DFX Intelligence
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Borrower
A••••• D••• H•••••••• I••
Professional Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Clutch Intermediate Holdings
What matters now
- $12.4Mprincipal outstanding
$12.4M principal held by 4 lenders; matures Sep 2027.
Q2 2026 · Refinancing is due in 12 months at a 94¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
95¢ · 95¢ · 95¢ · 94¢ · 94¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 7 points apart
91¢98¢
Principal held
at least $12.4M
sum of BDC pieces, a lower bound
Fair value
$10.1M
92c on cost, debt pieces
Unfunded
$2.0M
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
4
1 equity pieces beside them
Next maturity
Sep 10, 2027
$12.4M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
6
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 |
|---|---|---|---|
| G•••••• S•••• B••• I••• | $4.06M | 92¢ | +1 pts |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | $3.67M | 91¢ | 0 pts |
| M••••• S•••••• D••••• L•••••• F••• | $3.26M | 98¢ | -1 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $1.4M | 99¢ | -1 pts |
Every BDC piece · 14 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.00% I••••••• rate 9.54% M•••••• | $3.3M | $3.2M 98c | SOFR+600 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 9.54% R•••••••• R••• and S••• | $2.8M | $2.6M 92c | SOFR+600 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 9.54% R•••••••• R••• and S••• | $2.6M | $2.3M 91c | SOFR+600 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 6.00% I••••••• R••• 9.54% M••••••• | $1.4M | $1.4M 99c | SOFR+600 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• R•••••••• R••• and S••••• S + 6.00% M•••••• | $1.2M | -$110,000 1833c | SOFR+600 bp |
View all 14 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• R•••••••• R••• and S••••• S + 6.00% M•••••• | $1.1M | -$99,000 2475c | SOFR+600 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.00% I••••••• rate 9.54% M•••••• | $0 | -$36,000 600c | SOFR+600 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 6.00% I••••••• R••• 9.54% M••••••• | $0 | -$16,000 160c | SOFR+600 bp |
| G•••••• S•••• B••• I••• | equity equity C••••• S•••• I••••••• S••••••• I•••••• A••••••••• D••• 03/10/21 | Not disclosed | $69,000 2c | |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | equity equity C••••• S•••• I••••••• S••••••• I•••••• A••••••••• D••• 03/10/2021 | Not disclosed | $63,000 2c | |
| M••••• S•••••• D••••• L•••••• F••• | equity equity Investment C••••• Equity A••••••••• D••• 03/09/2021 | Not disclosed | $677,000 23c | |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 10/09/2027 | Not disclosed | Not disclosed | S+600 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | equity equity Investment C••••• Equity A••••••••• D••• 07/12/2021 | Not disclosed | $120,000 38c | |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 09/10/2027 | Not disclosed | Not disclosed | S+600 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 $12.4M | 92c | SOFR+600 bp | Sep 10, 2027 | 4 |
| first lien revolver first lien | unknown | n/a | S+600 bp | unstated | 2 |
| revolver lien unstated exited Dec 31, 2024 | at least $3.9M | 104c | S+625 bp | unstated | 1 |
| other lien unstated exited Jun 30, 2025 | unknown | 73c | unstated | 2 |
Equity pieces beside the debt: equity ($929,000 fair value, 4 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 | 4 | $12.4M | $9.2M | 92c | 0 |
| Mar 31, 2026 | 4 | $12.4M | $9.3M | 93c | 0 |
| Dec 31, 2025 | 4 | $12.4M | $9.4M | 94c | 0 |
| Sep 30, 2025 | 4 | $12.4M | $9.4M | 95c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $12.4M | $9.4M | 95c | 0 |
| Mar 31, 2025 | 4 | $12.4M | $9.4M | 95c | 0 |
| Dec 31, 2024 | 4 | $52.7M | $49.7M | 100c | 0 |
| Sep 30, 2024 | 4 | $30.5M | $26.9M | 97c | 0 |
| Jun 30, 2024 | 3 | $26.6M | $23.2M | 97c | 0 |
| Mar 31, 2024 | 4 | $66.9M | $65.3M | 99c | 0 |
| Dec 31, 2023 | 4 | $103M | $100M | 100c | 0 |
| Sep 30, 2023 | 4 | $67.4M | $69.4M | 100c | 0 |
| Jun 30, 2023 | 4 | $66.8M | $32.9M | 100c | 0 |
| Mar 31, 2023 | 4 | $49.4M | $30.1M | 101c | 0 |
| Dec 31, 2022 | 4 | $69.4M | $64.7M | 100c | 0 |
What changed
- Maturity approachingSep 10, 2027
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
Full timeline · 19 eventsShow fewer
- Maturity extended (observed)Jun 30, 2026
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- Maturity extended (observed)Mar 31, 2024
- 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
- ABACUS DATAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Professional Servicesreportedas one filer wrote it