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Borrower

C••••••••• C•••••••••

Systems Softwaregroup grade Aon a schedule nowsponsor unattributed
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Special situations PE firms

What matters now

  1. 82¢ → 90¢
    consensus mark

    Consensus mark 90¢ on cost, up from 82¢ a year ago, 85¢ last quarter.

    Q2 2026 · The lenders' own valuations moved back up.

    Derived1 of 1 lender' own marks, weighted by principal
  2. $18.6M
    principal outstanding

    $18.6M principal held by 1 lender; matures Dec 2026.

    Q2 2026 · Refinancing is due in 3 months at a 90¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
Q2 2025: 82¢Q3 2025: 83¢Q4 2025: 83¢Q1 2026: 85¢Q2 2026: 90¢82¢ · 83¢ · 83¢ · 85¢ · 90¢Q2 2025 to Q2 2026
Principal held
at least $18.6M
sum of BDC pieces, a lower bound
Fair value
$18.1M
90c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Dec 31, 2026
$18.6M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
9
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
R••••• G••••• F•••••• C••••$18.6M90¢+5 pts
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
R••••• G••••• F•••••• C••••term loan first lien
Investment T••• S••••• S•••••• I••••••• R••• S•••+11.00%, 14.69% floor, 8.89% ETP I••••••
$18.6M$17.9M
90c
SOFR+1100 bp
R••••• G••••• F•••••• C••••preferred equity equity
W••••••• & O•••• C••••••••• R••••• Investment T••• W••••••• Series A-6 P•••••••• S•••• I••
Not disclosedNot disclosed
n/a
R••••• G••••• F•••••• C••••preferred equity equity
W••••••• & O•••• C••••••••• R••••• Investment T••• W•••••• Series B P•••••••• S•••• I•••••
Not disclosedNot disclosed
n/a
R••••• G••••• F•••••• C••••warrants equity
W••••••• & O•••• C••••••••• R••••• Investment T••• C••••••••• R•••• S•••••• fee I•••••• A•
Not disclosed$217,000
71c
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $18.6M90cSOFR+1100 bpDec 31, 20261
Equity pieces beside the debt: warrants ($217,000 fair value, 1 BDC), preferred equity (Not disclosed fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20261$18.6M$17.9M90c0
Mar 31, 20261$20.0M$18.2M85c0
Dec 31, 20251$20.8M$18.4M83c0
Sep 30, 20251$22.0M$19.4M83c0
All 15 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20251$23.3M$20.2M82c0
Mar 31, 20251$23.8M$20.3M81c0
Dec 31, 20241$23.8M$20.5M82c0
Sep 30, 20241$23.8M$20.0M80c0
Jun 30, 20241$23.8M$19.5M78c0
Mar 31, 20241$23.4M$19.2M77c0
Dec 31, 20231$46.3M$38.1M78c0
Sep 30, 20231$22.3M$19.1M81c1
Jun 30, 20231$21.4M$18.4M81c1
Mar 31, 20231$20.7M$17.7M80c1
Dec 31, 20221$59.8M$51.2M80c3
What changed
Full timeline · 14 events
Every change including routine ones
Identity
Group key
CIRCADENCEderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 1 BDCderived
Industry
Systems Softwarereportedas one filer wrote it