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A private credit borrower in internet software & services
Nothing material in the last 200 days. Last change: 30 Jun 2025, Default reported on Form N-PORT.
Lender marks
Consensus Q2 2024 100¢, Q3 2024 83¢, Q4 2024 67¢, Q1 2025 63¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q2 2024 2, Q3 2024 2, Q4 2024 2, Q1 2025 2. 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 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 |
|---|---|---|---|---|
| Consensus | 100¢ | 83¢ | 67¢ | 63¢ |
| BlackRock TCP Capital Corp. | 100¢ | 83¢ | 67¢ | 64¢ |
| BlackRock Direct Lending Corp. | 98¢ | 81¢ | 66¢ | 62¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| BlackRock TCP Capital Corp. | $20.3M | 64¢ | -3 pts |
| BlackRock Direct Lending Corp. | $5.21M | 62¢ | -4 pts |
Every BDC piece · 4 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| BlackRock TCP Capital Corp. | term loan first lien A lender) Floor 0.75% Spread 5.00% Cash +2.50% PIK Total Coupon 11.32% Maturity 6/8/2028 | $19.8M | $12.1M 64c | SOFR+500 bp PIK 2.50% |
| BlackRock Direct Lending Corp. | term loan first lien A lender) Floor 0.75% Spread 5.00% Cash + 2.50% PIK Total Coupon 11.32% Maturity 6/8/2028 | $4.7M | $2.9M 62c | SOFR+500 bp PIK 2.50% |
| BlackRock TCP Capital Corp. | delayed draw term loan first lien A lender) Floor 0.75% Spread 7.00% Total Coupon 11.32% Maturity 6/8/2028 | $509,411 | -$274,717 -55c | SOFR+700 bp |
| BlackRock Direct Lending Corp. | delayed draw term loan first lien A lender) Floor 0.75% Spread 7.00 Total Coupon 11.32% Maturity 6/8/2028 | $483,947 | -$65,734 -55c | SOFR+700 bp |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2025
Capital structure as the BDCs see it
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2025 | at least $24.5M | 63c | SOFR+500 bp PIK 2.50% | Jun 8, 2028 | 2 |
| first lien delayed draw term loan first lien exited Mar 31, 2025 | at least $993,358 | n/a | SOFR+700 bp | Jun 8, 2028 | 2 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 2 | $25.5M | $14.6M | 60c | 2 |
| Dec 31, 2024 | 2 | $49.8M | $32.3M | 67c | 4 |
| Sep 30, 2024 | 2 | $24.7M | $19.7M | 83c | 2 |
| Jun 30, 2024 | 2 | $24.5M | $23.6M | 100c | 2 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2024 | 2 | $24.3M | $23.7M | 101c | 2 |
| Dec 31, 2023 | 3 | $24.2M | $23.5M | 99c | 3 |
| Sep 30, 2023 | 3 | $24.0M | $23.3M | 99c | 3 |
| Jun 30, 2023 | 3 | $23.9M | $23.3M | 123c | 3 |
| Mar 31, 2023 | 3 | $23.7M | $23.1M | 123c | 3 |
| Dec 31, 2022 | 3 | $46.5M | $45.4M | 100c | 5 |
What changed
- Default reported on Form N-PORTJun 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- Lender left a facilityMar 31, 2025
- Lender left a facilityMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
+10 additional dated changes on this borrower
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Owner and people
No person is named yet: no leadership page, deal announcement or filing DFX has read names this company’s chief executive, finance chief or treasurer, so no one is suggested.
Position history
- Position exitedfrom $19.8M2025-06-30
- Position exitedfrom $4.7M2025-06-30
- Position exitedfrom $483,9472025-06-30
+15 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.