DFX Intelligence
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Borrower
A•••••• H•••••
Softwaregroup grade Boff every schedule since Sep 30, 2025sponsor unattributed
Also written as: A••••••, Inc; Aspect Software, Inc.
Nothing material in the last 200 days. Last change: 30 Sep 2025, Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q2 2025.
Mark path, consensus per quarter end
60¢ · 45¢ · 50¢ · 42¢ · 32¢Q3 2024 to Q3 2025
Where each lender marks it, 22 points apart
13¢35¢
Principal held
at least $21.9M
sum of BDC pieces, a lower bound
Fair value
$5.5M
28c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
May 5, 2028
no dated debt inside 24 months
On the tape since
Mar 31, 2024
latest Sep 30, 2025
Events
16
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| W••••••••• F••••••• I••• | $15.1M | 24¢ | -15 pts |
| R•••••• E••••••• I••••• F•••• L• | $6.81M | 50¢ | +1 pts |
Every BDC piece · 7 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| W••••••••• F••••••• I••• | term loan first lien F•••• L••• S•••••• T••• L••• Two | $9.6M | $1.2M 13c | Prime+600 bp |
| R•••••• E••••••• I••••• F•••• L• | term loan second lien S••••• L••• S•••••• D••• Investment T••• S••••• L••• S•••••• D••• Ref 3M S••• F•••• 0.75% | $5.3M | $1.3M 35c | Prime+850 bp |
| W••••••••• F••••••• I••• | term loan first lien F•••• L••• S•••••• T••• L••• T•••• | $2.4M | $24,000 1c | Prime+600 bp |
| W••••••••• F••••••• I••• | term loan first lien F•••• L••• S•••••• T••• L••• | $1.9M | $1.5M 89c | Prime+650 bp PIK 6.50% |
| W••••••••• F••••••• I••• | term loan first lien F•••• L••• S•••••• T••• L••• One | $1.2M | $146,000 15c | Prime+650 bp PIK 5.50% |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| R•••••• E••••••• I••••• F•••• L• | term loan first lien F•••• L••• S•••••• D••• Investment T••• F•••• L••• S•••••• D••• Ref 3M S••• F•••• 0.75% I• | $858,000 | $729,000 88c | Prime+600 bp |
| R•••••• E••••••• I••••• F•••• L• | term loan first lien F•••• L••• S•••••• D••• Investment T••• F•••• L••• S•••••• D••• Ref 3M S••• F•••• 0.75% I• | $647,000 | $582,000 90c | Prime+500 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2025 | at least $16.6M | 27c | Prime+600 bp PIK 6.50% | May 8, 2028 | 2 |
| second lien term loan second lien exited Sep 30, 2025 | at least $5.3M | 35c | Prime+850 bp | May 5, 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 |
|---|---|---|---|---|---|
| Sep 30, 2025 | 2 | $21.9M | $5.5M | 28c | 2 |
| Jun 30, 2025 | 2 | $21.7M | $7.1M | 37c | 4 |
| Mar 31, 2025 | 2 | $21.7M | $8.6M | 44c | 5 |
| Dec 31, 2024 | 3 | $53.0M | $17.9M | 41c | 7 |
All 7 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 2 | $21.3M | $11.8M | 60c | 5 |
| Jun 30, 2024 | 2 | $21.2M | $15.5M | 80c | 5 |
| Mar 31, 2024 | 2 | $21.0M | $16.3M | 85c | 5 |
What changed
- Marked down across lendersSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Spread changed (observed)Sep 30, 2025
Full timeline · 29 eventsShow fewer
- Placed on non-accrualSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Spread increasedSep 30, 2025
- Marked down across lendersJun 30, 2025
- Placed on non-accrualJun 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Spread increasedJun 30, 2025
- Mark recoveredMar 31, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread increasedDec 31, 2024
- Marked down across lendersSep 30, 2024
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
- New borrower on a BDC scheduleMar 31, 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
- ALVARIAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived
- Industry
- Softwarereportedas one filer wrote it