DFX Intelligence
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Borrower
T•••••• S•••••••• L••
Application Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: and T•••••• S•••••••• L••
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 99¢ · 99¢ · 98¢ · 99¢Q2 2025 to Q2 2026
Principal held
at least $117M
sum of BDC pieces, a lower bound
Fair value
$115M
99c on cost, debt pieces
Unfunded
$7.5M
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Apr 1, 2029
no dated debt inside 24 months
On the tape since
Mar 31, 2023
latest Jun 30, 2026
Events
2
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 |
|---|---|---|---|
| H••••••• C••••••• I••• | $117M | 99¢ | +1 pts |
Every BDC piece · 5 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, A•••• 2029, P•••• + 0.45%, F•••• rate 6.45%, PIK I••••••• 2.30% | $73.3M | $71.5M 98c | S+45 bp PIK 2.30% |
| H••••••• C••••••• I••• | term loan first lien S••••• S••••••, A•••• 2029, P•••• + 0.45%, F•••• rate 6.45%, PIK I••••••• 2.30%, 3.75% E•• | $43.2M | $43.3M 100c | S+45 bp PIK 2.30% |
| H••••••• C••••••• I••• | unstated lien unstated | Not disclosed | Not disclosed | |
| H••••••• C••••••• I••• | warrants equity W••••••, 3/22/2023, O••••••• S••••• | Not disclosed | $193,000 54c | |
| H••••••• C••••••• I••• | warrants equity W••••••, 3/27/2025, O••••••• S••••• | Not disclosed | $38,000 28c |
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 $117M | 99c | S+45 bp PIK 2.30% | Apr 1, 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 | 1 | $117M | $115M | 99c | 2 |
| Mar 31, 2026 | 1 | $116M | $114M | 98c | 2 |
| Dec 31, 2025 | 1 | $230M | $226M | 99c | 2 |
| Sep 30, 2025 | 1 | $114M | $113M | 99c | 2 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $117M | $117M | 100c | 2 |
| Mar 31, 2025 | 1 | $117M | $116M | 100c | 2 |
| Dec 31, 2024 | 1 | $85.3M | $86.9M | 103c | 2 |
| Sep 30, 2024 | 1 | $42.5M | $43.1M | 103c | 1 |
| Jun 30, 2024 | 1 | $42.3M | $43.0M | 103c | 1 |
| Mar 31, 2024 | 1 | $10.7M | $11.1M | 104c | 1 |
| Dec 31, 2023 | 1 | $31.9M | $32.5M | 102c | 3 |
| Sep 30, 2023 | 1 | $10.6M | $10.7M | 102c | 1 |
| Jun 30, 2023 | 1 | $10.5M | $10.4M | 100c | 1 |
| Mar 31, 2023 | 1 | $10.5M | $10.3M | 100c | 1 |
What changed
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- 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
- T•••••• S••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Application Softwarereportedas one filer wrote it