DFX Intelligence
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Borrower
C•••••• C•••• S••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: System Software
What matters now
- $7.43Mprincipal outstanding
$7.43M principal held by 1 lender; matures Oct 2028.
Q2 2026 · Refinancing is due in 24 months at a 96¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
98¢ · 99¢ · 95¢ · 96¢Q2 2025 to Q2 2026
Principal held
at least $7.4M
sum of BDC pieces, a lower bound
Fair value
$7.1M
96c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Oct 1, 2028
no dated debt inside 24 months
On the tape since
Sep 30, 2024
latest Jun 30, 2026
Events
1
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••• | $7.43M | 96¢ | +1 pts |
Every BDC piece · 2 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••••••, O•••••• 2028, P•••• - 2.95%, F•••• rate 3.55%, PIK I••••••• 5.85% | $7.4M | $7.1M 96c | S+-295 bp PIK 5.85% |
| H••••••• C••••••• I••• | warrants equity W••••••, 9/26/2024, O••••••• S••••• | Not disclosed | $1,000 0c |
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 $7.4M | 96c | S+-295 bp PIK 5.85% | Oct 1, 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 |
|---|---|---|---|---|---|
| Jun 30, 2026 | 1 | $7.4M | $7.1M | 96c | 1 |
| Mar 31, 2026 | 1 | $7.3M | $6.9M | 95c | 1 |
| Dec 31, 2025 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2025 | 1 | $9.0M | $8.7M | 99c | 1 |
All 8 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $8.8M | $8.5M | 98c | 1 |
| Mar 31, 2025 | 1 | $8.7M | $8.4M | 97c | 1 |
| Dec 31, 2024 | 1 | $8.6M | $8.4M | 100c | 1 |
| Sep 30, 2024 | 1 | $8.5M | $8.3M | 100c | 1 |
What changed
- New borrower on a BDC scheduleSep 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- C•••••• C•••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived