DFX Intelligence
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Borrower
S••••• B••••••• H••••••• L••
IT Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: First lien; First lien - Drawn; First Lien - Undrawn; S••••• Management Group, LLC
Principal held
at least $187M
sum of BDC pieces, a lower bound
Fair value
$162M
99c on cost, debt pieces
Unfunded
$18.1M
commitments not yet drawn
BDC lenders
12
9 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Dec 1, 2027
$14.7M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
11
dated, non-routine
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 $108M | 99c | SOFR+475 bp | Dec 19, 2032 | 10 |
| other lien unstated | at least $76.0M | 99c | S+475 bp | Dec 19, 2032 | 2 |
| first lien delayed draw term loan first lien | at least $1.8M | n/a | SOFR+475 bp | Dec 19, 2032 | 3 |
| first lien revolver first lien | at least $1.0M | n/a | SOFR+475 bp | Dec 19, 2032 | 3 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 5 | |
| revolver lien unstated | unknown | n/a | unstated | 5 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.41% Mat | $765,000 | $32,000 74c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.41% Ma | $5.8M | $5.7M 99c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest | $888,000 | $-13,000 1300c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/19/2027 | n/a | $-13,000 | |
| A•••••• P•••••• C••••• F••• | revolver first lien Commitment Type Revolver Commitment Expiration Date 12/19/2032 | n/a | $-11,000 | |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/19/2027 | n/a | $-12,000 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien Commitment Type Revolver Commitment Expiration Date 12/19/2032 | n/a | $-3,000 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.41% Mat | $237,000 | $10,000 77c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest | $790,000 | $-12,000 1200c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.41% Ma | $2.3M | $2.3M 99c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest | $138,000 | $-2,000 | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | revolver first lien Commitment Type Revolver Commitment Expiration Date 12/19/2032 | n/a | $-1,000 | |
| A•••••• S•••••••• C••••• F••• I• L•• | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.41% Ma | $357,000 | $352,000 99c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.41% Mat | n/a | $2,000 100c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/19/2027 | n/a | $-2,000 | |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $333,000 | $254,000 89c | S+375 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $68.1M | $67.4M 99c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $37,000 | $28,000 90c | S+375 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $7.6M | $7.5M 99c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien - Drawn | $167,000 | $166,000 102c | S+375 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien - Undrawn 1 | $2.7M | $-17,000 | |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien | $32.8M | $32.5M 99c | S+475 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien First Lien - Undrawn 2 | $5.4M | $-34,000 | |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | $251,000 | $-2,000 | |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien - Drawn | Non-Affiliated Issuer | $15,000 | $15,000 100c | S+375 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien 2 | Non-Affiliated Issuer | $636,000 | $632,000 99c | S+475 bp |
| N•• M••••••• G••••••• I• I••••• F•••• L••••• | term loan first lien First Lien 1 | Non-Affiliated Issuer | $3.5M | $3.5M 99c | S+475 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien Drawn | Non-Affiliated Issuer | $146,000 | $145,000 103c | S+375 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien Undrawn 1 | Non-Affiliated Issuer | $2.4M | $-15,000 | |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien 1 | Non-Affiliated Issuer | n/a | n/a | S+475 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien Undrawn 2 | Non-Affiliated Issuer | $6.1M | $-39,000 | |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien First Lien- Drawn 1 | Non-Affiliated Issuer | $26.1M | $26.0M 100c | 8.39% |
| N•• S•• I• I••• | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | n/a | $8,000 114c | |
| N•• S•• I• I••• | term loan first lien First lien | Non-Affiliated Issuer | $15.1M | $15.0M 99c | S+475 bp |
| N•• S•• I• I••• | term loan first lien First lien - Drawn | Non-Affiliated Issuer | $80,000 | $79,000 95c | S+375 bp |
| N•• S•• I• I••• | term loan first lien First Lien - Undrawn | Non-Affiliated Issuer | $3.2M | $20,000 | |
| N•• S•• I• I••• | term loan first lien First lien | Non-Affiliated Issuer | $801,000 | $796,000 100c | S+475 bp |
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 | 9 | $187M | $162M | 99c | 0 |
| Mar 31, 2026 | 9 | $195M | $170M | 99c | 0 |
| Dec 31, 2025 | 9 | $227M | $195M | 100c | 0 |
| Sep 30, 2025 | 10 | $102M | $101M | 100c | 0 |
| Jun 30, 2025 | 9 | $102M | $100M | 100c | 0 |
| Mar 31, 2025 | 9 | $98.0M | $95.9M | 100c | 0 |
| Dec 31, 2024 | 9 | $201M | $196M | 100c | 0 |
| Sep 30, 2024 | 8 | $79.7M | $78.8M | 100c | 0 |
| Jun 30, 2024 | 8 | $80.0M | $79.1M | 100c | 0 |
| Mar 31, 2024 | 8 | $79.4M | $78.2M | 100c | 0 |
| Dec 31, 2023 | 6 | $95.0M | $94.3M | 100c | 0 |
| Sep 30, 2023 | 5 | $72.0M | $71.3M | 101c | 0 |
| Jun 30, 2023 | 5 | $72.2M | $71.2M | 100c | 0 |
| Mar 31, 2023 | 5 | $71.5M | $70.0M | 100c | 0 |
| Dec 31, 2022 | 5 | $75.2M | $73.0M | 99c | 0 |
| Sep 30, 2022 | 3 | $59.4M | $58.4M | 100c | 0 |
| Dec 31, 2021 | 3 | $49.5M | $47.2M | 100c | 0 |
What changed
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Spread increasedSep 30, 2025
- Lender left a facilitySep 30, 2025
- Spread changed (observed)Dec 31, 2024
- Lender left a facilityDec 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SAFETYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 12 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it