DFX Intelligence
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Borrower
3••• L••••••••• L•••• U••••• S••••• o• A•••••• C•••• H••••••• L••
Software & Services Rate S+5.25%, 0.75% Floor (0.50% on unfunded)group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Principal held
at least $11.8M
sum of BDC pieces, a lower bound
Fair value
$10.2M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Feb 27, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2025
latest Dec 31, 2025
Events
4
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 |
|---|---|---|---|
| S••••• P•••• S•••••••• L•••••• F••• | $11.8M | 102¢ | new this quarter |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S••••• P•••• S•••••••• L•••••• F••• | term loan first lien I••••••••• 1st L••• T••• L••• I••••••• S••••••• & Services R••• S+5.25%, 0.75% F•••• I•••• | $10.2M | $10.2M 102c | SOFR+525 bp |
| S••••• P•••• S•••••••• L•••••• F••• | delayed draw term loan first lien I••••••••• 1st L••• D•••••• D••• T••• L••• I••••••• S••••••• & Services R••• S+5.25%, 0.75 | $924,210 | $2,407 -24c | SOFR+525 bp |
| S••••• P•••• S•••••••• L•••••• F••• | revolver first lien I••••••••• 1st L••• R••••••• I••••••• S••••••• & Services R••• S+5.25%, 0.75% F•••• (0.50% | $707,659 | -$1,474 16c | SOFR+525 bp |
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 $10.2M | 102c | SOFR+525 bp | Feb 27, 2030 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2025 | at least $924,210 | n/a | SOFR+525 bp | Feb 27, 2030 | 1 |
| first lien revolver first lien exited Dec 31, 2025 | at least $707,659 | n/a | SOFR+525 bp | Feb 27, 2029 | 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 | 1 | $11.8M | $10.2M | 102c | 0 |
What changed
- New borrower on a BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Facility left every BDC scheduleDec 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
- 31ST LIEN SECURED LOANS UNITED STATES OF AMERICA COUPAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Software & Services Rate S+5.25%, 0.75% Floor (0.50% on unfunded)reportedas one filer wrote it