DFX Intelligence
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Borrower
O••••• S••••••• G••••• I••
Business Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Equity Securities; Inc. - First-Out; Inc. - Last-Out; Junior
Principal held
at least $10.1M
sum of BDC pieces, a lower bound
Fair value
$10.8M
107c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
5
3 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
May 30, 2028
$2.6M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
24
dated, non-routine
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 $10.1M | 107c | SOFR+625 bp | Nov 30, 2028 | 5 |
| other lien unstated exited Sep 30, 2024 | unknown | 109c | unstated | 2 |
Equity pieces beside the debt: equity ($1.1M fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | equity equity Credit Fund | Equity Investments | $205,000 | $0 | |
| C•••••• S•••••• L••••••• I••• | term loan first lien Credit Fund | F•••• L••• D••• | $4.2M | $3.7M 119c | S+625 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• 2 | $837,000 | $837,000 100c | S+625 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• 1 | $155,000 | $155,000 100c | S+800 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 11/30/2023 M••••••• 11/30/2028 I••••••• B•••• | $1.7M | $1.7M 100c | SOFR+668 bp |
| P••••••••• F••••••• R••• C•••••• L••• | equity equity C••••• Equity A••••••••• 12/1/2023 I••••••• B••••••• Services | n/a | $539,000 53c | |
| P••••••••• F••••••• R••• C•••••• L••• | equity equity C••••• Equity C••••• Equity A••••••••• 11/30/2023 I••••••• B••••••• Services | n/a | $544,000 47c | |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 11/30/2023 M••••••• 5/30/2028 I••••••• B••••• | $828,000 | $828,000 100c | SOFR+843 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 12/1/2023 M••••••• 5/30/2028 I••••••• B•••••• | $1.7M | $1.7M 100c | SOFR+668 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 12/1/2023 M••••••• 11/30/2028 I••••••• B••••• | $821,000 | $821,000 100c | SOFR+843 bp |
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 | 3 | $10.1M | $9.7M | 107c | 0 |
| Mar 31, 2026 | 3 | $10.1M | $9.7M | 107c | 0 |
| Dec 31, 2025 | 3 | $10.1M | $9.7M | 109c | 0 |
| Sep 30, 2025 | 3 | $15.4M | $14.8M | 106c | 0 |
| Jun 30, 2025 | 3 | $9.4M | $10.2M | 116c | 0 |
| Mar 31, 2025 | 3 | $9.4M | $10.1M | 114c | 0 |
| Dec 31, 2024 | 3 | $14.7M | $13.9M | 108c | 0 |
| Sep 30, 2024 | 3 | $17.6M | $18.4M | 102c | 0 |
| Jun 30, 2024 | 3 | $9.6M | $10.1M | 102c | 0 |
| Mar 31, 2024 | 3 | $9.5M | $10.2M | 102c | 1 |
| Dec 31, 2023 | 3 | $14.1M | $14.2M | 99c | 1 |
| Sep 30, 2023 | 4 | $47.6M | $9.8M | 21c | 3 |
| Jun 30, 2023 | 5 | $44.5M | $10.9M | 31c | 4 |
| Mar 31, 2023 | 4 | $39.5M | $21.3M | 61c | 3 |
| Dec 31, 2022 | 4 | $50.9M | $35.1M | 77c | 4 |
| Sep 30, 2022 | 2 | $44.3M | $32.6M | 75c | 1 |
| Dec 31, 2021 | 1 | $38.4M | $32.9M | 86c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Dec 31, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Spread changed (observed)Jun 30, 2025
- returned to accrualJun 30, 2025
- Spread changed (observed)Sep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Maturity extended (observed)Mar 31, 2024
- Mark recoveredDec 31, 2023
- PIK interest increasedDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Spread increasedDec 31, 2023
- Spread increasedDec 31, 2023
- PIK interest increasedDec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- Marked down across lendersSep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Lender left a facilitySep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down across lendersJun 30, 2023
- non accrual placedJun 30, 2023
- Lender left a facilityJun 30, 2023
- non accrual placedJun 30, 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
- OUTPUT SERVICESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Business Servicesreportedas one filer wrote it