DFX Intelligence
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Borrower
C••• S•••••• 1••• H•••••••• L••
Also written as: C••• Systems
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 101¢ · 101¢ · 98¢ · 99¢Q2 2025 to Q2 2026
Principal held
at least $6.4M
sum of BDC pieces, a lower bound
Fair value
$6.2M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Jan 18, 2030
no dated debt inside 24 months
On the tape since
Mar 31, 2024
latest Jun 30, 2026
Events
3
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 |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $6.4M | 99¢ | +1 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• S+525, 0.75% F•••• M•••• | $6.3M | $6.1M 99c | SOFR+525 bp |
| A••••• D••• S•••••••• B•• | revolver first lien Investment T••• F•••• L••• S•••••• D••• - R••••••• I••••••• R••• S+525, 0.75% F•••• M••••• | $143,000 | $121,000 93c | SOFR+525 bp |
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 $6.3M | 99c | SOFR+525 bp | Jan 18, 2030 | 1 |
| first lien revolver first lien | at least $143,000 | 93c | SOFR+525 bp | Jan 18, 2030 | 1 |
Equity pieces beside the debt: other ($6.2M 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 | $6.4M | $6.2M | 99c | 0 |
| Mar 31, 2026 | 1 | $6.4M | $6.2M | 98c | 0 |
| Dec 31, 2025 | 1 | $6.3M | $6.2M | 101c | 0 |
| Sep 30, 2025 | 1 | $6.3M | $6.2M | 101c | 0 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $6.3M | $6.2M | 101c | 0 |
| Mar 31, 2025 | 1 | $6.3M | $6.2M | 101c | 0 |
| Dec 31, 2024 | 1 | $3.9M | $3.9M | 100c | 0 |
| Sep 30, 2024 | 1 | $3.9M | $3.8M | 100c | 0 |
| Jun 30, 2024 | 1 | $3.9M | $3.8M | 100c | 0 |
| Mar 31, 2024 | 1 | $5.0M | $3.8M | 100c | 0 |
What changed
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2025
- New borrower on a BDC scheduleMar 31, 2024
Sponsor
Possible relationship, not established: H•, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- H•
- the sponsor's own portfolio page lists a company of this nameestimatedhgcapital.com"••• Locked"
- S••••••• E•••••
- the sponsor's own portfolio page lists a company of this nameestimatedspectrumequity.com"••• Locked"
Identity
- Group key
- C••• SYSTEMSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived
- Industry
- Softwarereportedas one filer wrote it