DFX Intelligence
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Borrower
C••••••••• T••••••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. 1; Inc. 2
What matters now
- 15 pts84¢ to 99¢
Lenders disagree by 15 points: B•• I••••••••• C••• 84¢ to B••••••••• S•••••• L•••••• F••• 99¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks → - $27.6Mprincipal outstanding
$27.6M principal held by 4 lenders; matures Jul 2028.
Q2 2026 · Refinancing is due in 22 months at a 96¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
99¢ · 98¢ · 98¢ · 97¢ · 96¢Q2 2025 to Q2 2026
Where each lender marks it, 15 points apart
84¢99¢
Principal held
at least $27.6M
sum of BDC pieces, a lower bound
Fair value
$26.0M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jul 30, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
3
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 |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $19.9M | 99¢ | -1 pts |
| B•• I••••••••• C••• | $4.34M | 84¢ | +1 pts |
| B••••••••• S•••••• L•••••• F••• | $2.22M | 99¢ | -1 pts |
| G•••• E•• C•••••• C•••• | $1.09M | 89¢ | -1 pts |
Every BDC piece · 4 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated N••••••••• I••••• | $19.9M | $19.3M 99c | S+500 bp |
| B•• I••••••••• C••• | term loan second lien S••••• L•••/S••••• S•••••• D••• I••••••• R••• 10.30% R•••••••• R••• and S••••• S••• + 6.50 | $4.3M | $3.6M 84c | SOFR+650 bp PIK 6.50% |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $2.2M | $2.1M 99c | S+500 bp |
| G•••• E•• C•••••• C•••• | term loan first lien I••••••• T••••••••• S••••••• 1st L•••, S•••••• L••• I••••••• R••• 3M S••• + 3.75% (7.63%) | $1.1M | $898,000 89c | SOFR+375 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $22.2M | 99c | S+500 bp | Jul 30, 2028 | 2 |
| second lien term loan second lien | at least $4.3M | 84c | SOFR+650 bp PIK 6.50% | Jul 30, 2029 | 1 |
| first lien term loan first lien | at least $1.1M | 89c | SOFR+375 bp | Jul 31, 2028 | 2 |
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 | 4 | $27.6M | $26.0M | 96c | 1 |
| Mar 31, 2026 | 4 | $27.5M | $26.1M | 97c | 1 |
| Dec 31, 2025 | 4 | $27.4M | $26.2M | 98c | 1 |
| Sep 30, 2025 | 4 | $27.4M | $26.2M | 98c | 1 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $27.3M | $26.3M | 99c | 1 |
| Mar 31, 2025 | 4 | $27.3M | $26.1M | 98c | 0 |
| Dec 31, 2024 | 1 | $8.0M | $6.6M | 83c | 0 |
| Sep 30, 2024 | 1 | $4.0M | $3.6M | 90c | 0 |
| Jun 30, 2024 | 1 | $4.0M | $3.6M | 90c | 0 |
| Dec 31, 2023 | 1 | $4.0M | $3.6M | 91c | 0 |
What changed
- Marked down (one lender)Sep 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Marked down across lendersDec 31, 2024
Full timeline · 7 eventsShow fewer
- Marked down (one lender)Dec 31, 2024
- New borrower on a BDC scheduleDec 31, 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
- C••••••••• T•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Softwarereportedas one filer wrote it