DFX Intelligence
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Borrower
T••••••• L•••••• P•••••••••
Commercial Services & Suppliesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Consumer Service; Verdelite JV LP
What matters now
- 87¢ → 94¢consensus mark
Consensus mark 94¢ on cost, up from 87¢ a year ago, 96¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived5 of 5 lenders' own marks, weighted by principal - $64.1Mprincipal outstanding
$64.1M principal held by 5 lenders; matures Oct 2027.
Q2 2026 · Refinancing is due in 13 months at a 94¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
87¢ · 97¢ · 98¢ · 96¢ · 94¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 1 point apart
98¢99¢
Principal held
at least $64.1M
sum of BDC pieces, a lower bound
Fair value
$69.9M
94c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
10
5 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Oct 29, 2027
$36.6M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
10
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 |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $25.8M | 98¢ | +1 pts |
| C•••••• C••••• S••••••••• I••• | $13M | 89¢ | -4 pts |
| C•••••• S•••••• L••••••• I••• | $13M | 89¢ | -4 pts |
| C•••••••• L•••••• S••••••••• L•• | $10.9M | 99¢ | -1 pts |
| H•••••• P••• C•••••••• I•••••• I••• | $1.5M | 95¢ | -2 pts |
Every BDC piece · 6 positions across 5 lenderslargest 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+410, 0.75% F•••• M•••• | $25.8M | $24.7M 98c | SOFR+410 bp |
| C•••••• C••••• S••••••••• I••• | term loan second lien Investment | N••••••••• I••••• | S••••• L••• D••• | $13.0M | $11.5M 89c | S+850 bp |
| C•••••• S•••••• L••••••• I••• | term loan second lien Investment | N••••••••• I••••• | S••••• L••• D••• | $13.0M | $11.5M 89c | S+850 bp |
| C•••••••• L•••••• S••••••••• L•• | term loan first lien F••••••••• loan | $10.9M | $10.5M 99c | S+400 bp |
| H•••••• P••• C•••••••• I•••••• I••• | term loan second lien S••••• L••• D••• I••••••• L••••••••• S••••••s I••••••• R••• 12.43% S••••• A•••• I•••• S••• | $1.5M | $1.4M 95c | SOFR+850 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | equity equity Investment T••• C••••• Equity - S•••• | Not disclosed | $10.3M 98c |
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 $36.6M | 98c | SOFR+400 bp | Nov 2, 2027 | 2 |
| second lien term loan second lien | at least $27.5M | 90c | SOFR+850 bp | Nov 2, 2028 | 3 |
| other lien unstated exited Mar 31, 2026 | unknown | 96c | S+400 bp | Nov 2, 2027 | 1 |
Equity pieces beside the debt: equity ($10.3M 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 | 5 | $64.1M | $59.6M | 94c | 0 |
| Mar 31, 2026 | 6 | $73.9M | $70.0M | 96c | 0 |
| Dec 31, 2025 | 6 | $85.4M | $82.0M | 98c | 0 |
| Sep 30, 2025 | 7 | $66.7M | $63.1M | 96c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $50.3M | $43.3M | 87c | 0 |
| Mar 31, 2025 | 6 | $45.3M | $41.0M | 91c | 0 |
| Dec 31, 2024 | 6 | $117M | $106M | 92c | 0 |
| Sep 30, 2024 | 6 | $45.4M | $40.0M | 89c | 0 |
| Jun 30, 2024 | 6 | $45.4M | $38.5M | 85c | 0 |
| Mar 31, 2024 | 6 | $45.4M | $43.2M | 96c | 0 |
| Dec 31, 2023 | 7 | $60.0M | $56.4M | 95c | 0 |
| Sep 30, 2023 | 7 | $47.2M | $45.0M | 96c | 0 |
| Jun 30, 2023 | 7 | $53.6M | $48.9M | 92c | 0 |
| Mar 31, 2023 | 7 | $52.7M | $47.8M | 91c | 0 |
| Dec 31, 2022 | 7 | $71.8M | $63.1M | 89c | 0 |
| Sep 30, 2022 | 3 | $23.4M | $22.1M | 95c | 0 |
| Dec 31, 2021 | 3 | $28.0M | $28.4M | 101c | 0 |
What changed
- Maturity approachingNov 2, 2027
- Facility left every BDC scheduleMar 31, 2026
- Mark recoveredSep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
Full timeline · 25 eventsShow fewer
- Marked down across lendersJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Spread changed (observed)Dec 31, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Mark recoveredSep 30, 2023
- Lender left a facilitySep 30, 2023
- Lender left a facilitySep 30, 2023
- Marked down across lendersDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Marked down (one lender)Dec 31, 2022
- Marked down (one lender)Dec 31, 2022
- Marked down across lendersSep 30, 2022
- Marked down (one lender)Sep 30, 2022
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 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
- T••••••• L•••••• P•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it