DFX Intelligence
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Borrower
H••••• P•••••••• I••
Education Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Education Services; H••••• Management Company Inc; H••••• Management Company Inc dba Jamba Juice; Jamba Juice
What matters now
- 100¢ → 79¢consensus mark
Consensus mark 79¢ on cost, down from 100¢ a year ago, 84¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 3 lenders' own marks, weighted by principal - 12 pts70¢ to 82¢
Lenders disagree by 12 points: S•••• P•••• C••••• C••• 70¢ to O•••••• S•••••••• L•••••• C••• 82¢.
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 → - $62.7Mprincipal outstanding
$62.7M principal held by 3 lenders; matures Apr 2029.
Q2 2026 · Refinancing is due in 31 months at a 79¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 92¢ · 87¢ · 84¢ · 79¢Q2 2025 to Q2 2026
Where each lender marks it, 12 points apart
70¢82¢
Principal held
at least $62.7M
sum of BDC pieces, a lower bound
Fair value
$48.5M
79c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Apr 9, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
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 |
|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | $41.1M | 81¢ | -6 pts |
| S•••• P•••• C••••• C••• | $12.5M | 70¢ | -2 pts |
| O•••••• S•••••••• L•••••• C••• | $9.06M | 82¢ | -6 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• | $41.1M | $32.7M 81c | S+525 bp |
| S•••• P•••• C••••• C••• | term loan second lien S••••• L••• T••• L•••, Due 4/8/2030 | $12.5M | $8.6M 70c | SOFR+850 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• | $9.1M | $7.2M 82c | S+525 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 $50.2M | 81c | S+525 bp | Apr 9, 2029 | 2 |
| second lien term loan second lien | at least $12.5M | 70c | SOFR+850 bp | Apr 8, 2030 | 1 |
| term loan lien unstated exited Sep 30, 2022 | at least $107,800 | 104c | S+275 bp | unstated | 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 | 3 | $62.7M | $48.5M | 79c | 0 |
| Mar 31, 2026 | 3 | $62.8M | $51.7M | 84c | 0 |
| Dec 31, 2025 | 3 | $62.9M | $53.7M | 87c | 0 |
| Sep 30, 2025 | 3 | $60.7M | $54.8M | 92c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $60.8M | $59.8M | 100c | 0 |
| Mar 31, 2025 | 3 | $60.9M | $60.4M | 101c | 0 |
| Dec 31, 2024 | 3 | $58.6M | $58.0M | 101c | 0 |
| Sep 30, 2024 | 3 | $27.1M | $26.1M | 99c | 0 |
| Jun 30, 2024 | 3 | $27.2M | $25.8M | 97c | 0 |
| Mar 31, 2024 | 3 | $27.2M | $26.5M | 100c | 0 |
| Dec 31, 2023 | 3 | $27.3M | $26.3M | 99c | 0 |
| Sep 30, 2023 | 3 | $37.3M | $35.3M | 98c | 0 |
| Jun 30, 2023 | 3 | $37.4M | $33.1M | 91c | 0 |
| Mar 31, 2023 | 3 | $37.4M | $34.8M | 96c | 0 |
| Dec 31, 2022 | 2 | $21.9M | $21.3M | 100c | 0 |
| Sep 30, 2022 | 3 | $27.4M | $25.1M | 95c | 0 |
| Dec 31, 2021 | 1 | $117,700 | $117,300 | 100c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 15 eventsShow fewer
- Marked down across lendersSep 30, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Mark recoveredSep 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down across lendersMar 31, 2023
- Marked down (one lender)Mar 31, 2023
- Facility left every 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
- HARBORderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 4 BDCsderived
- Industry
- Education Servicesreportedas one filer wrote it