DFX Intelligence
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Borrower
S••••• R• H•••••••• I••
IT Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Equity; Inc Asset Type; Inc. Asset Type Common; Winterfell Co-Invest SCSp
What matters now
- 108¢ → 100¢consensus mark
Consensus mark 100¢ on cost, down from 108¢ a year ago, 106¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived5 of 5 lenders' own marks, weighted by principal - $68.9Mprincipal outstanding
$68.9M principal held by 5 lenders; matures Sep 2028.
Q2 2026 · Refinancing is due in 23 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
108¢ · 110¢ · 107¢ · 106¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
99¢101¢
Principal held
at least $68.9M
sum of BDC pieces, a lower bound
Fair value
$85.0M
100c on cost, debt pieces
Unfunded
$5.9M
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
6
1 equity pieces beside them
Next maturity
Sep 1, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2022
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 |
|---|---|---|---|
| H•• C•••••••• L•••••• F••• | $54.4M | 101¢ | 0 pts |
| A•••••• S•••••••• C••••• F••• | $6.42M | 99¢ | 0 pts |
| A•••••• P•••••• C••••• F••• | $4.2M | 99¢ | -1 pts |
| A••• C•••••• C••• | $2.5M | 100¢ | 0 pts |
| A•••••• S•••••••• C••••• F••• I• L•• | $1.32M | 100¢ | new this quarter |
Every BDC piece · 19 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | revolver first lien N••••••••• I••••• | $42.0M | $42.0M 101c | S+450 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien N••••••••• I••••• | $5.9M | $5.9M 101c | S+476 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.35% M• | $5.9M | $5.8M 99c | SOFR+450 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien N••••••••• I••••• | $3.6M | $0 0c | |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.35% M• | $3.2M | $3.2M 99c | SOFR+450 bp |
View all 19 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• L•••••• F••• | revolver first lien N••••••••• I••••• | $3.0M | $3.0M 101c | S+476 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $2.5M | $2.5M 100c | S+450 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 5.00% I••••••• | $1.3M | $1.3M 100c | SOFR+500 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.76% I••••••• | $725,000 | $718,000 99c | SOFR+476 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.25% M•• | $497,000 | $-7,000 | SOFR+450 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.25% M•• | $272,000 | $-4,000 | SOFR+450 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.76% I••••••• | $72,000 | $72,000 100c | SOFR+476 bp |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $0 | $0 | S+450 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 9/13/2028 | Not disclosed | $-4,000 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 9/13/2028 | Not disclosed | $-7,000 | |
| A•••••• S•••••••• C••••• F••• | equity equity Asset T••• C••••• | Not disclosed | $888,000 132c | |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• C•••••• C••• | equity equity L•••••• partnership interests | Not disclosed | $19.8M 194c | |
| H•• C•••••••• L•••••• F••• | revolver first lien 1st L••• S••••• S•••••• R•••••••• L••• | 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 revolver first lien | at least $55.2M | 101c | SOFR+450 bp | Sep 13, 2028 | 5 |
| first lien term loan first lien | at least $11.6M | 99c | SOFR+450 bp | Sep 13, 2028 | 4 |
| first lien delayed draw term loan first lien | at least $2.1M | 100c | SOFR+476 bp | Sep 13, 2028 | 5 |
| other lien unstated | unknown | n/a | unstated | 3 | |
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 1 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: equity ($20.7M fair value, 3 BDCs)
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 | 5 | $68.9M | $64.3M | 100c | 0 |
| Mar 31, 2026 | 5 | $19.1M | $21.9M | 119c | 0 |
| Dec 31, 2025 | 4 | $70.3M | $66.4M | 102c | 0 |
| Sep 30, 2025 | 5 | $74.0M | $73.0M | 106c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $74.2M | $72.6M | 105c | 0 |
| Mar 31, 2025 | 5 | $65.4M | $60.5M | 105c | 0 |
| Dec 31, 2024 | 5 | $122M | $110M | 103c | 0 |
| Sep 30, 2024 | 4 | $62.1M | $55.0M | 101c | 0 |
| Jun 30, 2024 | 4 | $62.5M | $56.1M | 101c | 0 |
| Mar 31, 2024 | 4 | $62.5M | $55.7M | 101c | 0 |
| Dec 31, 2023 | 3 | $55.4M | $45.4M | 100c | 0 |
| Sep 30, 2023 | 3 | $43.5M | $41.7M | 102c | 0 |
| Jun 30, 2023 | 3 | $43.7M | $41.1M | 100c | 0 |
| Mar 31, 2023 | 3 | $43.3M | $40.2M | 99c | 0 |
| Dec 31, 2022 | 3 | $43.4M | $40.0M | 99c | 0 |
| Sep 30, 2022 | 1 | $11.4M | $11.2M | 98c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityJun 30, 2025
- Spread changed (observed)Mar 31, 2025
Full timeline · 18 eventsShow fewer
- Spread increasedMar 31, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Dec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Lender left a facilitySep 30, 2023
- Lender left a facilitySep 30, 2023
- New lender joined a facilityJun 30, 2023
- Lender left a facilityDec 31, 2022
- 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
- SPIRIT RRderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it