DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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Borrower
B•••••••• P•••••• L••
Systems Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: B••••••••; LLC - Funded
Principal held
at least $445M
sum of BDC pieces, a lower bound
Fair value
$239M
56c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
13
8 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Aug 1, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
13
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $225M | 35c | S+700 bp | Aug 15, 2030 | 5 |
| first lien term loan first lien | at least $220M | 77c | SOFR+650 bp | Aug 15, 2029 | 11 |
| other lien unstated exited Dec 31, 2022 | at least $3.0M | 98c | S+450 bp | Aug 1, 2029 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• P•••••• C••••• F••• | term loan first lien Instrument First Lien Term Loan Ref SOFR(Q) Spread 4.50% Total Coupon 8.16% Maturity 8/15/ | $667,741 | $458,237 70c | SOFR+450 bp |
| B••• O•• C•••••• C••• | term loan first lien First lien senior secured loan | Non-Affiliated | $12.6M | $8.5M 71c | S+450 bp |
| B••• O•• C••••• I••••• C•••• | term loan second lien Second lien senior secured loan | Non-Affiliated Issuer | $93.3M | $30.6M 33c | S+700 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan 1 | Non-Affiliated Issuer | $13.9M | $9.4M 69c | S+450 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan 2 | Non-Affiliated Issuer | $34.1M | $25.8M 77c | S+650 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan second lien Second lien senior secured loan | Non-Affiliated Issuer | $55.9M | $18.4M 40c | S+700 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien First lien senior secured loan 2 | Non-Affiliated Issuer | $20.4M | $15.4M 77c | S+650 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien First lien senior secured loan 1 | Non-Affiliated Issuer | $22.7M | $15.3M 74c | S+450 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien First lien senior secured loan 1 | $30.5M | $20.6M 69c | S+450 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan second lien Second lien senior secured loan | $55.9M | $18.4M 33c | S+700 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien First lien senior secured loan 2 | $20.4M | $15.4M 77c | S+650 bp |
| O•••••• S•••••••• L•••••• C••• | term loan first lien First Lien Term Loan | $15.4M | $12.9M 85c | S+650 bp |
| O•••••• S•••••••• C••••• F••• | term loan first lien First Lien Term Loan | $48.9M | $40.7M 85c | S+650 bp |
| P••••••• C•••••• C••• | term loan second lien Second Lien Term Loan | $20.0M | $7.1M 36c | S+700 bp |
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 | 8 | $445M | $239M | 56c | 0 |
| Mar 31, 2026 | 8 | $445M | $238M | 56c | 0 |
| Dec 31, 2025 | 8 | $445M | $355M | 84c | 0 |
| Sep 30, 2025 | 8 | $445M | $364M | 86c | 0 |
| Jun 30, 2025 | 9 | $468M | $384M | 87c | 0 |
| Mar 31, 2025 | 8 | $162M | $154M | 97c | 0 |
| Dec 31, 2024 | 4 | $29.0M | $26.9M | 94c | 0 |
| Sep 30, 2024 | 5 | $27.6M | $26.7M | 99c | 0 |
| Jun 30, 2024 | 5 | $27.5M | $27.5M | 102c | 0 |
| Mar 31, 2024 | 5 | $147M | $139M | 97c | 0 |
| Dec 31, 2023 | 5 | $152M | $145M | 98c | 0 |
| Sep 30, 2023 | 4 | $127M | $120M | 98c | 0 |
| Jun 30, 2023 | 5 | $167M | $161M | 99c | 0 |
| Mar 31, 2023 | 4 | $144M | $138M | 99c | 0 |
| Dec 31, 2022 | 6 | $150M | $144M | 99c | 0 |
| Sep 30, 2022 | 1 | $20.0M | $19.3M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down across lendersJun 30, 2025
- Spread changed (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 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
- BARRACUDAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 13 BDCsderived
- Industry
- Systems Softwarereportedas one filer wrote it