DFX Intelligence
The names on this page are hidden. Create a free account to reveal 5 records a month, or get Private Credit Intelligence at $249 a month for every name. Every figure, date and source on this page is public either way.
Borrower
S••••••• T••••••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: System Software
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
103¢ · 103¢ · 101¢ · 100¢ · 100¢Q1 2025 to Q2 2026
Principal held
at least $83.2M
sum of BDC pieces, a lower bound
Fair value
$82.9M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Apr 1, 2029
no dated debt inside 24 months
On the tape since
Jun 30, 2024
latest Jun 30, 2026
Events
4
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 |
|---|---|---|---|
| H••••••• C••••••• I••• | $83.2M | 100¢ | 0 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, A•••• 2029, P•••• - 0.50%, F•••• rate 8.00%, PIK I••••••• 3.85% | $34.5M | $34.0M 100c | S+-50 bp PIK 3.85% |
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, A•••• 2029, P•••• + 2.50%, F•••• rate 9.00%, PIK I••••••• 1.50% | $24.8M | $24.6M 100c | S+250 bp PIK 1.50% |
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, A•••• 2029, P•••• - 1.75%, F•••• rate 6.75%, PIK I••••••• 3.25% | $23.9M | $23.7M 100c | S+-175 bp PIK 3.25% |
| H••••••• C••••••• I••• | warrants equity W••••••, 4/23/2024, C••••• S•••• | Not disclosed | $627,000 141c |
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 $83.2M | 100c | S+250 bp PIK 3.85% | Apr 1, 2029 | 1 |
Equity pieces beside the debt: warrants ($627,000 fair value, 1 BDC)
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 | $83.2M | $82.3M | 100c | 3 |
| Mar 31, 2026 | 1 | $66.1M | $65.3M | 100c | 3 |
| Sep 30, 2025 | 1 | $45.9M | $45.9M | 101c | 2 |
| Jun 30, 2025 | 1 | $34.4M | $34.9M | 103c | 2 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $22.9M | $23.5M | 103c | 1 |
| Dec 31, 2024 | 1 | $22.8M | $23.1M | 102c | 1 |
| Sep 30, 2024 | 1 | $15.1M | $15.0M | 100c | 1 |
| Jun 30, 2024 | 1 | $7.5M | $7.5M | 100c | 1 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread increasedSep 30, 2025
- PIK interest increasedJun 30, 2025
Full timeline · 8 eventsShow fewer
- PIK interest increasedJun 30, 2025
- Spread increasedJun 30, 2025
- New borrower on a BDC scheduleJun 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
- S••••••• T•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived