DFX Intelligence
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Borrower
D••••••• D•••• B••••• I••
Softwaregroup grade Aoff every schedule since Jun 30, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Jun 2025, Consensus mark 100¢ on cost, up from 98¢ a year ago, 98¢ last quarter.
Mark path, consensus per quarter end
98¢ · 98¢ · 97¢ · 98¢ · 100¢Q2 2024 to Q2 2025
Principal held
at least $40.4M
sum of BDC pieces, a lower bound
Fair value
$40.1M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Oct 16, 2026
$40.4M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2025
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $40.4M | 100¢ | +2 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+400, 0.00% F•••• M•••• | $40.4M | $40.1M 100c | SOFR+400 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2025 | at least $40.4M | 100c | SOFR+400 bp | Oct 16, 2026 | 1 |
| second lien term loan second lien exited Dec 31, 2024 | at least $7.9M | 91c | SOFR+700 bp | Feb 19, 2029 | 1 |
Equity pieces beside the debt: other ($14.7M 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, 2025 | 1 | $40.4M | $40.1M | 100c | 0 |
| Mar 31, 2025 | 1 | $44.9M | $43.8M | 98c | 0 |
| Dec 31, 2024 | 2 | $61.5M | $58.1M | 97c | 0 |
| Sep 30, 2024 | 2 | $65.1M | $62.5M | 98c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2024 | 1 | $54.7M | $53.4M | 98c | 0 |
| Mar 31, 2024 | 1 | $49.8M | $49.7M | 100c | 0 |
| Dec 31, 2023 | 1 | $29.7M | $29.5M | 100c | 0 |
| Sep 30, 2023 | 1 | $25.8M | $25.7M | 100c | 0 |
| Jun 30, 2023 | 1 | $27.9M | $27.7M | 99c | 0 |
| Mar 31, 2023 | 1 | $27.9M | $27.4M | n/a | 0 |
| Dec 31, 2022 | 1 | $36.8M | $35.5M | 97c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleDec 31, 2024
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- New lender joined a facilitySep 30, 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
- DIGICERT DCERTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Softwarereportedas one filer wrote it