DFX Intelligence
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Borrower
V•••••• 1• I••••••••• C•••••• 2• B•••• L••••••
IT Servicesgroup grade Bon a schedule nowsponsor unattributed
What matters now
- 104¢ → 101¢consensus mark
Consensus mark 101¢ on cost, down from 104¢ in Q4 2025, 106¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
104¢ · 106¢ · 101¢Q4 2025 to Q2 2026
Principal held
at least $16.0M
sum of BDC pieces, a lower bound
Fair value
$19.5M
107c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Jul 11, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
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••••• D••• S•••••••• B•• | $16M | 101¢ | -5 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S••••+465, 0.00% F•••• M | $6.6M | $8.5M 110c | //gwms.apollo.com/20260630#Sterling Overnight Index Average+465 bp |
| A••••• D••• S•••••••• B•• | delayed draw term loan first lien Investment T••• F•••• L••• S•••••• D••• - D•••••• D••• I••••••• R••• S••••+465, 0.00% F••• | $5.4M | $6.7M 101c | //gwms.apollo.com/20260630#Sterling Overnight Index Average+465 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• E+465, 0.00% F•••• M•••• | $4.0M | $4.5M 112c | //gwms.apollo.com/20260630#Euro Interbank Offered Rate+465 bp |
| A••••• D••• S•••••••• B•• | delayed draw term loan first lien Investment T••• F•••• L••• S•••••• D••• - D•••••• D••• I••••••• R••• E+575, 0.00% F•••• M• | Not disclosed | $-158,000 | //gwms.apollo.com/20260630#Euro Interbank Offered Rate+575 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 $10.6M | 111c | //gwms.apollo.com/20260630#Sterling Overnight Index Average+465 bp | Jul 11, 2029 | 1 |
| first lien delayed draw term loan first lien | at least $5.4M | 101c | //gwms.apollo.com/20260630#Sterling Overnight Index Average+575 bp | Jul 11, 2029 | 1 |
Equity pieces beside the debt: other ($15.0M fair value, 1 BDC)
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 | 1 | $16.0M | $19.5M | 106c | 0 |
| Mar 31, 2026 | 1 | $12.8M | $15.4M | 107c | 0 |
| Dec 31, 2025 | 1 | $12.8M | $16.2M | 113c | 0 |
| Sep 30, 2025 | 1 | $12.8M | $16.0M | 115c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $12.8M | $16.3M | 118c | 0 |
| Mar 31, 2025 | 1 | $12.8M | $15.0M | 109c | 0 |
| Dec 31, 2024 | 1 | $12.8M | $14.5M | 102c | 0 |
| Sep 30, 2024 | 1 | $12.8M | $15.5M | 113c | 0 |
| Jun 30, 2024 | 1 | $12.8M | $14.8M | 107c | 0 |
| Mar 31, 2024 | 1 | $18.0M | $13.9M | 108c | 0 |
| Dec 31, 2023 | 1 | $18.0M | $14.1M | 110c | 0 |
| Sep 30, 2023 | 1 | $12.0M | $12.4M | 100c | 0 |
| Jun 30, 2023 | 1 | $12.0M | $13.1M | 107c | 0 |
| Mar 31, 2023 | 1 | $12.0M | $12.8M | n/a | 0 |
| Dec 31, 2022 | 1 | $12.0M | $11.8M | 103c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Sep 30, 2025
- Mark recoveredMar 31, 2025
Full timeline · 12 eventsShow fewer
- Spread changed (observed)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread increasedMar 31, 2024
- Marked down (one lender)Sep 30, 2023
- Spread increasedSep 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
- VERSION #UKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- IT Servicesreportedas one filer wrote it