DFX Intelligence

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Borrower

K••••• I••

Softwaregroup grade Aon a schedule nowsponsor unattributed

Also written as: 1; 2022; First Drawn; Inc. Sr Secured; Inc.2; Inc.3; Inc.4; Inc3

See every lender's mark Find rescue capital

Special situations PE firms

What matters now

4 of 18 lenders
on non-accrual
Non-accrual at 4 of 18 lenders on the latest schedules.
Q2 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender →
101¢ → 68¢
consensus mark
Consensus mark 68¢ on cost, down from 101¢ a year ago, 87¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived15 of 18 lenders' own marks, weighted by principal
20 pts
61¢ to 81¢
Lenders disagree by 20 points: O•••••• S•••••••• C••••• F••• 61¢ to A• P•••••• L•••••• F••• 81¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
$568M
principal outstanding
$568M principal held by 18 lenders; matures Mar 2030.
Q2 2026 · Refinancing is due in 42 months at a 68¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
85¢ → 61¢
-24 pts, one lender
B••••••••• P•••••• C••••• F••• marked it 85¢ → 61¢, the largest move among 18 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
FactB••••••••• P•••••• C••••• F••• schedule of investmentsOpen the lender →

Mark path, consensus per quarter end

101¢ · 101¢ · 100¢ · 87¢ · 68¢Q2 2025 to Q2 2026

Where each lender marks it, 20 points apart

61¢81¢

Principal held

at least $568M

sum of BDC pieces, a lower bound

Fair value

$417M

68c on cost, debt pieces

Unfunded

$27.3M

commitments not yet drawn

BDC lenders

23 on the latest quarter

Facilities

2 equity pieces beside them

Next maturity

Mar 20, 2030

no dated debt inside 24 months

On the tape since

Dec 31, 2021

latest Jun 30, 2026

Events

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••••••••• P•••••• C••••• F•••	$162M	61¢	-24 pts
B••• O•• C••••• I••••• C••••	$104M	73¢	-17 pts
B••• O•• T••••••••• F•••••• C••••	$89M	73¢	-17 pts
B••• O•• T••••••••• I••••• C••••	$65.1M	73¢	-17 pts
A••• S•••••••• I••••• F•••	$51.9M	66¢	-18 pts

View all 18 lenderslargest exposure first

Lender	Exposure	Current mark	QoQ change
O•••••• S•••••••• C••••• F•••	$43.8M	61¢	-20 pts
H•• C•••••••• L•••••• F•••	$20.2M	78¢	-16 pts
O•••••• S•••••••• L•••••• C•••	$16.4M	61¢	-20 pts
F••••••• B•• C•••••• C•••	$3.75M	77¢	-17 pts
G•••••• S•••• P•••••• C••••• C••••	$3.18M	78¢	-16 pts
B•••••••• P•••••• C••••• F•••	$2.45M	78¢	-16 pts
F••••••• P•••••• C••••• F•••	$1.99M	81¢	-17 pts
A•••••• S•••••••• C••••• F•••	$1.52M	no cost filed	new this quarter
B•••••• P•••••• C••••• C•••	$1.09M	77¢	-16 pts
A•••••• P•••••• C••••• F•••	$761K	no cost filed	new this quarter
A• P•••••• L•••••• F•••	$497K	81¢	-17 pts
F••••••• P•••••• L•••••• F•••	$5.4K	77¢	-16 pts
A••••• D••• S•••••••• B••	no principal filed	no cost filed	new this quarter

Every BDC piece · 35 positions across 23 lenderslargest principal first, with instrument and rate

BDC	Instrument	Principal	Fair value	Rate
B••••••••• P•••••• C••••• F•••	revolver lien unstated N••••••••• I•••••	$125M	$76.4M 62c	S+500 bp
B••• O•• C••••• I••••• C••••	term loan first lien F•••• lien senior secured loan \| N••••••••• I•••••	$79.0M	$60.8M 77c	S+325 bp
B••• O•• T••••••••• F•••••• C••••	term loan first lien F•••• lien senior secured loan \| N••••••••• I•••••	$69.1M	$53.2M 77c	S+325 bp
B••• O•• T••••••••• I••••• C••••	term loan first lien F•••• lien senior secured loan	$49.4M	$38.0M 77c	S+325 bp
O•••••• S•••••••• C••••• F•••	term loan second lien S••••• L••• T••• L•••	$43.8M	$26.8M 61c	S+500 bp

