DFX Intelligence
Private Credit Intelligence
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Borrower
S•••••• P••••••• G••••• A•••••••• L••
Capital marketsgroup grade Aon a schedule nowsponsor unattributed
Also written as: S•••••• Partners Intermediate II; S•••••• Partners Investment Advisory; S•••••• Partners New Holdings
Principal held
at least $95.6M
sum of BDC pieces, a lower bound
Fair value
$96.1M
101c on cost, debt pieces
Unfunded
$4.2M
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
6
2 equity pieces beside them
Next maturity
Oct 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
5
dated, non-routine
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 $51.9M | 102c | PIK 11.00% | Dec 1, 2032 | 2 |
| first lien term loan first lien | at least $35.8M | 100c | S+500 bp | Oct 1, 2028 | 2 |
| delayed draw term loan lien unstated | at least $6.1M | n/a | SOFR+500 bp | Oct 13, 2028 | 1 |
| revolver lien unstated | at least $955,881 | n/a | 0.00% | Oct 13, 2028 | 1 |
| term loan lien unstated | at least $900,081 | n/a | SOFR+500 bp | Oct 13, 2028 | 1 |
| first lien revolver first lien exited Mar 31, 2026 | at least $14.1M | 101c | S+475 bp | Oct 1, 2028 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan unsecured or subordinated Senior subordinated loan | $25.0M | $22.8M 101c | PIK 11.00% |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan 2 | $9.6M | $9.6M 100c | S+500 bp |
| A••• C•••••• C••• | warrants equity Warrant to purchase common stock | n/a | $2.5M 104c | |
| A••• C•••••• C••• | term loan first lien First lien senior secured loan 1 | $4.8M | $4.8M 100c | S+500 bp |
| A••• S•••••••• I••••• F••• | term loan unsecured or subordinated Senior subordinated loan | $26.9M | $24.5M 102c | PIK 11.00% |
| A••• S•••••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| A••• S•••••••• I••••• F••• | term loan first lien First lien senior secured loan | $21.4M | $21.4M 100c | S+500 bp |
| A••• S•••••••• I••••• F••• | warrants equity Warrant to purchase common stock | n/a | $2.7M 102c | |
| M••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan (1 month CME Term SOFR + 5.000%) | Senior loans 238.6% | $916,808 | $910,390 | SOFR+500 bp |
| M••••••• P•••••• C••••• F••• | term loan lien unstated Term Loan (1 month CME Term SOFR + 5.000%) | Senior loans 238.6% | $900,081 | $893,780 | SOFR+500 bp |
| M••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | Senior loans 238.6% | $955,881 | $949,190 | 0.00% |
| M••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan C (1 month CME Term SOFR + 5.000%) | Senior loans 238.6% | $5.1M | $5.1M | SOFR+500 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 | $95.6M | $90.9M | 111c | 2 |
| Mar 31, 2026 | 3 | $82.7M | $80.3M | 112c | 2 |
| Dec 31, 2025 | 3 | $78.0M | $74.4M | 126c | 2 |
| Sep 30, 2025 | 3 | $19.6M | $19.3M | 169c | 0 |
| Jun 30, 2025 | 3 | $17.7M | $17.5M | 184c | 0 |
| Mar 31, 2025 | 3 | $8.7M | $8.7M | 134c | 0 |
| Dec 31, 2024 | 3 | $10.1M | $10.1M | 180c | 0 |
| Sep 30, 2024 | 3 | $6.9M | $6.9M | 150c | 0 |
| Jun 30, 2024 | 3 | $7.0M | $7.0M | 153c | 0 |
| Mar 31, 2024 | 3 | $6.3M | $6.1M | 154c | 0 |
| Dec 31, 2023 | 3 | $8.3M | $8.1M | 213c | 0 |
What changed
- Maturity shortened (observed)Jun 30, 2026
- Facility left every BDC scheduleMar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 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
- STEWARD PARTNERS ADVISORYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Capital marketsreportedas one filer wrote it