DFX Intelligence
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Borrower
V••••• A•• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: 18; 2031; expire 03; expire 03/18/2031
What matters now
- $13Mprincipal outstanding
$13M principal held by 2 lenders; matures Mar 2028.
Q2 2026 · Refinancing is due in 17 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¢ · 99¢ · 99¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
99¢99¢
Principal held
at least $13.0M
sum of BDC pieces, a lower bound
Fair value
$13.0M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Mar 2, 2028
$13.0M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
8
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• P•••••• C••••• I•••••••• C••• | $9.74M | 99¢ | 0 pts |
| A• P•••••• L•••••• F••• | $3.31M | 99¢ | 0 pts |
Every BDC piece · 8 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 9.01% (S + 5.25%; 1.00% F•• | $8.6M | $8.4M 99c | SOFR+525 bp |
| A• P•••••• L•••••• F••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 9.01% (S + 5.25%; 0.00% F•• | $2.8M | $2.7M 99c | SOFR+525 bp |
| A• P•••••• C••••• I•••••••• C••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 9.01% (S + 5.2 | $1.2M | $1.1M 97c | SOFR+525 bp |
| A• P•••••• L•••••• F••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• | 9.01% (S + 5.25%; 1.00% | $534,780 | $521,458 99c | SOFR+525 bp |
| A• P•••••• C••••• I•••••••• C••• | revolver first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 3/2/2028 | $0 | -$18,002 | SOFR+525 bp |
View all 8 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• L•••••• F••• | revolver first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 3/2/2028 | $0 | -$2,120 298c | SOFR+525 bp |
| A• P•••••• C••••• I•••••••• C••• | warrants equity U.S. W••••••• | W••••••• | 3/18/2021 | Not disclosed | $73,703 127c | |
| A• P•••••• C••••• I•••••••• C••• | preferred equity equity U.S. P•••••••• S•••• | Series F P•••••••• | 5/28/2021 | Not disclosed | $132,175 101c |
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 $11.3M | 99c | SOFR+525 bp | Mar 2, 2028 | 2 |
| first lien delayed draw term loan first lien | at least $1.7M | 97c | SOFR+525 bp | Mar 2, 2028 | 2 |
| first lien revolver first lien | at least $0 | n/a | SOFR+525 bp | Mar 2, 2028 | 2 |
Equity pieces beside the debt: preferred equity ($132,175 fair value, 1 BDC), warrants ($73,703 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 | 2 | $13.0M | $12.8M | 99c | 0 |
| Mar 31, 2026 | 2 | $13.0M | $12.8M | 99c | 0 |
| Dec 31, 2025 | 2 | $22.8M | $22.5M | 99c | 0 |
| Sep 30, 2025 | 2 | $13.0M | $12.9M | 100c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $13.0M | $12.9M | 100c | 0 |
| Mar 31, 2025 | 2 | $13.0M | $12.9M | 100c | 0 |
| Dec 31, 2024 | 2 | $25.6M | $25.2M | 100c | 0 |
| Sep 30, 2024 | 2 | $9.6M | $9.4M | 100c | 0 |
| Jun 30, 2024 | 2 | $9.6M | $9.4M | 100c | 0 |
| Mar 31, 2024 | 1 | $6.7M | $6.6M | 100c | 0 |
| Dec 31, 2023 | 1 | $12.3M | $12.1M | 100c | 0 |
| Sep 30, 2023 | 1 | $6.7M | $6.6M | 100c | 0 |
| Dec 31, 2022 | 1 | $6.5M | $6.2M | 98c | 0 |
What changed
- Maturity approachingMar 2, 2028
- Maturity approachingMar 2, 2028
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- New lender joined a facilityDec 31, 2024
Full timeline · 15 eventsShow fewer
- Spread changed (observed)Dec 31, 2024
- Maturity extended (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Spread increasedSep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- V••••• A•derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Softwarereportedas one filer wrote it