DFX Intelligence
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Borrower
E•• H•••••••
Softwaregroup grade Con a schedule nowsponsor unattributed
Also written as: Inc. - Corporate Education; Inc. - Corporate Education Software - Total Corporate Education
What matters now
- 95¢ → 88¢consensus mark
Consensus mark 88¢ on cost, down from 95¢ a year ago, 99¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $15.7Mprincipal outstanding
$15.7M principal held by 1 lender; matures Aug 2027.
Q2 2026 · Refinancing is due in 11 months at a 88¢ mark.
FactBDC schedules of investments, 31 May 2026; a sum of the BDCs' pieces, a lower bound - 99¢ → 88¢-11 pts, one lender
S••••••• I••••••••• C•••• marked it 99¢ → 88¢, the largest move among 1 lender this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
95¢ · 94¢ · 98¢ · 99¢ · 88¢Q2 2025 to Q2 2026
Principal held
at least $15.7M
sum of BDC pieces, a lower bound
Fair value
$31.7M
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
Aug 18, 2027
$15.7M inside 24 months
On the tape since
Feb 29, 2024
latest May 31, 2026
Events
5
dated, non-routine
Lender marks
each lender's own fair value over cost at May 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| S••••••• I••••••••• C•••• | $15.7M | 88¢ | -11 pts |
Every BDC piece · 5 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| S••••••• I••••••••• C•••• | term loan second lien S••••• L••• T••• L••• 15.00% PIK, 2/18/2028 | $8.6M | $8.0M 94c | PIK 15.00% |
| S••••••• I••••••••• C•••• | term loan first lien F•••• L••• T••• L••• (3M USD T••• S•••+9.00%), 12.66% C•••, 8/18/2027 | $7.1M | $7.1M 100c | S+900 bp |
| S••••••• I••••••••• C•••• | preferred equity equity Series B P•••••••• U•••• | $854,300 | Not disclosed n/a | |
| S••••••• I••••••••• C•••• | preferred equity equity Series C P•••••••• U•••• | $730,280 | $730,280 100c | |
| S••••••• I••••••••• C•••• | unstated lien unstated | Not disclosed | $15.8M 82c |
Capital structure as the BDCs see it
latest quarter end May 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $8.6M | 94c | PIK 15.00% | Feb 18, 2028 | 1 |
| first lien term loan first lien | at least $7.1M | 100c | S+900 bp | Aug 18, 2027 | 1 |
Equity pieces beside the debt: preferred equity ($730,280 fair value, 1 BDC), other ($15.8M 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 |
|---|---|---|---|---|---|
| May 31, 2026 | 1 | $15.7M | $15.1M | 97c | 1 |
| Feb 28, 2026 | 1 | $15.4M | $15.1M | 99c | 1 |
| Nov 30, 2025 | 1 | $15.1M | $14.7M | 98c | 1 |
| Aug 31, 2025 | 1 | $14.7M | $13.7M | 94c | 1 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| May 31, 2025 | 1 | $14.4M | $13.6M | 95c | 1 |
| Feb 28, 2025 | 1 | $21.3M | $19.8M | 93c | 2 |
| Nov 30, 2024 | 1 | $13.9M | $13.1M | 95c | 1 |
| Feb 29, 2024 | 1 | $26.3M | $24.9M | 95c | 2 |
What changed
- Maturity approachingFeb 18, 2028
- Maturity approachingAug 18, 2027
- Maturity approachingAug 18, 2027
- Mark recoveredNov 30, 2025
- Maturity shortened (observed)Nov 30, 2025
Full timeline · 7 eventsShow fewer
- Maturity extended (observed)Aug 31, 2025
- Maturity extended (observed)Aug 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- ETU HOLDINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Softwarereportedas one filer wrote it