DFX Intelligence
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Borrower
U•• H•••••••• L••
Specialized Consumer Servicesgroup grade Con a schedule nowsponsor unattributed
Also written as: LLC Convertible Promissory; LLC Type Convertible Promissory
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 81¢Q2 2025 to Q4 2025
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$458,094
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Mar 31, 2026
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F••••••• P•••••• C••••• C• L•• | equity equity C•••• A-1 U•••• | Not disclosed | $458,094 64c |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated notes unsecured or subordinated exited Dec 31, 2025 | at least $128,340 | 81c | S+1800 bp PIK 18.00% | Dec 31, 2029 | 1 |
| other lien unstated exited Sep 30, 2023 | at least $599 | 84c | unstated | 1 | |
| first lien revolver first lien exited Jun 30, 2025 | unknown | n/a | S+625 bp | Nov 3, 2028 | 1 |
Equity pieces beside the debt: equity ($458,094 fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2025 | 1 | $128,340 | $103,631 | 81c | 3 |
| Sep 30, 2025 | 1 | $85,560 | $0 | 0c | 2 |
| Jun 30, 2025 | 1 | $53,475 | $2.6M | 4878c | 1 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2024 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2024 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2023 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2023 | 1 | $599 | $503,272 | 84c | 0 |
| Jun 30, 2023 | 1 | $569 | $506,379 | 89c | 0 |
| Dec 31, 2022 | 1 | $500 | $500,000 | 100c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleSep 30, 2023
Full timeline · 7 eventsShow fewer
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Jun 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- USW HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Specialized Consumer Servicesreportedas one filer wrote it