DFX Intelligence
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Borrower
T••••••••• I••••••• L••
Software & Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC T••••••••• I•••••• Parent Company, LLC; T••••••••• I•••••• Parent Company
What matters now
- 78¢ → 101¢consensus mark
Consensus mark 101¢ on cost, up from 78¢ a year ago, 100¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived2 of 2 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
78¢ · 78¢ · 71¢ · 100¢ · 101¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
100¢101¢
Principal held
at least $7.6M
sum of BDC pieces, a lower bound
Fair value
$16.7M
101c on cost, debt pieces
Unfunded
$1.1M
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
5
2 equity pieces beside them
Next maturity
Jan 31, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
39
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 |
|---|---|---|---|
| B•••••• B••• I••• | $4.75M | 101¢ | +1 pts |
| C••••••• C•••••• B••• I••• | $2.81M | 100¢ | 0 pts |
Every BDC piece · 10 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $4.1M | $4.1M 100c | S+700 bp PIK 7.00% |
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 700 (1070 PIK) I•••• | $2.6M | $2.6M 100c | SOFR+700 bp PIK 10.70% |
| B•••••• B••• I••• | revolver lien unstated R••••••• | $641,000 | $641,000 110c | S+550 bp |
| C••••••• C•••••• B••• I••• | revolver first lien Investment T••• S••••• S•••••• F•••• L••• R••••••• I••••••• T••• S + 700 (1070 PIK) I••••• | $197,000 | $197,000 100c | SOFR+700 bp PIK 10.70% |
| A••••• D••• S•••••••• B•• | equity equity Investment T••• C••••• Equity - Equity U••• | Not disclosed | Not disclosed |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | preferred equity equity Investment T••• P•••••••• Equity - P•••••••• S••••• | Not disclosed | $2.4M 100c | |
| B•••••• B••• I••• | equity equity C•••• A C••••• U•••• | Not disclosed | $0 | |
| B•••••• B••• I••• | preferred equity equity C•••• A P•••••••• U•••• | Not disclosed | $3.7M 119c | |
| C••••••• C•••••• B••• I••• | equity equity Investment T••• C••••• S•••• | Not disclosed | Not disclosed | |
| C••••••• C•••••• B••• I••• | preferred equity equity Investment T••• P•••••••• S•••• | Not disclosed | $3.1M 132c |
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 $6.7M | 100c | SOFR+700 bp PIK 10.70% | Jan 31, 2029 | 3 |
| revolver lien unstated | at least $641,000 | 110c | S+550 bp | unstated | 1 |
| first lien revolver first lien | at least $197,000 | 100c | SOFR+700 bp PIK 10.70% | Jan 31, 2029 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2025 | at least $1.3M | 69c | S+450 bp | Jun 30, 2027 | 1 |
| other lien unstated exited Sep 30, 2023 | unknown | 100c | unstated | 2 |
Equity pieces beside the debt: equity ($0 fair value, 3 BDCs), preferred equity ($9.2M fair value, 3 BDCs)
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 | 3 | $7.6M | $7.6M | 101c | 3 |
| Mar 31, 2026 | 3 | $7.5M | $7.5M | 101c | 3 |
| Dec 31, 2025 | 3 | $24.4M | $17.2M | 71c | 4 |
| Sep 30, 2025 | 3 | $24.3M | $18.8M | 78c | 4 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $24.1M | $18.7M | 78c | 4 |
| Mar 31, 2025 | 3 | $24.0M | $19.4M | 81c | 4 |
| Dec 31, 2024 | 3 | $52.4M | $43.6M | 83c | 8 |
| Sep 30, 2024 | 3 | $23.3M | $19.5M | 84c | 4 |
| Jun 30, 2024 | 3 | $23.9M | $21.2M | 88c | 0 |
| Mar 31, 2024 | 3 | $24.0M | $20.9M | 87c | 0 |
| Dec 31, 2023 | 3 | $24.1M | $22.9M | 95c | 0 |
| Sep 30, 2023 | 4 | $23.0M | $22.3M | 97c | 0 |
| Jun 30, 2023 | 2 | $17.4M | $16.9M | 97c | 0 |
| Mar 31, 2023 | 2 | $17.4M | $17.1M | 98c | 0 |
| Dec 31, 2022 | 3 | $25.9M | $25.5M | 99c | 0 |
| Sep 30, 2022 | 1 | $11.2M | $11.0M | 99c | 0 |
| Dec 31, 2021 | 1 | $11.3M | $11.2M | 99c | 0 |
What changed
- Mark recoveredMar 31, 2026
- PIK interest increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
Full timeline · 30 eventsShow fewer
- PIK interest increasedMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Mark recoveredMar 31, 2026
- PIK interest increasedMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- returned to accrualMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Marked down across lendersDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- non accrual placedDec 31, 2025
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- T••••••••• I••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 4 BDCsderived
- Industry
- Software & Servicesreportedas one filer wrote it