DFX Intelligence
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Borrower
M•••••••• I••••••••• S••••••• 2••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: System Software
What matters now
- $11.4Mprincipal outstanding
$11.4M principal held by 1 lender; matures Oct 2027.
Q2 2026 · Refinancing is due in 12 months at a 99¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 98¢ · 99¢Q1 2025 to Q2 2026
Principal held
at least $11.4M
sum of BDC pieces, a lower bound
Fair value
$11.7M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Oct 1, 2027
$11.4M inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
2
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 |
|---|---|---|---|
| H••••••• C••••••• I••• | $11.4M | 99¢ | +1 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, O•••••• 2027, P•••• + 3.45%, F•••• rate 11.70%, 5.95% E••• Fee | $11.4M | $11.6M 99c | S+345 bp |
| H••••••• C••••••• I••• | warrants equity W••••••, 10/1/2024, O••••••• S••••• | Not disclosed | $63,000 61c |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $11.4M | 99c | S+345 bp | Oct 1, 2027 | 1 |
Equity pieces beside the debt: warrants ($63,000 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 |
|---|---|---|---|---|---|
| Jun 30, 2026 | 1 | $11.4M | $11.6M | 99c | 0 |
| Mar 31, 2026 | 1 | $11.4M | $11.5M | 98c | 0 |
| Sep 30, 2025 | 1 | $11.4M | $11.5M | 100c | 0 |
| Jun 30, 2025 | 1 | $11.5M | $11.5M | 100c | 0 |
All 6 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $10.0M | $9.9M | 100c | 0 |
| Dec 31, 2024 | 1 | $10.0M | $9.9M | 100c | 0 |
What changed
- Maturity approachingOct 1, 2027
- New borrower on a BDC scheduleDec 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- MORPHISEC INFORMATION SECURITYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived