DFX Intelligence
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Borrower
H••••• H••••••• C•••••••••
Materialsgroup grade Aon a schedule nowsponsor unattributed
What matters now
- 100¢ → 94¢consensus mark
Consensus mark 94¢ on cost, down from 100¢ a year ago, 94¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 100¢ · 98¢ · 94¢ · 94¢Q2 2025 to Q2 2026
Principal held
at least $13.1M
sum of BDC pieces, a lower bound
Fair value
$12.2M
94c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 31, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
5
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 |
|---|---|---|---|
| M•• I••••••••• C•••• | $12.4M | 94¢ | 0 pts |
| C••••••• P•••••• C••••• I••••• C••• | $732K | 97¢ | +1 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M•• I••••••••• C•••• | term loan second lien S••••• L••• D••• R•••••••• R••• and S••••• S + 7.54% I••••••• R••• F•••• 0.50% I••••••• R• | $12.4M | $11.4M 94c | SOFR+754 bp |
| C••••••• P•••••• C••••• I••••• C••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 400, 50 F•••• I••••• | $732,000 | $710,000 97c | SOFR+400 bp |
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 $12.4M | 94c | SOFR+754 bp | Mar 15, 2030 | 1 |
| first lien term loan first lien | at least $732,000 | 97c | SOFR+400 bp | Mar 31, 2029 | 1 |
| other lien unstated exited Dec 31, 2023 | at least $2.5M | 100c | S+450 bp | Mar 15, 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 | 2 | $13.1M | $12.2M | 94c | 0 |
| Mar 31, 2026 | 2 | $13.2M | $12.3M | 94c | 0 |
| Dec 31, 2025 | 2 | $14.2M | $13.7M | 98c | 0 |
| Sep 30, 2025 | 3 | $29.7M | $29.3M | 100c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $29.4M | $28.8M | 100c | 0 |
| Mar 31, 2025 | 3 | $32.6M | $31.0M | 97c | 0 |
| Dec 31, 2024 | 3 | $40.6M | $39.2M | 99c | 0 |
| Sep 30, 2024 | 2 | $59.9M | $56.3M | 96c | 0 |
| Jun 30, 2024 | 2 | $69.8M | $66.7M | 98c | 0 |
| Mar 31, 2024 | 2 | $69.8M | $64.8M | 96c | 0 |
| Dec 31, 2023 | 2 | $47.3M | $41.1M | 90c | 0 |
| Sep 30, 2023 | 1 | $44.9M | $37.7M | 87c | 0 |
| Jun 30, 2023 | 2 | $90.9M | $76.0M | 86c | 0 |
| Mar 31, 2023 | 2 | $90.9M | $76.2M | 86c | 0 |
| Dec 31, 2022 | 2 | $91.0M | $72.4M | 82c | 0 |
| Sep 30, 2022 | 1 | $55.0M | $45.4M | 85c | 0 |
What changed
- Lender left a facilitySep 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityMar 31, 2025
- Mark recoveredDec 31, 2024
- New lender joined a facilityDec 31, 2024
Full timeline · 15 eventsShow fewer
- Spread changed (observed)Sep 30, 2024
- Lender left a facilitySep 30, 2024
- Maturity shortened (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- New lender joined a facilityMar 31, 2024
- Spread increasedMar 31, 2024
- Facility left every BDC scheduleDec 31, 2023
- Lender left a facilityDec 31, 2023
- Lender left a facilityJun 30, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- HEXIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Materialsreportedas one filer wrote it