DFX Intelligence
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Borrower
I••• P••••• I• I••
Also written as: Instructure Holdings; Services; Software; Software/Services
What matters now
- 102¢ → 93¢consensus mark
Consensus mark 93¢ on cost, down from 102¢ a year ago, 96¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 3 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
102¢ · 100¢ · 100¢ · 96¢ · 93¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
93¢94¢
Principal held
at least $37.4M
sum of BDC pieces, a lower bound
Fair value
$34.9M
93c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
3 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Nov 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
1
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 |
|---|---|---|---|
| A••• S•••••••• I••••• F••• | $30.5M | 93¢ | -3 pts |
| F••••••• B•• C•••••• C••• | $4.95M | 94¢ | -2 pts |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | $1.98M | 94¢ | -3 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $30.5M | $28.5M 93c | S+275 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $5.0M | $4.6M 94c | S+275 bp |
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | term loan first lien F•••• L••• D••• | $2.0M | $1.9M 94c | S+275 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 $32.5M | 93c | S+275 bp | Nov 13, 2031 | 5 |
| other lien unstated | at least $5.0M | 94c | S+275 bp | Nov 13, 2031 | 2 |
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 | $37.4M | $34.9M | 93c | 0 |
| Mar 31, 2026 | 5 | $38.8M | $37.2M | 96c | 0 |
| Dec 31, 2025 | 4 | $51.4M | $51.5M | 100c | 0 |
| Sep 30, 2025 | 3 | $70.5M | $70.4M | 100c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $21.9M | $22.0M | 102c | 0 |
| Mar 31, 2025 | 1 | $2.0M | $2.0M | 100c | 0 |
| Dec 31, 2024 | 1 | $4.0M | $4.0M | 101c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- New lender joined a facilityDec 31, 2025
- Maturity shortened (observed)Dec 31, 2025
Full timeline · 10 eventsShow fewer
- New lender joined a facilitySep 30, 2025
- New lender joined a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- New borrower on a BDC scheduleDec 31, 2024
- Lender left a facilityDec 31, 2024
Sponsor
Possible relationship, not established: L•••• C•••••• G•••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.55). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- L•••• C•••••• G•••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedlumoscapitalgroup.com"••• Locked"
Identity
- Group key
- I••• P••••• I•derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Softwarereportedas one filer wrote it