DFX Intelligence
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Borrower
B••••• B••••• I••
Internet Software and Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: B.V. Sr Secured; B••••• B•••• B.V; B••••• B•••• B.V; Inc. Sr Secured
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 100¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
98¢101¢
Principal held
at least $17.3M
sum of BDC pieces, a lower bound
Fair value
$17.0M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
7
5 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jan 1, 2029
no dated debt inside 24 months
On the tape since
Mar 31, 2023
latest Jun 30, 2026
Events
5
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 |
|---|---|---|---|
| G•••• C•••••• B••• I••• | $10.5M | 98¢ | 0 pts |
| B•••••••• T•• C•••••• C•••• | $4.27M | 101¢ | 0 pts |
| G•••• C•••••• B•• 4• I••• | $1.32M | 99¢ | 0 pts |
| G•••• C•••••• D••••• L•••••• C••• | $639K | 99¢ | 0 pts |
| B•••••••• P•••••• C••••• F••• | $581K | 100¢ | 0 pts |
Every BDC piece · 16 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $8.3M | $8.1M 98c | S+550 bp |
| B•••••••• T•• C•••••• C•••• | term loan first lien F•••• L••• T••• L••• A Ref S•••(Q) F•••• 1.00% S••••• 6.00% T•••• C••••• 9.67% M••••••• 1/ | $4.3M | $4.2M 101c | SOFR+600 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $2.2M | $2.1M 98c | S+550 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $954,000 | $930,000 99c | S+550 bp |
| B•••••••• P•••••• C••••• F••• | term loan first lien I••••••••• F•••• L••• T••• L••• A Ref S•••(Q) F•••• 1.00% S••••• 6.00% T•••• C••••• 9.67% | $580,770 | $574,890 100c | SOFR+600 bp |
View all 16 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $505,000 | $493,000 99c | S+550 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $364,000 | $355,000 99c | S+550 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $134,000 | $130,000 98c | S+550 bp |
| B•••••••• P•••••• C••••• F••• | revolver first lien I••••••••• F•••• L••• R••••••• A Ref S•••(Q) F•••• 1.00% S••••• 6.00% T•••• C••••• 9.67% M | $0 | $-477 22c | SOFR+600 bp |
| B•••••••• T•• C•••••• C•••• | revolver lien unstated R••••••• A Ref S•••(Q) F•••• 1.00% S••••• 6.00% T•••• C••••• 9.67% M••••••• 1/26/2029 | $0 | $-3,513 102c | SOFR+600 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $0 | $0 | S+550 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 4 | $0 | $-1,000 100c | S+550 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $0 | $-1,000 | S+550 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | N••••••••• I••••• | $0 | $-2,000 200c | S+550 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $0 | $0 | S+550 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 4 | $0 | $-1,000 100c | S+550 bp |
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 $17.3M | 99c | SOFR+550 bp | Jan 26, 2029 | 7 |
| first lien revolver first lien | at least $0 | n/a | SOFR+600 bp | Jan 26, 2029 | 1 |
| revolver lien unstated | at least $0 | n/a | SOFR+600 bp | Jan 26, 2029 | 1 |
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 | 5 | $17.3M | $17.0M | 99c | 0 |
| Mar 31, 2026 | 5 | $32.9M | $32.3M | 100c | 0 |
| Dec 31, 2025 | 5 | $17.4M | $17.4M | 101c | 0 |
| Sep 30, 2025 | 5 | $29.9M | $29.9M | 101c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $17.4M | $17.4M | 101c | 0 |
| Mar 31, 2025 | 5 | $32.9M | $32.9M | 102c | 0 |
| Dec 31, 2024 | 5 | $17.4M | $17.4M | 102c | 0 |
| Sep 30, 2024 | 5 | $17.4M | $17.3M | 101c | 0 |
| Jun 30, 2024 | 5 | $17.4M | $17.3M | 101c | 0 |
| Mar 31, 2024 | 5 | $16.8M | $16.7M | 102c | 0 |
| Dec 31, 2023 | 6 | $16.1M | $16.0M | 102c | 0 |
| Sep 30, 2023 | 7 | $17.4M | $17.3M | 102c | 0 |
| Jun 30, 2023 | 7 | $17.4M | $17.0M | 101c | 0 |
| Mar 31, 2023 | 6 | $16.8M | $16.5M | 101c | 0 |
What changed
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Lender left a facilitySep 30, 2023
- non accrual placedSep 30, 2023
Full timeline · 7 eventsShow fewer
- New lender joined a facilityJun 30, 2023
- New borrower on a BDC scheduleMar 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- BYNDERderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Internet Software and Servicesreportedas one filer wrote it