DFX Intelligence
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Borrower
B••••• A••••••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: BakeMark; B••••• Parent, L.P; B••••• Topco, Inc
Principal held
at least $124M
sum of BDC pieces, a lower bound
Fair value
$123M
76c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Sep 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $68.5M | 72c | S+700 bp | Sep 1, 2029 | 5 |
| first lien term loan first lien | at least $55.0M | 81c | S+450 bp | Sep 1, 2028 | 3 |
Equity pieces beside the debt: preferred equity ($33.6M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $17.2M | $12.6M 75c | S+450 bp |
| A••• C•••••• C••• | term loan second lien S••••• lien senior secured loan | $29.5M | $22.7M 77c | S+700 bp |
| A••• C•••••• C••• | preferred equity equity S••••• A preferred shares | n/a | $27.6M 74c | PIK 11.00% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $3.6M | $2.7M 104c | S+400 bp |
| A••• C•••••• C••• | preferred equity equity C•••• A preferred units | n/a | $6.0M 75c | PIK 8.00% |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 2 | $2.3M | $1.7M 101c | S+450 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 1 | $7.0M | $5.3M 104c | S+400 bp |
| B••• O•• C•••••• C••• | term loan second lien S••••• lien senior secured loan | N••••••••• | $28.0M | $18.8M 67c | S+700 bp |
| B••• O•• C•••••• C••• I• | term loan second lien S••••• lien senior secured loan | Non A••••••••• | $5.0M | $3.4M 67c | S+700 bp |
| B••• O•• C••••• I••••• C•••• | term loan second lien S••••• lien senior secured loan | N••••••••• I••••• | $6.0M | $4.0M 67c | S+700 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $24.9M | $18.7M 77c | S+400 bp |
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 | $124M | $89.7M | 76c | 0 |
| Mar 31, 2026 | 5 | $124M | $84.1M | 71c | 0 |
| Dec 31, 2025 | 4 | $110M | $92.1M | 85c | 0 |
| Sep 30, 2025 | 4 | $98.1M | $95.9M | 98c | 0 |
| Jun 30, 2025 | 4 | $98.2M | $97.1M | 99c | 0 |
| Mar 31, 2025 | 4 | $98.2M | $98.2M | 100c | 0 |
| Dec 31, 2024 | 4 | $139M | $139M | 100c | 0 |
| Sep 30, 2024 | 5 | $98.4M | $98.4M | 100c | 0 |
| Jun 30, 2024 | 5 | $98.5M | $98.2M | 100c | 0 |
| Mar 31, 2024 | 5 | $98.6M | $98.6M | 100c | 0 |
| Dec 31, 2023 | 5 | $98.6M | $97.9M | 100c | 0 |
| Sep 30, 2023 | 4 | $76.8M | $76.5M | 100c | 0 |
| Jun 30, 2023 | 5 | $82.3M | $81.7M | 100c | 0 |
| Mar 31, 2023 | 5 | $82.3M | $81.7M | 100c | 0 |
| Dec 31, 2022 | 5 | $82.4M | $81.7M | 100c | 0 |
| Sep 30, 2022 | 2 | $51.5M | $50.5M | 98c | 0 |
| Dec 31, 2021 | 2 | $51.5M | $51.2M | 100c | 0 |
What changed
- Mark recoveredJun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- New lender joined a facilitySep 30, 2023
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 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
- BALROGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived