DFX Intelligence
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Borrower
D•• H•••••••• L••
Financial Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Finance; Insurance &; LLC First and; LLC-Banking
What matters now
- 100¢ → 96¢consensus mark
Consensus mark 96¢ on cost, down from 100¢ a year ago, 99¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 3 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 100¢ · 99¢ · 99¢ · 96¢Q2 2025 to Q2 2026
Principal held
at least $21.2M
sum of BDC pieces, a lower bound
Fair value
$20.4M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 26, 2031
no dated debt inside 24 months
On the tape since
Jun 30, 2023
latest Jun 30, 2026
Events
2
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 |
|---|---|---|---|
| H•• C•••••••• L•••••• F••• | $13.1M | 97¢ | -2 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $5.76M | 96¢ | -2 pts |
| H•• C•••••••• C•••••• S•••••••• F••• | $2.41M | 96¢ | -3 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $13.1M | $12.6M 97c | S+350 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• Financial Services I••••••• R••• 7.14% R•••••••• R•• | $5.8M | $5.5M 96c | SOFR+350 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $2.4M | $2.3M 96c | S+350 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 $15.5M | 97c | S+350 bp | Jun 26, 2031 | 2 |
| first lien term loan first lien | at least $5.8M | 96c | SOFR+350 bp | Jun 26, 2031 | 1 |
| second lien term loan second lien exited Sep 30, 2023 | at least $182,421 | 100c | S+375 bp | Mar 1, 2028 | 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 | 3 | $21.2M | $20.4M | 96c | 0 |
| Mar 31, 2026 | 3 | $8.2M | $8.1M | 98c | 0 |
| Dec 31, 2025 | 3 | $36.9M | $36.3M | 99c | 0 |
| Sep 30, 2025 | 3 | $35.5M | $35.4M | 100c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $33.0M | $33.0M | 100c | 0 |
| Mar 31, 2025 | 2 | $27.5M | $27.4M | 100c | 0 |
| Dec 31, 2024 | 2 | $37.5M | $37.5M | 100c | 0 |
| Sep 30, 2024 | 1 | $17.5M | $17.5M | 100c | 0 |
| Jun 30, 2024 | 1 | $15.0M | $15.0M | 100c | 0 |
| Mar 31, 2024 | 1 | $7.8M | $7.8M | 100c | 0 |
| Dec 31, 2023 | 1 | $3.7M | $3.7M | 100c | 0 |
| Sep 30, 2023 | 2 | $5.1M | $5.1M | 100c | 0 |
| Jun 30, 2023 | 1 | $800,000 | $0 | n/a | 0 |
What changed
- New lender joined a facilityJun 30, 2025
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Facility left every 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
- DRW HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Financial Servicesreportedas one filer wrote it