DFX Intelligence
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Borrower
A•• F••••• B••••• I••
Systems Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: 06; 18; 2023; 2025; 22; 23; Inc. - Unfunded; Inc. Acquisition 10
Principal held
at least $96.6M
sum of BDC pieces, a lower bound
Fair value
$90.8M
101c on cost, debt pieces
Unfunded
$5.3M
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Aug 1, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
4
dated, non-routine
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 $90.9M | 101c | SOFR+550 bp | Aug 1, 2029 | 6 |
| first lien revolver first lien | at least $5.6M | n/a | SOFR+550 bp | Aug 1, 2029 | 6 |
Equity pieces beside the debt: other (Not disclosed fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| F••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• T••• L••• R•••••••• R••• and S••••• S••• + 5.50% I••••••• R••• 9.19% M•••• | $20.7M | $20.7M 102c | SOFR+550 bp |
| F••••••• P•••••• C••••• F••• | revolver first lien F•••• L••• D••• R•••••••• Credit F••••••• M••••••• D••• 8/1/2029 | Not disclosed | Not disclosed n/a | S+550 bp |
| O•••••• S•••••••• C••••• F••• | unstated lien unstated | Not disclosed | Not disclosed | |
| O•••••• S•••••••• C••••• F••• | term loan first lien F•••• L••• T••• L••• | $33.8M | $33.7M 101c | S+550 bp |
| O•••••• S•••••••• C••••• F••• | revolver first lien F•••• L••• R••••••• | $0 | $-14,000 17c | S+550 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 11/18/2025 M••••••• 8/1/2029 I••••••• I••••••• S••••••• | $812,000 | $812,000 99c | //www.pennantpark.com/20260630#Secured Overnight Financing Rate+550 bp |
| P••••••••• F••••••• R••• C•••••• L••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 7/26/2023 M••••••• 8/1/2029 I••••••• P•••••••• | $3.1M | $0 | S+550 bp |
| P••••••••• F••••••• R••• C•••••• L••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 8/22/2023 M••••••• 8/1/2029 I••••••• B••••••• Services | $18.4M | $18.4M 101c | SOFR+550 bp |
| P••••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• A••••••••• 10/06/23 M••••••• 08/01/29 I••••••• B••••••• Services C | $15.1M | $15.1M 101c | SOFR+550 bp |
| P••••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• R••••••• A••••••••• 07/26/2023 M••••••• 08/01/2029 I••••••• B••••• | $2.5M | $0 | S+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien R•••••••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 8/1/2029 | $0 | $-3,000 60c | SOFR+50 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien T••• L••• | N••• D••• Inv. | F•••• L••• S••••• S•••••• L••• | 8/1/2029 | $2.1M | $2.0M 98c | SOFR+550 bp |
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 | $96.6M | $90.8M | 101c | 0 |
| Mar 31, 2026 | 6 | $120M | $114M | 102c | 0 |
| Dec 31, 2025 | 6 | $122M | $117M | 102c | 0 |
| Sep 30, 2025 | 6 | $121M | $115M | 102c | 0 |
| Jun 30, 2025 | 6 | $120M | $115M | 103c | 0 |
| Mar 31, 2025 | 6 | $118M | $115M | 103c | 0 |
| Dec 31, 2024 | 6 | $195M | $190M | 103c | 0 |
| Sep 30, 2024 | 6 | $198M | $184M | 103c | 0 |
| Jun 30, 2024 | 6 | $122M | $116M | 103c | 0 |
| Mar 31, 2024 | 6 | $122M | $116M | 103c | 0 |
| Dec 31, 2023 | 5 | $120M | $112M | 101c | 0 |
| Sep 30, 2023 | 3 | $79.7M | $77.2M | 100c | 0 |
| Sep 30, 2022 | 1 | $0 | $0 | n/a | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityMar 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
- ACP FALCONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 6 BDCsderived
- Industry
- Systems Softwarereportedas one filer wrote it