DFX Intelligence
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Borrower
M•••• I••
Commercial Services & Suppliesgroup grade Con a schedule nowsponsor unattributed
What matters now
- $70.7Mprincipal outstanding
$70.7M principal held by 1 lender; matures Nov 2027.
Q2 2026 · Refinancing is due in 14 months at a 97¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
97¢ · 97¢ · 97¢ · 97¢ · 97¢Q2 2025 to Q2 2026
Principal held
at least $70.7M
sum of BDC pieces, a lower bound
Fair value
$165M
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
3 equity pieces beside them
Next maturity
Nov 30, 2027
$57.2M inside 24 months
On the tape since
Jun 3, 2019
latest Jun 30, 2026
Events
7
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••• | $70.7M | 97¢ | 0 pts |
Every BDC piece · 11 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• A | $57.2M | $57.2M 100c | S+902 bp |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• B | $8.3M | $8.3M 100c | S+700 bp PIK 10.00% |
| P••••••• C•••••• C••• | notes unsecured or subordinated U•••••••• N••• to B•••• E••••••••• ULC | $5.2M | $5.2M 72c | 10.00% |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• B | Not disclosed | Not disclosed | PIK 10.00% |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• A | Not disclosed | Not disclosed |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | equity equity C••••• S•••• | Not disclosed | Not disclosed | |
| P••••••• C•••••• C••• | term loan first lien F•••• L••• T••• L••• B | Not disclosed | Not disclosed | |
| P••••••• C•••••• C••• | equity equity C••••• S•••• | Not disclosed | $10.2M 37c | |
| P••••••• C•••••• C••• | preferred equity equity Series A R••••••••• P•••••••• S•••• | Not disclosed | $1.6M 110c | 8.00% PIK 8.00% |
| P••••••• C•••••• C••• | unstated lien unstated | Not disclosed | $82.4M | |
| P••••••• C•••••• C••• | preferred equity equity Series A R••••••••• P•••••••• S•••• | 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 $65.5M | 100c | S+902 bp PIK 10.00% | Nov 30, 2027 | 1 |
| unsecured or subordinated notes unsecured or subordinated | at least $5.2M | 72c | 10.00% | unstated | 1 |
| notes lien unstated exited Mar 23, 2021 | unknown | n/a | PIK 22.50% | unstated | 1 |
Equity pieces beside the debt: other ($82.4M fair value, 1 BDC), equity ($10.2M fair value, 1 BDC), preferred equity ($1.6M 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 |
|---|---|---|---|---|---|
| Jun 30, 2026 | 1 | $70.7M | $70.7M | 97c | 2 |
| Mar 31, 2026 | 1 | $70.8M | $70.8M | 97c | 2 |
| Dec 31, 2025 | 1 | $67.9M | $68.0M | 97c | 2 |
| Sep 30, 2025 | 1 | $65.1M | $65.1M | 97c | 2 |
All 23 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $130M | $130M | 97c | 3 |
| Mar 31, 2025 | 1 | $62.9M | $62.9M | 97c | 2 |
| Dec 31, 2024 | 1 | $62.8M | $62.8M | 97c | 2 |
| Dec 3, 2024 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2024 | 1 | $62.5M | $62.5M | 97c | 2 |
| Sep 16, 2024 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 1 | $60.9M | $62.7M | 100c | 3 |
| May 15, 2024 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 1 | $58.2M | $60.0M | 100c | 2 |
| Dec 31, 2023 | 1 | $55.8M | $57.5M | 100c | 2 |
| Jun 30, 2023 | 1 | $55.8M | $57.5M | 100c | 2 |
| Mar 31, 2023 | 1 | $56.1M | $58.0M | 100c | 2 |
| Dec 31, 2022 | 1 | $55.7M | $57.5M | 100c | 2 |
| Sep 30, 2022 | 1 | $57.5M | $57.5M | 100c | 2 |
| Jun 30, 2022 | 1 | $58.1M | $58.1M | 100c | 2 |
| Sep 30, 2021 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2021 | 1 | $0 | $0 | n/a | 0 |
| Mar 23, 2021 | 1 | $0 | $0 | n/a | 4 |
| Jun 3, 2019 | 1 | $0 | $0 | n/a | 0 |
What changed
- Maturity approachingNov 30, 2027
- Maturity approachingNov 30, 2027
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Jun 30, 2025
- Maturity extended (observed)Mar 31, 2025
Full timeline · 11 eventsShow fewer
- Maturity extended (observed)Mar 31, 2025
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Spread increasedSep 30, 2024
- PIK interest increasedJun 30, 2024
- Facility left every BDC scheduleMar 23, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- M•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it