DFX Intelligence
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Borrower
S•••••
Services: Businessgroup grade Aon a schedule nowsponsor unattributed
Principal held
at least $475,200
sum of BDC pieces, a lower bound
Fair value
$470,448
99c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
5
1 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Mar 2, 2028
$475,200 inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
6
dated, non-routine
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 $475,200 | 99c | SOFR+350 bp | Mar 2, 2028 | 3 |
| second lien term loan second lien exited Sep 30, 2023 | unknown | 100c | unstated | 1 | |
| other lien unstated exited Mar 31, 2025 | unknown | 98c | unstated | 3 |
Equity pieces beside the debt: warrants ($406,000 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••• C••••• B•• I••• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S+ S••••• 3.50% I••••••• R••• 7.23% A••••••••• D• | $475,200 | $470,448 99c | SOFR+350 bp |
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 | 1 | $475,200 | $470,448 | 99c | 0 |
| Mar 31, 2026 | 1 | $476,400 | $471,636 | 99c | 0 |
| Dec 31, 2025 | 1 | $955,200 | $945,648 | 99c | 0 |
| Sep 30, 2025 | 1 | $478,800 | $473,414 | 99c | 0 |
| Jun 30, 2025 | 1 | $480,000 | $474,000 | 99c | 0 |
| Mar 31, 2025 | 2 | $481,250 | $477,641 | 99c | 0 |
| Dec 31, 2024 | 2 | $965,000 | $955,350 | 99c | 0 |
| Sep 30, 2024 | 4 | $4.8M | $4.8M | 100c | 0 |
| Jun 30, 2024 | 5 | $4.8M | $9.8M | 100c | 0 |
| Mar 31, 2024 | 5 | $3.0M | $7.9M | 100c | 0 |
| Dec 31, 2023 | 2 | $1.5M | $3.6M | 46c | 0 |
| Sep 30, 2023 | 2 | $488,750 | $84.2M | 100c | 0 |
| Jun 30, 2023 | 2 | $490,000 | $83.0M | 100c | 0 |
| Mar 31, 2023 | 1 | $0 | $81.6M | 100c | 0 |
| Dec 31, 2022 | 2 | $492,500 | $78.6M | 100c | 0 |
What changed
- Maturity approachingMar 2, 2028
- Facility left every BDC scheduleMar 31, 2025
- Lender left a facilityJun 30, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Mark recoveredMar 31, 2024
- New lender joined a facilityMar 31, 2024
- Marked down across lendersDec 31, 2023
- Marked down (one lender)Dec 31, 2023
- Lender left a facilityDec 31, 2023
- Facility left every BDC scheduleSep 30, 2023
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- SYSTEMderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Services: Businessreportedas one filer wrote it