DFX Intelligence
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Borrower
C••••••• U••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: System Software
What matters now
- 100¢ → 100¢consensus mark
Consensus mark 100¢ on cost, up from 100¢ in Q2 2025, 98¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 101¢ · 98¢ · 100¢Q2 2025 to Q2 2026
Principal held
at least $25.0M
sum of BDC pieces, a lower bound
Fair value
$25.2M
100c on cost, debt pieces
Unfunded
$10.0M
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Jan 1, 2029
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 |
|---|---|---|---|
| H••••••• C••••••• I••• | $25M | 100¢ | +2 pts |
Every BDC piece · 2 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••••••, J•••••• 2029, P•••• + 2.75%, F•••• rate 9.25%, 4.95% E••• Fee | $25.0M | $25.2M 100c | S+275 bp |
| H••••••• C••••••• I••• | unstated lien unstated | Not disclosed | Not disclosed |
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 $25.0M | 100c | S+275 bp | Jan 1, 2029 | 1 |
Equity pieces beside the debt: other (Not disclosed 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 | $25.0M | $25.2M | 100c | 0 |
| Mar 31, 2026 | 1 | $25.0M | $24.6M | 98c | 0 |
| Dec 31, 2025 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2025 | 1 | $25.0M | $25.1M | 101c | 0 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $25.0M | $24.9M | 100c | 0 |
| Mar 31, 2025 | 1 | $25.0M | $24.8M | 100c | 0 |
| Dec 31, 2024 | 1 | $25.0M | $24.7M | 100c | 0 |
What changed
- New borrower on a BDC scheduleDec 31, 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
- COREVIEWderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived