DFX Intelligence
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Borrower
B••• I••••••• P••••••••• I••
Business Servicesgroup grade Aon a schedule nowsponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
103¢ · 103¢ · 103¢ · 102¢ · 101¢Q2 2025 to Q2 2026
Where each lender marks it on the unsecured or subordinated term loan, 1 point apart
100¢101¢
Principal held
at least $40.9M
sum of BDC pieces, a lower bound
Fair value
$329M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 1, 2030
no dated debt inside 24 months
On the tape since
Jun 30, 2023
latest Jun 30, 2026
Events
4
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•••••••• I••••• F••• | $33.5M | 101¢ | 0 pts |
| A••• C•••••• C••• | $7.4M | 100¢ | 0 pts |
| S•••• S••••• L•••••• P••••••• | no principal filed | 101¢ | -1 pts |
Every BDC piece · 4 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan unsecured or subordinated S••••• subordinated loan | $33.5M | $33.5M 101c | S+750 bp PIK 11.17% |
| A••• C•••••• C••• | term loan unsecured or subordinated S••••• subordinated loan | $4.7M | $4.7M 100c | S+750 bp PIK 11.17% |
| A••• C•••••• C••• | term loan unsecured or subordinated S••••• subordinated loan 1 | $2.7M | $2.7M 100c | S+750 bp |
| S•••• S••••• L•••••• P••••••• | term loan first lien Investment F••••••••• holdco loan ($231,172 par, due 10/2030) I•••••• A••••••••• D••• 4/18 | Not disclosed | $231M 101c | SOFR+750 bp PIK 11.17% |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated term loan unsecured or subordinated | at least $40.9M | 101c | S+750 bp PIK 11.17% | Oct 1, 2030 | 2 |
| first lien term loan first lien | unknown | 101c | SOFR+750 bp PIK 11.17% | Oct 1, 2030 | 1 |
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 | $40.9M | $271M | 101c | 3 |
| Mar 31, 2026 | 3 | $39.8M | $265M | 102c | 4 |
| Dec 31, 2025 | 3 | $38.6M | $261M | 103c | 4 |
| Sep 30, 2025 | 3 | $37.4M | $253M | 103c | 4 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $36.5M | $247M | 103c | 4 |
| Mar 31, 2025 | 3 | $33.4M | $238M | 103c | 2 |
| Dec 31, 2024 | 3 | $22.1M | $145M | 104c | 3 |
| Sep 30, 2024 | 2 | $21.4M | $21.4M | 102c | 2 |
| Jun 30, 2024 | 2 | $20.7M | $20.7M | 102c | 2 |
| Mar 31, 2024 | 2 | $20.1M | $20.1M | 102c | 2 |
| Dec 31, 2023 | 2 | $19.5M | $19.0M | 100c | 2 |
| Sep 30, 2023 | 3 | $18.9M | $48.7M | 101c | 3 |
| Jun 30, 2023 | 2 | $18.7M | $18.2M | 99c | 0 |
What changed
- Spread changed (observed)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
Full timeline · 10 eventsShow fewer
- New lender joined a facilityDec 31, 2024
- PIK interest appearsSep 30, 2023
- PIK interest appearsSep 30, 2023
- PIK interest appearsSep 30, 2023
- New borrower on a BDC scheduleJun 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
- B••• IGNITIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Business Servicesreportedas one filer wrote it