DFX Intelligence
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Borrower
B••••••••• T••••••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: B••••••••• T••••••••• Inc.1; Inc. 2025-1 Refinancing; Legal Spend Holdings, LLC
What matters now
- $233Mprincipal outstanding
$233M principal held by 13 lenders; matures May 2028.
Q2 2026 · Refinancing is due in 19 months at a 100¢ 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¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 3 points apart
99¢102¢
Principal held
at least $233M
sum of BDC pieces, a lower bound
Fair value
$231M
100c on cost, debt pieces
Unfunded
$7.3M
commitments not yet drawn
BDC lenders
16
13 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
May 1, 2028
$1.4M inside 24 months
On the tape since
Sep 30, 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 |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $76.4M | 99¢ | 0 pts |
| G•••• C•••••• B••• I••• | $45.4M | 100¢ | +1 pts |
| S•••• P•••• C••••• C••• | $39.2M | 101¢ | 0 pts |
| A••• C•••••• C••• | $16.5M | 100¢ | 0 pts |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | $14.3M | 102¢ | 0 pts |
View all 13 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| T• S••••• B•• L•• | $13M | 101¢ | 0 pts |
| S•••• P•••• C••••• I••••• F••• | $9.82M | 101¢ | 0 pts |
| G•••• C•••••• P•••••• C••••• F••• | $4.84M | 101¢ | +1 pts |
| H•• C•••••••• L•••••• F••• | $4.83M | 100¢ | 0 pts |
| M••••• S•••••• D••••• L•••••• F••• | $3.6M | 101¢ | 0 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $3.46M | 101¢ | 0 pts |
| G•••• C•••••• D••••• L•••••• C••• | $1.78M | 100¢ | +1 pts |
| S•••••••• P•••••• C••••• F••• L•• | $252K | 99¢ | -1 pts |
Every BDC piece · 27 positions across 13 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• Financial Services I••••••• R••• 8.23% R•••••••• R•• | $76.4M | $75.6M 99c | SOFR+450 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $45.4M | $45.1M 100c | S+450 bp |
| S•••• P•••• C••••• C••• | term loan first lien F•••• L••• T••• L•••, Due 5/14/2029 | $39.2M | $39.2M 101c | SOFR+450 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $16.5M | $16.5M 100c | S+450 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $13.3M | $13.3M 102c | S+450 bp |
View all 27 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T• S••••• B•• L•• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.23% M••••••• D••• 05/1 | $13.0M | $13.0M 101c | SOFR+450 bp |
| S•••• P•••• C••••• I••••• F••• | term loan first lien F•••• L••• T••• L••• | $9.8M | $9.8M 101c | S+450 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop | $4.8M | $4.8M 101c | S+450 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien N••••••••• I••••• | $4.4M | $4.4M 100c | S+450 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.23% M•••••• | $3.6M | $3.6M 101c | SOFR+5 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 4.50% I••••••• R••• 8.23% M••••••• | $3.5M | $3.5M 101c | SOFR+450 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $1.8M | $1.8M 100c | S+450 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $973,000 | $0 0c | S+450 bp |
| H•• C•••••••• L•••••• F••• | revolver first lien N••••••••• I••••• | $385,000 | -$3,000 300c | |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 5/14/2029 | $252,000 | $250,000 99c | SOFR+450 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $0 | -$2,000 100c | S+450 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $0 | -$1,000 100c | S+450 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.23% M•••••• | $0 | $0 0c | SOFR+5 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 4.50% I••••••• R••• 8.23% M••••••• | $0 | $0 0c | SOFR+450 bp |
| T• S••••• B•• L•• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.23% M••••••• D••• 05/1 | $0 | $0 0c | SOFR+450 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| H•• C•••••••• L•••••• F••• | revolver first lien 1st L••• S••••• S•••••• R•••••••• L••• | Not disclosed | Not disclosed | |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 05/15/2028 | Not disclosed | Not disclosed | S+5 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 05/15/2028 | Not disclosed | Not disclosed | S+450 bp |
| S•••• P•••• C••••• C••• | revolver first lien F•••• L••• R•••••••• L•••, Due 5/15/2028 | Not disclosed | Not disclosed n/a | SOFR+450 bp |
| T• S••••• B•• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 05/15/2028 | Not disclosed | Not disclosed | S+450 bp |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed |
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 $229M | 100c | SOFR+450 bp | May 14, 2029 | 12 |
| first lien revolver first lien | at least $4.8M | 100c | SOFR+450 bp | May 13, 2029 | 5 |
| revolver lien unstated | unknown | n/a | unstated | 1 | |
| other lien unstated | 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 | 13 | $233M | $231M | 100c | 0 |
| Mar 31, 2026 | 13 | $254M | $252M | 100c | 0 |
| Dec 31, 2025 | 13 | $351M | $349M | 101c | 0 |
| Sep 30, 2025 | 13 | $313M | $311M | 101c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 13 | $261M | $259M | 101c | 0 |
| Mar 31, 2025 | 11 | $216M | $215M | 101c | 0 |
| Dec 31, 2024 | 10 | $286M | $282M | 101c | 0 |
| Sep 30, 2024 | 10 | $217M | $213M | 100c | 0 |
| Jun 30, 2024 | 10 | $218M | $214M | 100c | 0 |
| Mar 31, 2024 | 11 | $218M | $213M | 100c | 0 |
| Dec 31, 2023 | 11 | $221M | $214M | 99c | 0 |
| Sep 30, 2023 | 11 | $204M | $200M | 100c | 0 |
| Jun 30, 2023 | 10 | $200M | $195M | 100c | 0 |
| Mar 31, 2023 | 9 | $194M | $189M | 99c | 0 |
| Dec 31, 2022 | 10 | $255M | $244M | 99c | 0 |
| Sep 30, 2022 | 4 | $76.5M | $74.5M | 99c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Jun 30, 2025
Full timeline · 30 eventsShow fewer
- New lender joined a facilityJun 30, 2025
- Spread changed (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Spread increasedMar 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- B••••••••• T•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 16 BDCsderived
- Industry
- Softwarereportedas one filer wrote it