DFX Intelligence
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A private credit borrower in software
Borrower · Software
What matters now
- $112Mprincipal outstanding
$112M principal held by 4 lenders; matures Mar 2028.
Q2 2026 · Refinancing is due in 17 months at a 103¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 102¢ · 103¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 0 points apart
100¢100¢
Principal held
at least $112M
sum of BDC pieces, a lower bound
Fair value
$103M
104c on cost, debt pieces
Unfunded
$21.8M
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Mar 10, 2028
$112M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
10
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
How each lender’s mark moved, last 4 quarter ends
Consensus, weighted by principalMiddle half of lendersOne lender
Consensus Q3 2025 100¢, Q4 2025 100¢, Q1 2026 102¢, Q2 2026 103¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 4, Q4 2025 4, Q1 2026 4, Q2 2026 4. 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¢ | 100¢ | 102¢ | 103¢ |
| HPS Corporate Lending Fund | 101¢ | 101¢ | 106¢ | 106¢ |
| Antares Strategic Credit Fund | 100¢ | 100¢ | 99¢ | 100¢ |
| Antares Private Credit Fund | 100¢ | 100¢ | 99¢ | 100¢ |
1 more lender is drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| HPS Corporate Lending Fund | $59.4M | 106¢ | 0 pts |
| Antares Strategic Credit Fund | $41.5M | 100¢ | +1 pts |
| Antares Private Credit Fund | $10.8M | 100¢ | +1 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.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Every BDC piece · 22 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| HPS Corporate Lending Fund | revolver first lien Non-Affiliated Issuer | $35.3M | $46.9M 109c | S+475 bp |
| HPS Corporate Lending Fund | revolver first lien Non-Affiliated Issuer | $20.8M | $20.8M 100c | S+475 bp |
| Antares Strategic Credit Fund | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest | $10.8M | $10.8M 100c | SOFR+475 bp |
| Antares Strategic Credit Fund | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% Ma | $8.8M | $8.8M 100c | SOFR+475 bp |
| Antares Strategic Credit Fund | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.50% Mat | $7.0M | $0 0c | SOFR+475 bp |
View all 20 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Antares Strategic Credit Fund | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest | $6.7M | $0 0c | SOFR+475 bp |
| Antares Private Credit Fund | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% Ma | $5.4M | $5.4M 100c | SOFR+475 bp |
| Antares Strategic Credit Fund | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% Ma | $4.0M | $4.0M 100c | SOFR+475 bp |
| HPS Corporate Lending Fund | revolver first lien Non-Affiliated Issuer | $3.3M | $0 0c | |
| Antares Private Credit Fund | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest | $2.4M | $2.4M 101c | SOFR+475 bp |
| Antares Strategic Credit Fund | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread SON + 4.75% Interes | $2.3M | $1.2M 98c | //www.Antares.com/20260630#Sterling Overnight Index Average+475 bp |
| Antares Strategic Credit Fund | term loan first lien Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.50% Ma | $1.8M | $1.8M 100c | SOFR+475 bp |
| Antares Private Credit Fund | revolver first lien Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.50% Mat | $1.6M | $0 0c | SOFR+475 bp |
| Antares Private Credit Fund | delayed draw term loan first lien Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.75% Interest | $1.4M | $0 0c | SOFR+475 bp |
| Antares Private Credit Fund | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/13/2028 | Not disclosed | $0 | |
| Antares Private Credit Fund | revolver first lien Commitment Type Revolver Commitment Expiration Date 3/10/2028 | Not disclosed | $0 | |
| Antares Strategic Credit Fund | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 8/15/2026 | Not disclosed | $0 | |
| Antares Strategic Credit Fund | delayed draw term loan first lien Commitment Type Delayed Draw Term Loan Commitment Expiration Date 2/13/2028 | Not disclosed | $0 | |
| Antares Strategic Credit Fund | revolver first lien Commitment Type Revolver Commitment Expiration Date 3/10/2028 | Not disclosed | $0 | |
| HPS Corporate Lending Fund | revolver first lien 1st Lien Senior Secured Revolving Loan | Not disclosed | Not disclosed |
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 revolver first lien | at least $68.0M | 106c | SOFR+475 bp | Mar 10, 2028 | 3 |
| first lien delayed draw term loan first lien | at least $23.7M | 100c | //www.Antares.com/20260630#Sterling Overnight Index Average+475 bp | Mar 10, 2028 | 3 |
| first lien term loan first lien | at least $20.0M | 100c | SOFR+475 bp | Mar 10, 2028 | 3 |
| other lien unstated exited Mar 31, 2026 | unknown | 101c | S+475 bp | Mar 10, 2028 | 1 |
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 1 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 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 | 4 | $112M | $103M | 104c | 0 |
| Mar 31, 2026 | 4 | $87.8M | $81.6M | 104c | 0 |
| Dec 31, 2025 | 4 | $96.0M | $98.8M | 105c | 0 |
| Sep 30, 2025 | 4 | $96.2M | $96.8M | 105c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $96.4M | $98.4M | 106c | 0 |
| Mar 31, 2025 | 3 | $96.6M | $94.5M | 103c | 0 |
| Dec 31, 2024 | 3 | $152M | $139M | 102c | 0 |
| Sep 30, 2024 | 2 | $86.7M | $75.3M | 106c | 0 |
| Jun 30, 2024 | 2 | $62.6M | $70.7M | 103c | 0 |
| Mar 31, 2024 | 2 | $62.7M | $69.6M | 103c | 0 |
| Dec 31, 2023 | 1 | $60.9M | $68.1M | 102c | 0 |
| Sep 30, 2023 | 1 | $61.0M | $66.0M | 99c | 0 |
| Jun 30, 2023 | 1 | $61.2M | $67.5M | 101c | 0 |
| Mar 31, 2023 | 1 | $61.4M | $65.9M | 101c | 0 |
| Dec 31, 2022 | 1 | $61.5M | $64.7M | 98c | 0 |
What changed
Owner and people
No owner identified yet: no filing, deal announcement, sponsor portfolio page or Form D signer consensus DFX holds names an owner for this borrower.
Owners matched by identity, with their credit outlook
- Halifax Investment Management, L.L.C. listed on its portfolio page, undated, control · credit outlook
- Sentinel Capital Partners, L.L.C. listed on its portfolio page, undated · credit outlook
- Mccarthy Capital recorded as exited · credit outlook
The company this borrower is was matched by an identity-graded bridge; the owner is the firm its portfolio page or deal record names.
People at the company
1 person at this company is named with their role and the page that names them, for Private Credit Intelligence readers.
Position history
33 field-level changes across filed schedules, latest first
- Principal increased$35.4M to $59.4M2026-06-30
- Position exited2026-06-30
- New position2026-06-30
+30 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.