DFX Intelligence
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Borrower
M••••• E••••••••• L••
Softwaregroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Dec 2025, Consensus mark 64¢ on cost, down from 83¢ a year ago, 61¢ last quarter.
Mark path, consensus per quarter end
83¢ · 88¢ · 85¢ · 61¢ · 64¢Q3 2023 to Q4 2025
Principal held
at least $11.9M
sum of BDC pieces, a lower bound
Fair value
$3.2M
64c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Jul 27, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Dec 31, 2025
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| O••••• S••••• C•••••• C•••• | $11.9M | 64¢ | +3 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O••••• S••••• C•••••• C•••• | term loan first lien S••••• S•••••• N•••• first lien third out senior secured notes | $10.3M | $2.4M 64c | S+625 bp |
| O••••• S••••• C•••••• C•••• | term loan first lien S••••• S•••••• N•••• first lien second out senior secured notes | $1.3M | $576,554 57c | S+700 bp |
| O••••• S••••• C•••••• C•••• | term loan first lien S••••• S•••••• N•••• first lien first out senior secured notes | $234,573 | $180,621 84c | S+675 bp |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $11.9M | 64c | S+700 bp | Jul 27, 2028 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 1 | $11.9M | $3.2M | 64c | 0 |
| Sep 30, 2025 | 1 | $11.9M | $2.8M | 61c | 0 |
| Jun 30, 2025 | 1 | $11.7M | $3.6M | 85c | 0 |
| Dec 31, 2024 | 1 | $11.4M | $4.3M | 121c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2023 | 1 | $1.4M | $1.1M | 83c | 0 |
| Jun 30, 2023 | 1 | $5.2M | $3.9M | 82c | 0 |
| Mar 31, 2023 | 1 | $5.2M | $4.3M | 90c | 0 |
| Dec 31, 2022 | 1 | $5.2M | $4.5M | 94c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Marked down across lendersSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
Full timeline · 8 eventsShow fewer
- Mark recoveredDec 31, 2024
- Marked down across lendersJun 30, 2023
- Marked down (one lender)Jun 30, 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
- M••••• E•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Softwarereportedas one filer wrote it