DFX Intelligence
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Borrower
S••••••••
IT Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: SYNECHRON HOLDINGS INC
What matters now
- 98¢ → 95¢consensus mark
Consensus mark 95¢ on cost, down from 98¢ a year ago, 93¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived4 of 4 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
98¢ · 100¢ · 101¢ · 93¢ · 95¢Q2 2025 to Q2 2026
Principal held
at least $7.9M
sum of BDC pieces, a lower bound
Fair value
$7.4M
95c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 3, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2024
latest Jun 30, 2026
Events
2
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 |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $3.97M | 95¢ | +2 pts |
| N•••• H•••• P•••••• I••••• F••• A• L•• | $1.99M | 95¢ | +2 pts |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $1.48M | 95¢ | +2 pts |
| A• P•••••• L•••••• F••• | $496K | 94¢ | +2 pts |
Every BDC piece · 4 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $4.0M | $3.7M 95c | S+375 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 3.75% I••••••• R••• 7.48% M•••••• | $2.0M | $1.8M 95c | SOFR+375 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $1.5M | $1.4M 95c | S+375 bp |
| A• P•••••• L•••••• F••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 7.48% (S + 3.75%) | 10/3/20 | $496,231 | $462,324 94c | SOFR+375 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $4.0M | 95c | S+375 bp | Oct 3, 2031 | 1 |
| first lien term loan first lien | at least $4.0M | 95c | SOFR+375 bp | Oct 3, 2031 | 3 |
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 | 4 | $7.9M | $7.4M | 95c | 0 |
| Mar 31, 2026 | 4 | $8.0M | $7.3M | 93c | 0 |
| Dec 31, 2025 | 4 | $8.2M | $8.2M | 101c | 0 |
| Sep 30, 2025 | 1 | $2.0M | $2.0M | 100c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $2.0M | $1.9M | 98c | 0 |
| Mar 31, 2025 | 1 | $2.0M | $2.0M | 101c | 0 |
| Dec 31, 2024 | 1 | $4.0M | $4.0M | 102c | 0 |
| Sep 30, 2024 | 1 | $2.0M | $2.0M | 100c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 10 eventsShow fewer
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2024
- Spread increasedDec 31, 2024
- New borrower on a BDC scheduleSep 30, 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
- SYNECHRONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 4 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it