | 1 | $33.3M | $32.0M | 100c | 2 |
What changed
- Spread changed (observed)Mar 31, 2026
- Facility left every BDC scheduleDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
Full timeline · 7 eventsShow fewer
- Spread changed (observed)Sep 30, 2024
- New borrower on a BDC scheduleMar 31, 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
- L••••••• B•• T••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived