DFX Intelligence
The names on this page are hidden. Create a free account to reveal 5 records a month, or get Private Credit Intelligence at $249 a month for every name. Every figure, date and source on this page is public either way.
Borrower
U••••• S••• S••••••• V••••• O••• L••
Commercial Services & Suppliesgroup grade Aon a schedule nowsponsor unattributed
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q1 2025.
since Q1 2025 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 31 Mar 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 60¢ → 16¢consensus mark
Consensus mark 16¢ on cost, down from 60¢ a year ago, 33¢ last quarter.
Q1 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $43.2Mprincipal outstanding
$43.2M principal held by 1 lender; matures Dec 2028.
Q1 2026 · Refinancing is due in 27 months at a 16¢ mark.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound - 33¢ → 16¢-17 pts, one lender
A••••• D••• S•••••••• B•• marked it 33¢ → 16¢, the largest move among 1 lender this quarter.
Q1 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
60¢ · 58¢ · 40¢ · 33¢ · 16¢Q1 2025 to Q1 2026
Principal held
at least $43.2M
sum of BDC pieces, a lower bound
Fair value
$14.5M
35c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Dec 15, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2024
latest Mar 31, 2026
Events
9
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•• | $43.2M | 16¢ | -17 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan second lien Investment T••• S••••• L••• S•••••• D••• - T••• L••• I••••••• R••• 4.75% F•••• M••••••• D• | $34.8M | $5.4M 16c | 4.75% |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+825, 0.50% F•••• M•••• | $8.4M | $9.1M 112c | SOFR+825 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Mar 31, 2026 | at least $34.8M | 16c | 4.75% | Dec 15, 2028 | 1 |
| first lien term loan first lien exited Mar 31, 2026 | at least $8.4M | 112c | SOFR+825 bp | Apr 30, 2030 | 1 |
Equity pieces beside the debt: other ($25.7M fair value, 1 BDC)
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 | 1 | $43.2M | $14.5M | 35c | 0 |
| Dec 31, 2025 | 1 | $44.2M | $13.7M | 33c | 0 |
| Sep 30, 2025 | 1 | $43.4M | $16.7M | 40c | 0 |
| Jun 30, 2025 | 1 | $43.4M | $24.3M | 58c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $43.5M | $25.7M | 60c | 0 |
| Dec 31, 2024 | 1 | $43.6M | $31.0M | 72c | 0 |
| Sep 30, 2024 | 1 | $42.0M | $32.5M | 78c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Spread increasedMar 31, 2026
- Marked down across lendersDec 31, 2025
Full timeline · 13 eventsShow fewer
- Marked down (one lender)Dec 31, 2025
- Mark recoveredSep 30, 2025
- Marked down across lendersMar 31, 2025
- Placed on non-accrualMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- New borrower on a BDC scheduleSep 30, 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
- UNITED SITE SERVICES VORTEXderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it