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Vertex Service Partners, LLC

Borrower · Diversified Consumer a withheld names
group grade Aon a schedule nowsponsor Alpine Investors inferred
No date on record · this record
See every lender's markFind rescue capital
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Special situations PE firms

What matters now

  1. 99¢ → 93¢
    consensus mark

    Consensus mark 93¢ on cost, down from 99¢ a year ago, 95¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived10 of 10 lenders' own marks, weighted by principal
  2. 14 pts
    86¢ to 100¢

    Lenders disagree by 14 points on the first lien term loan: another lender 86¢ to Nuveen Churchill Private Capital Income Fund 100¢.

    Q2 2026 · Holders value the same loan differently, so a position could trade between them.

    Derivedeach lender's own fair value over cost on the same facility (first lien term loan), funded pieces of $2M or moreFor secondary buyers, special situations fundsLender marks →
Mark path, consensus per quarter end
Q2 2025: 99¢Q3 2025: 97¢Q4 2025: 96¢Q1 2026: 95¢Q2 2026: 93¢99¢ · 97¢ · 96¢ · 95¢ · 93¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 14 points apart
86¢Consensus: 93¢ARES STRATEGIC INCOME FUND: 87¢North Haven Private Income Fund: 98¢Nuveen Churchill Private Capital Income Fund: 100¢another lender: 86¢another lender: 98¢another lender: 98¢100¢
Principal held
at least $129M
sum of BDC pieces, a lower bound
Fair value
$111M
93c on cost, debt pieces
Unfunded
$34.9M
commitments not yet drawn
BDC lenders
12
10 on the latest quarter
Facilities
6
1 equity pieces beside them
Next maturity
Nov 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
11
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
ARES STRATEGIC INCOME FUND$36.7M87¢-2 pts
North Haven Private Income Fund LLC$31.5M98¢-2 pts
Nuveen Churchill Private Capital Income Fund$20.3M98¢0 pts

10 lenders hold this credit

Each lender named with its own mark, its exposure and every piece it holds, from its schedule of investments.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Every BDC piece · 47 positions across 10 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
ARES STRATEGIC INCOME FUNDterm loan first lien
First lien senior secured loan 1
$23.8M$20.5M
87c
S+600 bp
PIK 4.09%
North Haven Private Income Fund LLCterm loan first lien
Investment First Lien Debt Reference Rate & Spread S + 6.00% (incl. 2.53% PIK) Interest Ra
$13.1M$12.7M
98c
SOFR+600 bp
PIK 2.53%
ARES STRATEGIC INCOME FUNDterm loan first lien
First lien senior secured loan 2
$10.6M$9.2M
87c
S+600 bp
PIK 4.09%
North Haven Private Income Fund LLCterm loan first lien
Investment First Lien Debt Reference Rate & Spread S + 6.00% (incl. 2.53% PIK) Interest Ra
$10.0M$9.6M
98c
SOFR+600 bp
PIK 2.53%
Nuveen Churchill Private Capital Income Funddelayed draw term loan first lien
First Lien Debt (Delayed Draw) 1
$9.0M$1.5M
86c
S+600 bp
PIK 4.20%
View all 16 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
North Haven Private Income Fund LLCterm loan first lien
Investment First Lien Debt Reference Rate and Spread S + 6.00% Maturity Date 11/8/2030
$6.3M$6.1M
98c
SOFR+600 bp
Nuveen Churchill Private Capital Income Funddelayed draw term loan first lien
First Lien Debt (Delayed Draw) 2
$5.8M$5.8M
100c
S+600 bp
PIK 4.20%
Nuveen Churchill Private Capital Income Fundterm loan first lien
First Lien Debt
$5.5M$5.4M
100c
S+600 bp
PIK 4.20%
ARES STRATEGIC INCOME FUNDrevolver first lien
First lien senior secured revolving loan
$2.3M$1.9M
88c
S+600 bp
North Haven Private Income Fund LLCterm loan first lien
Investment First Lien Debt Reference Rate & Spread S + 6.00% (incl. 2.53% PIK) Interest Ra
$1.5M$1.5M
97c
SOFR+600 bp
PIK 2.53%
North Haven Private Income Fund LLCterm loan first lien
Investment First Lien Debt Reference Rate and Spread S + 6.00% Maturity Date 11/8/2030 One
$426,000$407,000
98c
SOFR+600 bp
ARES STRATEGIC INCOME FUNDequity equity
Class B common units
Not disclosed$259,800
74c
ARES STRATEGIC INCOME FUNDunstated lien unstatedNot disclosedNot disclosed
North Haven Private Income Fund LLCrevolver first lien
First Lien Debt Commitment Type Revolver Commitment Expiration Date 11/08/2030
Not disclosedNot disclosedS+600 bp
North Haven Private Income Fund LLCdelayed draw term loan first lien
First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 10/01/20
Not disclosedNot disclosedS+600 bp
Nuveen Churchill Private Capital Income Funddelayed draw term loan first lien
Delayed Draw Loan
Not disclosedNot disclosed
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $104M92cSOFR+600 bp
PIK 4.20%
Nov 8, 203010
first lien delayed draw term loan first lienat least $21.1M97cSOFR+600 bp
PIK 4.20%
Nov 8, 20308
first lien revolver first lienat least $3.8M87cSOFR+600 bpNov 8, 20307
other lien unstatedunknownn/aunstated2
delayed draw term loan lien unstated
exited Jun 30, 2025
unknownn/aS+600 bpunstated1
All 6 facilitiesheld first, largest first
FacilityHeldOn costPricingMaturityBDCs
revolver lien unstated
exited Jun 30, 2025
unknownn/aS+600 bpunstated1
Equity pieces beside the debt: equity ($459,800 fair value, 2 BDCs)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202610$129M$111M93c27
Mar 31, 202610$122M$110M95c10
Dec 31, 202510$127M$112M95c16
Sep 30, 202510$125M$112M97c5
All 13 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202510$125M$114M99c0
Mar 31, 202510$121M$113M101c0
Dec 31, 202410$180M$180M102c0
Sep 30, 20249$96.6M$96.0M101c0
Jul 31, 20241$5.4M$4.3M100c0
Jun 30, 20249$79.7M$78.4M101c0
Mar 31, 202410$63.0M$59.6M99c0
Dec 31, 20239$51.2M$47.5M99c2
Dec 31, 20221$0$0n/a0
What changed

+25 additional dated changes on this borrower

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Every change including routine ones
Identity
Group key
VERTEX SERVICE PARTNERSderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 12 BDCsderived
Industry
Diversified Consumer a withheld namesreportedas one filer wrote it
Capital chain

Vertex Service Partners, LLC sits on 3 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lender

DFX traced 3 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

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Position history

179 field-level changes across filed schedules, latest first
  • PIK added4.20%
    2026-06-30
  • New positionat $252,000
    2026-06-30
  • PIK added2.53%
    2026-06-30

+176 more position changes

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph

+1 connection on the graph

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