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Borrower

C••••••• P•••••• I••

IT Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: C•••••••; Inc. - Funded; Inc. Asset Type; Packers Software Intermediate Holdings, Inc; Project C••••••• Acquisition, LLC
See every lender's markFind rescue capital
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Special situations PE firms

What matters now

  1. 99¢ → 93¢
    consensus mark

    Consensus mark 93¢ on cost, down from 99¢ a year ago, 97¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived9 of 9 lenders' own marks, weighted by principal
  2. 12 pts
    88¢ to 100¢

    Lenders disagree by 12 points: N•• M••••••• F•••••• C••• 88¢ to A••• S•••••••• I••••• F••• 100¢.

    Q2 2026 · Holders value the same loan differently, so a position could trade between them.

    Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
  3. $148M
    principal outstanding

    $148M principal held by 9 lenders; matures Nov 2027.

    Q2 2026 · Refinancing is due in 13 months at a 93¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
Q2 2025: 99¢Q3 2025: 101¢Q4 2025: 100¢Q1 2026: 97¢Q2 2026: 93¢99¢ · 101¢ · 100¢ · 97¢ · 93¢Q2 2025 to Q2 2026
Where each lender marks it, 12 points apart
88¢Consensus: 93¢A••• C•••••• C•••: 90¢N•• M••••••• F•••••• C•••: 88¢A••• S•••••••• I••••• F•••: 100¢M••••• C•••••• I••••• P••• C•••: 89¢S•••• P•••• C••••• C•••: 90¢S•••• P•••• C••••• I••••• F•••: 89¢A•••••• S•••••••• C••••• F•••: 92¢A•••••• P•••••• C••••• F•••: 92¢B•••••• P•••••• C••••• C•••: 100¢100¢
Principal held
at least $148M
sum of BDC pieces, a lower bound
Fair value
$250M
93c on cost, debt pieces
Unfunded
$21.3M
commitments not yet drawn
BDC lenders
10
9 on the latest quarter
Facilities
4
3 equity pieces beside them
Next maturity
Nov 1, 2027
$41.9M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
9
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
A••• C•••••• C•••$94.9M90¢-6 pts
N•• M••••••• F•••••• C•••$21.3M88¢-6 pts
A••• S•••••••• I••••• F•••$18.1M100¢0 pts
M••••• C•••••• I••••• P••• C•••$7.5M89¢-5 pts
S•••• P•••• C••••• C•••$2.95M90¢-5 pts
View all 9 lenderslargest exposure first
LenderExposureCurrent markQoQ change
S•••• P•••• C••••• I••••• F•••$2.95M89¢-6 pts
A•••••• S•••••••• C••••• F•••$244K92¢-5 pts
A•••••• P•••••• C••••• F•••$196K92¢-5 pts
B•••••• P•••••• C••••• C•••no principal filed100¢-1 pts
Every BDC piece · 19 positions across 9 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
A••• C•••••• C•••term loan second lien
S••••• lien senior secured loan
$71.6M$63.8M
89c
S+775 bp
A••• S•••••••• I••••• F•••term loan first lien
F•••• lien senior secured loan
$18.1M$17.9M
100c
S+450 bp
A••• C•••••• C•••term loan first lien
F•••• lien senior secured loan
$16.5M$14.5M
90c
S+450 bp
N•• M••••••• F•••••• C•••term loan first lien
F•••• lien
$11.5M$10.2M
89c
S+450 bp
N•• M••••••• F•••••• C•••term loan second lien
S••••• lien
$9.8M$8.5M
87c
S+775 bp
View all 19 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
M••••• C•••••• I••••• P••• C•••term loan first lien
S••••• S•••••• L••••
$7.5M$6.6M
89c
S+465 bp
A••• C•••••• C•••term loan first lien
F•••• lien senior secured loan
$6.8M$6.7M
99c
S+450 bp
S•••• P•••• C••••• C•••term loan first lien
F•••• L••• T••• L•••, Due 11/12/2027
$3.0M$2.6M
90c
SOFR+450 bp
S•••• P•••• C••••• I••••• F•••term loan first lien
F•••• L••• T••• L•••
$3.0M$2.6M
89c
S+450 bp
A•••••• S•••••••• C••••• F•••term loan first lien
Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.40% M•
$244,000$216,000
92c
SOFR+450 bp
A•••••• P•••••• C••••• F•••term loan first lien
Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.40% M•
$196,000$174,000
92c
SOFR+450 bp
A••• C•••••• C•••equity equity
Series A••••••••• shares
Not disclosed$13.9M
85c
11.00%
A••• C•••••• C•••unstated lien unstatedNot disclosedNot disclosed
A••• C•••••• C•••preferred equity equity
Series A-3 preferred shares
Not disclosed$16.7M
85c
11.00%
A••• C•••••• C•••unstated lien unstatedNot disclosedNot disclosed
A••• C•••••• C•••preferred equity equity
Series A preferred shares
Not disclosed$39.0M
85c
11.00%
A••• S•••••••• I••••• F•••unstated lien unstatedNot disclosedNot disclosed
B•••••• P•••••• C••••• C•••term loan lien unstated
S••••• L••• Fund LLC
Not disclosedNot disclosed
B•••••• P•••••• C••••• C•••term loan lien unstated
S••••• L••• Fund LLC | 15.8% M••••• I•••••••
Not disclosed$46.2M
100c
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
second lien term loan second lienat least $81.4M89cS+775 bpNov 1, 20282
first lien term loan first lienat least $66.7M93cSOFR+450 bpOct 1, 20329
term loan lien unstatedunknown100cunstated1
first lien revolver first lien
exited Sep 30, 2025
at least $16.7M102cS+450 bpNov 1, 20271
Equity pieces beside the debt: preferred equity ($55.7M fair value, 1 BDC), equity ($13.9M fair value, 1 BDC), other (Not disclosed fair value, 2 BDCs)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20269$148M$180M93c0
Mar 31, 20269$160M$193M97c0
Dec 31, 20259$163M$160M100c0
Sep 30, 20257$126M$126M101c0
All 17 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20257$126M$123M99c0
Mar 31, 20257$113M$110M98c0
Dec 31, 20244$119M$114M96c0
Sep 30, 20243$97.2M$91.9M95c0
Jun 30, 20243$97.2M$92.6M96c0
Mar 31, 20243$86.1M$81.4M95c0
Dec 31, 20232$114M$109M96c0
Sep 30, 20232$90.8M$85.3M94c0
Jun 30, 20232$90.9M$85.2M94c0
Mar 31, 20232$91.0M$86.3M95c0
Dec 31, 20222$89.4M$81.7M92c0
Sep 30, 20222$88.3M$84.8M96c0
Dec 31, 20212$82.4M$82.4M100c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
CARDINALderivedthe codename stem after legal suffixes and deal words
Spellings
3 across 10 BDCsderived
Industry
IT Servicesreportedas one filer wrote it