DFX Intelligence
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Borrower
C••••• S•••••• P•••••••• L••
Commercial S••••••s & Suppliesgroup grade Aon a schedule nowsponsor not established · possible relationship
What matters now
- 224 pts-123¢ to 101¢
Lenders disagree by 224 points: J•••••••• C••••• P••••••• B•• I••• -123¢ to D••••••• C••••• C• 101¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
Mark path, consensus per quarter end
100¢ · 100¢ · 101¢ · 101¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 224 points apart
-123¢101¢
Principal held
at least $86.1M
sum of BDC pieces, a lower bound
Fair value
$82.6M
101c on cost, debt pieces
Unfunded
$29.2M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Oct 13, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
4
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 |
|---|---|---|---|
| D••••••• C••••• C• | $61.2M | 101¢ | 0 pts |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $19.9M | 100¢ | 0 pts |
| N••••• C•••••••• D••••• L•••••• C•••• | $4.97M | 99¢ | -1 pts |
| J•••••••• C••••• P••••••• B•• I••• | $86K | -123¢ | new this quarter |
Every BDC piece · 14 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| D••••••• C••••• C• | delayed draw term loan first lien F•••• L••• D••• D•••••• D••• T••• L••• I••••••• R••• 8.48% R•••••••• R••• S••• S••••• 4.75 | $35.4M | $35.4M 101c | SOFR+475 bp |
| D••••••• C••••• C• | term loan first lien F•••• L••• D••• T••• L••• I••••••• R••• 8.48% R•••••••• R••• S••• S••••• 4.75% A••••••••• | $25.3M | $25.3M 101c | SOFR+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) | $12.6M | $10.1M 100c | S+475 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $7.3M | $7.2M 100c | S+475 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) 1 | $3.2M | $2.5M 100c | S+475 bp |
View all 14 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• | $1.8M | $1.8M 100c | S+475 bp |
| D••••••• C••••• C• | revolver first lien F•••• L••• D••• R•••••••• L••• of Credit I••••••• R••• 8.39% R•••••••• R••• S••• S••••• 4. | $529,000 | $529,000 108c | SOFR+475 bp |
| J•••••••• C••••• P••••••• B•• I••• | delayed draw term loan first lien T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.75% M••••••• D••• 1 | $86,000 | $-32,000 -123c | SOFR+475 bp |
| D••••••• C••••• C• | revolver first lien R•••••••• L••• of Credit | Not disclosed | Not disclosed | |
| D••••••• C••••• C• | delayed draw term loan first lien D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| J•••••••• C••••• P••••••• B•• I••• | delayed draw term loan first lien Investment T••• F•••• L••• D•••••• D••• T••• L••• | Not disclosed | $-117,000 | S+475 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) 2 | Not disclosed | $17,000 31c | S+475 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien D•••••• D••• L••• | Not disclosed | Not disclosed | |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien D•••••• D••• L••• | 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 delayed draw term loan first lien | at least $51.3M | 100c | SOFR+475 bp | Oct 14, 2031 | 4 |
| first lien term loan first lien | at least $34.3M | 101c | SOFR+475 bp | Oct 14, 2031 | 3 |
| first lien revolver first lien | at least $529,000 | 108c | SOFR+475 bp | Oct 14, 2031 | 1 |
| other lien unstated exited Mar 31, 2025 | at least $25.0M | 99c | S+475 bp | Oct 13, 2031 | 2 |
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 1 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | S+475 bp | unstated | 3 |
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 | 4 | $86.1M | $82.6M | 100c | 0 |
| Mar 31, 2026 | 3 | $82.3M | $77.9M | 101c | 0 |
| Dec 31, 2025 | 3 | $71.8M | $63.6M | 101c | 0 |
| Sep 30, 2025 | 3 | $69.9M | $60.6M | 100c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $62.7M | $50.5M | 100c | 0 |
| Mar 31, 2025 | 3 | $60.9M | $48.0M | 100c | 0 |
| Dec 31, 2024 | 3 | $46.1M | $46.6M | 100c | 0 |
| Dec 31, 2023 | 2 | $0 | $0 | n/a | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Lender left a facilityDec 31, 2024
Full timeline · 8 eventsShow fewer
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New borrower on a BDC scheduleDec 31, 2023
Sponsor
Possible relationship, not established: A••••• I••••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- A••••• I••••••••
- the sponsor's own portfolio page lists a company of this nameestimatedalpineinvestors.com"••• Locked"
Identity
- Group key
- C••••• S•••••• P•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Commercial S••••••s & Suppliesreportedas one filer wrote it