DFX Intelligence
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Borrower
C••••• H••••••• 2• L••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: C••••• Holding 2, LLC; C••••• Holdings SPV III, LLC; Cohesity; Services; Software; Software/Services
What matters now
- 101¢ → 96¢consensus mark
Consensus mark 96¢ on cost, down from 101¢ a year ago, 97¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived10 of 10 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 97¢ · 96¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
95¢98¢
Principal held
at least $122M
sum of BDC pieces, a lower bound
Fair value
$117M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
12
10 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 31, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
1
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••• O•• C••••• I••••• C•••• | $78.8M | 96¢ | -1 pts |
| B••• O•• T••••••••• I••••• C•••• | $13.3M | 96¢ | -1 pts |
| B•••••••• P•••••• C••••• F••• | $6.76M | 96¢ | 0 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $5.94M | 95¢ | -1 pts |
| F••••••• B•• C•••••• C••• | $5.2M | 96¢ | 0 pts |
View all 10 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | $3.99M | 96¢ | 0 pts |
| B••• O•• T••••••••• F•••••• C•••• | $3.32M | 98¢ | -1 pts |
| N•••• H•••• P•••••• I••••• F••• A• L•• | $1.99M | 95¢ | 0 pts |
| B•••••• P•••••• C••••• C••• | $1.99M | 95¢ | 0 pts |
| P••••• S••••• C•••••• B•• I••• | $1.13M | 98¢ | new this quarter |
Every BDC piece · 11 positions across 10 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $78.8M | $75.1M 96c | S+375 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $13.3M | $12.7M 96c | S+375 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) S••••• 3.75% T•••• C••••• 7.38% M••••••• 10/31 | $6.8M | $6.5M 96c | SOFR+375 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 3.75% I••••••• R••• 7.38% M••••••• | $5.9M | $5.7M 95c | SOFR+375 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $5.2M | $5.0M 96c | S+375 bp |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• S••••••• I••••••• R••• 7.38% R•••••••• R••• and S••• | $4.0M | $3.8M 96c | SOFR+375 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $3.3M | $3.2M 98c | S+375 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 3.75% I••••••• R••• 7.38% M•••••• | $2.0M | $1.9M 95c | SOFR+375 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.0M | $1.9M 95c | S+375 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.75% M••••••• D••• 12/9/2031 | $748,111 | $716,002 98c | S+375 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.75% (S + 3.75%) M••••••• D••• 12 | $386,524 | $367,681 99c | SOFR+375 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 $117M | 96c | SOFR+375 bp | Dec 9, 2031 | 9 |
| other lien unstated | at least $5.2M | 96c | S+375 bp | Dec 9, 2031 | 1 |
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 | 10 | $122M | $117M | 96c | 0 |
| Mar 31, 2026 | 10 | $119M | $117M | 97c | 0 |
| Dec 31, 2025 | 8 | $126M | $126M | 101c | 0 |
| Sep 30, 2025 | 7 | $135M | $135M | 101c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $131M | $132M | 101c | 0 |
| Mar 31, 2025 | 7 | $122M | $120M | 99c | 0 |
| Dec 31, 2024 | 7 | $212M | $211M | 100c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityDec 31, 2025
Full timeline · 9 eventsShow fewer
- New lender joined a facilityDec 31, 2025
- Lender left a facilitySep 30, 2025
- New borrower on a BDC scheduleDec 31, 2024
- Lender left 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
- CLOVERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 12 BDCsderived
- Industry
- Softwarereportedas one filer wrote it