DFX Intelligence
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Borrower
T•••••• B••
group grade Aon a schedule nowsponsor unattributed
What matters now
- 108¢ → 98¢consensus mark
Consensus mark 98¢ on cost, down from 108¢ a year ago, 99¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 3 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
108¢ · 108¢ · 107¢ · 99¢ · 98¢Q2 2025 to Q2 2026
Principal held
at least $2.7M
sum of BDC pieces, a lower bound
Fair value
$2.7M
98c on cost, debt pieces
Unfunded
$544,000
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
7
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 |
|---|---|---|---|
| B•••••• P•••••• C••••• C••• | $2.7M | 98¢ | -1 pts |
| B•••••• B••• I••• | no principal filed | no cost filed | no comparable mark |
| B•••••• C•••••• I••••••••• C••• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 5 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.7M | $2.7M 98c | S+475 bp |
| B•••••• B••• I••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | |
| B•••••• C•••••• I••••••••• C••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | |
| B•••••• P•••••• C••••• C••• | unstated lien unstated C•••• / A••••••••• F••••••• | Not disclosed | Not disclosed | |
| B•••••• P•••••• C••••• C••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed |
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 $2.7M | 98c | S+475 bp | unstated | 1 |
| revolver lien unstated | unknown | n/a | unstated | 3 | |
| delayed draw term loan lien unstated exited Dec 31, 2022 | unknown | n/a | S+550 bp | unstated | 1 |
Equity pieces beside the debt: other (Not disclosed fair value, 1 BDC)
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 | $2.7M | $2.7M | 98c | 0 |
| Mar 31, 2026 | 3 | $7.5M | $7.4M | 99c | 0 |
| Dec 31, 2025 | 3 | $16.9M | $16.9M | 107c | 0 |
| Sep 30, 2025 | 3 | $13.8M | $13.7M | 108c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $13.7M | $13.7M | 108c | 0 |
| Mar 31, 2025 | 3 | $12.6M | $12.6M | 100c | 0 |
| Dec 31, 2024 | 3 | $21.4M | $21.3M | 95c | 0 |
| Sep 30, 2024 | 3 | $13.1M | $12.9M | 102c | 0 |
| Jun 30, 2024 | 3 | $12.5M | $12.4M | 98c | 0 |
| Mar 31, 2024 | 3 | $12.6M | $12.5M | 99c | 0 |
| Dec 31, 2023 | 3 | $13.3M | $13.1M | 101c | 0 |
| Sep 30, 2023 | 3 | $12.7M | $12.5M | 96c | 0 |
| Jun 30, 2023 | 3 | $13.1M | $12.8M | 99c | 0 |
| Mar 31, 2023 | 3 | $13.0M | $12.7M | 98c | 0 |
| Dec 31, 2022 | 3 | $13.0M | $12.4M | 95c | 0 |
| Sep 30, 2022 | 1 | $3.7M | $3.6M | 89c | 0 |
| Dec 31, 2021 | 1 | $8.8M | $8.5M | 100c | 0 |
What changed
- Spread changed (observed)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Marked down across lendersDec 31, 2024
Full timeline · 19 eventsShow fewer
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Mark recoveredMar 31, 2023
- Mark recoveredDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Facility left every BDC scheduleDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Marked down (one lender)Sep 30, 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
- TECHONE #NLderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived