DFX Intelligence
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Borrower
C•••••• I••••••••• I••
IT Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: GovBrands I•••••••••, Inc.; Inc. 1; Inc. 2; Inc. Asset Type
What matters now
- $216Mprincipal outstanding
$216M principal held by 9 lenders; matures Aug 2027.
Q2 2026 · Refinancing is due in 10 months at a 98¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
99¢ · 99¢ · 99¢ · 97¢ · 98¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 5 points apart
96¢101¢
Principal held
at least $216M
sum of BDC pieces, a lower bound
Fair value
$210M
98c on cost, debt pieces
Unfunded
$19.5M
commitments not yet drawn
BDC lenders
11
9 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Aug 1, 2027
$216M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
8
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 |
|---|---|---|---|
| B••• O•• T••••••••• F•••••• C•••• | $75.2M | 96¢ | +2 pts |
| M••••• S•••••• D••••• L•••••• F••• | $47M | 100¢ | +1 pts |
| T• S••••• B•• L•• | $28.2M | 100¢ | +1 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $28.2M | 101¢ | +1 pts |
| B••• O•• C•••••• C••• | $22.2M | 97¢ | +2 pts |
View all 9 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | $9.76M | 96¢ | +2 pts |
| B••• O•• C•••••• C••• I• | $2.91M | 96¢ | +1 pts |
| N•••• H•••• P•••••• I••••• F••• A• L•• | $2.71M | 99¢ | 0 pts |
| A•••••• P•••••• C••••• F••• | $98K | 101¢ | 0 pts |
Every BDC piece · 25 positions across 9 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $75.2M | $71.9M 96c | S+525 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $38.4M | $38.1M 100c | SOFR+5 bp |
| T• S••••• B•• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $23.0M | $22.9M 100c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $23.0M | $22.9M 101c | SOFR+525 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $22.2M | $21.2M 97c | S+525 bp |
View all 25 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $9.8M | $9.3M 96c | S+525 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $8.6M | $8.6M 100c | SOFR+5 bp |
| T• S••••• B•• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $5.2M | $5.2M 100c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $5.2M | $5.2M 100c | SOFR+525 bp |
| B••• O•• C•••••• C••• I• | term loan first lien F•••• lien senior secured loan | Non A••••••••• | $2.9M | $2.8M 96c | S+525 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $2.0M | $2.0M 99c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $671,000 | $668,000 100c | SOFR+525 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.15% M• | $98,000 | $98,000 101c | SOFR+525 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $0 | -$23,000 121c | SOFR+5 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $0 | -$1,000 | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $0 | -$14,000 56c | SOFR+525 bp |
| T• S••••• B•• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.25% I••••••• R••• 9.13% M•••••• | $0 | -$15,000 107c | SOFR+525 bp |
| B••• O•• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | -$75,000 | S+525 bp |
| B••• O•• C•••••• C••• I• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• | Not disclosed | Not disclosed | S+525 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N•••••••••/non-affiliated | Not disclosed | Not disclosed | S+525 bp |
| B••• O•• T••••••••• F•••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• I••••• | Not disclosed | -$305,000 | S+525 bp |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 08/04/2027 | Not disclosed | Not disclosed | S+5 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 08/04/2027 | Not disclosed | -$1,000 | S+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 08/04/2027 | Not disclosed | Not disclosed | S+525 bp |
| T• S••••• B•• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 08/04/2027 | Not disclosed | Not disclosed | 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 $216M | 98c | SOFR+525 bp | Aug 4, 2027 | 9 |
| first lien revolver first lien | unknown | n/a | S+525 bp | unstated | 8 |
| revolver lien unstated exited Dec 31, 2024 | at least $29.6M | 100c | S+550 bp | unstated | 1 |
| other lien unstated exited Jun 30, 2025 | at least $2.8M | 99c | S+550 bp | unstated | 2 |
| first lien delayed draw term loan first lien exited Jun 30, 2024 | at least $1.8M | 98c | S+550 bp | Aug 1, 2027 | 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 | 9 | $216M | $210M | 98c | 0 |
| Mar 31, 2026 | 9 | $219M | $211M | 97c | 0 |
| Dec 31, 2025 | 9 | $220M | $216M | 99c | 0 |
| Sep 30, 2025 | 9 | $223M | $218M | 99c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 9 | $225M | $221M | 99c | 0 |
| Mar 31, 2025 | 9 | $226M | $222M | 100c | 0 |
| Dec 31, 2024 | 8 | $397M | $389M | 99c | 0 |
| Sep 30, 2024 | 8 | $224M | $217M | 98c | 0 |
| Jun 30, 2024 | 8 | $203M | $197M | 98c | 0 |
| Mar 31, 2024 | 9 | $225M | $217M | 98c | 0 |
| Dec 31, 2023 | 9 | $231M | $220M | 97c | 0 |
| Sep 30, 2023 | 8 | $213M | $197M | 94c | 0 |
| Jun 30, 2023 | 9 | $238M | $215M | 92c | 0 |
| Mar 31, 2023 | 9 | $238M | $216M | 92c | 0 |
| Dec 31, 2022 | 5 | $0 | $0 | n/a | 0 |
What changed
- Maturity approachingAug 4, 2027
- New lender joined a facilitySep 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
Full timeline · 28 eventsShow fewer
- Lender left a facilityJun 30, 2025
- New lender joined a facilityMar 31, 2025
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Maturity shortened (observed)Mar 31, 2024
- Mark recoveredDec 31, 2023
- New lender joined a facilityDec 31, 2023
- Maturity extended (observed)Sep 30, 2023
- Marked down across lendersSep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- New borrower on a BDC scheduleDec 31, 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
- CATALISderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it