DFX Intelligence
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Borrower
S•••••••• H•••••••• I••
Telecommunicationsgroup grade Aon a schedule nowsponsor unattributed
Also written as: Technology
What matters now
- 96¢ → 88¢consensus mark
Consensus mark 88¢ on cost, down from 96¢ a year ago, 95¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived4 of 4 lenders' own marks, weighted by principal - $34.7Mprincipal outstanding
$34.7M principal held by 4 lenders; matures May 2027.
Q2 2026 · Refinancing is due in 8 months at a 88¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
96¢ · 99¢ · 98¢ · 95¢ · 88¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
87¢90¢
Principal held
at least $34.7M
sum of BDC pieces, a lower bound
Fair value
$61.0M
88c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
6 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
May 13, 2027
$12.8M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
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 |
|---|---|---|---|
| C•••••••• L•••••• S••••••••• L•• | $14M | 90¢ | -7 pts |
| M••••• C•••••• I••••• P••• C••• | $11.8M | 87¢ | -6 pts |
| B•••••• P•••••• C••••• C••• | $7.93M | 87¢ | -7 pts |
| S••••• C•••• C•••••• C••• | $963K | 88¢ | -6 pts |
Every BDC piece · 7 positions across 6 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••••• L•••••• S••••••••• L•• | term loan first lien F••••••••• loan | $14.0M | $12.2M 90c | S+700 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $11.8M | $10.3M 87c | S+700 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $7.9M | $6.8M 87c | S+700 bp |
| S••••• C•••• C•••••• C••• | term loan first lien F•••• L••• - T••• L••• | $963,000 | $839,000 88c | S+700 bp |
| B•••••• B••• I••• | preferred equity equity Series A P•••••••• Equity | Not disclosed | $10.3M 84c | PIK 12.50% |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• C•••••• I••••••••• C••• | preferred equity equity Series A P•••••••• Equity | Not disclosed | $10.3M 84c | PIK 12.50% |
| B•••••• P•••••• C••••• C••• | preferred equity equity Series A P•••••••• Equity | Not disclosed | $10.3M 84c | PIK 12.50% |
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 $34.7M | 88c | S+700 bp | May 13, 2027 | 5 |
Equity pieces beside the debt: preferred equity ($30.9M fair value, 3 BDCs)
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 | 6 | $34.7M | $30.1M | 88c | 0 |
| Mar 31, 2026 | 6 | $33.8M | $31.4M | 95c | 0 |
| Dec 31, 2025 | 6 | $31.7M | $30.6M | 98c | 0 |
| Sep 30, 2025 | 6 | $30.0M | $29.3M | 99c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $12.9M | $12.3M | 96c | 0 |
| Mar 31, 2025 | 4 | $14.0M | $13.7M | 99c | 0 |
| Dec 31, 2024 | 5 | $14.9M | $15.0M | 101c | 0 |
| Sep 30, 2024 | 3 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 3 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 3 | $0 | $0 | n/a | 0 |
| Dec 31, 2023 | 3 | $0 | $0 | n/a | 0 |
| Sep 30, 2023 | 3 | $0 | $0 | n/a | 0 |
| Jun 30, 2023 | 3 | $0 | $0 | n/a | 0 |
| Mar 31, 2023 | 3 | $0 | $0 | n/a | 0 |
| Dec 31, 2022 | 3 | $0 | $0 | n/a | 0 |
| Sep 30, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $17.3M | $17.2M | 104c | 0 |
What changed
- Maturity approachingMay 13, 2027
- Maturity approachingMay 13, 2027
- Maturity approachingMay 13, 2027
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 15 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Marked down (one lender)Jun 30, 2025
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2021
- 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
- SYNIVERSEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Telecommunicationsreportedas one filer wrote it