DFX Intelligence
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Borrower
C• B••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. First Lein
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 100¢ · 98¢ · 98¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 1 point apart
98¢99¢
Principal held
at least $4.8M
sum of BDC pieces, a lower bound
Fair value
$36.3M
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
15
2 on the latest quarter
Facilities
6
2 equity pieces beside them
Next maturity
Jul 1, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2024
latest Jun 30, 2026
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B• P••••••• L•••••• C••• | $4.82M | 99¢ | new this quarter |
| 2•••••• B••• I••• | no principal filed | 98¢ | 0 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 8.98% R•••••••• R••• and S••••• S + 5.25% F•••• 0.00% M• | $4.8M | $4.8M 99c | SOFR+525 bp |
| 2•••••• B••• I••• | revolver first lien D••• Investments | F•••• L••• S••••• S•••••• R•••••••• T••• L••• | S••• + 5.250 | 8.994% | | Not disclosed | $161,000 80c | SOFR+525 bp |
| 2•••••• B••• I••• | term loan first lien D••• Investments | F•••• L••• S••••• S•••••• T••• L••• | S••• + 5.250 | 8.982% | 7/1/2024 | Not disclosed | $27.4M 98c | SOFR+525 bp |
| 2•••••• B••• I••• | delayed draw term loan first lien D••• Investments | F•••• L••• S••••• S•••••• D•••••• D••• T••• L••• | S••• + 5.250 | 8.982 | Not disclosed | $3.9M 98c | SOFR+525 bp |
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 $4.8M | 98c | SOFR+525 bp | Jul 1, 2031 | 2 |
| first lien delayed draw term loan first lien | unknown | 98c | SOFR+525 bp | Jul 1, 2031 | 1 |
| first lien revolver first lien | unknown | 80c | SOFR+525 bp | Jul 1, 2031 | 1 |
| other lien unstated exited Mar 31, 2025 | at least $15.2M | 100c | SOFR+500 bp | Jul 1, 2031 | 1 |
| revolver lien unstated exited Dec 31, 2025 | unknown | n/a | unstated | 1 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Dec 31, 2025 | unknown | n/a | unstated | 1 |
Equity pieces beside the debt: equity ($924,000 fair value, 5 BDCs), preferred equity ($1.3M fair value, 5 BDCs)
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 | 2 | $4.8M | $36.3M | 98c | 0 |
| Mar 31, 2026 | 1 | $0 | $31.7M | 98c | 0 |
| Dec 31, 2025 | 8 | $133M | $155M | 100c | 0 |
| Sep 30, 2025 | 10 | $290M | $313M | 101c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 10 | $172M | $195M | 101c | 0 |
| Mar 31, 2025 | 10 | $164M | $186M | 101c | 0 |
| Dec 31, 2024 | 14 | $230M | $241M | 101c | 0 |
| Sep 30, 2024 | 14 | $169M | $186M | 101c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersMar 31, 2026
Full timeline · 30 eventsShow fewer
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Lender left a facilityDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- New borrower on a BDC scheduleSep 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- C• B••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 15 BDCsderived
- Industry
- Softwarereportedas one filer wrote it