DFX Intelligence
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Borrower
L••••• B•••• L••
Softwaregroup grade Aon a schedule nowsponsor unattributed
What matters now
- $500Mprincipal outstanding
$500M principal held by 12 lenders; matures May 2028.
Q2 2026 · Refinancing is due in 19 months at a 99¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 99¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
98¢100¢
Principal held
at least $500M
sum of BDC pieces, a lower bound
Fair value
$489M
98c on cost, debt pieces
Unfunded
$72.9M
commitments not yet drawn
BDC lenders
15
12 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
May 1, 2028
$497M inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
9
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 |
|---|---|---|---|
| B••• O•• T••••••••• F•••••• C•••• | $187M | 98¢ | 0 pts |
| B••• O•• C•••••• C••• | $150M | 99¢ | 0 pts |
| B••• O•• C••••• I••••• C•••• | $42.3M | 98¢ | -1 pts |
| B••• O•• T••••••••• I••••• C•••• | $42M | 98¢ | -1 pts |
| G•••• C•••••• P•••••• C••••• F••• | $39.3M | 99¢ | 0 pts |
View all 12 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••• C•••••• B•• 4• I••• | $10.5M | 99¢ | 0 pts |
| B••• O•• C•••••• C••• I• | $9.72M | 98¢ | -1 pts |
| A•••••• S•••••••• C••••• F••• | $8.37M | 99¢ | 0 pts |
| G•••• C•••••• B••• I••• | $7.15M | 98¢ | 0 pts |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | $2.59M | 99¢ | 0 pts |
| G•••• C•••••• D••••• L•••••• C••• | $589K | 98¢ | -1 pts |
| A•••••• P•••••• C••••• F••• | $197K | 100¢ | +1 pts |
Every BDC piece · 46 positions across 12 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $187M | $183M 98c | S+500 bp |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $150M | $148M 99c | S+500 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $42.3M | $41.6M 98c | S+500 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $42.0M | $41.3M 98c | S+500 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $28.1M | $27.7M 99c | S+500 bp |
View all 46 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $11.2M | $11.0M 98c | S+500 bp |
| B••• O•• C•••••• C••• I• | term loan first lien F•••• lien senior secured loan | Non A••••••••• | $9.7M | $9.5M 98c | S+500 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 4 | $7.5M | $7.4M 99c | S+500 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 5.00% I••••••• R••• 8.66% M• | $5.1M | $5.1M 100c | SOFR+500 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $5.1M | $5.0M 98c | S+500 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $3.0M | $2.9M 98c | S+500 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 5.00% I••••••• | $2.8M | $1.8M 99c | SOFR+500 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $2.0M | $2.0M 99c | S+500 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $1.8M | $1.8M 99c | S+500 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 3 | $738,000 | $726,000 99c | S+500 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 5.00% I••••••• R••• 8.66% M•• | $434,000 | $-2,000 | SOFR+500 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 4 | $421,000 | $414,000 99c | S+500 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 5.00% I••••••• R••• 8.66% M• | $197,000 | $196,000 100c | SOFR+500 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $168,000 | $165,000 98c | S+500 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop | $0 | $-8,000 800c | S+500 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $0 | $-15,000 | S+500 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | N••••••••• I••••• | $0 | $-10,000 1000c | S+500 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $0 | $-5,000 500c | S+500 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $0 | $0 | S+500 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $0 | $-1,000 | S+500 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 4 | $0 | $-4,000 | S+500 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $0 | $-2,000 | S+500 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 3 | $0 | $-29,000 725c | S+500 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 4 | $0 | $-56,000 | S+500 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 5/1/2028 | Not disclosed | $-2,000 | |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien C••••••••• T••• D•••••• D••• T••• L••• C••••••••• E••••••••• D••• 11/17/2026 | Not disclosed | $-5,000 | |
| B••• O•• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $-141,000 | S+500 bp |
| B••• O•• C•••••• C••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 2 | Not disclosed | $-248,000 | S+500 bp |
| B••• O•• C•••••• C••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 1 | Not disclosed | $0 | S+500 bp |
| B••• O•• C•••••• C••• I• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• | Not disclosed | Not disclosed | S+500 bp |
| B••• O•• C•••••• C••• I• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 2 | N••••••••• | Not disclosed | Not disclosed | S+500 bp |
| B••• O•• C•••••• C••• I• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 1 | N••••••••• | Not disclosed | Not disclosed | S+500 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N•••••••••/non-affiliated | Not disclosed | Not disclosed | S+500 bp |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 1 | N•••••••••/non-affiliated | Not disclosed | Not disclosed | S+500 bp |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 2 | N•••••••••/non-affiliated | Not disclosed | Not disclosed | S+500 bp |
| B••• O•• T••••••••• F•••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• I••••• | Not disclosed | $-175,000 | S+500 bp |
| B••• O•• T••••••••• F•••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 2 | N••••••••• I••••• | Not disclosed | $-308,000 | S+500 bp |
| B••• O•• T••••••••• F•••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 1 | N••••••••• I••••• | Not disclosed | $0 | S+500 bp |
| B••• O•• T••••••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 2 | Not disclosed | $-69,000 | S+500 bp |
| B••• O•• T••••••••• I••••• C•••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 1 | Not disclosed | $0 | S+500 bp |
| B••• O•• T••••••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | Not disclosed | $-39,000 | S+500 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 $497M | 98c | SOFR+500 bp | May 1, 2028 | 15 |
| first lien delayed draw term loan first lien | at least $2.8M | 99c | SOFR+500 bp | May 1, 2028 | 8 |
| first lien revolver first lien | at least $434,000 | n/a | SOFR+500 bp | May 1, 2028 | 8 |
| revolver lien unstated exited Mar 31, 2024 | unknown | n/a | unstated | 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 | 12 | $500M | $489M | 98c | 0 |
| Mar 31, 2026 | 12 | $501M | $490M | 98c | 0 |
| Dec 31, 2025 | 12 | $537M | $536M | 100c | 0 |
| Sep 30, 2025 | 12 | $604M | $603M | 100c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 12 | $540M | $537M | 100c | 0 |
| Mar 31, 2025 | 12 | $542M | $539M | 100c | 0 |
| Dec 31, 2024 | 13 | $728M | $724M | 100c | 0 |
| Sep 30, 2024 | 13 | $488M | $483M | 100c | 0 |
| Jun 30, 2024 | 13 | $457M | $451M | 100c | 0 |
| Mar 31, 2024 | 7 | $363M | $363M | 101c | 0 |
| Dec 31, 2023 | 9 | $359M | $359M | 101c | 0 |
| Sep 30, 2023 | 5 | $212M | $212M | 101c | 0 |
| Jun 30, 2023 | 6 | $361M | $360M | 101c | 0 |
| Mar 31, 2023 | 6 | $362M | $361M | 101c | 0 |
| Dec 31, 2022 | 5 | $364M | $363M | 101c | 0 |
What changed
- Maturity approachingMay 1, 2028
- Maturity approachingMay 1, 2028
- Maturity approachingMay 1, 2028
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
Full timeline · 30 eventsShow fewer
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Facility left every BDC scheduleMar 31, 2024
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 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
- LITERAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 15 BDCsderived
- Industry
- Softwarereportedas one filer wrote it