DFX Intelligence
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Borrower
S••••••• S••••••• B••••• I••
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 99¢ · 98¢Q2 2025 to Q2 2026
Where each lender marks it, 5 points apart
95¢100¢
Principal held
at least $119M
sum of BDC pieces, a lower bound
Fair value
$145M
98c on cost, debt pieces
Unfunded
$13.2M
commitments not yet drawn
BDC lenders
6
6 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Sep 1, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2024
latest Jun 30, 2026
Events
2
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••• | $40.4M | 98¢ | -1 pts |
| A••• C•••••• C••• | $31.3M | 97¢ | -1 pts |
| J•••••••• C••••• P••••••• B•• I••• | $23.5M | 99¢ | 0 pts |
| A• P•••••• C••••• I•••••••• C••• | $14.3M | 95¢ | 0 pts |
| S••••• C••••• I••••••••• L•• | $9.1M | 99¢ | 0 pts |
View all 6 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| 2•••••• B••• I••• | no principal filed | 100¢ | 0 pts |
Every BDC piece · 14 positions across 6 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 | $40.4M | $39.2M 98c | S+500 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $31.3M | $30.4M 97c | S+500 bp |
| J•••••••• C••••• P••••••• B•• I••• | term loan first lien T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 5.00% M••••••• D••• 9/30/2031 | $23.5M | $23.1M 99c | SOFR+500 bp |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 8.73% (S + 5.00%; 0.75% F•• | $14.3M | $13.4M 95c | SOFR+500 bp |
| S••••• C••••• I••••••••• L•• | term loan first lien T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 5.00% M••••••• D••• 9/30/2031 | $9.1M | $9.0M 99c | SOFR+500 bp |
View all 14 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | revolver first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 9/30/2031 | $0 | $-99,116 759c | SOFR+500 bp |
| J•••••••• C••••• P••••••• B•• I••• | revolver first lien T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 5.00% M••••••• D••• 9/30/2031 | $0 | $-5,000 167c | SOFR+500 bp |
| S••••• C••••• I••••••••• L•• | revolver first lien T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 5.00% M••••••• D••• 9/30/2031 | $0 | $-2,000 200c | SOFR+500 bp |
| 2•••••• B••• I••• | term loan first lien D••• Investments | F•••• L••• S••••• S•••••• T••• L••• | S••• + 5.000% | 8.732% | 9/30/202 | Not disclosed | $29.9M 100c | SOFR+500 bp |
| 2•••••• B••• I••• | revolver first lien D••• Investments | F•••• L••• S••••• S•••••• R•••••••• L••• | S••• + 5.000% | 9/30/2024 | | Not disclosed | $-37,000 128c | SOFR+500 bp |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| A••• S•••••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| J•••••••• C••••• P••••••• B•• I••• | revolver first lien Investment T••• F•••• L••• R••••••• | Not disclosed | $-5,000 | S+500 bp |
| S••••• C••••• I••••••••• L•• | revolver first lien Investment T••• F•••• L••• R••••••• | Not disclosed | $-2,000 | S+500 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 $119M | 98c | SOFR+500 bp | Sep 30, 2031 | 6 |
| first lien revolver first lien | at least $0 | n/a | SOFR+500 bp | Sep 30, 2031 | 4 |
Equity pieces beside the debt: other (Not disclosed fair value, 2 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 | 6 | $119M | $145M | 98c | 0 |
| Mar 31, 2026 | 6 | $119M | $146M | 99c | 0 |
| Dec 31, 2025 | 6 | $166M | $196M | 100c | 0 |
| Sep 30, 2025 | 6 | $126M | $156M | 100c | 0 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 6 | $126M | $157M | 100c | 3 |
| Mar 31, 2025 | 6 | $127M | $156M | 100c | 6 |
| Dec 31, 2024 | 6 | $190M | $218M | 100c | 7 |
| Sep 30, 2024 | 6 | $165M | $193M | 100c | 0 |
What changed
- Marked down (one lender)Mar 31, 2026
- Spread increasedSep 30, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
- Spread increasedMar 31, 2025
Full timeline · 16 eventsShow fewer
- Spread increasedMar 31, 2025
- PIK interest appearsDec 31, 2024
- Spread increasedDec 31, 2024
- Spread increasedDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- PIK interest appearsDec 31, 2024
- New borrower on a BDC scheduleSep 30, 2024
Sponsor
- F•••••••• P•••••••
- Form D signer consensus, grade Aestimated"••• Locked"
- C•••••••• C•••••• G••••• L•••
- Form D signer consensus, grade Aestimated"••• Locked"
Identity
- Group key
- SAPPHIRE SOFTWAREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- S•••••••reportedas one filer wrote it