DFX Intelligence
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A private credit borrower in it services
Borrower · IT Services
What matters now
- $228Mprincipal outstanding
$228M principal held by 3 lenders; matures Apr 2028.
Refinancing is due in 18 months at a 98¢ mark.
FactBDC schedules of investments, null; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
99¢ · 99¢ · 98¢ · 97¢ · 98¢Q3 2024 to a withheld
Where each lender marks it on the first lien term loan, 1 point apart
97¢98¢
Principal held
at least $49.5M
sum of BDC pieces, a lower bound
Fair value
$47.9M
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Apr 3, 2028
$49.5M inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at a withheld name, folded to one row per lender
How each lender’s mark moved, last 4 quarter ends
Consensus, weighted by principalOne lender
Consensus Q4 2024 99¢, Q1 2026 98¢, Q2 2026 97¢, null 98¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q4 2024 3, Q1 2026 3, Q2 2026 3, null 3. A mark is each lender’s own fair value over cost from its schedule of investments, filed about 45 days after the quarter ends; marks outside 5¢ to 110¢ on cost are left out.
Every lender’s mark by quarter, as a table
| Lender | Q4 2024 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|
| Consensus | 99¢ | 98¢ | 97¢ | 98¢ |
| PennantPark Floating Rate Capital Ltd. | 99¢ | 98¢ | 98¢ | 98¢ |
| PENNANTPARK INVESTMENT CORP | 99¢ | 98¢ | 98¢ | 98¢ |
| Nuveen Churchill Direct Lending Corp. | 98¢ | 96¢ | 94¢ | 97¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| PennantPark Floating Rate Capital Ltd. | $132M | 98¢ | 0 pts |
| PENNANTPARK INVESTMENT CORP | $68.1M | 98¢ | 0 pts |
| Nuveen Churchill Direct Lending Corp. | $28.5M | 97¢ | +3 pts |
Every BDC piece · 20 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 04/03/2028 Industry IT Services Current Coupon 9.19% Basis Point Spread Ab | $16.5M | $16.1M 99c | //fasb.org/+490 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 04/03/2028 Industry IT Services Current Coupon 9.19% Basis Point Spread Ab | $16.5M | $16.1M 99c | SOFR+490 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien First Lien Secured Debt Maturity 4/3/2028 Industry IT Services Current Coupon 9.21% Basis | $14.7M | $14.5M 99c | SOFR+490 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 04/03/2028 Industry IT Services Current Coupon 8.88% Basis Point Spread Ab | $14.6M | $14.0M 96c | //fasb.org/+490 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 4/3/2028 Industry IT Services Current Coupon 9.19% Basis Point Spread Abov | $14.6M | $14.2M 98c | SOFR+490 bp |
View all 20 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| PennantPark Floating Rate Capital Ltd. | term loan first lien First Lien Secured Debt Maturity 4/1/2028 Industry IT Services Current Coupon 9.19% Basis | $14.6M | $14.3M 98c | SOFR+490 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien First Lien Secured Debt Maturity 04/03/2028 Industry IT Services Current Coupon 9.21% Basi | $11.9M | $11.8M 100c | SOFR+490 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 04/03/2028 Industry IT Services Current Coupon 8.56% Basis Point Spread Ab | $11.9M | $11.4M 97c | //fasb.org/+490 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien First Lien Secured Debt Maturity 4/3/2028 Industry IT Services Current Coupon 9.19% Basis | $11.9M | $11.6M 98c | SOFR+490 bp |
| PENNANTPARK INVESTMENT CORP | term loan first lien First Lien Secured Debt Maturity 04/01/2028 Industry Aerospace and Defense Current Coupon | $11.4M | $11.3M 99c | SOFR+490 bp |
