DFX Intelligence
Private Credit Intelligence
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Borrower
K•••••• L••
Application Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: 2025; 23; 5; 5/23/2025; and K•••••• L••; Equity; Equity and; LLC Interactive Media & Services Initial
Principal held
at least $49.2M
sum of BDC pieces, a lower bound
Fair value
$55.0M
98c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
2
3 equity pieces beside them
Next maturity
May 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
15
dated, non-routine
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 $49.2M | 98c | //tcpcapital.com/20260630#Fixed Rate+0 bp | May 23, 2030 | 4 |
| revolver lien unstated exited Sep 30, 2023 | at least $1.2M | 75c | S+800 bp | Jan 3, 2024 | 1 |
Equity pieces beside the debt: other ($1.2M fair value, 1 BDC), preferred equity ($7.2M fair value, 3 BDCs), equity ($3.7M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• T•• C•••••• C•••• | preferred equity equity Preferred Units | n/a | $1 0c | |
| B•••••••• T•• C•••••• C•••• | term loan first lien First Lien Term Loan Ref Fixed Floor 0.00% Spread 0.00% Total Coupon 10.00% Maturity 5/23/ | $6.0M | $5.0M 94c | //tcpcapital.com/20260630#Fixed Rate+0 bp |
| G•••••• S•••• B••• I••• | preferred equity equity Preferred Stock Industry Interactive Media & Services Initial Acquisition Date 05/23/25 | n/a | $4.3M 50c | |
| G•••••• S•••• B••• I••• | term loan first lien 1st Lien/Senior Secured Debt Industry Interactive Media & Services Interest Rate 10.00% Re | $19.0M | $18.3M 99c | 10.00% |
| H••••••• C••••••• I••• | term loan first lien Senior Secured, May 2030 , FIXED 10.00% | $11.7M | $11.3M 97c | |
| H••••••• C••••••• I••• | unstated lien unstated Earnout Interest | n/a | $600,000 12c | |
| H••••••• C••••••• I••• | unstated lien unstated Earnout Interest | n/a | $611,000 12c | |
| S••••• C•••••• H••••••• L•• | preferred equity equity Preferred Stock Acquisition Date 05/23/25 | n/a | $2.9M 50c | |
| S••••• C•••••• H••••••• L•• | term loan first lien 1st Lien/Senior Secured Debt Interest Rate 10.00% Reference Rate and Spread 10.00% Maturit | $12.5M | $12.0M 99c | 10.00% |
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 | 4 | $49.2M | $46.6M | 98c | 0 |
| Mar 31, 2026 | 4 | $49.2M | $46.7M | 97c | 0 |
| Dec 31, 2025 | 4 | $60.9M | $58.8M | 98c | 0 |
| Sep 30, 2025 | 4 | $49.2M | $48.0M | 100c | 0 |
| Jun 30, 2025 | 4 | $49.2M | $48.0M | 100c | 0 |
| Mar 31, 2025 | 2 | $96.0M | $22.8M | 25c | 2 |
| Dec 31, 2024 | 2 | $156M | $44.5M | 29c | 3 |
| Sep 30, 2024 | 2 | $93.7M | $30.1M | 33c | 1 |
| Jun 30, 2024 | 2 | $91.8M | $43.2M | 48c | 1 |
| Mar 31, 2024 | 2 | $88.3M | $74.3M | 84c | 2 |
| Dec 31, 2023 | 2 | $203M | $193M | 95c | 4 |
| Sep 30, 2023 | 2 | $86.3M | $80.9M | 94c | 2 |
| Jun 30, 2023 | 2 | $86.3M | $84.8M | 99c | 0 |
| Mar 31, 2023 | 2 | $84.9M | $84.4M | 100c | 0 |
| Dec 31, 2022 | 2 | $84.9M | $83.8M | 99c | 0 |
What changed
- Spread changed (observed)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Dec 31, 2025
- Mark recoveredJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- PIK interest appearsDec 31, 2024
- Marked down across lendersSep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down across lendersJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Jun 30, 2024
- Spread increasedJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Marked down across lendersMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- PIK interest appearsSep 30, 2023
- Spread changed (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- Facility left every BDC scheduleSep 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- KHOROSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Application Softwarereportedas one filer wrote it