DFX Intelligence
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Borrower
S•••••• I••
Systems Softwaregroup grade Aon a schedule nowsponsor unattributed
Principal held
at least $72.6M
sum of BDC pieces, a lower bound
Fair value
$72.8M
101c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Feb 5, 2028
$36.6M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
3
dated, non-routine
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 $54.6M | 101c | SOFR+750 bp | Sep 30, 2028 | 1 |
| term loan lien unstated | at least $18.0M | 100c | S+285 bp | Dec 1, 2028 | 2 |
Equity pieces beside the debt: warrants ($209,000 fair value, 3 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| R••••• G••••• F•••••• C•••• | term loan first lien Investment T••• S••••• S•••••• I••••••• R••• S•••+7.50%, 12.10% floor, 3.83% ETP I•••••• A | $18.0M | $17.7M 99c | SOFR+750 bp |
| R••••• G••••• F•••••• C•••• | term loan first lien Investment T••• S••••• S•••••• I••••••• R••• S•••+7.50%, 11.77% floor, 3.75% ETP I•••••• A | $36.6M | $37.1M 102c | SOFR+750 bp |
| R••••• G••••• F•••••• C•••• | warrants equity W••••••• & O•••• C••••••••• R••••• Investment T••• W•••••• C••••• S•••• I•••••• A••••••••• | Not disclosed | $119,000 71c | |
| T••••••••• P•••••• V•••••• C••••• I••• | term loan lien unstated G••••• Capital L••• | $9.0M | $8.9M 100c | S+285 bp |
| T••••••••• P•••••• V•••••• C••••• I••• | warrants equity C••••• S•••• | W•••••• Investments | Not disclosed | $45,000 66c | |
| T••••••••• V•••••• G••••• B•• C•••• | warrants equity C••••• S•••• | W•••••• Investments | Not disclosed | $45,000 66c | |
| T••••••••• V•••••• G••••• B•• C•••• | term loan lien unstated G••••• Capital L••• | $9.0M | $8.9M 100c | S+285 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 | 3 | $72.6M | $72.6M | 101c | 0 |
| Mar 31, 2026 | 3 | $70.6M | $70.3M | 101c | 0 |
| Dec 31, 2025 | 3 | $36.0M | $35.4M | 100c | 0 |
| Sep 30, 2025 | 1 | $63.0M | $62.8M | 100c | 0 |
| Jun 30, 2025 | 1 | $60.5M | $60.0M | 100c | 0 |
| Mar 31, 2025 | 1 | $42.5M | $42.6M | 101c | 0 |
| Dec 31, 2024 | 1 | $42.5M | $42.5M | 100c | 0 |
| Sep 30, 2024 | 1 | $40.0M | $39.9M | 100c | 0 |
| Jun 30, 2024 | 1 | $40.0M | $39.8M | 100c | 0 |
| Mar 31, 2024 | 1 | $40.0M | $39.8M | 100c | 0 |
| Dec 31, 2023 | 1 | $40.0M | $41.1M | 100c | 0 |
| Sep 30, 2023 | 1 | $36.5M | $36.5M | 100c | 0 |
| Jun 30, 2023 | 1 | $36.5M | $36.4M | 100c | 0 |
| Mar 31, 2023 | 1 | $36.5M | $36.4M | 100c | 0 |
| Dec 31, 2022 | 1 | $105M | $105M | 100c | 0 |
What changed
- Maturity extended (observed)Dec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Spread increasedDec 31, 2023
- Maturity extended (observed)Dec 31, 2023
- 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
- SYNACKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Systems Softwarereportedas one filer wrote it