DFX Intelligence
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Borrower
V••••• P••••• I••
Software & Servicesgroup grade Aoff every schedule since Mar 31, 2024sponsor unattributed
Nothing material in the last 200 days. Last change: 31 Mar 2024, Consensus mark 102¢ on cost, up from 81¢ a year ago, 99¢ last quarter.
Mark path, consensus per quarter end
81¢ · 91¢ · 101¢ · 99¢ · 102¢Q1 2023 to Q1 2024
Principal held
at least $12.9M
sum of BDC pieces, a lower bound
Fair value
$13.2M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Nov 8, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2024
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2024, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| K•• F• I••••• T•••• | $12.9M | 102¢ | +3 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•• F• I••••• T•••• | unstated lien unstated | $12.9M | $13.2M 102c | S+325 bp PIK 3.00% |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2024
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Mar 31, 2024 | at least $12.9M | 102c | S+325 bp PIK 3.00% | Nov 8, 2029 | 1 |
| second lien term loan second lien exited Sep 30, 2023 | at least $1.1M | 123c | S+725 bp | Apr 6, 2029 | 1 |
| first lien term loan first lien exited Sep 30, 2023 | unknown | n/a | S+725 bp | Apr 6, 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 |
|---|---|---|---|---|---|
| Mar 31, 2024 | 1 | $12.9M | $13.2M | 102c | 1 |
| Dec 31, 2023 | 1 | $12.8M | $12.7M | 99c | 0 |
| Sep 30, 2023 | 3 | $69.8M | $69.8M | 101c | 0 |
| Jun 30, 2023 | 3 | $73.3M | $66.2M | 91c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2023 | 3 | $70.5M | $56.2M | 81c | 0 |
| Dec 31, 2022 | 2 | $99.0M | $80.5M | 82c | 0 |
| Sep 30, 2022 | 1 | $69.1M | $59.6M | 87c | 0 |
| Dec 31, 2021 | 1 | $71.4M | $70.7M | 100c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2024
- PIK interest appearsMar 31, 2024
- New lender joined a facilityDec 31, 2023
- Facility left every BDC scheduleSep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
Full timeline · 8 eventsShow fewer
- Mark recoveredJun 30, 2023
- Marked down (one lender)Dec 31, 2022
- Marked down (one lender)Sep 30, 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
- V••••• P••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Software & Servicesreportedas one filer wrote it