View all 35 positionslargest principal first

BDC	Instrument	Principal	Fair value	Rate
B••••••••• P•••••• C••••• F•••	revolver lien unstated N••••••••• I•••••	$36.7M	$22.0M 61c	S+325 bp
A••• S•••••••• I••••• F•••	term loan second lien S••••• lien senior secured loan	$33.0M	$19.8M 60c	S+500 bp
B••• O•• C••••• I••••• C••••	term loan second lien S••••• lien senior secured loan \| N••••••••• I•••••	$25.2M	$15.2M 61c	S+500 bp
H•• C•••••••• L•••••• F•••	unstated lien unstated N••••••••• I•••••	$20.2M	$15.7M 78c	S+325 bp
B••• O•• T••••••••• F•••••• C••••	term loan second lien S••••• lien senior secured loan \| N••••••••• I•••••	$19.9M	$12.0M 60c	S+500 bp
A••• S•••••••• I••••• F•••	term loan first lien F•••• lien senior secured loan	$19.0M	$14.6M 77c	S+325 bp
O•••••• S•••••••• L•••••• C•••	term loan second lien S••••• L••• T••• L•••	$16.4M	$10.1M 61c	S+500 bp
B••• O•• T••••••••• I••••• C••••	term loan second lien S••••• lien senior secured loan	$15.7M	$9.5M 61c	S+500 bp
F••••••• B•• C•••••• C•••	unstated lien unstated	$3.8M	$2.9M 77c	S+325 bp
G•••••• S•••• P•••••• C••••• C••••	term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• IT Services I••••••• R••• 6.91% R•••••••• R••• and S	$3.2M	$2.4M 78c	SOFR+325 bp
B•••••••• P•••••• C••••• F•••	term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(M) S••••• 3.25% T•••• C••••• 6.91% M••••••• 3/20/	$2.5M	$1.9M 78c	SOFR+325 bp
F••••••• P•••••• C••••• F•••	term loan first lien F•••• L••• D••• T••• L••• R•••••••• R••• and S••••• S••• + 3.25% I••••••• R••• 6.91% M••••	$2.0M	$1.5M 81c	SOFR+325 bp
A•••••• S•••••••• C••••• F•••	revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 3.25% I••••••• R••• 7.00% M••	$1.5M	$-312,000 3900c	SOFR+325 bp
B•••••• P•••••• C••••• C•••	term loan first lien F•••• L••• S••••• S•••••• T••• L•••	$1.1M	$834,000 77c	S+325 bp
A•••••• P•••••• C••••• F•••	revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 3.25% I••••••• R••• 7.00% M••	$761,000	$-156,000 3900c	SOFR+325 bp
A• P•••••• L•••••• F•••	term loan first lien US C•••••••• D••• \| 1st L•••/S••••• S•••••• D••• \| T••• L••• \| 6.90% (S +3.25) \| 3/22/2032	$497,481	$382,782 81c	SOFR+325 bp
F••••••• P•••••• L•••••• F•••	term loan first lien Investment F•••• L••• - T••• L••• R•••••••• R••• and S••••• S•••+325 I••••••• R••• 7.0% M•	$5,400	$4.2M 77c	SOFR+325 bp
A•••••• P•••••• C••••• F•••	revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 3/20/2030	Not disclosed	$-156,000
A•••••• S•••••••• C••••• F•••	revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 3/20/2030	Not disclosed	$-312,000
A••••• D••• S•••••••• B••	revolver first lien F•••• L••• S•••••• D••• - R••••••• S+325, 0.00% F•••• M••••••• D••• 03/20/2030	Not disclosed	$-421,000 4678c	SOFR+325 bp
A••• C•••••• C•••	preferred equity equity P•••••••• stock	Not disclosed	$25.2M 69c	S+1075 bp PIK 14.59%
B••••••••• P•••••• C••••• F•••	revolver lien unstated R•••••••	Not disclosed	Not disclosed
G•••• C•••••• B•• 4• I•••	preferred equity equity P•••••••• stock	Not disclosed	$567,000 75c	S+1075 bp PIK 14.60%
G•••• C•••••• B•• 4• I•••	equity equity LP interest	Not disclosed	$29,000 58c
G•••• C•••••• B••• I•••	equity equity LP interest \| N••••••••• I•••••	Not disclosed	$145,000 57c
G•••• C•••••• B••• I•••	preferred equity equity P•••••••• stock \| N••••••••• I•••••	Not disclosed	$2.8M 71c	S+1075 bp PIK 14.60%
G•••• C•••••• D••••• L•••••• C•••	equity equity LP interest	Not disclosed	$27,000 59c
G•••• C•••••• D••••• L•••••• C•••	preferred equity equity P•••••••• stock	Not disclosed	$1.2M 75c	S+1075 bp PIK 14.60%
G•••• C•••••• D••••• L•••••• U•••••••• C•••	preferred equity equity P•••••••• stock	Not disclosed	$227,000 75c	S+1075 bp PIK 14.60%
G•••• C•••••• D••••• L•••••• U•••••••• C•••	equity equity LP interest	Not disclosed	$12,000 60c

