DFX Intelligence
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Borrower
A••• H•••••••• L••
Commercial Services and Suppliesgroup grade Aon a schedule nowsponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $36.4M
sum of BDC pieces, a lower bound
Fair value
$24.9M
100c on cost, debt pieces
Unfunded
$11.5M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Nov 18, 2029
no dated debt inside 24 months
On the tape since
Mar 31, 2024
latest Jun 30, 2026
Events
7
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 |
|---|---|---|---|
| A•••••• S•••••••• C••••• F••• | $27.5M | 100¢ | -1 pts |
| A•••••• P•••••• C••••• F••• | $8.91M | 100¢ | 0 pts |
Every BDC piece · 14 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.41% M• | $6.2M | $6.2M 100c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.50% M• | $5.5M | $5.5M 100c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• | $5.1M | $0 0c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.50% M•• | $4.8M | $1.6M 101c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.50% M• | $4.8M | $4.8M 101c | SOFR+475 bp |
View all 14 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.41% M• | $2.9M | $2.9M 100c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.50% M• | $2.4M | $2.4M 100c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• | $2.0M | $0 0c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.50% M•• | $1.6M | $520,000 101c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.41% M• | $1.0M | $1.0M 100c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 11/18/2029 | Not disclosed | $0 | |
| A•••••• P•••••• C••••• F••• | delayed draw term loan first lien C••••••••• T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 11/12/2027 | Not disclosed | $0 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 11/18/2029 | Not disclosed | $0 | |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien C••••••••• T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 11/12/2027 | Not disclosed | $0 |
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 $22.8M | 100c | SOFR+475 bp | Nov 18, 2029 | 2 |
| first lien delayed draw term loan first lien | at least $7.1M | n/a | SOFR+475 bp | Nov 18, 2029 | 2 |
| first lien revolver first lien | at least $6.5M | 101c | SOFR+475 bp | Nov 18, 2029 | 2 |
| delayed draw term loan lien unstated exited Dec 31, 2025 | unknown | n/a | unstated | 2 | |
| revolver lien unstated exited Dec 31, 2025 | unknown | n/a | unstated | 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 | 2 | $36.4M | $24.9M | 100c | 0 |
| Mar 31, 2026 | 2 | $30.0M | $23.2M | 101c | 0 |
| Dec 31, 2025 | 2 | $36.5M | $22.8M | 100c | 0 |
| Sep 30, 2025 | 2 | $16.0M | $15.5M | 100c | 0 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $16.1M | $15.4M | 100c | 0 |
| Mar 31, 2025 | 2 | $16.1M | $15.3M | 100c | 1 |
| Dec 31, 2024 | 2 | $16.1M | $15.3M | 100c | 0 |
| Sep 30, 2024 | 1 | $6.6M | $5.9M | 100c | 0 |
| Jun 30, 2024 | 1 | $5.0M | $4.9M | 99c | 0 |
| Mar 31, 2024 | 1 | $5.0M | $4.8M | 99c | 0 |
What changed
- Marked down (one lender)Jun 30, 2026
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
Full timeline · 16 eventsShow fewer
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- Spread increasedDec 31, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- ARES HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Commercial Services and Suppliesreportedas one filer wrote it