DFX Intelligence
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Borrower
P••••• P••••••••• P•• A••••••••• L••
Commercial Services & Suppliesgroup grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Also written as: Public P••••••••• Investment PPL A••••••••• LLC
Nothing material in the last 200 days. Last change: 30 Sep 2025, $8.18M principal held by 1 lender; matures Jul 2028.
Mark path, consensus per quarter end
97¢ · 98¢ · 98¢ · 97¢ · 98¢Q3 2024 to Q3 2025
Principal held
at least $8.2M
sum of BDC pieces, a lower bound
Fair value
$7.9M
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 1, 2028
no dated debt inside 24 months
On the tape since
Mar 31, 2023
latest Sep 30, 2025
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $8.18M | 98¢ | +1 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 first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+635 C••• plus 3.00% PI | $8.2M | $7.9M 98c | SOFR+635 bp PIK 3.00% |
| A••••• D••• S•••••••• B•• | revolver first lien Investment T••• F•••• L••• S•••••• D••• - R••••••• I••••••• R••• S+635, 0.75% F•••• M••••• | Not disclosed | -$30,000 333c | SOFR+635 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2025 | at least $8.2M | 98c | SOFR+635 bp PIK 3.00% | Jul 1, 2028 | 1 |
| first lien revolver first lien exited Sep 30, 2025 | unknown | n/a | SOFR+635 bp | Jul 1, 2028 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2025 | 1 | $8.2M | $7.9M | 98c | 1 |
| Jun 30, 2025 | 1 | $8.3M | $8.0M | 97c | 1 |
| Mar 31, 2025 | 1 | $8.3M | $8.0M | 97c | 0 |
| Dec 31, 2024 | 1 | $8.4M | $8.1M | 98c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 1 | $8.4M | $8.0M | 97c | 0 |
| Jun 30, 2024 | 1 | $8.5M | $8.2M | 98c | 0 |
| Mar 31, 2024 | 1 | $9.6M | $8.3M | 99c | 0 |
| Dec 31, 2023 | 1 | $9.6M | $8.4M | 100c | 0 |
| Sep 30, 2023 | 1 | $8.7M | $8.5M | 100c | 0 |
| Jun 30, 2023 | 1 | $9.7M | $8.5M | 100c | 0 |
| Mar 31, 2023 | 1 | $9.8M | $8.6M | n/a | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- New borrower on a BDC scheduleMar 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- PUBLIC PARTNERSHIPS PPLderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it