DFX Intelligence
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Borrower
K••••••••• B••••••••• S••••••• L••
Commercial Services & Suppliesgroup grade Aon a schedule nowsponsor unattributed
Also written as: 1; 2; 3; Commercial &; Commercial & Professional Services; Common Stock; KBS TopCo, LLC; Preferred Stock
Principal held
at least $404M
sum of BDC pieces, a lower bound
Fair value
$524M
75c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
3
3 equity pieces beside them
Next maturity
Nov 7, 2026
$706,975 inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
16
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 $404M | 75c | SOFR+525 bp PIK 9.06% | Nov 6, 2028 | 4 |
| unsecured or subordinated term loan unsecured or subordinated exited Dec 31, 2024 | at least $588,214 | 157c | 12.74% PIK 7.00% | Nov 6, 2028 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2023 | at least $373,455 | 100c | S+600 bp | Nov 7, 2026 | 1 |
Equity pieces beside the debt: equity ($2 fair value, 3 BDCs), preferred equity ($2 fair value, 3 BDCs), other ($237M fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | preferred equity equity P•••••••• units | n/a | $0 0c | |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $16.6M | $800,000 6c | |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $47.8M | $47.7M 100c | S+525 bp PIK 9.06% |
| A••• C•••••• C••• | equity equity C•••• A common units | n/a | $0 | |
| B•••••••• T•• C•••••• C•••• | term loan first lien F•••• L••• T••• L••• Ref S•••(Q) F•••• 1.00% S••••• 5.40% PIK T•••• C••••• 9.06% M••••••• | $1.5M | $1.3M 87c | 9.06% PIK 5.40% |
| B•••••••• T•• C•••••• C•••• | term loan first lien F•••• L••• T••• L••• Ref S•••(Q) F•••• 1.00% S••••• 8.15% PIK T•••• C••••• 11.81% M••••••• | $706,975 | $32,521 7c | 11.81% PIK 8.15% |
| B•••••••• T•• C•••••• C•••• | equity equity C••••• S•••• | n/a | $2 | |
| B•••••••• T•• C•••••• C•••• | preferred equity equity P•••••••• S•••• | n/a | $2 0c | |
| F• K•• C•••••• C••• | preferred equity equity P•••••••• S•••• | n/a | $0 0c | |
| F• K•• C•••••• C••• | unstated lien unstated | n/a | $226M | |
| F• K•• C•••••• C••• | equity equity C••••• S•••• | n/a | $0 | |
| F• K•• C•••••• C••• | preferred equity equity P•••••••• S•••• | n/a | $0 | |
| F• K•• C•••••• C••• | term loan first lien | $108M | $10.9M 12c | S+800 bp |
| F• K•• C•••••• C••• | unstated lien unstated | n/a | $10.9M | |
| F• K•• C•••••• C••• | term loan first lien | $230M | $226M 100c | S+530 bp |
| F• K•• C•••••• C••• | equity equity C••••• S•••• | n/a | $0 |
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 | $404M | $287M | 75c | 3 |
| Mar 31, 2026 | 3 | $395M | $287M | 76c | 4 |
| Dec 31, 2025 | 3 | $386M | $312M | 84c | 2 |
| Sep 30, 2025 | 3 | $376M | $315M | 86c | 3 |
| Jun 30, 2025 | 3 | $367M | $312M | 87c | 3 |
| Mar 31, 2025 | 3 | $358M | $350M | 99c | 4 |
| Dec 31, 2024 | 3 | $653M | $649M | 101c | 11 |
| Sep 30, 2024 | 3 | $345M | $345M | 102c | 7 |
| Jun 30, 2024 | 3 | $336M | $336M | 102c | 7 |
| Mar 31, 2024 | 3 | $333M | $333M | 102c | 7 |
| Dec 31, 2023 | 3 | $791M | $650M | 84c | 3 |
| Sep 30, 2023 | 3 | $425M | $396M | 95c | 0 |
| Jun 30, 2023 | 3 | $426M | $387M | 93c | 0 |
| Mar 31, 2023 | 3 | $427M | $391M | 94c | 0 |
| Dec 31, 2022 | 3 | $856M | $778M | 93c | 0 |
| Sep 30, 2022 | 2 | $452M | $432M | 98c | 0 |
| Dec 31, 2021 | 2 | $455M | $456M | 103c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest increasedSep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest increasedMar 31, 2025
- PIK interest increasedMar 31, 2025
- PIK interest increasedMar 31, 2025
- PIK interest increasedDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- PIK interest increasedDec 31, 2024
- Lender left a facilityDec 31, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Jun 30, 2024
- Spread increasedJun 30, 2024
- Maturity extended (observed)Mar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Mark recoveredMar 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- K••••••••• B••••••••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it