DFX Intelligence
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Borrower
M••••• H••••••• L••
Softwaregroup grade Boff every schedule since Mar 31, 2025sponsor unattributed
Also written as: Inc. Secured Super-Priority Debtor-In-Possession; M•••••
Nothing material in the last 200 days. Last change: 31 Mar 2025, Consensus mark 62¢ on cost, down from 101¢ a year ago, 88¢ last quarter.
Mark path, consensus per quarter end
101¢ · 100¢ · 99¢ · 88¢ · 62¢Q1 2024 to Q1 2025
Principal held
at least $119M
sum of BDC pieces, a lower bound
Fair value
$73.8M
62c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
3 equity pieces beside them
Next maturity
Apr 24, 2025
$62.8M inside 24 months
On the tape since
Dec 31, 2022
latest Mar 31, 2025
Events
11
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| T•• D••••• L•••••• V•• L•• | $119M | 62¢ | -26 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T•• D••••• L•••••• V•• L•• | delayed draw term loan lien unstated T••• L••• A••••••••• D••• 01/17/25 D•••••• D••• T••• L••• - 14.56% inc PIK (S••• + 10.00%, | $62.8M | $62.8M 100c | SOFR+1000 bp |
| T•• D••••• L•••••• V•• L•• | term loan lien unstated A••••••••• D••• 12/20/19 T••• L••• - 10.56% inc PIK (S••• + 6.00%, 1.75% F••••, 2.50% PIK) | $56.0M | $10.9M 20c | SOFR+600 bp PIK 2.50% |
| T•• D••••• L•••••• V•• L•• | unstated lien unstated | Not disclosed | $0 0c | |
| T•• D••••• L•••••• V•• L•• | equity equity C••••• S•••• | Not disclosed | $0 0c |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Mar 31, 2025 | at least $62.8M | 100c | SOFR+1000 bp | Apr 24, 2025 | 1 |
| term loan lien unstated exited Mar 31, 2025 | at least $56.0M | 20c | SOFR+600 bp PIK 2.50% | Jun 30, 2028 | 1 |
Equity pieces beside the debt: preferred equity ($9.2M fair value, 1 BDC), other ($0 fair value, 1 BDC), equity ($0 fair value, 1 BDC)
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, 2025 | 1 | $119M | $73.8M | 62c | 1 |
| Dec 31, 2024 | 1 | $99.7M | $87.7M | 88c | 1 |
| Sep 30, 2024 | 1 | $89.8M | $89.0M | 99c | 0 |
| Jun 30, 2024 | 1 | $73.4M | $73.2M | 100c | 0 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 1 | $72.6M | $73.4M | 101c | 0 |
| Dec 31, 2023 | 1 | $69.9M | $70.4M | 101c | 0 |
| Sep 30, 2023 | 1 | $67.4M | $68.2M | 102c | 1 |
| Jun 30, 2023 | 1 | $67.5M | $68.1M | 102c | 1 |
| Mar 31, 2023 | 1 | $67.5M | $68.1M | 102c | 1 |
| Dec 31, 2022 | 1 | $75.1M | $75.8M | 102c | 1 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
Full timeline · 18 eventsShow fewer
- Marked down across lendersDec 31, 2024
- PIK interest appearsDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- PIK interest appearsDec 31, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- PIK interest increasedSep 30, 2023
- PIK interest increasedSep 30, 2023
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- MONDEEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived
- Industry
- Softwarereportedas one filer wrote it