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 $226M	77c	SOFR+325 bp	Mar 22, 2032	46
revolver lien unstated	at least $162M	61c	S+500 bp	Mar 20, 2033	9
second lien term loan second lien	at least $154M	61c	S+500 bp	Mar 21, 2033	6
other lien unstated	at least $24.0M	78c	S+325 bp	Mar 22, 2032	16
first lien revolver first lien	at least $2.3M	n/a	SOFR+325 bp	Mar 20, 2030	16

All 9 facilitiesheld first, largest first

Facility	Held	On cost	Pricing	Maturity	BDCs
second lien revolver second lien exited Dec 31, 2024	unknown	n/a		unstated	3
second lien delayed draw term loan second lien exited Dec 31, 2024	unknown	n/a		unstated	3
delayed draw term loan lien unstated exited Dec 31, 2024	unknown	n/a	S+550 bp	unstated	5
first lien delayed draw term loan first lien exited Mar 31, 2025	unknown	n/a		unstated	16

Equity pieces beside the debt: equity ($213,000 fair value, 5 BDCs), preferred equity ($30.1M fair value, 6 BDCs)

Through time

the borrower's pieces summed across BDCs, every quarter end

Quarter end	BDCs	Principal held	Fair value	On cost
Jun 30, 2026	23	$568M	$387M	68c
Mar 31, 2026	23	$613M	$530M	87c
Dec 31, 2025	24	$877M	$867M	100c
Sep 30, 2025	24	$755M	$754M	101c

All 8 quarters

Quarter end	BDCs	Principal held	Fair value	On cost	PIK pieces
Jun 30, 2025	22	$658M	$657M	101c	0
Mar 31, 2025	22	$609M	$604M	100c	0
Dec 31, 2024	33	$3.2B	$3.1B	101c	0
Sep 30, 2024	27	$1.5B	$1.5B	101c	7

What changed

Marked down across lendersJun 30, 2026
••• Locked
Marked down across lendersJun 30, 2026
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Marked down across lendersJun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Full timeline · 30 events

Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down (one lender)Jun 30, 2026
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Marked down across lendersMar 31, 2026
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Marked down across lendersMar 31, 2026
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Marked down across lendersMar 31, 2026
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Lender left a facilityMar 31, 2026
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New lender joined a facilityMar 31, 2026
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Marked down (one lender)Mar 31, 2026
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Marked down (one lender)Mar 31, 2026
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Marked down (one lender)Mar 31, 2026
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Every change including routine ones

Identity

Group key: KASEYAderivedthe codename stem after legal suffixes and deal words
Spellings: 3 across 54 BDCsderived
Industry: Softwarereportedas one filer wrote it