DFX Intelligence
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Borrower
H•••••••• P•• B••••• L••
Commercial Services and Suppliesgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC Asset Type
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 100¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
97¢100¢
Principal held
at least $26.5M
sum of BDC pieces, a lower bound
Fair value
$24.1M
99c on cost, debt pieces
Unfunded
$14.4M
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Dec 12, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2023
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 |
|---|---|---|---|
| A•••••• S•••••••• C••••• F••• | $9.12M | 97¢ | -2 pts |
| A•••••• P•••••• C••••• F••• | $8.82M | 99¢ | -1 pts |
| A• P•••••• C••••• I•••••••• C••• | $8.55M | 100¢ | 0 pts |
Every BDC piece · 17 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.50% M• | $7.1M | $7.0M 99c | SOFR+475 bp |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 8.48% (S + 4.75%; 0.75% F•• | $5.5M | $5.5M 100c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.50% M• | $4.3M | $4.2M 99c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.50% M• | $2.9M | $2.9M 99c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.41% M•• | $1.9M | $696,000 97c | SOFR+475 bp |
View all 17 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 8.48% (S + 4.7 | $1.9M | $1.8M 100c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.41% M•• | $904,000 | $324,000 97c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• | $854,000 | $842,000 99c | SOFR+475 bp |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 8.48% (S + 4.75%; 0.75% F•• | $607,561 | $599,967 100c | SOFR+475 bp |
| A• P•••••• C••••• I•••••••• C••• | revolver first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 9.37% (S + 4.75%; 0.75% F••• | $525,618 | $508,019 100c | SOFR+475 bp |
| A• P•••••• C••••• I•••••••• C••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 8.48% (S + 4.7 | $33,738 | $18,994 75c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 12/12/2029 | Not disclosed | $-8,000 | |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• | Not disclosed | $7,000 16c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien C••••••••• T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 11/12/2027 | Not disclosed | $-45,000 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 12/12/2029 | Not disclosed | $-18,000 | |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• | Not disclosed | $21,000 14c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien C••••••••• T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 11/12/2027 | Not disclosed | $-145,000 |
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 $20.4M | 99c | SOFR+475 bp | Dec 12, 2029 | 3 |
| first lien revolver first lien | at least $3.4M | 98c | SOFR+475 bp | Dec 12, 2029 | 3 |
| first lien delayed draw term loan first lien | at least $2.7M | 94c | SOFR+475 bp | Dec 12, 2029 | 3 |
| revolver lien unstated exited Dec 31, 2025 | unknown | n/a | unstated | 2 | |
| delayed draw term loan lien unstated exited Dec 31, 2025 | unknown | n/a | unstated | 2 |
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 | $26.5M | $24.1M | 98c | 0 |
| Mar 31, 2026 | 3 | $26.1M | $23.2M | 99c | 0 |
| Dec 31, 2025 | 3 | $31.3M | $31.2M | 100c | 0 |
| Sep 30, 2025 | 3 | $17.5M | $17.1M | 101c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $17.4M | $16.9M | 101c | 0 |
| Mar 31, 2025 | 3 | $16.9M | $16.3M | 101c | 0 |
| Dec 31, 2024 | 3 | $23.8M | $23.0M | 101c | 1 |
| Sep 30, 2024 | 2 | $9.3M | $9.2M | 101c | 0 |
| Jun 30, 2024 | 2 | $9.3M | $9.2M | 101c | 0 |
| Mar 31, 2024 | 2 | $8.9M | $8.8M | 101c | 0 |
| Dec 31, 2023 | 1 | $30.6M | $30.0M | 100c | 3 |
What changed
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 18 eventsShow fewer
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Spread increasedSep 30, 2025
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- New borrower on a BDC scheduleDec 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
- HEARTLAND PPCderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Commercial Services and Suppliesreportedas one filer wrote it