DFX Intelligence
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Borrower
P••• G•••••• I••
Research & Consulting Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Data Processing & Outsourced Services
What matters now
- 101¢ → 97¢consensus mark
Consensus mark 97¢ on cost, down from 101¢ a year ago, 99¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 3 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 99¢ · 97¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 3 points apart
97¢100¢
Principal held
at least $58.0M
sum of BDC pieces, a lower bound
Fair value
$54.0M
97c on cost, debt pieces
Unfunded
$3.0M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Dec 20, 2030
no dated debt 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 |
|---|---|---|---|
| M••••• C•••••• I••••• P••• C••• | $40.3M | 97¢ | -1 pts |
| S•••••••• P•••••• C••••• F••• L•• | $13.3M | 100¢ | 0 pts |
| F•••• E•••• P•••••• C••••• F••• | $4.42M | 99¢ | 0 pts |
Every BDC piece · 10 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $36.0M | $34.3M 97c | S+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 12/20/2030 | $9.3M | $9.2M 100c | SOFR+550 bp |
| F•••• E•••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 5.50% I••••••• R••• F•••• 1.00% I••••••• R•• | $4.4M | $4.3M 99c | SOFR+550 bp |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | S••••• S•••••• L•••• | $4.3M | $1.9M 95c | S+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 12/20/2030 One | $4.0M | $3.9M 100c | SOFR+550 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 12/20/2030 | $0 | -$11,000 367c | SOFR+100 bp |
| F•••• E•••• P•••••• C••••• F••• | delayed draw term loan first lien F•••• L••• D••• D•••••• D•••) R••••• United S••••• R•••••••• R••• and S••••• S + 5.50% I•• | Not disclosed | -$10,000 500c | SOFR+550 bp |
| F•••• E•••• P•••••• C••••• F••• | delayed draw term loan first lien C••••••••• T••• D•••••• D••• C••••••••• E••••••••• D••• 2/20/2027 | Not disclosed | Not disclosed | |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | Not disclosed | Not disclosed | |
| O•••••• S•••••••• L•••••• C••• | equity equity C••••• S•••• | Not disclosed | $245,000 |
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 $53.6M | 98c | SOFR+550 bp | Dec 20, 2030 | 3 |
| first lien revolver first lien | at least $4.3M | 95c | S+550 bp | Dec 20, 2030 | 1 |
| first lien delayed draw term loan first lien | at least $0 | n/a | SOFR+100 bp | Dec 20, 2030 | 2 |
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 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 | 4 | $58.0M | $53.7M | 97c | 0 |
| Mar 31, 2026 | 4 | $58.1M | $54.6M | 99c | 0 |
| Dec 31, 2025 | 4 | $71.6M | $68.6M | 100c | 0 |
| Sep 30, 2025 | 4 | $58.4M | $56.8M | 101c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $58.5M | $55.5M | 101c | 0 |
| Mar 31, 2025 | 4 | $58.7M | $54.3M | 101c | 0 |
| Dec 31, 2024 | 2 | $107M | $99.6M | 100c | 0 |
| Sep 30, 2024 | 1 | $26.2M | $26.2M | 101c | 0 |
| Jun 30, 2024 | 1 | $26.3M | $26.3M | 101c | 0 |
| Mar 31, 2024 | 1 | $28.3M | $28.3M | 101c | 0 |
| Dec 31, 2023 | 1 | $38.3M | $38.3M | 101c | 0 |
| Sep 30, 2023 | 1 | $38.4M | $38.4M | 101c | 0 |
| Jun 30, 2023 | 1 | $38.5M | $38.2M | 101c | 0 |
| Mar 31, 2023 | 1 | $38.6M | $38.2M | 100c | 0 |
| Dec 31, 2022 | 1 | $31.2M | $30.5M | 100c | 0 |
| Sep 30, 2022 | 1 | $67.5M | $66.1M | 101c | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
Full timeline · 15 eventsShow fewer
- Maturity extended (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Lender left a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- 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
- P••• G•••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Research & Consulting Servicesreportedas one filer wrote it