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D. Boral / ARC Group (MFH sponsor series)

#51 of 117
52/100Mixed recordmedium confidence

52/100 from 4 resolved vehicles (3 closed, 1 failed), 44% of the raw 55 after small-sample shrink, completion credit gated ×0.83 by the measured post-close record. Confidence: medium.

Vehicles
5
4 in the live DB · 1 SEC-verified priors · computed by SpacBrain from cited rows, as of 2026-09-11
Resolved
4
3 closed · 0 liquidated · 1 terminated
Best priced exit
—
no prior vehicle carries an honest post-close price
Worst priced exit
—
nothing priced — and nothing invented

Sponsor DNA

what has happened before, with its sample size
  • Completion rate75%n=4 resolved vehiclesderived

    Of the 4 vehicles this sponsor has taken to a final outcome, 3 closed a business combination.

  • Liquidation rate0%n=4 resolved vehiclesderived

    0 of those 4 returned the trust to holders and wound up without a deal.

  • Median post-close return—n=1 priced completed deSPACderived

    1 priced completed deSPAC on record; this median is published from 3. Two points have no middle — a median over them is their mean, and moves with either one.

  • Median redemption—n=1 redemption event with a stated ratederived

    1 redemption event with a stated rate on record; this median is published from 3. Two points have no middle — a median over them is their mean, and moves with either one. Extraction covers part of the universe, so a low count is our coverage as much as the sponsor’s history.

  • Deals terminated2terminated dealscounted

    2 announced combinations have been terminated on this sponsor's record — 1 on a live vehicle, 1 on a vehicle that then wound up.

  • Extension votes on record0extension votescounted

    No extension vote extracted for this sponsor. Extraction is partial across the universe, so this is an absence of rows, NOT evidence of zero extensions.

4 of 6 statistics carry a figure for this sponsor. A rate is published from 3 resolved vehicles and a median from 3 observations: two points have no middle, and a rate over two can only be 0, 50 or 100. Counts have no threshold — a count is an observation, not an estimate.

Everything marked derived is arithmetic we did to rows we hold, not a figure any filing states.

What this panel will not tell you, and why (6)›
  • Median day-one move on announcement

    PriceBar holds 2026-05-11 → 2026-08-17 only. Of 83 dated announcements across the whole universe, 16 fall on a day we hold a bar for a scored sponsor’s vehicle, spread over 14 sponsors — one sponsor reaches three observations. A bar that does not exist is not a 0% move.

  • Pre-vote move

    Only 12 deals carry a vote date at all, and exactly 1 of them falls inside the PriceBar window. One observation is an anecdote with a decimal point.

  • Median time from IPO to announcement

    42 IPO→announcement pairs exist, but only six sponsors have two and one has three. Enough for a statistic about the asset class; not for one about a sponsor, which is what this panel claims to be.

  • Median time from signing to close

    Exactly 1 deal in the entire database is CLOSED and carries an announcement date. There is no 2nd observation anywhere to take a median over.

  • 12-month post-deSPAC return

    `SponsorPriorVehicle.postCloseReturnPct` is measured at the LAST close we hold, whenever that is — not on a 12-month anniversary. We hold no price history for the resulting companies, so the anniversary price does not exist. The median post-close return above is the honest version of this number and says what it is measured against.

  • Sponsor capital at risk

    Nothing stores it. The only sponsor-economics column we hold is `Deal.promotePct` (founder shares as a percentage of post-IPO shares, on 34 deals under a scored sponsor), and that measures the equity the sponsor got nearly free — the opposite of the dollars it put in. Deriving at-risk capital from a promote percentage would be an invention with a citation stapled to it.

Score breakdown

every component, what it measured, and what it could not
  • Deal completion20% weightn=463/100

    3/4 resolved vehicles closed a deal (75%); 0 liquidated, 1 terminated. Gated ×0.83 by measured post-close quality (33/100): closing deals that ended below trust value is not a completed job, so only 83% of the completion credit is earned. Full credit resumes at outcome quality 50/100 (the median deSPAC ending at trust value); the gate can never exceed 1×.

  • Liquidation / termination drag16% weightn=575/100

    0 liquidations and 1 termination across 5 vehicles raised → 25% attrition (terminations 1.25×, stale shells 0.75×).

  • Post-close outcome quality40% weightn=133/100

    1 more delisted with no surviving quote — scored as a total loss (a known outcome, not a gap), with no % invented. n=1, pulled toward neutral. 2 other completion(s) not priced (2 no stored price) — left OUT of the ratio, not guessed.

