DFX Intelligence
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Borrower
U••••••• I••
IT Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Letters of Credit; Undrawn Commitment; Upstack Holdco Inc; Upstack Holdco Inc. 2023
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
99¢101¢
Principal held
at least $39.8M
sum of BDC pieces, a lower bound
Fair value
$39.0M
99c on cost, debt pieces
Unfunded
$6.9M
commitments not yet drawn
BDC lenders
7
5 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Aug 25, 2031
no dated debt inside 24 months
On the tape since
Mar 31, 2022
latest Jun 30, 2026
Events
16
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 |
|---|---|---|---|
| M••••• S•••••• D••••• L•••••• F••• | $17.5M | 99¢ | 0 pts |
| A• P•••••• C••••• I•••••••• C••• | $7.19M | 100¢ | 0 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $6.62M | 99¢ | 0 pts |
| S• I••••••••• F••• I• L•• | $5.84M | 99¢ | 0 pts |
| S•••••••• P•••••• C••••• F••• L•• | $2.57M | 101¢ | 0 pts |
Every BDC piece · 23 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.00% I••••••• rate 8.63% M•••••• | $9.8M | $9.6M 99c | SOFR+500 bp |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 8.62% (S + 5.00%; 0.75% F•• | $6.0M | $6.0M 100c | SOFR+500 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S +5.00% I••••••• R••• 8.63% M••••••• D | $5.5M | $5.4M 99c | SOFR+500 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 5.00% I••••••• R••• 8.63% M••••••• | $4.9M | $4.8M 99c | SOFR+5 bp |
| S• I••••••••• F••• I• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.00% I••••••• R••• 8.63% M•••••• | $4.9M | $4.8M 99c | SOFR+500 bp |
View all 23 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien D•••••• D••• T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 8/25/2031 | $1.8M | $1.8M 101c | SOFR+500 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.00% I••••••• rate 8.63% M•••••• | $1.4M | $1.3M 97c | SOFR+500 bp |
| A• P•••••• C••••• I•••••••• C••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 8.69% (S + 5.0 | $844,727 | $833,187 100c | SOFR+500 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S +5.00% I••••••• R••• 8.63% M••••••• D | $778,000 | $741,000 97c | SOFR+500 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• Credit L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 8/25/2031 | $747,000 | $747,000 101c | SOFR+500 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 5.00% I••••••• R••• 8.63% M••••••• | $686,000 | $653,000 97c | SOFR+5 bp |
| S• I••••••••• F••• I• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.00% I••••••• R••• 8.63% M•••••• | $686,000 | $653,000 96c | SOFR+500 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.00% I••••••• rate 8.63% M•••••• | $563,000 | $536,000 97c | SOFR+500 bp |
| A• P•••••• C••••• I•••••••• C••• | revolver first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 8.64% (S + 5.00%; 0.75% F••• | $346,200 | $339,276 100c | SOFR+500 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S +5.00% I••••••• R••• 8.63% M••••••• D | $319,000 | $304,000 97c | SOFR+500 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 5.00% I••••••• R••• 8.63% M••••••• | $281,000 | $268,000 97c | SOFR+5 bp |
| S• I••••••••• F••• I• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.00% I••••••• R••• 8.63% M•••••• | $281,000 | $268,000 97c | SOFR+500 bp |
| M••••• S•••••• D••••• L•••••• F••• | delayed draw term loan first lien F•••• L••• D••• C••••••••• T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 08/23/20 | Not disclosed | Not disclosed | |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 08/25/2031 | Not disclosed | Not disclosed | |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 08/25/2031 | Not disclosed | Not disclosed | S+500 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | delayed draw term loan first lien F•••• L••• D••• C••••••••• T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 08/23/20 | Not disclosed | Not disclosed | S+500 bp |
| S• I••••••••• F••• I• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 8/25/2031 | Not disclosed | Not disclosed | S+500 bp |
| S• I••••••••• F••• I• L•• | delayed draw term loan first lien F•••• L••• D••• C••••••••• T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 8/23/202 | Not disclosed | Not disclosed | S+500 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 $36.0M | 99c | SOFR+500 bp | Aug 25, 2031 | 5 |
| first lien delayed draw term loan first lien | at least $2.7M | 101c | SOFR+500 bp | Aug 25, 2031 | 6 |
| first lien revolver first lien | at least $1.1M | 101c | SOFR+500 bp | Aug 25, 2031 | 6 |
| other lien unstated exited Jun 30, 2025 | at least $11.6M | 100c | S+500 bp | unstated | 5 |
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | S+500 bp | unstated | 2 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | S+500 bp | unstated | 2 |
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 | 5 | $39.8M | $39.0M | 99c | 0 |
| Mar 31, 2026 | 5 | $38.0M | $37.5M | 100c | 0 |
| Dec 31, 2025 | 5 | $39.4M | $39.1M | 100c | 0 |
| Sep 30, 2025 | 5 | $31.5M | $31.2M | 100c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $30.0M | $29.7M | 100c | 0 |
| Mar 31, 2025 | 5 | $30.0M | $29.5M | 100c | 0 |
| Dec 31, 2024 | 5 | $63.0M | $63.0M | 101c | 0 |
| Sep 30, 2024 | 4 | $21.3M | $21.0M | 100c | 0 |
| Jun 30, 2024 | 3 | $55.1M | $54.6M | 101c | 0 |
| Mar 31, 2024 | 4 | $57.8M | $55.8M | 100c | 0 |
| Dec 31, 2023 | 4 | $58.3M | $55.1M | 100c | 0 |
| Sep 30, 2023 | 4 | $55.5M | $51.5M | 100c | 0 |
| Jun 30, 2023 | 3 | $54.1M | $53.0M | 100c | 0 |
| Mar 31, 2023 | 3 | $54.7M | $50.3M | 256c | 0 |
| Dec 31, 2022 | 3 | $88.0M | $72.6M | 159c | 0 |
| Mar 31, 2022 | 1 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityDec 31, 2024
Full timeline · 30 eventsShow fewer
- Spread changed (observed)Dec 31, 2024
- Spread increasedDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityJun 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
- UPSTACKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 7 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it