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Borrower

H••••• I••••••••• H•••••••

Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: HDC/HW Holdings, LLC
See every lender's markFind rescue capital
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Special situations PE firms

What matters now

  1. 2 of 3 lenders
    on non-accrual

    Non-accrual at 2 of 3 lenders on the latest schedules.

    Q2 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.

    FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender →
  2. 89¢ → 45¢
    consensus mark

    Consensus mark 45¢ on cost, down from 89¢ a year ago, 65¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived2 of 3 lenders' own marks, weighted by principal
  3. $17M
    principal outstanding

    $17M principal held by 3 lenders.

    Q2 2026 · The loss if the marks hold, spread across the holders below.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  4. 77¢ → 45¢
    -32 pts, one lender

    M••• S••••• C•••••• C••• marked it 77¢ → 45¢, the largest move among 3 lenders this quarter.

    Q2 2026 · One holder repriced far more than the rest.

    FactM••• S••••• C•••••• C••• schedule of investmentsOpen the lender →
Mark path, consensus per quarter end
Q2 2025: 89¢Q3 2025: 88¢Q4 2025: 67¢Q1 2026: 65¢Q2 2026: 45¢89¢ · 88¢ · 67¢ · 65¢ · 45¢Q2 2025 to Q2 2026
Principal held
at least $17.0M
sum of BDC pieces, a lower bound
Fair value
$4.2M
73c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Aug 21, 2026
$17.0M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
24
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
B•• I••••••••• C•••$10.4M355¢ as filed, not countedno comparable mark
M••• S••••• C•••••• C•••$4.19M45¢-32 pts
M•• I••••• F•••• I•••$2.36M45¢-32 pts
Every BDC piece · 9 positions across 3 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
B•• I••••••••• C•••term loan first lien
F•••• L•••/S••••• S•••••• D••• T••• L••• A S••••••• F•••• 5.25% M••••••• 08/21/26
$6.7MNot disclosed
n/a
B•• I••••••••• C•••term loan first lien
F•••• L•••/S••••• S•••••• D••• T••• L••• B S••••••• M••••••• 08/21/26
$3.8M$2.4M
355c
M••• S••••• C•••••• C•••term loan lien unstated
S•••••• D••• 1
$2.6M$1.2M
45c
S+350 bp
PIK 2.50%
M••• S••••• C•••••• C•••term loan lien unstated
S•••••• D••• 2
$1.6M$0
0c
S+350 bp
PIK 2.50%
M•• I••••• F•••• I•••term loan lien unstated
S•••••• D••• 1
$1.5M$652,000
45c
S+350 bp
PIK 2.50%
View all 9 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
M•• I••••• F•••• I•••term loan lien unstated
S•••••• D••• 2
$890,000$0
0c
S+350 bp
PIK 2.50%
B•• I••••••••• C•••equity equity
C••••• S•••• M••••••••• U••••
Not disclosedNot disclosed
M••• S••••• C•••••• C•••equity equity
C••••• Equity
Not disclosed$0
M•• I••••• F•••• I•••equity equity
C••••• Equity
Not disclosed$0
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $10.4M355cAug 21, 20261
term loan lien unstatedat least $6.5M36cS+350 bp
PIK 2.50%
Aug 21, 20262
first lien revolver first lien
exited Dec 31, 2023
at least $773,00060cS+750 bp
PIK 2.00%
Dec 21, 20231
Equity pieces beside the debt: equity ($0 fair value, 3 BDCs), other (Not disclosed fair value, 2 BDCs)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20263$17.0M$4.2M34c4
Mar 31, 20263$17.0M$6.8M55c5
Dec 31, 20253$27.0M$11.0M58c6
Sep 30, 20253$17.3M$10.8M87c4
All 17 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20253$16.5M$8.5M74c4
Mar 31, 20253$15.8M$8.3M77c5
Dec 31, 20243$35.6M$20.4M84c12
Sep 30, 20243$15.7M$9.3M89c5
Jun 30, 20243$15.7M$9.6M93c5
Mar 31, 20242$6.3M$4.6M100c4
Dec 31, 20233$14.7M$10.5M74c6
Sep 30, 20232$6.1M$5.6M92c4
Jun 30, 20232$5.9M$5.4M92c4
Mar 31, 20232$5.8M$5.6M98c4
Dec 31, 20222$5.6M$5.4M98c4
Sep 30, 20221$3.4M$3.2M93c2
Dec 31, 20211$6.9M$6.1M89c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
HDC HWderivedthe codename stem after legal suffixes and deal words
Spellings
2 across 3 BDCsderived
Industry
Softwarereportedas one filer wrote it