DFX Intelligence
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Borrower
S•••••••• L••
Interactive Media & Servicesgroup grade Aon a schedule nowsponsor not established · possible relationship
Also written as: S••••••• II
What matters now
- 2 of 2 lenderson non-accrual
Non-accrual at 2 of 2 lenders on the latest schedules.
since Q2 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 88¢ → 72¢consensus mark
Consensus mark 72¢ on cost, down from 88¢ a year ago, 75¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal - $66.7Mprincipal outstanding
$66.7M principal held by 2 lenders; matures Dec 2026.
Q2 2026 · Refinancing is due in 3 months at a 72¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
88¢ · 81¢ · 82¢ · 75¢ · 72¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
71¢72¢
Principal held
at least $66.7M
sum of BDC pieces, a lower bound
Fair value
$47.6M
72c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
2 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Dec 9, 2026
$66.7M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
14
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 |
|---|---|---|---|
| M••••• S•••••• D••••• L•••••• F••• | $49.2M | 71¢ | -4 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $17.5M | 72¢ | -4 pts |
Every BDC piece · 6 positions across 2 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••••••• R••• 9.67% M•••••• | $32.1M | $22.9M 71c | SOFR+6 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.00% I••••••• R••• 9.67% M•••••• | $13.0M | $9.2M 71c | SOFR+6 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.00% I••••••• R••• 9.67% M•••••• | $11.5M | $8.2M 72c | SOFR+600 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.00% I••••••• R••• 9.67% M•••••• | $4.6M | $3.3M 72c | SOFR+600 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.00% I••••••• R••• 9.67% M•••••• | $4.1M | $2.9M 71c | SOFR+6 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 6.00% I••••••• R••• 9.67% M•••••• | $1.4M | $982,000 72c | SOFR+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 $66.7M | 72c | SOFR+600 bp | Dec 9, 2026 | 2 |
| other lien unstated exited Jun 30, 2025 | at least $17.4M | 90c | S+600 bp PIK 2.50% | unstated | 5 |
| delayed draw term loan lien unstated exited Sep 30, 2024 | at least $11.5M | 91c | S+600 bp | Dec 9, 2026 | 3 |
| first lien revolver first lien exited Sep 30, 2025 | unknown | n/a | S+600 bp | unstated | 2 |
| revolver lien unstated exited Jun 30, 2024 | 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 | $66.7M | $47.6M | 72c | 0 |
| Mar 31, 2026 | 2 | $66.7M | $49.9M | 75c | 0 |
| Dec 31, 2025 | 2 | $66.9M | $54.5M | 82c | 0 |
| Sep 30, 2025 | 2 | $66.5M | $53.2M | 81c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $66.4M | $57.6M | 88c | 6 |
| Mar 31, 2025 | 2 | $66.0M | $59.1M | 91c | 6 |
| Dec 31, 2024 | 2 | $180M | $166M | 93c | 0 |
| Sep 30, 2024 | 3 | $77.5M | $73.5M | 96c | 0 |
| Jun 30, 2024 | 2 | $59.9M | $56.5M | 95c | 0 |
| Mar 31, 2024 | 3 | $76.6M | $71.4M | 94c | 9 |
| Dec 31, 2023 | 3 | $79.4M | $75.1M | 95c | 10 |
| Sep 30, 2023 | 3 | $76.3M | $72.8M | 96c | 0 |
| Jun 30, 2023 | 3 | $75.5M | $72.5M | 97c | 0 |
| Mar 31, 2023 | 5 | $74.7M | $72.7M | 98c | 0 |
| Dec 31, 2022 | 4 | $14.8M | $10.8M | 95c | 0 |
What changed
- Maturity approachingDec 9, 2026
- Maturity approachingDec 9, 2026
- Maturity approachingDec 9, 2026
- Spread changed (observed)Jun 30, 2026
- non accrual placedJun 30, 2026
Full timeline · 27 eventsShow fewer
- non accrual placedJun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilityJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- PIK interest appearsMar 31, 2025
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleSep 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- New lender joined a facilityMar 31, 2023
Sponsor
Possible relationship, not established: T•• L•, because a company of this name is on the sponsor's portfolio page (confidence 0.55). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- T•• L•
- the sponsor's own portfolio page lists a company of this nameestimatedtjclp.com"••• Locked"
- F•••••• I••••••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedfinbackinvestmentpartners.com"••• Locked"
Identity
- Group key
- SPECTRIOderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 5 BDCsderived
- Industry
- Interactive Media & Servicesreportedas one filer wrote it