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Private-Credit Borrower

Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P.

BakeMark is a leading manufacturer and distributor of bakery ingredients, products, and supplies serving commercial and retail bakeries across North America. It offers a full line of bakery mixes, fillings, icings and other ingredients through exclusive brands such as Westco, Trigal Dorado and Best Brands, operating multiple manufacturing sites and a network of distribution centers. The Balrog entities are the acquisition/holding vehicles for BakeMark, which Clearlake Capital Group agreed to acquire from Pamplona Capital Management in 2021.

Company profile compiled from public sources (company filings, rating-agency reports, and press releases) — distinct from the SEC Schedule-of-Investments pricing data below.

4
BDC Lenders
8
Debt Positions

Lenders

Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. is held by 4 BDC lenders in our parsed SEC filings: AGTC, ARCC, OBDC, OBDE.

Cross-lender loan pricing

Lenders mark this name differently

OBDC carries this Second Lien / Mezz exposure at 61.5 while ARCC marks it at 72.2 — a 10.7-point gap on the same lien class, both marked for the quarter ended 2026-03-31. 1 other lender marks in between.

BDC marks are quarterly fair-value estimates. A gap this wide can reflect tranche mix within the same lien class, valuation timing, or genuine credit disagreement between the managers — it is a prompt to read both lenders’ filings, not a mispricing claim. Marks are fair value as a percent of par, FV-weighted where a lender holds multiple tranches.

Each row is one debt tranche at the BDC’s most recent filing that holds this borrower, widest spread first. Mark is the position’s fair value as a percent of par (100 = par). Spread is shown in basis points over the benchmark in the Rate column, normalized from each filing’s as-reported units — rows quoting different benchmarks are still not directly comparable. Compare like-for-like: a second-lien tranche, a different vintage, or an older filing should price wider even when the credit view is identical — check the Type and Filing columns before reading a gap as disagreement. Source: SEC EDGAR (public).

BDCTypeRateSpread (bps)Mark (% of par)Fair ValueMaturityFiling
ARCC2L / MezzSOFR70072.2$21M2029-092026-04-28
OBDC2L / MezzSOFR70061.5$17M2029-092026-05-06
OBDE2L / MezzSOFR70061.5$3M2029-092026-05-08
AGTC1L Sr SecuredSOFR45070.2$2M2028-092026-05-12
ARCC1L Sr SecuredSOFR45070.3$12M2028-092026-04-28
AGTC1L Sr SecuredSOFR40070.2$5M2028-092026-05-12
ARCC1L Sr SecuredSOFR40070.3$3M2028-092026-04-28
ARCCEquityPIK——$25M2051-082026-04-28

Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.

Ownership & deal activity

No acquisition, ownership-change, or refinancing headlines for Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. are in our verified news index yet. Most BDC borrowers are private companies, so ownership events are not always public; absence reflects our indexing coverage, not the borrower’s deal activity.

Headlines mentioning Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P.

We haven’t indexed any headlines that name Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P.. That reflects our news-indexing coverage — not the borrower’s activity — so the absence is not a signal.

Reading this table

When two business development companies lend to the same borrower, comparing how each marks the loan is a starting question, not a verdict. In plain English: a wider spread (e.g. S+575 vs S+525) or a lower mark (e.g. 96 vs 100 cents on the dollar) can mean that lender is pricing in more risk — but marks can also differ for reasons other than a credit view: a different tranche (second lien should price wider than first lien on the same company), a different vintage or entry point, an older filing date, or each manager’s own fair-value methodology. Compare like-for-like — check the Type and Filing columns before reading a gap as disagreement. Each row is one debt position at one BDC’s most recent filing. Source: SEC EDGAR Schedule of Investments (public).

Want to read these numbers like an analyst? Free Oxford Ledge lessons: reading a BDC’s Schedule of Investments, key credit metrics, and the Five Cs of credit analysis.