DFX Intelligence
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Borrower
I••••• I••••••••• S•••••• I•••••••••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: 17; 2024; I••••• I••••••••• S•••••• I••••••••• Acquisitions 12; I••••• I••••••••• S•••••• I••••••••• Acquisitions 12/17/2024
Principal held
at least $43.2M
sum of BDC pieces, a lower bound
Fair value
$32.0M
99c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Dec 17, 2026
$4.7M inside 24 months
On the tape since
Dec 31, 2024
latest Jun 30, 2026
Events
5
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 $26.6M | 99c | SOFR+525 bp | Dec 17, 2030 | 2 |
| term loan lien unstated | at least $10.8M | 100c | SOFR+525 bp | Dec 17, 2030 | 2 |
| first lien revolver first lien | at least $5.9M | n/a | S+525 bp | Dec 17, 2030 | 2 |
| revolver lien unstated exited Mar 31, 2026 | at least $200,791 | 99c | SOFR+525 bp | Dec 17, 2030 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 12/17/2024 M••••••• 12/17/2030 I••••••• S••••• | $3.5M | $-52,000 | S+525 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 3/3/2025 M••••••• 12/17/2030 I••••••• S••••••• C•••••• | $8.1M | $8.0M 99c | SOFR+525 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 12/17/2024 M••••••• 12/17/2026 I••••••• S•••• | $2.8M | $-42,000 | S+525 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 12/17/2024 M••••••• 12/17/2030 I••••••• S••••••• C••••• | $7.9M | $7.8M 99c | SOFR+525 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• T••• L••• A••••••••• 12/17/2024 M••••••• 12/17/2026 I••••••• B•••• | $1.9M | $-29,000 | S+525 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 03/04/25 M••••••• 12/17/30 I••••••• B••••••• Services C | $5.9M | $5.8M 99c | SOFR+525 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 12/17/2024 M••••••• 12/17/2030 I••••••• B••••• | $2.4M | $-36,000 | S+525 bp |
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated T••• L••• S••• II | $7.4M | $7.3M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+525 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated T••• L••• | $3.4M | $3.3M 100c | SOFR+525 bp |
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 | $43.2M | $32.0M | 99c | 0 |
| Mar 31, 2026 | 4 | $36.1M | $33.1M | 99c | 0 |
| Dec 31, 2025 | 4 | $44.6M | $38.4M | 100c | 0 |
| Sep 30, 2025 | 4 | $53.4M | $40.7M | 101c | 0 |
| Jun 30, 2025 | 4 | $44.1M | $35.8M | 100c | 0 |
| Mar 31, 2025 | 4 | $36.1M | $27.6M | 99c | 0 |
| Dec 31, 2024 | 4 | $52.9M | $43.5M | 100c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread changed (observed)Dec 31, 2025
- 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
- I••••• I••••••••• S••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 4 BDCsderived
- Industry
- Softwarereportedas one filer wrote it