DFX Intelligence
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Borrower
Z•••••• I••• S• S••••••
Softwaregroup grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Principal held
at least $0
sum of BDC pieces, a lower bound
Fair value
$0
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Nov 22, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Sep 30, 2025
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••••• T•• C•••••• C•••• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• T•• C•••••• C•••• | revolver lien unstated R••••••• Ref S•••(Q) F•••• 0.75% S••••• 5.00% T•••• C••••• 9.32% M••••••• 11/22/2028 | $0 | $0 0c | SOFR+500 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated exited Sep 30, 2025 | at least $0 | n/a | SOFR+500 bp | Nov 22, 2028 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2025 | 1 | $0 | $0 | 0c | 0 |
| Jun 30, 2025 | 1 | $0 | $0 | 0c | 0 |
| Mar 31, 2025 | 2 | $302,992 | -$10,520 | 211c | 0 |
| Dec 31, 2024 | 2 | $0 | $0 | 0c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 2 | $0 | $0 | 0c | 0 |
| Jun 30, 2024 | 1 | $0 | $0 | 0c | 0 |
| Mar 31, 2024 | 2 | $0 | $0 | 0c | 0 |
| Dec 31, 2023 | 2 | $0 | $0 | 0c | 2 |
| Sep 30, 2023 | 2 | $0 | $0 | 0c | 0 |
| Jun 30, 2023 | 1 | $0 | -$118 | 17c | 0 |
| Mar 31, 2023 | 1 | $0 | -$786 | -106c | 0 |
| Dec 31, 2022 | 1 | $0 | -$786 | -102c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Spread changed (observed)Sep 30, 2024
- PIK interest appearsDec 31, 2023
- PIK interest appearsDec 31, 2023
- New lender joined a facilitySep 30, 2023
Full timeline · 6 eventsShow fewer
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- ZENDESK SR SECUREDderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Softwarereportedas one filer wrote it