DFX Intelligence
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Borrower
A••••• S•• L••
Software & Servicesgroup grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Sep 2025, $16.2M principal held by 2 lenders; matures Nov 2027.
Mark path, consensus per quarter end
102¢ · 101¢ · 102¢ · 102¢ · 102¢Q3 2024 to Q3 2025
Principal held
at least $16.2M
sum of BDC pieces, a lower bound
Fair value
$16.2M
102c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Nov 30, 2027
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Sep 30, 2025
Events
5
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•••••• B••• I••• | $12.8M | 102¢ | 0 pts |
| C••••••• C•••••• B••• I••• | $3.43M | 101¢ | -1 pts |
Every BDC piece · 7 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $12.8M | $12.7M 102c | S+550 bp |
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 550, 100 F•••• I•••• | $1.9M | $1.9M 101c | SOFR+550 bp |
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 550, 100 F•••• I•••• | $746,000 | $748,000 101c | SOFR+550 bp |
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 550, 100 F•••• I•••• | $534,000 | $535,000 101c | SOFR+550 bp |
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 550 I••••••• R••• 9. | $296,000 | $297,000 101c | SOFR+550 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C••••••• C•••••• B••• I••• | revolver first lien Investment T••• S••••• S•••••• F•••• L••• R••••••• M•••••••/D••••••••• D••• 11/2027 | Not disclosed | Not disclosed n/a | S+550 bp |
| C••••••• C•••••• B••• I••• | revolver first lien Investment T••• R••••••• C••••••••• E••••••••• D••• 11/5/2027 | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2025 | at least $16.2M | 102c | SOFR+550 bp | Nov 30, 2027 | 2 |
| first lien revolver first lien exited Sep 30, 2025 | unknown | n/a | S+550 bp | Nov 30, 2027 | 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 | 2 | $16.2M | $16.2M | 102c | 0 |
| Jun 30, 2025 | 2 | $16.2M | $16.2M | 102c | 0 |
| Mar 31, 2025 | 2 | $16.2M | $16.2M | 102c | 0 |
| Dec 31, 2024 | 2 | $52.5M | $52.1M | 101c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 2 | $29.4M | $29.2M | 102c | 0 |
| Jun 30, 2024 | 2 | $29.4M | $29.0M | 101c | 0 |
| Mar 31, 2024 | 2 | $29.4M | $28.9M | 100c | 0 |
| Dec 31, 2023 | 2 | $29.4M | $29.0M | 101c | 0 |
| Sep 30, 2023 | 2 | $29.4M | $29.0M | 101c | 0 |
| Jun 30, 2023 | 2 | $29.4M | $28.9M | 100c | 0 |
| Mar 31, 2023 | 2 | $29.4M | $28.7M | 100c | 0 |
| Dec 31, 2022 | 1 | $23.1M | $22.7M | 100c | 0 |
| Sep 30, 2022 | 1 | $23.2M | $22.8M | 100c | 0 |
What changed
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Spread increasedMar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
Full timeline · 9 eventsShow fewer
- Spread increasedSep 30, 2024
- New lender joined a facilityMar 31, 2023
- Spread increasedDec 31, 2022
- New borrower on a BDC scheduleSep 30, 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
- A••••• S•derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Software & Servicesreportedas one filer wrote it