DFX Intelligence
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Borrower
N•••••• C•••••••••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Concept Searching Inc
Principal held
at least $90.5M
sum of BDC pieces, a lower bound
Fair value
$88.4M
99c on cost, debt pieces
Unfunded
$826,000
commitments not yet drawn
BDC lenders
10
9 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Jun 1, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
5
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 $90.3M | 99c | SOFR+475 bp | Jun 11, 2029 | 10 |
| first lien delayed draw term loan first lien | at least $185,586 | 80c | SOFR+475 bp | Jun 11, 2029 | 3 |
| first lien revolver first lien | at least $0 | n/a | SOFR+475 bp | Jun 11, 2029 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 8.14% (S + 4.7 | $87,586 | $56,718 68c | SOFR+475 bp |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 8.39% (S + 4.75%; 0.75% F•• | $202,178 | $193,585 96c | SOFR+475 bp |
| A• P•••••• C••••• I•••••••• C••• | revolver first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 6/11/2029 | $0 | $-32,927 3054c | SOFR+475 bp |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 8.39% (S + 4.75%; 0.75% F•• | $12.2M | $11.7M 96c | SOFR+475 bp |
| B•• I••••••••• C••• | term loan first lien F•••• L•••/S••••• S•••••• D••• I••••••• R••• 8.39% R•••••••• R••• and S••••• S••• + 4.75% | $4.2M | $4.1M 99c | SOFR+475 bp |
| B•• I••••••••• C••• | revolver first lien F•••• L••• /S••••• S•••••• D••• R•••••••) S••••••• R•••••••• R••• and S••••• S••• + 4.75% | n/a | $-12,000 240c | SOFR+475 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $12.4M | $12.1M 98c | S+475 bp |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 4 | $621,000 | $504,000 85c | S+475 bp |
| G•••• C•••••• B•• 4• I••• | unstated lien unstated LLC interest | n/a | $13,000 62c | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $0 | $-4,000 400c | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $1.4M | $1.4M 98c | S+475 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | N••••••••• I••••• | $183,000 | $149,000 82c | S+475 bp |
| G•••• C•••••• B••• I••• | unstated lien unstated LLC interest | N••••••••• I••••• | n/a | $9,000 47c | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $9.5M | $9.3M 98c | S+475 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $0 | $-7,000 700c | |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | N••••••••• I••••• | $380,000 | $372,000 98c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $4.3M | $4.2M 98c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $0 | $-2,000 200c | |
| G•••• C•••••• D••••• L•••••• C••• | unstated lien unstated LLC interest | n/a | $5,000 63c | |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $612,000 | $599,000 98c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 4 | $265,000 | $215,000 85c | S+475 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | unstated lien unstated LLC interest | n/a | $6,000 67c | |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $0 | $-2,000 | |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 3 | $16,000 | $13,000 87c | S+475 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 4 | $37,000 | $36,000 100c | S+475 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $4.8M | $4.7M 98c | S+475 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $12.4M | $12.1M 99c | S+475 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $43,000 | $35,000 81c | S+475 bp |
| J•••••••• C••••• P••••••• B•• I••• | delayed draw term loan first lien T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.75% M••••••• D••• 6 | $78,000 | $71,000 91c | SOFR+475 bp |
| J•••••••• C••••• P••••••• B•• I••• | delayed draw term loan first lien Investment T••• F•••• L••• D•••••• D••• T••• L••• | n/a | $-7,000 | |
| J•••••••• C••••• P••••••• B•• I••• | term loan first lien T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% M••••••• D••• 6/11/2029 | $19.2M | $19.0M 101c | SOFR+475 bp |
| S••••• C••••• I••••••••• L•• | term loan first lien T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% M••••••• D••• 6/11/2029 | $7.6M | $7.5M 101c | SOFR+475 bp |
| S••••• C••••• I••••••••• L•• | delayed draw term loan first lien T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 4.75% M••••••• D••• 6 | $20,000 | $18,000 90c | SOFR+475 bp |
| S••••• C••••• I••••••••• L•• | delayed draw term loan first lien Investment T••• F•••• L••• D•••••• D••• T••• L••• | n/a | $-2,000 |
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 | 9 | $90.5M | $88.4M | 99c | 0 |
| Mar 31, 2026 | 9 | $90.7M | $88.3M | 98c | 0 |
| Dec 31, 2025 | 9 | $131M | $130M | 101c | 0 |
| Sep 30, 2025 | 9 | $138M | $138M | 101c | 0 |
| Jun 30, 2025 | 9 | $84.5M | $84.5M | 101c | 0 |
| Mar 31, 2025 | 9 | $84.7M | $84.7M | 101c | 0 |
| Dec 31, 2024 | 9 | $109M | $109M | 101c | 0 |
| Sep 30, 2024 | 9 | $78.9M | $78.9M | 102c | 0 |
| Jun 30, 2024 | 9 | $76.8M | $76.4M | 101c | 0 |
| Mar 31, 2024 | 9 | $72.3M | $70.8M | 100c | 0 |
| Dec 31, 2023 | 10 | $78.9M | $75.2M | 98c | 0 |
| Sep 30, 2023 | 7 | $42.0M | $41.1M | 99c | 0 |
| Jun 30, 2023 | 5 | $23.2M | $22.6M | 98c | 0 |
| Mar 31, 2023 | 5 | $23.0M | $22.7M | 100c | 0 |
| Dec 31, 2022 | 2 | $23.7M | $23.4M | 99c | 0 |
| Sep 30, 2022 | 5 | $20.1M | $19.8M | 100c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Marked down (one lender)Sep 30, 2024
- Spread increasedSep 30, 2024
- Spread increasedSep 30, 2024
- Spread increasedSep 30, 2024
- Spread increasedSep 30, 2024
- Spread increasedSep 30, 2024
- Spread increasedSep 30, 2024
- New lender joined a facilityDec 31, 2023
- New lender joined a facilityDec 31, 2023
- New lender joined a facilitySep 30, 2023
- 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
- NETWRIXderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived
- Industry
- Softwarereportedas one filer wrote it