DFX Intelligence
Private Credit Intelligence
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Borrower
H••••••••• H•••••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Forta, LLC; H•••Systems; H•••Systems Holdings, Inc; Inc. Acquisitions 8/27/2025; Software/Services
Principal held
at least $125M
sum of BDC pieces, a lower bound
Fair value
$96.5M
78c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
15
8 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
15
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 $110M | 77c | 12.74% PIK 9.00% | May 21, 2029 | 8 |
| first lien term loan first lien | at least $7.7M | 81c | SOFR+600 bp | May 21, 2029 | 8 |
| other lien unstated | at least $6.6M | 79c | S+600 bp | May 21, 2029 | 3 |
| first lien revolver first lien exited Mar 31, 2025 | at least $2.1M | 90c | S+400 bp | Aug 1, 2026 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••• C••••• B•• I••• | term loan first lien Investment Type 1st Lien Term Loan Index S+ Spread 6.00% Interest R••• 9.73% Acquisition D | $1.4M | $1.4M 99c | SOFR+600 bp |
| B•• I••••••••• C••• | term loan first lien First Lien/Senior Secured Debt Interest R••• 9.77% Reference R••• and Spread SOFR + 6.00% | $1.4M | $1.1M 78c | SOFR+600 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $6.6M | $4.9M 79c | S+600 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan second lien Investment Second Lien Debt Reference R••• and Spread S + 9.00% PIK Interest R••• 12.74% M | $18.6M | $15.9M 86c | 12.74% PIK 9.00% |
| N•• M••••••• P•••••• C••••• F••• | term loan second lien Second Lien | Non-Affiliated Issuer | $20.9M | $12.9M 62c | 12.74% PIK 9.00% |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment First Lien Senior Secured Loan Interest R••• 9.76% (S +CSA + 6.00%) Maturity Da | $4.8M | $3.7M 76c | SOFR+600 bp |
| P••••• S••••• C•••••• B•• I••• | term loan second lien Investment Second Lien Senior Secured Loan Interest R••• 12.74% (S + 9% PIK) Maturity Date | $3.9M | $1.9M 47c | 12.74% PIK 9.00% |
| P••••••• C•••••• C••• | term loan second lien Second Lien Term Loan | n/a | n/a | |
| P••••••• C•••••• C••• | term loan second lien Second Lien Term Loan | $56.3M | $46.5M 83c | 12.74% PIK 9.00% |
| P••••••• C•••••• C••• | term loan second lien Second Lien Term Loan | n/a | n/a | PIK 9.00% |
| S•••• P•••• C••••• C••• | term loan second lien Second Lien Term Loan, Due 5/19/2029 | $10.7M | $8.2M 78c | 12.74% PIK 9.00% |
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 | 8 | $125M | $96.5M | 78c | 6 |
| Mar 31, 2026 | 9 | $124M | $102M | 83c | 6 |
| Dec 31, 2025 | 9 | $150M | $130M | 87c | 5 |
| Sep 30, 2025 | 10 | $118M | $104M | 89c | 0 |
| Jun 30, 2025 | 9 | $219M | $200M | 92c | 0 |
| Mar 31, 2025 | 8 | $104M | $91.0M | 89c | 0 |
| Dec 31, 2024 | 9 | $167M | $138M | 84c | 0 |
| Sep 30, 2024 | 8 | $110M | $102M | 93c | 0 |
| Jun 30, 2024 | 6 | $136M | $122M | 90c | 0 |
| Mar 31, 2024 | 6 | $173M | $163M | 95c | 0 |
| Dec 31, 2023 | 8 | $185M | $171M | 93c | 0 |
| Sep 30, 2023 | 5 | $118M | $110M | 93c | 0 |
| Jun 30, 2023 | 6 | $172M | $153M | 90c | 0 |
| Mar 31, 2023 | 5 | $169M | $151M | 90c | 0 |
| Dec 31, 2022 | 7 | $192M | $174M | 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 across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- Maturity extended (observed)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
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 31, 2025
- PIK interest appearsDec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 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
- HELP SYSTEMSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 15 BDCsderived
- Industry
- Softwarereportedas one filer wrote it