| PENNANTPARK INVESTMENT CORP | term loan first lien A withheld name 03/02/22 Maturity 04/01/28 Industry Aerospace and Defense Current Coupon 8 | $11.3M | $10.9M 97c | //fasb.org/+490 bp |
| PENNANTPARK INVESTMENT CORP | term loan first lien A withheld name 03/02/22 Maturity 04/01/28 Industry Aerospace and Defense Current Coupon 9 | $11.3M | $11.1M 98c | //fasb.org/+490 bp |
| PENNANTPARK INVESTMENT CORP | term loan first lien A withheld name 03/02/22 Maturity 04/01/2028 Industry Aerospace and Defense Current Coupon | $11.3M | $11.1M 98c | //fasb.org/+490 bp |
| PENNANTPARK INVESTMENT CORP | term loan first lien A withheld name 03/02/22 Maturity 04/01/28 Industry Aerospace and Defense Current Coupon 9 | $11.3M | $11.1M 98c | //fasb.org/+490 bp |
| PENNANTPARK INVESTMENT CORP | term loan first lien First Lien Secured Debt Maturity 04/01/2028 Industry Aerospace and Defense Current Coupon | $11.3M | $11.1M 98c | SOFR+490 bp |
| Nuveen Churchill Direct Lending Corp. | term loan first lien | $7.2M | $7.0M 98c | S+475 bp |
| Nuveen Churchill Direct Lending Corp. | term loan first lien First Lien Debt | $7.1M | $6.8M 96c | S+475 bp |
| Nuveen Churchill Direct Lending Corp. | term loan first lien | $7.1M | $6.9M 97c | S+475 bp |
| Nuveen Churchill Direct Lending Corp. | term loan first lien | $7.1M | $6.8M 96c | S+475 bp |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 4/3/2028 Industry IT Services Current Coupon 8.88% Basis Point Spread Abov | $4.6M | $4.4M 98c | //www.pennantpark.com/+490 bp |
Capital structure as the BDCs see it
latest quarter end a withheld name
Capital structure as the BDCs see it
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $49.5M | 97c | //fasb.org/+490 bp | Apr 3, 2028 | 3 |
| other lien unstated exited Dec 31, 2024 | at least $7.2M | 98c | S+475 bp | Apr 3, 2028 | 1 |
| first lien revolver first lien exited Jun 30, 2024 | at least $1.4M | 93c | S+565 bp | Apr 1, 2026 | 2 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| a withheld name | 3 | $228M | $222M | 98c | 0 |
| Jun 30, 2026 | 3 | $49.5M | $47.9M | 97c | 0 |
| Mar 31, 2026 | 3 | $49.6M | $48.1M | 98c | 0 |
| Dec 31, 2024 | 3 | $52.3M | $51.4M | 99c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 3 | $121M | $119M | 99c | 0 |
| Jun 30, 2024 | 3 | $46.6M | $42.4M | 93c | 0 |
| Mar 31, 2024 | 3 | $46.6M | $43.2M | 94c | 0 |
| Dec 31, 2023 | 3 | $46.6M | $41.9M | 93c | 0 |
| Sep 30, 2023 | 3 | $46.9M | $41.0M | 92c | 0 |
| Jun 30, 2023 | 3 | $46.6M | $41.5M | 93c | 0 |
| Mar 31, 2023 | 3 | $49.0M | $43.0M | 91c | 0 |
| Dec 31, 2022 | 1 | $7.6M | $7.0M | 93c | 0 |
| Sep 30, 2022 | 2 | $57.2M | $51.7M | 94c | 0 |
What changed
Owner and people
No owner identified yet: no filing, deal announcement, sponsor portfolio page or Form D signer consensus DFX holds names an owner for this borrower.
Owners matched by identity, with their credit outlook
- Arlington Capital Partners status unknown · credit outlook
The company this borrower is was matched by an identity-graded bridge; the owner is the firm its portfolio page or deal record names.
People at the company
No person is named yet: no leadership page, deal announcement or filing DFX has read names this company’s chief executive, finance chief or treasurer, so no one is suggested.
Position history
27 field-level changes across filed schedules, latest first
- Principal decreased$34.0M to $11.3M2025-12-31
- Principal decreased$47.6M to $31.1M2025-12-31
- Principal increased$26.5M to $47.6M2025-09-30
+24 more position changes
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.