DFX Intelligence
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Borrower
B•••• C•••••••••
Application Softwaregroup grade Bon a schedule nowsponsor unattributed
Also written as: and B•••• C•••••••••
What matters now
- $33.2Mprincipal outstanding
$33.2M principal held by 1 lender; matures Sep 2028.
Q2 2026 · Refinancing is due in 23 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¢ · 102¢ · 102¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Principal held
at least $33.2M
sum of BDC pieces, a lower bound
Fair value
$33.5M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Sep 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
4
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 |
|---|---|---|---|
| H••••••• C••••••• I••• | $33.2M | 100¢ | 0 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, S•••••••• 2028, P•••• + 1.35%, F•••• rate 9.85%, PIK I••••••• 2.50%, 3.95% | $33.2M | $33.5M 100c | S+135 bp PIK 2.50% |
| H••••••• C••••••• I••• | warrants equity W••••••, 10/4/2021, C••••• S•••• | Not disclosed | $67,000 31c |
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 $33.2M | 100c | S+135 bp PIK 2.50% | Sep 1, 2028 | 1 |
Equity pieces beside the debt: warrants ($67,000 fair value, 1 BDC)
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 | $33.2M | $33.5M | 100c | 1 |
| Mar 31, 2026 | 1 | $33.0M | $33.1M | 100c | 1 |
| Dec 31, 2025 | 1 | $32.8M | $33.4M | 102c | 1 |
| Sep 30, 2025 | 1 | $32.6M | $33.2M | 102c | 1 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $32.4M | $32.7M | 101c | 1 |
| Mar 31, 2025 | 1 | $32.2M | $32.2M | 101c | 1 |
| Dec 31, 2024 | 1 | $64.0M | $64.0M | 101c | 2 |
| Sep 30, 2024 | 1 | $31.8M | $31.6M | 100c | 1 |
| Jun 30, 2024 | 1 | $30.6M | $31.8M | 102c | 1 |
| Mar 31, 2024 | 1 | $30.5M | $31.5M | 102c | 1 |
| Dec 31, 2023 | 1 | $60.8M | $62.0M | 101c | 2 |
| Sep 30, 2023 | 1 | $30.3M | $30.7M | 101c | 1 |
| Jun 30, 2023 | 1 | $30.3M | $30.2M | 100c | 1 |
| Mar 31, 2023 | 1 | $20.2M | $20.4M | 100c | 1 |
| Dec 31, 2022 | 1 | $20.2M | $20.1M | 99c | 1 |
What changed
- PIK interest increasedSep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- PIK interest increasedSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
Full timeline · 7 eventsShow fewer
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- BRAINderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Application Softwarereportedas one filer wrote it