DFX Intelligence
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Borrower
D••••• D•••••• H•••••••• L••
group grade Aon a schedule nowsponsor unattributed
What matters now
- 95¢ → 116¢consensus mark
Consensus mark 116¢ on cost, up from 95¢ a year ago, 124¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal - $14.8Mprincipal outstanding
$14.8M principal held by 1 lender; matures Sep 2026.
Q2 2026 · Refinancing is due in 0 months at a 116¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
95¢ · 100¢ · 132¢ · 124¢ · 116¢Q2 2025 to Q2 2026
Principal held
at least $14.8M
sum of BDC pieces, a lower bound
Fair value
$37.1M
116c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Sep 30, 2026
$14.8M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
8
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 |
|---|---|---|---|
| L•••••••• S••••• U••• I••• | $14.8M | 116¢ | -8 pts |
Every BDC piece · 6 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| L•••••••• S••••• U••• I••• | term loan first lien F•••• lien senior secured loan 2 | $9.6M | $9.6M 128c | S+1000 bp |
| L•••••••• S••••• U••• I••• | term loan first lien F•••• lien senior secured loan 4 | $4.0M | $4.0M 100c | S+1000 bp |
| L•••••••• S••••• U••• I••• | term loan first lien F•••• lien senior secured loan 1 | $646,000 | $646,000 100c | S+1000 bp |
| L•••••••• S••••• U••• I••• | term loan first lien F•••• lien senior secured loan 3 | $510,000 | $510,000 100c | S+1000 bp |
| L•••••••• S••••• U••• I••• | preferred equity equity P•••••••• Equity 1 | Not disclosed | $14.3M 77c | 10.00% |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| L•••••••• S••••• U••• I••• | preferred equity equity P•••••••• Equity 2 | Not disclosed | $8.1M 113c | 10.00% |
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 $14.8M | 116c | S+1000 bp | Dec 3, 2026 | 1 |
Equity pieces beside the debt: preferred equity ($22.3M 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 | 1 | $14.8M | $14.8M | 116c | 0 |
| Mar 31, 2026 | 1 | $14.8M | $14.8M | 124c | 0 |
| Dec 31, 2025 | 1 | $14.3M | $14.3M | 132c | 0 |
| Sep 30, 2025 | 1 | $13.2M | $13.2M | 100c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $0 | $32.3M | 95c | 0 |
| Mar 31, 2025 | 1 | $0 | $32.6M | 95c | 0 |
| Dec 31, 2024 | 1 | $68.4M | $65.5M | 96c | 0 |
| Sep 30, 2024 | 1 | $0 | $26.9M | 96c | 0 |
| Jun 30, 2024 | 1 | $0 | $27.8M | 99c | 0 |
| Mar 31, 2024 | 1 | $0 | $28.2M | 100c | 0 |
| Dec 31, 2023 | 1 | $0 | $28.6M | 100c | 0 |
| Sep 30, 2023 | 1 | $0 | $25.2M | 100c | 0 |
| Jun 30, 2023 | 1 | $0 | $25.3M | 100c | 0 |
| Mar 31, 2023 | 1 | $0 | $25.5M | 101c | 0 |
| Dec 31, 2022 | 1 | $0 | $51.4M | 101c | 0 |
What changed
- Maturity approachingDec 3, 2026
- Maturity approachingDec 3, 2026
- Maturity approachingDec 3, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 12 eventsShow fewer
- Mark recoveredSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Sep 30, 2023
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- DIRECT DIGITALderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived