DFX Intelligence
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Borrower
S••••• I••••••••• S••••••• I••••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: 2028; 21; 7; 7/21/2028; Due Two; S••••• I••••••••• Services
What matters now
- $18.5Mprincipal outstanding
$18.5M principal held by 2 lenders; matures Jul 2028.
Q1 2026 · Refinancing is due in 22 months at a 98¢ mark.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
97¢ · 98¢ · 98¢ · 97¢ · 98¢Q1 2025 to Q1 2026
Where each lender marks it on the first lien term loan, 0 points apart
98¢98¢
Principal held
at least $18.5M
sum of BDC pieces, a lower bound
Fair value
$14.9M
98c on cost, debt pieces
Unfunded
$3.1M
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Jul 21, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2023
latest Mar 31, 2026
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| N••••• C•••••••• D••••• L•••••• C•••• | $9.84M | 98¢ | +1 pts |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $8.7M | 98¢ | +1 pts |
Every BDC piece · 6 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• | $7.0M | $6.8M 98c | S+500 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $6.2M | $6.0M 98c | S+500 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) | $2.8M | $1.1M 94c | S+500 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) | $2.5M | $964,000 95c | S+500 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien D•••••• D••• L••• | Not disclosed | Not disclosed |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien D•••••• D••• L••• | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2025 | at least $20.8M | 97c | S+475 bp | Jul 21, 2028 | 2 |
| first lien term loan first lien exited Mar 31, 2026 | at least $13.2M | 98c | S+500 bp | Jul 21, 2028 | 2 |
| first lien delayed draw term loan first lien exited Mar 31, 2026 | at least $5.3M | 94c | S+500 bp | Jul 21, 2028 | 2 |
| revolver lien unstated exited Jun 30, 2024 | at least $3.1M | 101c | SOFR+715 bp | Jul 21, 2028 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 2 | $18.5M | $14.9M | 98c | 0 |
| Dec 31, 2025 | 2 | $20.7M | $14.6M | 97c | 0 |
| Sep 30, 2025 | 2 | $20.8M | $14.9M | 98c | 0 |
| Jun 30, 2025 | 2 | $20.8M | $14.2M | 98c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 2 | $20.8M | $14.1M | 97c | 0 |
| Dec 31, 2024 | 2 | $26.8M | $26.4M | 100c | 0 |
| Sep 30, 2024 | 2 | $13.4M | $13.3M | 100c | 0 |
| Jun 30, 2024 | 1 | $3.1M | $2.8M | 101c | 0 |
| Mar 31, 2024 | 1 | $3.1M | $2.8M | 100c | 0 |
| Dec 31, 2023 | 1 | $2.6M | $2.2M | 100c | 0 |
| Sep 30, 2023 | 1 | $2.6M | $2.2M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 10 eventsShow fewer
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- New borrower on a BDC scheduleSep 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SAFETY INFRASTRUCTURE SERVICESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived