DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
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Borrower
P•• S•••••••• I••
Also written as: Inc. PCS Software Holdings, LLC; Inc. PCS Software Parent LLC; Inc.Delayed Draw; PCS Software Parent, LLC
Principal held
at least $967,968
sum of BDC pieces, a lower bound
Fair value
$1.2M
99c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Jun 30, 2027
$967,968 inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
14
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| term loan lien unstated | at least $961,897 | 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50% | Jun 30, 2027 | 1 |
| revolver lien unstated | at least $6,071 | n/a | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50% | Jun 30, 2027 | 1 |
| delayed draw term loan lien unstated exited Mar 31, 2026 | at least $960,683 | 99c | //stelluscapital.com/20260331#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50% | Jun 30, 2027 | 1 |
Equity pieces beside the debt: equity ($227,439 fair value, 1 BDC), preferred equity ($559,483 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S•••••• C•••••• I••••••••• C••• | revolver lien unstated Revolver | $6,071 | $6,010 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50% |
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated Term Loan | $961,897 | $952,278 99c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+600 bp PIK 0.50% |
| S•••••• C•••••• I••••••••• C••• | equity equity Class A Common Units | n/a | $227,439 2276c |
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 | 1 | $967,968 | $958,288 | 99c | 2 |
| Mar 31, 2026 | 1 | $16.7M | $16.5M | 99c | 3 |
| Dec 31, 2025 | 1 | $18.5M | $18.4M | 100c | 6 |
| Sep 30, 2025 | 1 | $439 | $949,871 | 100c | 2 |
| Jun 30, 2025 | 1 | $2.3M | $2.3M | 99c | 2 |
| Mar 31, 2025 | 1 | $2.3M | $2.3M | 99c | 0 |
| Dec 31, 2024 | 1 | $19.2M | $19.1M | 100c | 0 |
| Sep 30, 2024 | 1 | $17.2M | $17.1M | 99c | 0 |
| Jun 30, 2024 | 1 | $17.2M | $17.1M | 100c | 0 |
| Mar 31, 2024 | 1 | $17.2M | $17.2M | 100c | 0 |
| Dec 31, 2023 | 1 | $17.3M | $17.3M | 100c | 0 |
| Sep 30, 2023 | 1 | $9.9M | $26.9M | 102c | 0 |
| Jun 30, 2023 | 1 | $16.8M | $16.7M | 100c | 0 |
| Mar 31, 2023 | 1 | $16.8M | $16.7M | 100c | 0 |
| Dec 31, 2022 | 1 | $16.9M | $16.7M | 100c | 0 |
| Sep 30, 2022 | 1 | $16.9M | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $14.2M | $18.4M | 101c | 0 |
What changed
- Maturity approachingJun 30, 2027
- Maturity approachingJun 30, 2027
- Maturity approachingJun 30, 2027
- Maturity approachingJun 30, 2027
- Maturity approachingJun 30, 2027
- Maturity approachingJun 30, 2027
- Facility left every BDC scheduleMar 31, 2026
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- Spread changed (observed)Mar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Spread changed (observed)Dec 31, 2023
Sponsor
- T•• C•••••••• G••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedcapstreet.com"portfolio card on https://capstreet.com/our-companies/: P•• S•••••••"
- L•• M••••••••• H•••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedllrpartners.com"portfolio card on https://www.llrpartners.com/portfolio-companies/: P•• S•••••••"
Identity
- Group key
- PCS SOFTWAREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 1 BDCderived