DFX Intelligence
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Borrower
B•••••••• L•••• I••
Application Softwaregroup grade Aon a schedule nowsponsor unattributed
Principal held
at least $31.7M
sum of BDC pieces, a lower bound
Fair value
$14.5M
46c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Dec 15, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Mar 31, 2026
Events
6
dated, non-routine
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 $31.7M | 46c | SOFR+825 bp | Dec 15, 2028 | 1 |
Equity pieces beside the debt: warrants ($0 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| R••••• G••••• F•••••• C•••• | term loan first lien Investment T••• S••••• S•••••• I••••••• R••• S•••+8.25% PIK, 13.25% floor I•••••• A••••••• | $1.6M | $719,000 46c | SOFR+825 bp |
| R••••• G••••• F•••••• C•••• | term loan first lien Investment T••• S••••• S•••••• I••••••• R••• S•••+8.25% PIK, 13.25% floor, 1.50% ETP I•••• | $29.6M | $13.5M 46c | SOFR+825 bp |
| R••••• G••••• F•••••• C•••• | term loan first lien Investment T••• S••••• S•••••• I••••••• R••• S•••+8.25% PIK, 13.25% floor I•••••• A••••••• | $569,000 | $259,000 46c | SOFR+825 bp |
| R••••• G••••• F•••••• C•••• | warrants equity W•••••• Investment T••• W••••••• S•••••• fee I•••••• A••••••••• D••• 12/19/2023 | n/a | $0 0c |
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 | $31.7M | $14.5M | 46c | 0 |
| Dec 31, 2025 | 1 | $30.6M | $26.2M | 86c | 0 |
| Sep 30, 2025 | 1 | $29.0M | $25.2M | 88c | 0 |
| Jun 30, 2025 | 1 | $27.3M | $28.0M | 103c | 0 |
| Mar 31, 2025 | 1 | $26.7M | $24.2M | 92c | 2 |
| Dec 31, 2024 | 1 | $26.5M | $24.1M | 92c | 1 |
| Sep 30, 2024 | 1 | $25.9M | $23.8M | 93c | 1 |
| Jun 30, 2024 | 1 | $25.8M | $24.7M | 97c | 1 |
| Mar 31, 2024 | 1 | $25.6M | $24.8M | 98c | 1 |
| Dec 31, 2023 | 1 | $25.5M | $25.1M | 100c | 1 |
What changed
- Marked down across lendersMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Mark recoveredJun 30, 2025
- Spread increasedJun 30, 2025
- 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
- B•••••••• L•••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Application Softwarereportedas one filer wrote it