DFX Intelligence
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Borrower
V••••••• C•••••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
What matters now
- 99¢ → 94¢consensus mark
Consensus mark 94¢ on cost, down from 99¢ a year ago, 98¢ last quarter.
Q1 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
99¢ · 100¢ · 99¢ · 98¢ · 94¢Q1 2025 to Q1 2026
Principal held
at least $92.0M
sum of BDC pieces, a lower bound
Fair value
$84.9M
94c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
May 1, 2031
no dated debt inside 24 months
On the tape since
Mar 31, 2024
latest Mar 31, 2026
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $92M | 94¢ | -4 pts |
Every BDC piece · 2 positions 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+275, 0.00% F•••• M•••• | $51.0M | $47.1M 95c | SOFR+275 bp |
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• – T••• L••• I••••••• R••• S+275, 0.00% F•••• M•••• | $41.0M | $37.8M 93c | SOFR+275 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2026 | at least $92.0M | 94c | SOFR+275 bp | Mar 26, 2032 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $92.0M | $84.9M | 94c | 0 |
| Dec 31, 2025 | 1 | $97.2M | $93.6M | 98c | 0 |
| Sep 30, 2025 | 1 | $87.3M | $85.9M | 99c | 0 |
| Jun 30, 2025 | 1 | $87.5M | $87.2M | 100c | 0 |
All 9 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $79.6M | $78.0M | 99c | 0 |
| Dec 31, 2024 | 1 | $39.7M | $40.0M | 101c | 0 |
| Sep 30, 2024 | 1 | $34.8M | $34.8M | 100c | 0 |
| Jun 30, 2024 | 1 | $34.9M | $34.8M | 100c | 0 |
| Mar 31, 2024 | 1 | $30.0M | $30.0M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- New borrower on a BDC scheduleMar 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
- V••••••• C•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Softwarereportedas one filer wrote it