DFX Intelligence
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Borrower
V••••••• B••••• L••
Construction & Engineeringgroup grade Aon a schedule nowsponsor S••••••• I••••••••• P••••••• A•••••••• L•• inferred
Also written as: Hill Technical Solutions; V•••••••; V••••••• Intermediate, LLC
Principal held
at least $71.7M
sum of BDC pieces, a lower bound
Fair value
$66.8M
100c on cost, debt pieces
Unfunded
$4.5M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Nov 17, 2027
$13.4M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
8
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 $39.7M | 101c | SOFR+525 bp | May 6, 2031 | 2 |
| first lien delayed draw term loan first lien | at least $14.6M | 100c | SOFR+525 bp | May 6, 2031 | 2 |
| unsecured or subordinated subordinated debt unsecured or subordinated | at least $13.4M | 100c | 10.50% PIK 1.00% | Nov 17, 2027 | 2 |
| first lien revolver first lien | at least $4.0M | 99c | SOFR+525 bp | May 6, 2030 | 2 |
| other lien unstated exited Dec 31, 2024 | at least $2.9M | 100c | 10.50% PIK 1.00% | Nov 17, 2027 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $3.3M | $3.3M 100c | S+525 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $2.1M | $2.1M 100c | S+525 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $17.8M | $17.8M 101c | S+525 bp |
| M••••• C•••••• I••••• P••• C••• | delayed draw term loan first lien D•••••• D•••) | S••••• S•••••• L•••• | $6.6M | $4.7M 100c | S+525 bp |
| M••••• C•••••• I••••• P••• C••• | delayed draw term loan first lien D•••••• D•••) | n/a | n/a | |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | S••••• S•••••• L•••• | $3.5M | $1.0M 100c | S+525 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $7.4M | $7.4M 100c | S+525 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | subordinated debt unsecured or subordinated S••••••••• D••• | $2.9M | $2.9M 99c | 10.50% PIK 1.00% |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | subordinated debt unsecured or subordinated S••••••••• D••• | $10.5M | $10.4M 100c | 10.50% PIK 1.00% |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/6/2031 | $1.1M | $1.0M 100c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• Credit L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/6/2030 | $327,000 | $304,000 98c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• Credit L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/6/2030 One | $135,000 | $127,000 98c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• A | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/6/2031 | $502,000 | $502,000 101c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/6/2031 | $205,000 | $202,000 100c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• C | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/6/2031 | $1.8M | $1.8M 100c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | $3.3M | $3.2M 100c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• F | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/6/2031 | $164,000 | $104,000 85c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• D | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/6/2031 | $3.1M | $3.0M 100c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/6/2031 One | $4.9M | $4.8M 100c | SOFR+525 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• E | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/6/2031 | $2.2M | $2.2M 99c | SOFR+525 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 | 4 | $71.7M | $66.8M | 100c | 2 |
| Mar 31, 2026 | 3 | $54.9M | $49.8M | 101c | 1 |
| Dec 31, 2025 | 3 | $66.4M | $61.3M | 101c | 1 |
| Sep 30, 2025 | 3 | $51.8M | $41.0M | 101c | 5 |
| Jun 30, 2025 | 3 | $54.5M | $40.0M | 101c | 1 |
| Mar 31, 2025 | 3 | $53.2M | $33.2M | 101c | 1 |
| Dec 31, 2024 | 3 | $122M | $78.0M | 101c | 2 |
| Sep 30, 2024 | 3 | $42.0M | $26.6M | 101c | 1 |
| Jun 30, 2024 | 3 | $41.8M | $25.0M | 100c | 1 |
| Mar 31, 2024 | 1 | $2.8M | $2.8M | 99c | 1 |
| Dec 31, 2023 | 1 | $2.8M | $2.7M | 98c | 1 |
| Sep 30, 2023 | 1 | $2.8M | $2.7M | 98c | 1 |
| Jun 30, 2023 | 1 | $2.8M | $2.7M | 98c | 1 |
| Mar 31, 2023 | 1 | $2.8M | $2.7M | 99c | 1 |
| Dec 31, 2022 | 1 | $2.8M | $2.7M | 100c | 1 |
What changed
- Maturity approachingNov 17, 2027
- Maturity approachingNov 17, 2027
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Maturity shortened (observed)Dec 31, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- PIK interest appearsSep 30, 2025
- Spread changed (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Spread increasedSep 30, 2024
Sponsor
- R•• P•••••••
- Form D signer consensus, grade Bestimated"••• Locked"
- S••••••• I••••••••• P••••••• A•••••••• L••
- Form D signer consensus, grade Bestimated"••• Locked"
- R•• P•••••••
- Form D signer consensus, grade Bestimated"••• Locked"
Identity
- Group key
- VALKYRIEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 4 BDCsderived
- Industry
- Construction & Engineeringreportedas one filer wrote it