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A private credit borrower in software
Latest dated change: 30 Jun 2026, Maturity extended (observed). Every change is listed below.
Lender marks
Consensus Q3 2025 100¢, Q4 2025 101¢, Q1 2026 98¢, Q2 2026 98¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 4, Q4 2025 5, Q1 2026 4, Q2 2026 4. 1 lender that held it earlier and not at the latest quarter end is not drawn. A mark is each lender’s own fair value over cost from its schedule of investments, filed about 45 days after the quarter ends; marks outside 5¢ to 110¢ on cost are left out.
Every lender’s mark by quarter, as a table
| Lender | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Consensus | 100¢ | 101¢ | 98¢ | 98¢ |
| ARES STRATEGIC INCOME FUND | 100¢ | 101¢ | 98¢ | 98¢ |
| North Haven Private Income Fund LLC | 100¢ | 100¢ | 98¢ | 98¢ |
| Barings Private Credit Corp | no mark | 100¢ | 98¢ | 98¢ |
1 more lender is drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| ARES STRATEGIC INCOME FUND | $26.1M | 98¢ | 0 pts |
| North Haven Private Income Fund LLC | $3.92M | 98¢ | 0 pts |
| Barings Private Credit Corp | $995K | 98¢ | 0 pts |
4 lenders hold this credit
Each lender named with its own mark, its exposure and every piece it holds, from its schedule of investments.
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Every BDC piece · 4 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| ARES STRATEGIC INCOME FUND | term loan first lien First lien senior secured loan | $26.1M | $25.6M 98c | S+225 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 2.25% Interest Rate 5.98% Maturity | $3.9M | $3.8M 98c | SOFR+225 bp |
| Barings Private Credit Corp | term loan first lien First Lien Senior Secured Term Loan | $995,000 | $976,000 98c | S+225 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
Capital structure as the BDCs see it
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $31.5M | 98c | SOFR+225 bp | Feb 24, 2031 | 4 |
| other lien unstated exited Jun 30, 2025 | at least $17.1M | 100c | S+250 bp | Feb 24, 2031 | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 4 | $31.5M | $30.9M | 98c | 0 |
| Mar 31, 2026 | 4 | $31.6M | $30.9M | 98c | 0 |
| Dec 31, 2025 | 5 | $58.7M | $59.0M | 101c | 0 |
| Sep 30, 2025 | 4 | $50.2M | $50.2M | 100c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $68.9M | $69.2M | 100c | 0 |
| Mar 31, 2025 | 4 | $46.2M | $46.2M | 100c | 0 |
| Dec 31, 2024 | 5 | $76.3M | $77.1M | 101c | 0 |
| Sep 30, 2024 | 5 | $25.4M | $25.4M | 100c | 0 |
| Jun 30, 2024 | 5 | $24.7M | $24.9M | 101c | 0 |
| Mar 31, 2024 | 5 | $24.7M | $24.9M | 101c | 0 |
| Dec 31, 2023 | 2 | $9.9M | $9.9M | 100c | 0 |
| Sep 30, 2023 | 2 | $9.1M | $9.2M | 100c | 0 |
| Jun 30, 2023 | 2 | $8.7M | $8.7M | 100c | 0 |
| Mar 31, 2023 | 3 | $18.5M | $18.5M | 100c | 0 |
| Dec 31, 2022 | 3 | $13.0M | $13.0M | 100c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Maturity shortened (observed)Mar 31, 2026
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
+14 additional dated changes on this borrower
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Owner and people
- Hellman & Friedman LLC
- graded chain currentderivedhf.comconfidence 0.9
- Hellman & Friedman LLC ownership stated current, control · credit outlook
- CapitalG listed on its portfolio page, undated · credit outlook
- JMI Management, L.P. listed on its portfolio page, undated · credit outlook
1 more owner is named with Private Credit Intelligence.
The company this borrower is was matched by an identity-graded bridge; the owner is the firm its portfolio page or deal record names.
1 person at this company is named with their role and the page that names them, for Private Credit Intelligence readers.
Position history
- Maturity extended2026-09-19 to 2031-02-242026-06-30
- Position exitedfrom $2.5M2026-03-31
- Principal decreased$50.0M to $26.2M2026-03-31
+42 more position changes
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.
›Connections
every published relationship on the graph
+1 connection on the graph
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