DFX Intelligence
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Borrower
S•• T••••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: PSC Spark Holdings, LP
What matters now
- $111Mprincipal outstanding
$111M principal held by 1 lender; matures Aug 2027.
Q2 2026 · Refinancing is due in 10 months at a 98¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
95¢ · 96¢ · 96¢ · 98¢ · 98¢Q2 2025 to Q2 2026
Principal held
at least $111M
sum of BDC pieces, a lower bound
Fair value
$109M
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Aug 1, 2027
$111M inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• C•••••• C••• | $111M | 98¢ | 0 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $111M | $107M 98c | S+750 bp PIK 2.00% |
| A••• C•••••• C••• | equity equity C•••• A-2 units | Not disclosed | $1.5M 31c | |
| A••• C•••••• C••• | warrants equity W•••••• to purchase units of common stock | Not disclosed | $300,000 6c |
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 $111M | 98c | S+750 bp PIK 2.00% | Aug 1, 2027 | 1 |
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 | 1 | $111M | $107M | 98c | 1 |
| Mar 31, 2026 | 1 | $110M | $107M | 98c | 1 |
| Dec 31, 2025 | 1 | $110M | $104M | 96c | 1 |
| Sep 30, 2025 | 1 | $109M | $102M | 96c | 1 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $108M | $101M | 95c | 1 |
| Mar 31, 2025 | 1 | $108M | $100M | 95c | 1 |
| Dec 31, 2024 | 1 | $107M | $99.8M | 95c | 1 |
| Sep 30, 2024 | 1 | $107M | $99.1M | 95c | 0 |
| Jun 30, 2024 | 1 | $103M | $96.7M | 97c | 1 |
| Mar 31, 2024 | 1 | $99.3M | $93.4M | 97c | 1 |
| Dec 31, 2023 | 1 | $96.0M | $92.2M | 100c | 2 |
| Sep 30, 2023 | 1 | $92.7M | $89.0M | 100c | 1 |
| Jun 30, 2023 | 1 | $89.6M | $86.0M | 100c | 1 |
| Mar 31, 2023 | 1 | $84.7M | $80.4M | 100c | 1 |
| Dec 31, 2022 | 1 | $83.8M | $77.1M | 97c | 1 |
| Sep 30, 2022 | 1 | $59.4M | $54.7M | 100c | 1 |
What changed
- Maturity approachingAug 1, 2027
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- PIK interest increasedJun 30, 2023
Full timeline · 13 eventsShow fewer
- PIK interest increasedJun 30, 2023
- PIK interest increasedMar 31, 2023
- Spread changed (observed)Mar 31, 2023
- PIK interest increasedMar 31, 2023
- Spread increasedMar 31, 2023
- PIK interest increasedDec 31, 2022
- PIK interest increasedDec 31, 2022
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- S•• T••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived