DFX Intelligence
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Borrower
D•••••••• I••
Also written as: Dcert Buyer; DCert Preferred Holdings, Inc; Destiny Digital Holdings, L.P; F; First Lien; First Lien - Undrawn; Inc. Seventh Amendment Specified Refinancing Term B1 Loan; Inc. Seventh Amendment Specified Refinancing Term B1 Loan RR & S
What matters now
- 0¢ → 100¢+100 pts, one lender
N•• S•• I• I••• marked it 0¢ → 100¢, the largest move among 14 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
102¢ · 100¢ · 100¢ · 97¢ · 98¢Q3 2023 to Q2 2026
Where each lender marks it, 6 points apart
95¢101¢
Principal held
at least $896M
sum of BDC pieces, a lower bound
Fair value
$1.0B
98c on cost, debt pieces
Unfunded
$59.2M
commitments not yet drawn
BDC lenders
15
14 on the latest quarter
Facilities
5
2 equity pieces beside them
Next maturity
Feb 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
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 |
|---|---|---|---|
| H•• C•••••••• L•••••• F••• | $364M | 98¢ | 0 pts |
| A••• C•••••• C••• | $147M | 98¢ | +1 pts |
| A•• B••• L•• | $94.4M | 98¢ | 0 pts |
| A••• S•••••••• I••••• F••• | $81.2M | 95¢ | +3 pts |
| V•••• C••••• S•••••••• L•••••• C•••• | $52.4M | 101¢ | 0 pts |
View all 14 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| H•• C•••••••• C•••••• S•••••••• F••• | $50.1M | 98¢ | 0 pts |
| B•••••••• P•••••• C••••• F••• | $33.7M | 95¢ | -2 pts |
| S•••••••• P•••••• C••••• F••• L•• | $16.7M | 99¢ | 0 pts |
| N•• M••••••• F•••••• C••• | $16.5M | 100¢ | 0 pts |
| N•• M••••••• G••••••• I• B••• L••••• | $11.1M | 100¢ | 0 pts |
| N•• M••••••• P•••••• C••••• F••• | $10.4M | 100¢ | 0 pts |
| R••••• G••••• F•••••• C•••• | $9.26M | 99¢ | +1 pts |
| N•• S•• I• I••• | $7.05M | 100¢ | +100 pts |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | $2.61M | 100¢ | 0 pts |
Every BDC piece · 36 positions across 14 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | revolver first lien N••••••••• I••••• | $327M | $316M 98c | S+575 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $124M | $122M 99c | S+575 bp |
| A•• B••• L•• | revolver lien unstated | $88.2M | $85.3M 98c | S+575 bp |
| V•••• C••••• S•••••••• L•••••• C•••• | term loan first lien F••••••••• D••• R•••••••• R••• and S••••• S••• + 5.75% I••••••• R••• 9.39% M••••••• D••• 7 | $52.4M | $52.4M 101c | SOFR+575 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $46.1M | $45.1M 99c | S+575 bp |
View all 36 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• C•••••• S•••••••• F••• | revolver first lien N••••••••• I••••• | $43.4M | $41.9M 98c | S+661 bp |
| A••• S•••••••• I••••• F••• | term loan second lien S••••• lien senior secured loan | $35.1M | $29.3M 90c | S+700 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien N••••••••• I••••• | $35.1M | $-1.2M 276c | |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) F•••• 0.75% S••••• 5.75% T•••• C••••• 9.39% M• | $33.7M | $31.8M 95c | SOFR+575 bp |
| A••• C•••••• C••• | term loan second lien S••••• lien senior secured loan | $22.8M | $19.1M 93c | S+700 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 7/10/2030 | $16.7M | $16.2M 99c | SOFR+575 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien | $15.4M | $15.3M 100c | S+575 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• L••• | $10.3M | $10.2M 100c | S+575 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 1 | N••••••••• I••••• | $9.7M | $9.6M 100c | S+575 bp |
| R••••• G••••• F•••••• C•••• | term loan first lien Investment T••• S••••• S•••••• I••••••• R••• S•••+5.75%, 6.50% floor I•••••• A••••••••• D• | $9.3M | $9.0M 99c | SOFR+575 bp |
| N•• S•• I• I••• | term loan first lien F•••• L••• | N••••••••• I••••• | $7.0M | $7.0M 100c | S+575 bp |
| A•• B••• L•• | revolver lien unstated | $6.2M | $-202,000 326c | S+575 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | revolver first lien N••••••••• I••••• | $4.7M | $-160,000 276c | |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien F•••• L••• | N••••••••• I••••• | $2.4M | $2.4M 100c | S+575 bp |
| H•• C•••••••• C•••••• S•••••••• F••• | revolver first lien N••••••••• I••••• | $2.0M | $1.9M 98c | S+575 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien N••••••••• I••••• | $2.0M | $1.9M 98c | S+661 bp |
| N•• M••••••• F•••••• C••• | term loan first lien F•••• lien - U•••••• | $1.1M | $-8,000 100c | S+575 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• L••• - U•••••• | $749,000 | $-6,000 120c | S+575 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• U•••••• | N••••••••• I••••• | $706,000 | $-5,000 125c | S+575 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien F•••• L••• - U•••••• | N••••••••• I••••• | $177,000 | $-1,000 100c | S+575 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R••••••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 7/10/2030 | $0 | $-13,000 87c | SOFR+50 bp |
| A•• B••• L•• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+575 bp |
| A••• C•••••• C••• | equity equity Series A units | Not disclosed | $12.2M 92c | |
| A••• C•••••• C••• | preferred equity equity Series A preferred shares | Not disclosed | $175M 80c | PIK 10.50% |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| H•• C•••••••• C•••••• S•••••••• F••• | revolver first lien | Not disclosed | Not disclosed | |
| H•• C•••••••• L•••••• F••• | revolver first lien 1st L••• S••••• S•••••• R•••••••• L••• | Not disclosed | Not disclosed | |
| N•• S•• I• I••• | term loan first lien F•••• L••• - U•••••• | N••••••••• I••••• | Not disclosed | $4,000 133c | S+575 bp |
| R••••• G••••• F•••••• C•••• | revolver first lien R•••••••) Investment T••• S••••• S•••••• I••••••• R••• S•••+5.75%, 6.50% floor I•••••• A•• | Not disclosed | Not disclosed n/a | SOFR+575 bp |
| V•••• C••••• S•••••••• L•••••• C•••• | revolver lien unstated C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 7/30/2030 | 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 revolver first lien | at least $414M | 98c | SOFR+661 bp | Jul 30, 2030 | 4 |
| first lien term loan first lien | at least $330M | 99c | SOFR+575 bp | Sep 12, 2030 | 12 |
| revolver lien unstated | at least $94.4M | 98c | S+575 bp | Jul 30, 2030 | 2 |
| second lien term loan second lien | at least $57.9M | 91c | S+700 bp | Feb 1, 2029 | 2 |
| other lien unstated | unknown | n/a | unstated | 4 |
Equity pieces beside the debt: preferred equity ($175M fair value, 1 BDC), equity ($12.2M 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 | 14 | $896M | $814M | 98c | 0 |
| Mar 31, 2026 | 14 | $528M | $484M | 96c | 0 |
| Dec 31, 2025 | 13 | $864M | $803M | 100c | 0 |
| Sep 30, 2025 | 13 | $836M | $776M | 100c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2023 | 1 | $482,500 | $480,254 | 102c | 0 |
| Jun 30, 2023 | 1 | $483,750 | $480,349 | 102c | 0 |
| Dec 31, 2022 | 1 | $486,250 | $470,795 | 100c | 0 |
What changed
- Mark recoveredJun 30, 2026
- Lender left a facilityMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 21 eventsShow fewer
- Marked down (one lender)Mar 31, 2026
- Lender left a facilityMar 31, 2026
- Maturity extended (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2023
Sponsor
Possible relationship, not established: T• A•••••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.55). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- C••••••••• C•••••• P•••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedcrosspointcapital.com"••• Locked"
- F•••••• 3• C•••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedfreedom3.com"••• Locked"
- C•••••••• C•••••• G••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedclearlake.com"••• Locked"
- T• A•••••••••
- the sponsor's own portfolio page lists a company of this nameestimatedta.com"••• Locked"
Identity
- Group key
- DIGICERTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 15 BDCsderived
- Industry
- Systems Softwarereportedas one filer wrote it