DFX Intelligence
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Borrower
I• O•••••••• P•••••••• I• L••
group grade Aon a schedule nowsponsor unattributed
What matters now
- 101¢ → 103¢consensus mark
Consensus mark 103¢ on cost, up from 101¢ a year ago, 99¢ last quarter.
Q1 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
101¢ · 96¢ · 97¢ · 99¢ · 103¢Q1 2025 to Q1 2026
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$27.5M
n/a 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
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Mar 31, 2026
Events
2
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| H•• C•••••••• L•••••• F••• | no principal filed | 103¢ | +4 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | Not disclosed | $27.5M 103c | S+788 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien delayed draw term loan first lien exited Dec 31, 2025 | at least $27.0M | 99c | S+788 bp | Dec 31, 2029 | 1 |
| other lien unstated exited Mar 31, 2026 | unknown | 103c | S+788 bp | Dec 31, 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 |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2025 | 1 | $27.0M | $26.5M | 99c | 0 |
| Sep 30, 2025 | 1 | $27.0M | $26.0M | 97c | 0 |
| Jun 30, 2025 | 1 | $27.0M | $25.6M | 96c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $27.1M | $26.9M | 101c | 0 |
| Dec 31, 2024 | 1 | $81.3M | $80.5M | 101c | 0 |
| Sep 30, 2024 | 1 | $27.2M | $27.2M | 102c | 0 |
| Jun 30, 2024 | 1 | $27.4M | $27.4M | 102c | 0 |
| Mar 31, 2024 | 1 | $27.4M | $27.4M | 102c | 0 |
| Dec 31, 2023 | 1 | $27.4M | $27.2M | 101c | 0 |
| Sep 30, 2023 | 1 | $27.4M | $27.2M | 101c | 0 |
| Jun 30, 2023 | 1 | $27.4M | $12.6M | 100c | 0 |
| Mar 31, 2023 | 1 | $27.4M | $12.6M | 100c | 0 |
| Dec 31, 2022 | 1 | $27.4M | $8.4M | 97c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Facility left every BDC scheduleDec 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- IP OPERATING PORTFOLIOderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived