DFX Intelligence
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Borrower
I••••••• I•••••••• P••••••••• L••
Commercial Services & Suppliesgroup grade Aon a schedule nowsponsor unattributed
What matters now
- $5.92Mprincipal outstanding
$5.92M principal held by 2 lenders; matures Sep 2027.
Q1 2026 · Refinancing is due in 12 months at a 99¢ mark.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
99¢ · 99¢ · 99¢ · 99¢ · 99¢Q1 2025 to Q1 2026
Where each lender marks it on the first lien term loan, 0 points apart
99¢99¢
Principal held
at least $5.9M
sum of BDC pieces, a lower bound
Fair value
$5.8M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Sep 30, 2027
$5.9M inside 24 months
On the tape since
Dec 31, 2023
latest Mar 31, 2026
Events
14
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 |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $2.96M | 99¢ | 0 pts |
| M••••• F•••••••• I••••••••• C••• | $2.96M | 99¢ | 0 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• – T••• L••• I••••••• R••• S+525, 1.00% F•••• M•••• | $3.0M | $2.9M 99c | SOFR+525 bp |
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+525, 1.00% F•••• M••••••• D••• 09/30/27 | $3.0M | $2.9M 99c | SOFR+525 bp |
| A••••• D••• S•••••••• B•• | revolver first lien Investment T••• F•••• L••• S•••••• D••• – R••••••• I••••••• R••• S+650, 1.00% F•••• M••••• | Not disclosed | -$10,000 250c | SOFR+650 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S•••+525, 1.00% F•••• M••••••• D••• 09/30/27 | Not disclosed | -$10,000 250c | SOFR+525 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2026 | at least $5.9M | 99c | SOFR+525 bp | Sep 30, 2027 | 2 |
| first lien revolver first lien exited Mar 31, 2026 | unknown | n/a | SOFR+525 bp | Sep 30, 2027 | 2 |
| first lien delayed draw term loan first lien exited Sep 30, 2025 | unknown | n/a | SOFR+525 bp | Sep 30, 2027 | 2 |
Equity pieces beside the debt: other ($6.0M fair value, 2 BDCs)
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 | $5.9M | $5.8M | 99c | 0 |
| Dec 31, 2025 | 2 | $5.9M | $5.8M | 99c | 0 |
| Sep 30, 2025 | 2 | $5.9M | $5.7M | 98c | 0 |
| Jun 30, 2025 | 2 | $6.0M | $5.7M | 96c | 0 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 2 | $6.2M | $6.0M | 99c | 0 |
| Dec 31, 2024 | 2 | $6.4M | $6.2M | 99c | 0 |
| Sep 30, 2024 | 2 | $6.5M | $6.3M | 99c | 0 |
| Jun 30, 2024 | 2 | $6.4M | $6.2M | 100c | 0 |
| Mar 31, 2024 | 2 | $10.0M | $6.4M | 100c | 0 |
| Dec 31, 2023 | 2 | $10.0M | $6.5M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Spread increasedSep 30, 2025
Full timeline · 15 eventsShow fewer
- Facility left every BDC scheduleSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- New borrower on a BDC scheduleDec 31, 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
- IRONCLAD IRONHORSEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it