DFX Intelligence
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Borrower
A••• I••••••••• 2• L••
Distributorsgroup grade Aon a schedule nowsponsor unattributed
Also written as: A••• I••••••••• LLC; LLC IT Services
What matters now
- $78.9Mprincipal outstanding
$78.9M principal held by 7 lenders; matures Jul 2027.
Q2 2026 · Refinancing is due in 10 months at a 101¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 102¢ · 101¢ · 101¢ · 101¢Q2 2025 to Q2 2026
Where each lender marks it, 6 points apart
100¢106¢
Principal held
at least $78.9M
sum of BDC pieces, a lower bound
Fair value
$78.5M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
10
7 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 22, 2027
$78.9M inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
7
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 |
|---|---|---|---|
| K•••• A••••••• B••• I••• | $33.8M | 101¢ | 0 pts |
| C••••••••• C••••• P••••••• B•• I• I••• | $27.7M | 100¢ | -1 pts |
| S•••••••• P•••••• C••••• F••• L•• | $6.08M | 100¢ | 0 pts |
| B•• I••••••••• C••• | $5.79M | 106¢ | -1 pts |
| K•••• D• 2•••• I••• | $2.89M | 101¢ | 0 pts |
View all 7 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| M••••••• P•••••• C••••• F••• | $2.11M | no cost filed | new this quarter |
| H•••••• P••• C•••••••• I•••••• I••• | $494K | 100¢ | -1 pts |
Every BDC piece · 9 positions across 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•••• A••••••• B••• I••• | term loan first lien F•••• lien senior secured loan - I••••••• R••• 9.14% - S••••• 5.50% - R•••••••• S•••(M) - | $33.8M | $33.7M 101c | SOFR+550 bp |
| C••••••••• C••••• P••••••• B•• I• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L•••, T••••••••• H••••••• & E••••••••, S••••• A•••• I•••• S | $27.7M | $27.6M 100c | SOFR+550 bp |
| B•• I••••••••• C••• | term loan first lien F•••• L•••/S••••• S•••••• D••• I••••••• R••• 9.14% R•••••••• R••• and S••••• S••• + 5.50% | $5.8M | $5.8M 106c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• (P••• T•••••••••) | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 7/22/2027 | $3.2M | $3.2M 100c | SOFR+550 bp |
| K•••• D• 2•••• I••• | term loan first lien F•••• lien senior secured loan - I••••••• R••• 9.14% - S••••• 5.50% - R•••••••• S•••(M) - | $2.9M | $2.9M 101c | SOFR+550 bp |
View all 9 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• (P••• T•••••••••) | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 7/22/2027 | $2.8M | $2.8M 100c | SOFR+550 bp |
| M••••••• P•••••• C••••• F••• | term loan lien unstated T••• L••• (1 month CME T••• S••• + 5.500%) | S••••• L•••• 238.6% | $2.1M | $2.1M | SOFR+550 bp |
| H•••••• P••• C•••••••• I•••••• I••• | term loan first lien F•••• L••• D••• I••••••• C••••••• Systems D••••• Services IR 9.14% S••••• A•••• I•••• S••• | $482,500 | $479,605 100c | SOFR+550 bp |
| H•••••• P••• C•••••••• I•••••• I••• | term loan first lien F•••• L••• D••• I••••••• C••••••• Systems D••••• Services IR 9.14% S••••• A•••• I•••• S••• | $11,286 | $11,219 100c | SOFR+550 bp |
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 $76.7M | 101c | SOFR+550 bp | Jul 22, 2027 | 9 |
| term loan lien unstated | at least $2.1M | n/a | SOFR+550 bp | Jul 22, 2027 | 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 | 7 | $78.9M | $78.5M | 103c | 0 |
| Mar 31, 2026 | 9 | $81.0M | $82.3M | 104c | 0 |
| Dec 31, 2025 | 9 | $124M | $126M | 103c | 0 |
| Sep 30, 2025 | 7 | $44.5M | $45.9M | 107c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 6 | $39.7M | $39.6M | 106c | 0 |
| Mar 31, 2025 | 7 | $44.7M | $44.6M | 106c | 0 |
| Dec 31, 2024 | 7 | $61.6M | $61.5M | 109c | 0 |
| Sep 30, 2024 | 7 | $45.0M | $44.9M | 106c | 0 |
| Jun 30, 2024 | 6 | $16.8M | $16.7M | 115c | 0 |
| Mar 31, 2024 | 4 | $13.7M | $13.6M | 100c | 0 |
| Dec 31, 2023 | 5 | $23.4M | $23.3M | 100c | 0 |
| Sep 30, 2023 | 4 | $13.8M | $13.7M | 100c | 0 |
| Jun 30, 2023 | 3 | $7.5M | $7.3M | 99c | 0 |
| Mar 31, 2023 | 3 | $7.5M | $7.3M | 99c | 0 |
| Dec 31, 2022 | 3 | $17.0M | $16.5M | 99c | 0 |
| Sep 30, 2022 | 1 | $2.0M | $2.0M | 100c | 0 |
What changed
- Maturity approachingJul 22, 2027
- Maturity approachingJul 22, 2027
- Maturity approachingJul 22, 2027
- Maturity approachingJul 22, 2027
- Lender left a facilityMar 31, 2026
Full timeline · 14 eventsShow fewer
- Lender left a facilityMar 31, 2026
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- Spread changed (observed)Sep 30, 2024
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2022
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- A••• INTERMEDIATECOderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 10 BDCsderived
- Industry
- Distributorsreportedas one filer wrote it