  • Redemption behaviour10% weightn=135/100

    Median 96% of public shares redeemed across 1 filed event (lower is better) — n=1, small sample, pulled toward neutral.

  • Extension reliance8% weight100/100

    0 extension votes across 4 in-DB vehicles (0.0 per vehicle; 3+ scores zero).

  • Live fleet vs trust6% weightn=1100/100

    1/1 live vehicle trading at or above the trust value it filed.

  • Measured weak recordflat penaltyn=1not measurable

    Only 1 measured prior vehicle (median -100%) — one vehicle is an anecdote, not a record; the rule needs ≥2.

How the number is built: weighted mean of the six components above = 55, then pulled 56% of the way back to the neutral 50 for small sample size (4 resolved vehicles) = 52.

How the Sponsor Score worksoutcome-first weighting

The score answers one question: did this sponsor make money for the people who held through the merger? Not “did they get a deal signed”. Those are different questions, and most sponsor rankings quietly answer the second one.

So post-close outcome quality carries 40% — the realised return of every prior vehicle we can price from a primary filing, measured against the $10.00 trust baseline. Deal completion carries 20%, and it is gated: closing deals that ended below trust value only earns part of the completion credit, because closing is a precondition for a return, not a return. Liquidation and termination drag takes 16%, redemption behaviour 10%, extension reliance 8%, and what the tape says about the live fleet just 6% — a quote is an opinion, not evidence.

A component with no data is never guessed. It is held at the neutral 50 across its full weight and labelled “not measurable”. Dropping it and re-weighting the rest would quietly reward a sponsor for having no verifiable record — exactly backwards. The consequence: a sponsor with no post-close evidence at all cannot read above 71, and cannot be labelled a strong operator no matter how many deals it closed.

Experience never inflates the score. There is no “years in business” component. A first-time sponsor sits at exactly 50 and reads “unproven” with low confidence — new is not bad. Sample size only pulls a score toward or away from that neutral 50, so nobody is called great or terrible on one vehicle.

Every input is a row already in the database, sourced from SEC primary filings: prior vehicles verified on EDGAR, redemption results read out of 8-Ks, prices from public feeds. The arithmetic is deterministic — no model, no LLM, no judgement call. Research tooling, not investment advice.

Prior vehicles

1 SEC-verified — what happened to holders who stayed in
VehicleOutcomeBecamevs $10.00TodaySource
EF Hutton Acquisition Corp IIPO 2022CompletedECD Automotive Design, Inc.ECDAlisting endedDelisted0001213900-23-096585 opens on sec.gov in a new tab

0 of 1 prior vehicle carry an honest post-close price, split-adjusted against the $10.00 trust baseline a holder gave up at the merger. Cash buyouts are read from the per-share consideration stated in the DEFM14A / SC 14D-9; a buyout no filing prices stays unpriced and stays out of the score. “Listing ended” means the quote stopped with no buyer — scored as a total loss because that is what the evidence says, but never printed as a percentage we cannot source.

Current fleet

the vehicles running today

Research profile

synthesized from SEC filings + sourced research

Two primary links, no name-guessing. (1) MFH 1, LLC (sponsor of D. Boral ARC Acquisition I / BCAR) and MFH 2, LLC (sponsor of ARC Group Acquisition I / ARCL) file from the SAME registered address — 10 East 53rd Street, Suite 3001, New York NY 10022 — under one numbered series. (2) D. Boral Acquisition I (DBCA, sponsor D. Boral Sponsor I LLC) shares two Section 16 filers with BCAR: Darwin John (chief financial officer at both) and Ingargiola Luisa. BCAR is the bridge vehicle — its CEO is Boral David and its sponsor is the MFH series. No prior vehicle has resolved; coverage only.

Data provenance & audit trail2 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

D. Boral / ARC Group (MFH sponsor series) — sponsor record
NOTE-SEAL2026-08-15

Raw SEC identifiers lifted out of the public prose above (the sentences are unchanged); verbatim, each shown with the words it followed: "…ry links, no name-guessing. (1) MFH 1, LLC (CIK 0002065725" · "…l ARC Acquisition I / BCAR) and MFH 2, LLC (CIK 0002073665"

SPONSOR-FAMILY2026-08-14

Family asserted from primary SEC data only (Form 3/4 reporting-owner XML, EDGAR submissions formerNames, sponsor-LLC registered addresses, and the vehicles' own prospectuses).

The Sponsor Score is a deterministic research heuristic over primary-sourced rows — never a recommendation, and never a prediction. It cannot tell you whether this sponsor’s next deal will work; it tells you, precisely and with its own uncertainty attached, what the last ones did.