DFX Intelligence
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Borrower
S••••• B••••••• I•• T•••• A••••••••
Systems Softwaregroup grade Aon a schedule nowsponsor unattributed
Principal held
at least $6.1M
sum of BDC pieces, a lower bound
Fair value
$6.0M
99c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Nov 13, 2028
no dated debt inside 24 months
On the tape since
Mar 31, 2025
latest Jun 30, 2026
Events
3
dated, non-routine
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 $5.9M | 99c | SOFR+600 bp | Nov 13, 2028 | 1 |
| first lien revolver first lien | at least $266,000 | 100c | SOFR+600 bp | Nov 13, 2028 | 1 |
| first lien delayed draw term loan first lien exited Mar 31, 2026 | at least $0 | n/a | SOFR+100 bp | Nov 13, 2028 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 11/13/2028 | $266,000 | $258,000 100c | SOFR+600 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 11/13/2028 | $5.9M | $5.7M 99c | SOFR+600 bp |
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 | $6.1M | $6.0M | 99c | 0 |
| Mar 31, 2026 | 1 | $6.1M | $6.0M | 99c | 0 |
| Dec 31, 2025 | 1 | $492,000 | $492,000 | 110c | 0 |
| Sep 30, 2025 | 1 | $233,000 | $233,000 | 112c | 0 |
| Jun 30, 2025 | 1 | $103,662 | $101,639 | 133c | 0 |
| Mar 31, 2025 | 1 | $0 | $-30,774 | 105c | 0 |
What changed
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down (one lender)Sep 30, 2025
- New borrower on a BDC scheduleMar 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
- SATURN TENTH AMENDMENTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Systems Softwarereportedas one filer wrote it