DFX Intelligence

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Borrower

A••••••• R••••••••• L••

Commercial & Professional Servicesgroup grade Aon a schedule nowsponsor unattributed

Also written as: AR-USA Holdings; Delayed Drew; LLC Delay Draw

See every lender's mark Find rescue capital

Special situations PE firms

What matters now

$17.3M
principal outstanding
$17.3M principal held by 4 lenders; matures May 2027.
Q2 2026 · Refinancing is due in 8 months at a 101¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound

Mark path, consensus per quarter end

101¢ · 101¢ · 101¢ · 101¢ · 101¢Q2 2025 to Q2 2026

Where each lender marks it, 2 points apart

100¢102¢

Principal held

at least $17.3M

sum of BDC pieces, a lower bound

Fair value

$17.7M

101c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

BDC lenders

4 on the latest quarter

Facilities

1 equity pieces beside them

Next maturity

May 31, 2027

$17.3M inside 24 months

On the tape since

Mar 31, 2023

latest Jun 30, 2026

Events

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
S•••••• C•••••• I••••••••• C•••	$8.1M	101¢	0 pts
C••••••• C•••••• B••• I•••	$4.09M	100¢	0 pts
S•••••• P•••••• C••••• B••	$4.09M	101¢	0 pts
P••• P•••••• C••••• F•••	$1.05M	102¢	new this quarter

Every BDC piece · 12 positions across 4 lenderslargest principal first, with instrument and rate

BDC	Instrument	Principal	Fair value	Rate
S•••••• C•••••• I••••••••• C•••	term loan lien unstated T••• L••• (S•••)	$8.0M	$8.0M 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp
C••••••• C•••••• B••• I•••	term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 640, 100 F•••• I••••	$3.4M	$3.4M 100c	SOFR+640 bp
S•••••• P•••••• C••••• B••	term loan lien unstated T••• L•••	$2.2M	$2.2M 101c	SOFR+500 bp
S•••••• P•••••• C••••• B••	term loan lien unstated T••• L••• (P••• SPV)	$1.4M	$1.4M 101c	SOFR+500 bp
P••• P•••••• C••••• F•••	unstated lien unstated Due 5/31/2027	$1.1M	$1.1M 102c	S+640 bp

View all 12 positionslargest principal first

BDC	Instrument	Principal	Fair value	Rate
C••••••• C•••••• B••• I•••	term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 625,100 F•••• I•••••	$350,000	$350,000 100c	SOFR+625 bp
S•••••• P•••••• C••••• B••	delayed draw term loan lien unstated D•••••• D••• T••• L•••	$287,483	$287,483 101c	SOFR+500 bp
C••••••• C•••••• B••• I•••	term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 640, 100 F•••• I••••	$196,000	$196,000 100c	SOFR+640 bp
S•••••• P•••••• C••••• B••	delayed draw term loan lien unstated D•••••• D••• T••• L••• (P••• SPV)	$183,801	$183,801 101c	SOFR+500 bp
C••••••• C•••••• B••• I•••	delayed draw term loan first lien Investment T••• S••••• S•••••• F•••• L••• D•••••• D••• T••• L••• I••••••• T••• S + 625, 10	$124,000	$124,000 100c	SOFR+625 bp
S•••••• C•••••• I••••••••• C•••	delayed draw term loan lien unstated D•••••• D••• T••• L•••	$97,750	$97,750 101c	//stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+500 bp
S•••••• C•••••• I••••••••• C•••	equity equity C•••• A U••••	$141	$323,389 256c

Capital structure as the BDCs see it

latest quarter end Jun 30, 2026

Facility	Held	On cost	Pricing	Maturity	BDCs
term loan lien unstated	at least $11.6M	101c	SOFR+500 bp	Mar 31, 2028	2
first lien term loan first lien	at least $4.0M	100c	SOFR+640 bp	May 31, 2027	1
other lien unstated	at least $1.1M	102c	S+640 bp	May 31, 2027	1
delayed draw term loan lien unstated	at least $569,034	101c	SOFR+500 bp	Mar 31, 2028	2
first lien delayed draw term loan first lien	at least $124,000	100c	SOFR+625 bp	May 31, 2027	1

All 6 facilitiesheld first, largest first

Facility	Held	On cost	Pricing	Maturity	BDCs
revolver lien unstated exited Sep 30, 2023	unknown	n/a	S+650 bp	Mar 31, 2028	2

Equity pieces beside the debt: equity ($323,389 fair value, 2 BDCs)

Through time

the borrower's pieces summed across BDCs, every quarter end

Quarter end	BDCs	Principal held	Fair value	On cost
Jun 30, 2026	4	$17.3M	$17.3M	101c
Mar 31, 2026	3	$16.0M	$16.0M	101c
Dec 31, 2025	3	$21.4M	$29.5M	101c
Sep 30, 2025	3	$16.1M	$16.0M	101c

All 14 quarters

Quarter end	BDCs	Principal held	Fair value	On cost
Jun 30, 2025	3	$16.1M	$16.1M	101c
Mar 31, 2025	3	$16.1M	$16.1M	101c
Dec 31, 2024	3	$29.9M	$29.9M	102c
Sep 30, 2024	3	$16.2M	$16.2M	101c
Jun 30, 2024	3	$16.3M	$16.2M	101c
Mar 31, 2024	3	$16.0M	$15.9M	102c
Dec 31, 2023	2	$15.6M	$15.6M	102c
Sep 30, 2023	2	$12.0M	$12.1M	103c
Jun 30, 2023	2	$12.0M	$12.1M	102c
Mar 31, 2023	2	$12.0M	$11.7M	100c

What changed

Maturity approachingMar 31, 2028
••• Locked
Maturity approachingMar 31, 2028
••• Locked
Maturity approachingMay 31, 2027
••• Locked
Maturity approachingMay 31, 2027
••• Locked
Maturity approachingMay 31, 2027
••• Locked

Full timeline · 18 events

Maturity approachingMay 31, 2027
••• Locked
Maturity approachingMay 31, 2027
••• Locked
Maturity approachingMay 31, 2027
••• Locked
Maturity approachingMay 31, 2027
••• Locked
Maturity approachingMay 31, 2027
••• Locked
Maturity approachingMay 31, 2027
••• Locked
Maturity shortened (observed)Jun 30, 2026
••• Locked
Maturity shortened (observed)Jun 30, 2026
••• Locked
Spread changed (observed)Dec 31, 2025
••• Locked
Spread changed (observed)Dec 31, 2025
••• Locked
New lender joined a facilityDec 31, 2024
••• Locked
Facility left every BDC scheduleSep 30, 2023
••• Locked
New borrower on a BDC scheduleMar 31, 2023
••• Locked

Every change including routine ones

Identity

Group key: A••••••• R•••••••••derivedthe codename stem after legal suffixes and deal words
Spellings: 1 across 4 BDCsderived
Industry: Commercial & Professional Servicesreportedas one filer wrote it