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Borrower

N• S•• H•••••• L••

group grade Aon a schedule nowsponsor unattributed
Also written as: LLC - Common Units; LLC - Preferred Units

What matters now

  1. 100¢ → 6¢
    consensus mark

    Consensus mark 6¢ on cost, down from 100¢ in Q3 2025, 61¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived1 of 1 lender' own marks, weighted by principal
  2. 61¢ → 6¢
    -55 pts, one lender

    H•• C•••••••• C•••••• S•••••••• F••• marked it 61¢ → 6¢, the largest move among 1 lender this quarter.

    Q2 2026 · One holder repriced far more than the rest.

    FactH•• C•••••••• C•••••• S•••••••• F••• schedule of investmentsOpen the lender
Mark path, consensus per quarter end
Q3 2025: 100¢Q4 2025: 66¢Q1 2026: 61¢Q2 2026: 6¢100¢ · 66¢ · 61¢ · Q3 2025 to Q2 2026
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$511,000
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
1
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
H•• C•••••••• C•••••• S•••••••• F•••no principal filed-55 pts
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
H•• C•••••••• C•••••• S•••••••• F•••unstated lien unstated
A••••••••• I•••••
Not disclosed$187,000
6c
H•• C•••••••• C•••••• S•••••••• F•••unstated lien unstated
A••••••••• I•••••
Not disclosed$0
H•• C•••••••• L•••••• F•••preferred equity equity
P•••••••• U•••• | A••••••••• I•••••
Not disclosed$324,000
6c
H•• C•••••••• L•••••• F•••equity equity
C••••• U•••• | A••••••••• I•••••
Not disclosed$0
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
other lien unstatedunknown6cunstated1
Equity pieces beside the debt: equity ($0 fair value, 1 BDC), preferred equity ($324,000 fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20262$0$0n/a0
Mar 31, 20262$4,139$0n/a0
Dec 31, 20252$0$0n/a0
Sep 30, 20252$4.1M$0n/a0
All 5 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Dec 31, 20241$0$0n/a0
What changed
Every change including routine ones
Identity
Group key
N• S•• H•••••derivedthe codename stem after legal suffixes and deal words
Spellings
1 across 2 BDCsderived