DFX Intelligence
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Borrower
S•••••••• L••
Business Servicesgroup grade Aon a schedule nowsponsor unattributed
What matters now
- $88.9Mprincipal outstanding
$88.9M principal held by 4 lenders; matures Jun 2027.
Q2 2026 · Refinancing is due in 9 months at a 96¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
96¢ · 98¢ · 98¢ · 97¢ · 96¢Q2 2025 to Q2 2026
Where each lender marks it, 4 points apart
94¢98¢
Principal held
at least $88.9M
sum of BDC pieces, a lower bound
Fair value
$84.6M
96c on cost, debt pieces
Unfunded
$110,000
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 21, 2027
$88.9M inside 24 months
On the tape since
Jun 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 |
|---|---|---|---|
| P••••••• C•••••• C••• | $59.7M | 96¢ | -1 pts |
| P••••••••• I••••••••• C••• | $16.5M | 94¢ | -2 pts |
| B••••••••• C•••••• C••• I• | $9.18M | 94¢ | -2 pts |
| T•• T••• B•••• C•••••• I••••• F••• | $3.56M | 98¢ | 0 pts |
Every BDC piece · 8 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• | $59.7M | $57.2M 96c | S+575 bp PIK 0.50% |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 06/17/2022 M••••••• 06/21/2027 I••••••• B••••••• Servic | $16.5M | $15.4M 94c | SOFR+601 bp PIK 0.50% |
| B••••••••• C•••••• C••• I• | term loan first lien S••••• S•••••• F•••• L••• T••• L•••, Due 6/21/2027 | $9.2M | $8.6M 94c | SOFR+575 bp PIK 0.50% |
| T•• T••• B•••• C•••••• I••••• F••• | term loan first lien F•••• lien senior secured term loan | $3.5M | $3.4M 98c | S+575 bp PIK 0.50% |
| T•• T••• B•••• C•••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan | $110,000 | $-3,000 | S+575 bp |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• | Not disclosed | Not disclosed | S+575 bp PIK 0.50% |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• | Not disclosed | Not disclosed | S+575 bp |
| T•• T••• B•••• C•••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed |
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 $88.8M | 96c | SOFR+575 bp PIK 0.50% | Jun 21, 2027 | 5 |
| first lien revolver first lien | at least $110,000 | n/a | S+575 bp | Jun 21, 2027 | 2 |
| other lien unstated | unknown | n/a | unstated | 3 |
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 | 4 | $88.9M | $84.6M | 96c | 5 |
| Mar 31, 2026 | 4 | $89.0M | $85.7M | 97c | 5 |
| Dec 31, 2025 | 4 | $92.8M | $90.3M | 98c | 5 |
| Sep 30, 2025 | 4 | $89.4M | $86.7M | 98c | 4 |
All 18 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $157M | $151M | 96c | 0 |
| Mar 31, 2025 | 4 | $94.2M | $90.5M | 97c | 0 |
| Dec 31, 2024 | 4 | $104M | $100M | 97c | 0 |
| Sep 30, 2024 | 4 | $112M | $108M | 97c | 0 |
| Jun 30, 2024 | 4 | $94.9M | $92.4M | 98c | 0 |
| Mar 31, 2024 | 4 | $95.2M | $93.5M | 99c | 0 |
| Dec 31, 2023 | 4 | $95.4M | $94.7M | 100c | 0 |
| Sep 30, 2023 | 3 | $67.0M | $65.5M | 99c | 0 |
| Jun 30, 2023 | 3 | $157M | $156M | 100c | 0 |
| Mar 31, 2023 | 4 | $96.1M | $95.7M | 100c | 0 |
| Dec 31, 2022 | 4 | $78.5M | $78.3M | 101c | 0 |
| Sep 30, 2022 | 2 | $83.0M | $82.7M | 101c | 0 |
| Sep 23, 2022 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2022 | 1 | $25.0M | $25.0M | 100c | 0 |
What changed
- Maturity approachingJun 21, 2027
- Maturity approachingJun 21, 2027
- Maturity approachingJun 21, 2027
- Maturity approachingJun 21, 2027
- Maturity approachingJun 21, 2027
Full timeline · 17 eventsShow fewer
- Maturity approachingJun 21, 2027
- PIK interest appearsMar 31, 2026
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- New lender joined a facilitySep 30, 2023
- Lender left a facilityJun 30, 2023
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New borrower on a BDC scheduleJun 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
- SHIFTKEYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Business Servicesreportedas one filer wrote it