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Borrower

F•••••••• S••••••• I••••••••• H••••••• I••

High Tech Industriesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Business Equipment & Services; Inc. Tranche A; Inc. Tranche B; Second Out

What matters now

  1. 1 of 6 lenders
    on non-accrual

    Non-accrual at 1 of 6 lenders on the latest schedules.

    since Q2 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.

    FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender →
  2. 102¢ → 48¢
    consensus mark

    Consensus mark 48¢ on cost, down from 102¢ a year ago, 77¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived6 of 6 lenders' own marks, weighted by principal
  3. 11 pts
    41¢ to 52¢

    Lenders disagree by 11 points: B•••••• P•••••• C••••• C••• 41¢ to G•••• C•••••• P•••••• C••••• F••• 52¢.

    Q2 2026 · Holders value the same loan differently, so a position could trade between them.

    Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
  4. $44.6M
    principal outstanding

    $44.6M principal held by 6 lenders; matures Dec 2028.

    Q2 2026 · Refinancing is due in 26 months at a 48¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  5. 82¢ → 49¢
    -33 pts, one lender

    F••••••• B•• C•••••• C••• marked it 82¢ → 49¢, the largest move among 6 lenders this quarter.

    Q2 2026 · One holder repriced far more than the rest.

    FactF••••••• B•• C•••••• C••• schedule of investmentsOpen the lender →
Mark path, consensus per quarter end
Q2 2025: 102¢Q3 2025: 101¢Q4 2025: 91¢Q1 2026: 77¢Q2 2026: 48¢102¢ · 101¢ · 91¢ · 77¢ · 48¢Q2 2025 to Q2 2026
Where each lender marks it, 11 points apart
41¢Consensus: 48¢B•••••• P•••••• C••••• C•••: 41¢S•••• P•••• C••••• C•••: 52¢O••• D••••• L•••••• B•• F•••: 52¢S•••• P•••• C••••• I••••• F•••: 52¢F••••••• B•• C•••••• C•••: 49¢G•••• C•••••• P•••••• C••••• F•••: 52¢52¢
Principal held
at least $44.6M
sum of BDC pieces, a lower bound
Fair value
$21.5M
48c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
10
8 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Dec 1, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
17
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
B•••••• P•••••• C••••• C•••$17.6M41¢-26 pts
S•••• P•••• C••••• C•••$11M52¢-32 pts
O••• D••••• L•••••• B•• F•••$5.91M52¢-30 pts
S•••• P•••• C••••• I••••• F•••$5.09M52¢-32 pts
F••••••• B•• C•••••• C•••$2.96M49¢-33 pts
View all 6 lenderslargest exposure first
LenderExposureCurrent markQoQ change
G•••• C•••••• P•••••• C••••• F•••$1.98M52¢-31 pts
Every BDC piece · 10 positions across 8 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
B•••••• P•••••• C••••• C•••term loan first lien
F•••• L••• S••••• S•••••• T••• L•••
$17.6M$6.9M
41c
S+400 bp
S•••• P•••• C••••• C•••term loan first lien
F•••• L••• T••• L•••, Due 12/15/2028
$11.0M$5.6M
52c
SOFR+525 bp
S•••• P•••• C••••• I••••• F•••term loan first lien
F•••• L••• T••• L•••
$5.1M$2.6M
52c
S+525 bp
O••• D••••• L•••••• B•• F•••term loan first lien
F•••• L••• T••• L••• B R•••••••• R••• and S••••• 3M S••• + 4.00% I••••••• R••• 7.70% I••••
$3.9M$2.0M
52c
SOFR+400 bp
F••••••• B•• C•••••• C•••unstated lien unstated$3.0M$1.5M
49c
S+525 bp
View all 10 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
G•••• C•••••• P•••••• C••••• F•••term loan first lien
S••••• secured
$2.0M$1.0M
52c
S+525 bp
O••• D••••• L•••••• B•• F•••term loan first lien
T••• L••• R•••••••• R••• and S••••• 3M S••• + 5.25% I••••••• R••• 8.95% I•••••• A•••••••••
$2.0M$1.0M
51c
SOFR+525 bp
B•••••• B••• I•••preferred equity equity
P•••••••• S••••
Not disclosed$485,000
4c
B•••••• C•••••• I••••••••• C•••preferred equity equity
P•••••••• S••••
Not disclosed$235,000
4c
B•••••• P•••••• C••••• C•••preferred equity equity
P•••••••• S••••
Not disclosed$235,000
4c
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $41.6M47cSOFR+525 bpDec 15, 20286
other lien unstatedat least $3.0M49cS+525 bpDec 15, 20282
second lien term loan second lien
exited Dec 31, 2024
at least $11.8M100cSOFR+555 bpJun 16, 20312
term loan lien unstated
exited Jun 30, 2025
at least $7.8M104cS+400 bpunstated1
Equity pieces beside the debt: preferred equity ($955,000 fair value, 3 BDCs)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20268$44.6M$20.5M48c0
Mar 31, 20268$44.7M$33.2M77c0
Dec 31, 20258$44.8M$39.2M91c0
Sep 30, 20258$45.6M$44.0M101c0
All 16 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20257$32.9M$31.8M102c0
Mar 31, 20255$16.8M$15.5M100c0
Dec 31, 20246$45.2M$42.4M94c0
Sep 30, 20245$56.9M$43.0M81c0
Jun 30, 20246$69.8M$52.7M79c0
Mar 31, 20246$69.8M$51.5M77c0
Dec 31, 20236$69.9M$49.6M74c0
Sep 30, 20236$65.6M$48.7M77c0
Jun 30, 20236$65.6M$47.6M76c0
Mar 31, 20236$65.7M$52.1M83c0
Dec 31, 20226$59.7M$48.1M82c0
Sep 30, 20222$50.1M$43.3M88c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
FINTHRIVE SOFTWAREderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 10 BDCsderived
Industry
High Tech Industriesreportedas one filer wrote it