DFX Intelligence
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Borrower
S••••• C••••••••• L••
Internet Software and Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC Sr Secured
Principal held
at least $2.8M
sum of BDC pieces, a lower bound
Fair value
$7.2M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
3 on the latest quarter
Facilities
5
4 equity pieces beside them
Next maturity
Mar 29, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
35
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 $2.6M | 100c | SOFR+600 bp PIK 6.00% | Mar 31, 2030 | 3 |
| first lien delayed draw term loan first lien | at least $206,476 | 100c | SOFR+600 bp | Mar 29, 2030 | 3 |
| second lien term loan second lien exited Dec 31, 2025 | at least $23.6M | 9c | PIK 13.00% | Jun 1, 2028 | 1 |
| revolver lien unstated exited Dec 31, 2025 | at least $1.2M | 33c | SOFR+0 bp PIK 7.20% | Dec 1, 2027 | 2 |
| first lien revolver first lien exited Dec 31, 2023 | at least $233,755 | 67c | 13.57% PIK 2.00% | Dec 1, 2027 | 1 |
Equity pieces beside the debt: preferred equity ($2.3M fair value, 3 BDCs), equity ($155 fair value, 3 BDCs), other ($4.5M fair value, 1 BDC), warrants (n/a fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien I••••••••• F•••• L••• D•••••• D••• T••• L••• Ref S•••(S) F•••• 1.00% S 6.00% T•••• C••••• | $44,517 | $44,517 100c | SOFR+600 bp |
| B•••••••• D••••• L•••••• C•••• | preferred equity equity P•••••••• U•••• A••••••••• D••• 3/31/2026 | n/a | n/a | |
| B•••••••• D••••• L•••••• C•••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• 1.00% S••••• 6.00% T•••• C••••• 9.70% M• | $552,902 | $552,902 100c | SOFR+600 bp |
| B•••••••• D••••• L•••••• C•••• | equity equity C••••• U•••• A••••••••• D••• 3/31/2026 | n/a | n/a | |
| B•••••••• D••••• L•••••• C•••• | preferred equity equity I••••••••• P•••••••• U•••• | n/a | $43,271 109c | |
| B•••••••• D••••• L•••••• C•••• | equity equity I••••••••• C••••• U•••• | n/a | $19 100c | |
| B•••••••• T•• C•••••• C•••• | equity equity C••••• units | n/a | $68 | |
| B•••••••• T•• C•••••• C•••• | delayed draw term loan first lien F•••• L••• D•••••• D••• T••• L••• Ref S•••(S) F•••• 1.00% S••••• 6.00% T•••• C••••• 9.73% | $161,959 | $161,959 100c | SOFR+600 bp |
| B•••••••• T•• C•••••• C•••• | term loan first lien F•••• L••• T••• L••• Ref S•••(Q) F•••• 1.00% S••••• 6.00% PIK T•••• C••••• 9.66% M••••••• | $2.0M | $2.0M 100c | 9.66% PIK 6.00% |
| B•••••••• T•• C•••••• C•••• | preferred equity equity P•••••••• U•••• | n/a | $157,424 109c | |
| B•••••••• T•• C•••••• C•••• | delayed draw term loan first lien S••••• S•••••• F•••• L••• D•••••• D••• T••• L•••, S••• + 6%, 1% S••• F••••, Due 3/29/30 | n/a | $161,959 | SOFR+600 bp |
| B•••••••• T•• C•••••• C•••• | equity equity C••••• U•••• | n/a | $68 100c | |
| B•••••••• T•• C•••••• C•••• | preferred equity equity P•••••••• U•••• | n/a | $157,422 | |
| B•••••••• T•• C•••••• C•••• | term loan first lien F•••• L••• T••••••• T••• L•••, S••• + 6%,1% S••• F••••, due 03/31/30 | n/a | $2.0M | SOFR+600 bp |
| F•••• I••••••••• C••• | equity equity C••••• Equity (15,000,000 units) Investment D••• 3/31/2016 | n/a | n/a | |
| F•••• I••••••••• C••• | preferred equity equity P•••••••• Equity (12,000,000 units) Investment D••• 3/31/2016 | n/a | $1.9M 94c |
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 | 3 | $2.8M | $4.9M | 178c | 1 |
| Mar 31, 2026 | 3 | $2.5M | $4.5M | 178c | 0 |
| Dec 31, 2025 | 3 | $32.7M | $4.3M | 18c | 3 |
| Sep 30, 2025 | 3 | $24.9M | $7.9M | 32c | 5 |
| Jun 30, 2025 | 3 | $24.7M | $8.0M | 33c | 5 |
| Mar 31, 2025 | 3 | $24.5M | $10.3M | 43c | 5 |
| Dec 31, 2024 | 3 | $58.3M | $24.2M | 42c | 10 |
| Sep 30, 2024 | 3 | $23.9M | $10.9M | 47c | 5 |
| Jun 30, 2024 | 3 | $23.9M | $10.8M | 46c | 5 |
| Mar 31, 2024 | 3 | $23.7M | $10.5M | 46c | 5 |
| Dec 31, 2023 | 4 | $24.1M | $9.6M | 40c | 8 |
| Sep 30, 2023 | 4 | $23.3M | $9.9M | 43c | 7 |
| Jun 30, 2023 | 4 | $23.3M | $11.3M | 52c | 7 |
| Mar 31, 2023 | 4 | $23.2M | $15.3M | 71c | 7 |
| Dec 31, 2022 | 4 | $42.5M | $29.4M | 112c | 0 |
What changed
- PIK interest appearsJun 30, 2026
- PIK interest appearsJun 30, 2026
- Mark recoveredMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Facility left every BDC scheduleDec 31, 2025
- Marked down across lendersDec 31, 2025
- PIK interest increasedDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- PIK interest increasedDec 31, 2025
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- PIK interest increasedDec 31, 2025
- PIK interest increasedDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- PIK interest increasedSep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down across lendersMar 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
- S••••• C••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Internet Software and Servicesreportedas one filer wrote it