DFX Intelligence
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Borrower
4•••••• S••••••••• L••
Commercial & Professional Servicesgroup grade Aon a schedule nowsponsor not established · possible relationship
Also written as: 1; 2; Commercial &; Commercial & Professional Services; Common Stock; Preferred Stock
What matters now
- 51¢ → 103¢consensus mark
Consensus mark 103¢ on cost, up from 51¢ a year ago, 103¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
51¢ · 48¢ · 45¢ · 103¢ · 103¢Q2 2025 to Q2 2026
Principal held
at least $45.0M
sum of BDC pieces, a lower bound
Fair value
$180M
103c on cost, debt pieces
Unfunded
$7.9M
commitments not yet drawn
BDC lenders
6
2 on the latest quarter
Facilities
5
2 equity pieces beside them
Next maturity
Jan 1, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
26
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 |
|---|---|---|---|
| F• K•• C•••••• C••• | $45M | 103¢ | 0 pts |
Every BDC piece · 17 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | term loan first lien | $20.8M | $20.8M 103c | S+530 bp |
| F• K•• C•••••• C••• | term loan first lien | $15.6M | $15.6M 103c | S+500 bp |
| F• K•• C•••••• C••• | term loan first lien | $6.3M | $6.3M 100c | S+480 bp |
| F• K•• C•••••• C••• | term loan first lien | $1.6M | $1.6M 100c | S+480 bp |
| F• K•• C•••••• C••• | term loan first lien | $700,000 | $700,000 100c | S+530 bp |
View all 17 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | unstated lien unstated | Not disclosed | $0 | |
| F• K•• C•••••• C••• | unstated lien unstated | Not disclosed | $0 | |
| F• K•• C•••••• C••• | unstated lien unstated | Not disclosed | $15.6M | |
| F• K•• C•••••• C••• | equity equity C••••• S•••• | Not disclosed | $0 0c | |
| F• K•• C•••••• C••• | preferred equity equity P•••••••• S•••• | Not disclosed | $45.8M | |
| F• K•• C•••••• C••• | unstated lien unstated | Not disclosed | $20.8M | |
| F• K•• C•••••• C••• | preferred equity equity P•••••••• S•••• | Not disclosed | $45.8M 82c | |
| F• K•• C•••••• C••• | unstated lien unstated | Not disclosed | $700,000 | |
| F• K•• C•••••• C••• | equity equity C••••• S•••• 2 | Not disclosed | $0 | |
| F• K•• C•••••• C••• | equity equity C••••• S•••• 1 | Not disclosed | $0 | |
| T• S••••• B•• L•• | preferred equity equity P•••••••• Equity A••••••••• D••• 01/04/2026 | Not disclosed | $6.1M 97c | |
| T• S••••• B•• L•• | equity equity C••••• Equity A••••••••• D••• 01/04/2026 | Not disclosed | $0 |
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 $45.0M | 103c | S+530 bp | Jan 1, 2031 | 5 |
| other lien unstated | unknown | n/a | unstated | 5 | |
| revolver lien unstated exited Dec 31, 2024 | at least $26.9M | 62c | S+600 bp PIK 4.00% | unstated | 2 |
| second lien term loan second lien exited Dec 31, 2025 | at least $6.6M | 44c | SOFR+615 bp | Nov 30, 2029 | 1 |
| first lien revolver first lien exited Dec 31, 2025 | unknown | n/a | S+600 bp | unstated | 3 |
Equity pieces beside the debt: equity ($0 fair value, 4 BDCs), preferred equity ($97.7M fair value, 2 BDCs)
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 | 2 | $45.0M | $45.0M | 103c | 0 |
| Mar 31, 2026 | 3 | $45.0M | $45.0M | 103c | 0 |
| Dec 31, 2025 | 5 | $307M | $137M | 45c | 1 |
| Sep 30, 2025 | 5 | $301M | $144M | 48c | 1 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $301M | $152M | 51c | 1 |
| Mar 31, 2025 | 5 | $291M | $204M | 71c | 7 |
| Dec 31, 2024 | 5 | $572M | $441M | 78c | 14 |
| Sep 30, 2024 | 5 | $293M | $254M | 88c | 0 |
| Jun 30, 2024 | 5 | $282M | $256M | 92c | 0 |
| Mar 31, 2024 | 6 | $292M | $268M | 92c | 0 |
| Dec 31, 2023 | 6 | $307M | $290M | 95c | 0 |
| Sep 30, 2023 | 5 | $287M | $277M | 98c | 0 |
| Jun 30, 2023 | 5 | $285M | $278M | 99c | 0 |
| Mar 31, 2023 | 5 | $285M | $279M | 99c | 0 |
| Dec 31, 2022 | 6 | $484M | $468M | 98c | 0 |
| Sep 30, 2022 | 1 | $194M | $190M | 99c | 0 |
What changed
- Maturity extended (observed)Mar 31, 2026
- Mark recoveredMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- returned to accrualMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
Full timeline · 30 eventsShow fewer
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Lender left a facilityDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Marked down across lendersJun 30, 2025
- non accrual placedJun 30, 2025
- Lender left a facilityJun 30, 2025
- non accrual placedJun 30, 2025
- Lender left a facilityJun 30, 2025
- non accrual placedJun 30, 2025
- non accrual placedJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down across lendersMar 31, 2025
- PIK interest increasedMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- PIK interest increasedMar 31, 2025
- Maturity extended (observed)Dec 31, 2024
Sponsor
Possible relationship, not established: S••••• P•••••••• L•••, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- S••••• P•••••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedsummitpartners.com"••• Locked"
Identity
- Group key
- 4•••••• S••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Commercial & Professional Servicesreportedas one filer wrote it