DFX Intelligence
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Borrower
A•••• L••
Software & Servicesgroup grade Boff every schedule since Mar 31, 2025sponsor unattributed
Also written as: 1; 2; Software & Services; VA
Nothing material in the last 200 days. Last change: 31 Mar 2025, $17.5M principal held by 1 lender; matures Apr 2027.
Mark path, consensus per quarter end
90¢ · 90¢ · 92¢ · 93¢ · 94¢Q1 2024 to Q1 2025
Principal held
at least $17.5M
sum of BDC pieces, a lower bound
Fair value
$38.8M
94c on cost, debt pieces
Unfunded
$4.5M
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Apr 1, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Mar 31, 2025
Events
11
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| F• K•• C•••••• C••• | $17.5M | 94¢ | +1 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F• K•• C•••••• C••• | term loan first lien | $13.0M | $12.1M 94c | S+630 bp PIK 3.30% |
| F• K•• C•••••• C••• | term loan first lien | $4.5M | $4.2M 93c | S+630 bp |
| F• K•• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| F• K•• C•••••• C••• | preferred equity equity P•••••••• S••••, S••••••• & Services | Not disclosed | $22.5M 107c | S+950 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2025 | at least $17.5M | 94c | S+630 bp PIK 3.30% | Apr 1, 2028 | 1 |
Equity pieces beside the debt: other (Not disclosed fair value, 1 BDC), preferred equity ($22.5M 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 |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $17.5M | $16.3M | 94c | 1 |
| Dec 31, 2024 | 1 | $34.8M | $32.2M | 93c | 2 |
| Sep 30, 2024 | 1 | $17.3M | $15.8M | 92c | 0 |
| Jun 30, 2024 | 1 | $17.2M | $15.4M | 90c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 1 | $17.1M | $15.2M | 90c | 1 |
| Dec 31, 2023 | 1 | $34.0M | $30.4M | 90c | 2 |
| Sep 30, 2023 | 1 | $16.9M | $15.5M | 93c | 1 |
| Jun 30, 2023 | 1 | $16.8M | $15.4M | 92c | 1 |
| Mar 31, 2023 | 1 | $16.8M | $15.4M | 93c | 0 |
| Dec 31, 2022 | 1 | $33.6M | $31.2M | 93c | 0 |
| Sep 30, 2022 | 1 | $16.9M | $16.1M | 96c | 0 |
| Dec 31, 2021 | 1 | $17.0M | $16.9M | 101c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- PIK interest appearsDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- PIK interest appearsDec 31, 2024
Full timeline · 14 eventsShow fewer
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Spread changed (observed)Sep 30, 2023
- PIK interest appearsJun 30, 2023
- Spread increasedJun 30, 2023
- PIK interest appearsJun 30, 2023
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- ARCOSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Software & Servicesreportedas one filer wrote it