DFX Intelligence
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Borrower
K••••••• P••••••••• L••
Ground Transportationgroup grade Aon a schedule nowsponsor unattributed
Also written as: Bridgeway; K••••••• Acquisition Corp; K••••••• Bidco B.V
What matters now
- $46.9Mprincipal outstanding
$46.9M principal held by 3 lenders; matures May 2027.
Q2 2026 · Refinancing is due in 7 months at a 99¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 99¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
99¢100¢
Principal held
at least $46.9M
sum of BDC pieces, a lower bound
Fair value
$46.4M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
3 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
May 7, 2027
$46.9M 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 |
|---|---|---|---|
| S••••• C•••••• H••••••• L•• | $24M | 99¢ | 0 pts |
| O••• D••••• L•••••• B•• F••• | $20.5M | 100¢ | +1 pts |
| M••••• C•••••• I••••• P••• C••• | $2.39M | 99¢ | new this quarter |
Every BDC piece · 5 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O••• D••••• L•••••• B•• F••• | term loan first lien F•••• L••• T••• L••• R•••••••• R••• and S••••• 3M S••• + 5.75% F•••• 1.00% I••••••• R••• 9 | $20.5M | $20.3M 100c | SOFR+575 bp |
| S••••• C•••••• H••••••• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• R••• 9.77% R•••••••• R••• and S••••• S + 5.75% M•••• | $19.1M | $18.9M 99c | SOFR+575 bp |
| S••••• C•••••• H••••••• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• R••• 9.74% R•••••••• R••• and S••••• S + 5.75% M•••• | $2.6M | $2.5M 99c | SOFR+575 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $2.4M | $2.4M 99c | S+618 bp |
| S••••• C•••••• H••••••• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• R••• 9.79% R•••••••• R••• and S••••• S + 5.75% M•••• | $2.3M | $2.3M 99c | SOFR+575 bp |
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 $46.9M | 99c | SOFR+575 bp | May 7, 2027 | 5 |
| second lien term loan second lien exited Dec 31, 2021 | at least $4.5M | 101c | S+925 bp | May 1, 2025 | 1 |
Equity pieces beside the debt: other (Not disclosed 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 | 3 | $46.9M | $46.4M | 99c | 0 |
| Mar 31, 2026 | 2 | $44.7M | $43.2M | 99c | 0 |
| Dec 31, 2025 | 3 | $47.2M | $46.0M | 100c | 0 |
| Sep 30, 2025 | 2 | $44.4M | $43.1M | 100c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $44.5M | $42.8M | 100c | 0 |
| Mar 31, 2025 | 2 | $44.7M | $42.1M | 100c | 0 |
| Dec 31, 2024 | 2 | $44.8M | $41.9M | 100c | 0 |
| Sep 30, 2024 | 1 | $20.9M | $20.6M | 100c | 0 |
| Jun 30, 2024 | 1 | $21.0M | $20.7M | 100c | 0 |
| Mar 31, 2024 | 1 | $21.0M | $20.8M | 100c | 0 |
| Dec 31, 2023 | 1 | $42.2M | $41.0M | 99c | 0 |
| Sep 30, 2023 | 1 | $21.1M | $20.6M | 99c | 0 |
| Jun 30, 2023 | 2 | $26.1M | $25.7M | 123c | 0 |
| Dec 31, 2022 | 2 | $26.3M | $25.9M | 124c | 0 |
| Mar 31, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $28.5M | $28.4M | 100c | 0 |
What changed
- Maturity approachingMay 7, 2027
- Maturity approachingMay 7, 2027
- Maturity approachingMay 7, 2027
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityDec 31, 2024
Full timeline · 9 eventsShow fewer
- Maturity extended (observed)Dec 31, 2022
- New borrower on a BDC scheduleDec 31, 2021
- Lender left a facilityDec 31, 2021
- Facility left every 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
- KEYSTONEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 6 BDCsderived
- Industry
- Ground Transportationreportedas one filer wrote it