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48Forty Solutions, LLC

Borrower · Commercial & Professional Services
group grade Aon a schedule nowsponsor Summit Partners, L.P. inferred
No date on record · this record
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Special situations PE firms

What matters now

  1. 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
Q2 2025: 51¢Q3 2025: 48¢Q4 2025: 45¢Q1 2026: 103¢Q2 2026: 103¢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
29
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
FS KKR Capital Corp$45M103¢0 pts
Every BDC piece · 17 positions across 2 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
FS KKR Capital Corpterm loan first lien$20.8M$20.8M
103c
S+530 bp
FS KKR Capital Corpterm loan first lien$15.6M$15.6M
103c
S+500 bp
FS KKR Capital Corpterm loan first lien$6.3M$6.3M
100c
S+480 bp
FS KKR Capital Corpterm loan first lien$1.6M$1.6M
100c
S+480 bp
FS KKR Capital Corpterm loan first lien$700,000$700,000
100c
S+530 bp
View all 15 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
FS KKR Capital Corpunstated lien unstatedNot disclosed$20.8M
FS KKR Capital Corpunstated lien unstatedNot disclosed$700,000
FS KKR Capital Corpequity equity
Common Stock
Not disclosed$0
0c
FS KKR Capital Corppreferred equity equity
Preferred Stock
Not disclosed$45.8M
FS KKR Capital Corpequity equity
Common Stock 1
Not disclosed$0
FS KKR Capital Corppreferred equity equity
Preferred Stock
Not disclosed$45.8M
82c
FS KKR Capital Corpunstated lien unstatedNot disclosed$15.6M
FS KKR Capital Corpequity equity
Common Stock 2
Not disclosed$0
FS KKR Capital Corpunstated lien unstatedNot disclosed$0
FS KKR Capital Corpunstated lien unstatedNot disclosed$0
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $45.0M103cS+530 bpJan 1, 20311
other lien unstatedunknownn/aunstated1
revolver lien unstated
exited Dec 31, 2024
at least $26.9M62cS+600 bp
PIK 4.00%
unstated1
second lien term loan second lien
exited Dec 31, 2025
at least $6.6M44cSOFR+615 bpNov 30, 20291
first lien revolver first lien
exited Dec 31, 2025
unknownn/aS+600 bpunstated3
Equity pieces beside the debt: equity ($0 fair value, 2 BDCs), preferred equity ($97.7M fair value, 2 BDCs)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20262$45.0M$45.0M103c0
Mar 31, 20263$45.0M$45.0M103c0
Dec 31, 20255$307M$137M45c1
Sep 30, 20255$301M$144M48c1
All 16 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20255$301M$152M51c1
Mar 31, 20255$291M$204M71c7
Dec 31, 20245$572M$441M78c14
Sep 30, 20245$293M$254M88c0
Jun 30, 20245$282M$256M92c0
Mar 31, 20246$292M$268M92c0
Dec 31, 20236$307M$290M95c0
Sep 30, 20235$287M$277M98c0
Jun 30, 20235$285M$278M99c0
Mar 31, 20235$285M$279M99c0
Dec 31, 20226$484M$468M98c0
Sep 30, 20221$194M$190M99c0
What changed

+25 additional dated changes on this borrower

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Every change including routine ones
Identity
Group key
48FORTY SOLUTIONSderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 6 BDCsderived
Industry
Commercial & Professional Servicesreportedas one filer wrote it
Capital chain

48Forty Solutions, LLC sits on 7 traced paths of capital across the graphs.

Sponsor to borrower to facility to lenderPE sponsor to borrower to facility to lender

DFX traced 7 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

93 field-level changes across filed schedules, latest first
  • Position exited
    2026-06-30
  • Position exitedfrom $6.6M
    2026-03-31
  • New position
    2026-03-31

+90 more position changes

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph

+1 connection on the graph

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

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