DFX Intelligence
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Borrower
M•• A••••••••• L••
Business Servicesgroup grade Aoff every schedule since Mar 31, 2025sponsor unattributed
Also written as: LLC Type
Nothing material in the last 200 days. Last change: 31 Mar 2025, Consensus mark 103¢ on cost, up from 101¢ a year ago, 101¢ last quarter.
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 101¢ · 103¢Q1 2024 to Q1 2025
Principal held
at least $33.3M
sum of BDC pieces, a lower bound
Fair value
$32.5M
103c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Nov 17, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Mar 31, 2025
Events
9
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| S••••• P•••• S•••••••• L•••••• F••• | $18.6M | 104¢ | +3 pts |
| O••• D••••• L•••••• B•• F••• | $14.7M | 102¢ | +1 pts |
Every BDC piece · 5 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S••••• P•••• S•••••••• L•••••• F••• | term loan first lien 1st L•••/S•••••• L•••• I••••••••• 1st L••• T••• L••• I••••••• B••••••• Services R••• S+6.2 | $17.5M | $17.8M 104c | SOFR+625 bp |
| O••• D••••• L•••••• B•• F••• | term loan lien unstated T••• L••• R•••••••• R••• and S••••• 3M S••• + 6.25% F•••• 1.00% I••••••• R••• 10.57% I•••• | $14.7M | $14.7M 102c | SOFR+625 bp |
| S••••• P•••• S•••••••• L•••••• F••• | revolver first lien 1st L•••/S•••••• L•••• I••••••••• 1st L••• R••••••• I••••••• B••••••• Services R••• S+6.25 | $1.1M | -$400 2c | SOFR+625 bp |
| O••• D••••• L•••••• B•• F••• | revolver lien unstated R•••••••• L••• R•••••••• R••• and S••••• 3M S••• + 6.25% F•••• 1.00% I•••••• A••••••••• D• | Not disclosed | Not disclosed n/a | SOFR+625 bp |
| O••• D••••• L•••••• B•• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+625 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2025 | at least $17.5M | 104c | SOFR+625 bp | Nov 17, 2028 | 1 |
| term loan lien unstated exited Mar 31, 2025 | at least $14.7M | 102c | SOFR+625 bp | Nov 17, 2028 | 1 |
| first lien revolver first lien exited Mar 31, 2025 | at least $1.1M | n/a | SOFR+625 bp | Nov 17, 2028 | 1 |
| revolver lien unstated exited Mar 31, 2025 | unknown | n/a | SOFR+625 bp | Nov 17, 2028 | 1 |
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, 2025 | 2 | $33.3M | $32.5M | 104c | 0 |
| Dec 31, 2024 | 2 | $34.5M | $31.7M | 101c | 0 |
| Sep 30, 2024 | 2 | $33.5M | $31.7M | 101c | 0 |
| Jun 30, 2024 | 2 | $33.5M | $31.8M | 101c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 2 | $40.9M | $39.1M | 101c | 0 |
| Dec 31, 2023 | 2 | $41.0M | $38.7M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Spread changed (observed)Dec 31, 2024
Full timeline · 9 eventsShow fewer
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New borrower on a BDC scheduleDec 31, 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
- M•• A•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Business Servicesreportedas one filer wrote it