DFX Intelligence
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Borrower
M••• U• B•••••••• L••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 102¢ · 102¢ · 104¢ · 104¢Q2 2025 to Q2 2026
Where each lender marks it, 5 points apart
103¢108¢
Principal held
at least $187M
sum of BDC pieces, a lower bound
Fair value
$134M
104c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
May 29, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••••• D••• S•••••••• B•• | $158M | 103¢ | 0 pts |
| M••••• C•••••• I••••• P••• C••• | $28.5M | 108¢ | +2 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• – T••• L••• I••••••• R••• B•••+250 C••• plus 2.88% | $158M | $105M 103c | //gwms.apollo.com/20260630#Bank Bill Swap Rate+250 bp PIK 2.88% |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $28.5M | $28.5M 108c | S+525 bp PIK 1.67% |
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 $187M | 104c | //gwms.apollo.com/20260630#Bank Bill Swap Rate+250 bp PIK 2.88% | Jun 6, 2030 | 2 |
| other lien unstated exited Mar 31, 2025 | at least $5.3M | 98c | S+400 bp | May 6, 2026 | 2 |
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 | 2 | $187M | $134M | 104c | 2 |
| Mar 31, 2026 | 2 | $185M | $132M | 104c | 2 |
| Dec 31, 2025 | 2 | $183M | $129M | 102c | 2 |
| Sep 30, 2025 | 2 | $182M | $127M | 102c | 1 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $180M | $126M | 101c | 0 |
| Mar 31, 2025 | 1 | $5.3M | $5.2M | 98c | 0 |
| Dec 31, 2024 | 1 | $10.6M | $10.4M | 98c | 0 |
| Sep 30, 2024 | 1 | $5.3M | $5.2M | 99c | 0 |
| Jun 30, 2024 | 1 | $5.3M | $5.2M | 97c | 0 |
| Mar 31, 2024 | 1 | $5.3M | $5.3M | 100c | 0 |
| Dec 31, 2023 | 1 | $5.4M | $5.3M | 99c | 0 |
| Sep 30, 2023 | 1 | $5.4M | $5.3M | 99c | 0 |
| Jun 30, 2023 | 1 | $5.4M | $5.2M | 97c | 0 |
| Mar 31, 2023 | 1 | $5.4M | $5.1M | 95c | 0 |
| Dec 31, 2022 | 1 | $10.8M | $10.1M | 93c | 0 |
| Dec 31, 2021 | 1 | $5.5M | $5.4M | 99c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsSep 30, 2025
Full timeline · 10 eventsShow fewer
- PIK interest appearsSep 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- Lender left a facilityMar 31, 2025
- New lender joined a facilityDec 31, 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
- M••• U• B•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Softwarereportedas one filer wrote it