DFX Intelligence
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Borrower
G••••••• N•••••• L••
Softwaregroup grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Also written as: G•••••••
Nothing material in the last 200 days. Last change: 30 Sep 2025, Consensus mark 98¢ on cost, down from 101¢ a year ago, 100¢ last quarter.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 100¢ · 98¢Q3 2024 to Q3 2025
Principal held
at least $1.8M
sum of BDC pieces, a lower bound
Fair value
$1.9M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Aug 5, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Sep 30, 2025
Events
9
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | $1.84M | 98¢ | -2 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S•••+465 C••• plus 6.60% PIK, 1.00% F•••• M••••••• D••• | $1.0M | $955,000 96c | SOFR+465 bp PIK 6.60% |
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+550, 3.00% F•••• M••••••• D••• 08/05/29 | $840,000 | $844,000 101c | SOFR+550 bp |
| M••••• F•••••••• I••••••••• C••• | equity equity C••••• Equity - C••••• S•••• | Not disclosed | $49,000 | |
| M••••• F•••••••• I••••••••• C••• | delayed draw term loan first lien F•••• L••• S•••••• D••• - D•••••• D••• S•••+550, 3.00% F•••• M••••••• D••• 08/05/29 | Not disclosed | $4,000 -67c | SOFR+550 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien revolver first lien exited Sep 30, 2025 | at least $1.0M | 96c | SOFR+465 bp PIK 6.60% | Aug 6, 2029 | 1 |
| first lien term loan first lien exited Sep 30, 2025 | at least $840,000 | 101c | SOFR+550 bp | Aug 5, 2029 | 1 |
| first lien delayed draw term loan first lien exited Sep 30, 2025 | unknown | n/a | SOFR+550 bp | Aug 5, 2029 | 1 |
Equity pieces beside the debt: equity ($49,000 fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2025 | 1 | $1.8M | $1.8M | 99c | 1 |
| Jun 30, 2025 | 1 | $1.6M | $1.6M | 100c | 0 |
| Mar 31, 2025 | 1 | $539,000 | $539,000 | 100c | 0 |
| Dec 31, 2024 | 1 | $539,000 | $539,000 | 101c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 1 | $719,000 | $719,000 | 101c | 0 |
| Jun 30, 2024 | 1 | $304,000 | $304,000 | 146c | 0 |
| Mar 31, 2024 | 1 | $1.6M | $0 | 0c | 0 |
| Dec 31, 2023 | 1 | $3.2M | $0 | 0c | 0 |
| Sep 30, 2023 | 1 | $3.2M | $0 | 0c | 0 |
| Jun 30, 2023 | 1 | $3.2M | $0 | 0c | 0 |
| Mar 31, 2023 | 1 | $3.2M | $0 | n/a | 0 |
| Dec 31, 2022 | 1 | $3.2M | $0 | 0c | 0 |
What changed
- Spread changed (observed)Sep 30, 2025
- PIK interest appearsSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
Full timeline · 14 eventsShow fewer
- PIK interest appearsSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Marked down (one lender)Sep 30, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- G••••••• N•••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Softwarereportedas one filer wrote it