DFX Intelligence
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Borrower
A•••• A••••••••• C•••
Application Softwaregroup grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Also written as: A•••• Bidco Limited
Nothing material in the last 200 days. Last change: 31 Dec 2025, Non-accrual at 3 of 3 lenders on the latest schedules, first placed in Q2 2025.
Mark path, consensus per quarter end
48¢ · 67¢ · 51¢ · 43¢ · 47¢Q4 2024 to Q4 2025
Where each lender marks it, 28 points apart
22¢50¢
Principal held
at least $40.8M
sum of BDC pieces, a lower bound
Fair value
$8.4M
25c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 31, 2026
$1.8M inside 24 months
On the tape since
Sep 30, 2022
latest Dec 31, 2025
Events
29
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| O•••••• S•••••••• L•••••• C••• | $22.3M | 47¢ | +5 pts |
| O•••••• S•••••••• C••••• F••• | $16.5M | 50¢ | +5 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $2.03M | 22¢ | 0 pts |
Every BDC piece · 10 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 2 | $12.5M | $0 0c | S+525 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 1 | $8.8M | $3.5M 42c | S+675 bp |
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• 4 | $8.3M | $0 0c | S+525 bp |
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• 3 | $7.3M | $2.9M 45c | S+675 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 5.25% I••••••• R••• 0.00% M••••••• | $1.2M | $0 0c | SOFR+525 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 5.25% I••••••• R••• 0.00% M••••••• | $844,000 | $165,000 22c | SOFR+525 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 3 | $711,000 | $715,000 101c | S+875 bp PIK 12.63% |
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• 1 | $590,000 | $593,000 101c | S+875 bp PIK 12.63% |
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• 2 | $274,000 | $275,000 132c | S+875 bp PIK 12.74% |
| O•••••• S•••••••• L•••••• C••• | term loan first lien F•••• L••• T••• L••• 4 | $217,000 | $218,000 110c | S+875 bp PIK 12.74% |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Dec 31, 2025 | at least $40.8M | 25c | SOFR+875 bp PIK 12.74% | Oct 25, 2028 | 3 |
| second lien term loan second lien exited Sep 30, 2025 | at least $30.7M | 0c | SOFR+988 bp | Oct 25, 2029 | 3 |
| other lien unstated exited Dec 31, 2024 | at least $2.0M | 43c | S+525 bp | unstated | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 3 | $40.8M | $8.4M | 25c | 4 |
| Sep 30, 2025 | 5 | $85.4M | $9.6M | 14c | 0 |
| Jun 30, 2025 | 5 | $69.8M | $7.9M | 14c | 0 |
| Mar 31, 2025 | 5 | $69.8M | $10.8M | 19c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 5 | $71.6M | $15.7M | 27c | 0 |
| Sep 30, 2024 | 5 | $66.8M | $25.4M | 47c | 0 |
| Jun 30, 2024 | 5 | $66.8M | $30.6M | 54c | 0 |
| Mar 31, 2024 | 5 | $58.3M | $26.3M | 54c | 0 |
| Dec 31, 2023 | 6 | $58.3M | $36.4M | 68c | 0 |
| Sep 30, 2023 | 6 | $45.6M | $33.1M | 74c | 0 |
| Jun 30, 2023 | 6 | $45.6M | $27.4M | 66c | 0 |
| Mar 31, 2023 | 6 | $45.6M | $35.7M | 86c | 0 |
| Dec 31, 2022 | 5 | $52.2M | $46.7M | 91c | 0 |
| Sep 30, 2022 | 2 | $16.1M | $13.8M | 89c | 0 |
What changed
- PIK interest appearsDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
Full timeline · 30 eventsShow fewer
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- Spread increasedDec 31, 2025
- Spread increasedDec 31, 2025
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Marked down across lendersJun 30, 2025
- non accrual placedJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- nport default reportedMay 31, 2025••• Locked
- Marked down across lendersMar 31, 2025
- Spread changed (observed)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Marked down across lendersDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Marked down across lendersDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 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
- ASTRAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Application Softwarereportedas one filer wrote it