DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
Borrower
Help
IT Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: 2025; 27; Forta, LLC; Inc. - Funded; Inc. Acquisitions 8; Systems Holdings, Inc
Principal held
at least $95.8M
sum of BDC pieces, a lower bound
Fair value
$75.4M
79c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
11
3 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
May 1, 2029
no dated debt inside 24 months
On the tape since
Oct 14, 2021
latest Jun 30, 2026
Events
18
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $95.8M | 79c | 12.74% PIK 9.00% | May 21, 2029 | 7 |
| first lien term loan first lien exited Mar 31, 2026 | at least $19.7M | 86c | SOFR+610 bp PIK 9.00% | May 21, 2029 | 6 |
| first lien revolver first lien exited Mar 31, 2025 | at least $2.1M | 90c | S+400 bp | Aug 1, 2026 | 1 |
| other lien unstated exited Sep 30, 2025 | unknown | n/a | unstated | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Morgan Stanley Direct Lending Fund | term loan second lien Investment Second Lien Debt Reference Rate and Spread S + 9.00% PIK Interest Rate 12.74% M | $18.6M | $15.9M 86c | 12.74% PIK 9.00% |
| New Mountain Private Credit Fund | term loan second lien Second Lien | Non-Affiliated Issuer | $20.9M | $12.9M 62c | 12.74% PIK 9.00% |
| PROSPECT CAPITAL CORP | term loan second lien Second Lien Term Loan | $56.3M | $46.5M 83c | 12.74% PIK 9.00% |
| PROSPECT CAPITAL CORP | term loan second lien Second Lien Term Loan | n/a | n/a | PIK 9.00% |
| PROSPECT CAPITAL CORP | term loan second lien Second Lien Term Loan | n/a | n/a |
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 | 3 | $95.8M | $75.4M | 79c | 4 |
| Mar 31, 2026 | 4 | $95.1M | $79.2M | 83c | 4 |
| Dec 31, 2025 | 5 | $122M | $106M | 87c | 4 |
| Sep 30, 2025 | 6 | $96.6M | $85.4M | 89c | 0 |
| Jun 30, 2025 | 5 | $198M | $181M | 91c | 0 |
| Mar 31, 2025 | 4 | $82.4M | $72.6M | 88c | 0 |
| Dec 31, 2024 | 4 | $117M | $96.9M | 83c | 0 |
| Sep 30, 2024 | 4 | $91.6M | $84.6M | 92c | 0 |
| Jun 30, 2024 | 3 | $123M | $110M | 90c | 0 |
| Mar 31, 2024 | 4 | $161M | $152M | 95c | 0 |
| Dec 31, 2023 | 5 | $169M | $157M | 93c | 0 |
| Sep 30, 2023 | 3 | $107M | $98.7M | 93c | 0 |
| Jun 30, 2023 | 4 | $160M | $142M | 89c | 0 |
| Mar 31, 2023 | 4 | $159M | $142M | 90c | 0 |
| Dec 31, 2022 | 5 | $180M | $163M | 91c | 0 |
| Sep 30, 2022 | 1 | $52.5M | $50.0M | 96c | 0 |
| Jun 30, 2022 | 1 | $52.5M | $52.5M | 100c | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
| Oct 14, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Marked down across lendersDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- PIK interest appearsDec 31, 2025
- Spread increasedDec 31, 2025
- PIK interest appearsDec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Mark recoveredMar 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- HELPderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it