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A private credit borrower in software
What matters now
- $209Mprincipal outstanding
$209M principal held by 9 lenders; matures Jul 2027.
Q2 2026 · Refinancing is due in 9 months at a 99¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
Consensus Q3 2025 100¢, Q4 2025 100¢, Q1 2026 99¢, Q2 2026 99¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 9, Q4 2025 9, Q1 2026 9, Q2 2026 9. 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¢ | 99¢ | 99¢ |
| Blue Owl Technology Finance Corp. | 100¢ | 100¢ | 99¢ | 99¢ |
| Goldman Sachs BDC, Inc. | 100¢ | 100¢ | 99¢ | 99¢ |
| Goldman Sachs Private Middle Market Credit II LLC | 100¢ | 99¢ | 99¢ | 99¢ |
6 more lenders are drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Blue Owl Technology Finance Corp. | $67.8M | 99¢ | 0 pts |
| Goldman Sachs BDC, Inc. | $34.8M | 99¢ | 0 pts |
| Goldman Sachs Private Middle Market Credit II LLC | $31.6M | 99¢ | 0 pts |
9 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 · 16 positions across 9 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blue Owl Technology Finance Corp. | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $67.8M | $66.9M 99c | S+550 bp |
| Goldman Sachs BDC, Inc. | term loan first lien 1st Lien/Senior Secured Debt Industry Software Interest Rate 9.48% Reference Rate and Spre | $29.1M | $28.8M 99c | SOFR+550 bp |
| Goldman Sachs Private Middle Market Credit II LLC | term loan first lien 1st Lien/Senior Secured Debt Industry Software Interest Rate 9.48% Reference Rate and Spre | $26.4M | $26.2M 99c | SOFR+550 bp |
| Goldman Sachs BDC, Inc. | term loan first lien 1st Lien/Senior Secured Debt Industry Software Reference Rate and Spread S + 5.50% Maturit | $5.7M | -$57,000 317c | SOFR+550 bp |
| Goldman Sachs Private Middle Market Credit II LLC | term loan first lien 1st Lien/Senior Secured Debt Industry Software Reference Rate and Spread S + 5.50% Maturit | $5.2M | -$52,000 325c | SOFR+550 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blue Owl Technology Finance Corp. | revolver first lien First lien senior secured revolving loan | Non-Affiliated Issuer | Not disclosed | -$70,000 | S+550 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 $209M | 99c | SOFR+550 bp | Jul 30, 2027 | 9 |
| first lien revolver first lien | unknown | n/a | S+550 bp | unstated | 3 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 9 | $209M | $232M | 99c | 0 |
| Mar 31, 2026 | 9 | $209M | $231M | 99c | 0 |
| Dec 31, 2025 | 9 | $216M | $240M | 100c | 0 |
| Sep 30, 2025 | 9 | $231M | $256M | 100c | 0 |
All 18 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 9 | $216M | $241M | 100c | 0 |
| Mar 31, 2025 | 7 | $248M | $242M | 100c | 2 |
| Dec 31, 2024 | 7 | $276M | $270M | 100c | 0 |
| Sep 30, 2024 | 8 | $248M | $242M | 100c | 16 |
| Jun 30, 2024 | 8 | $241M | $234M | 100c | 16 |
| Mar 31, 2024 | 9 | $234M | $226M | 100c | 18 |
| Dec 31, 2023 | 9 | $338M | $322M | 99c | 22 |
| Sep 30, 2023 | 8 | $195M | $187M | 99c | 14 |
| Jun 30, 2023 | 9 | $216M | $115M | 100c | 12 |
| Mar 31, 2023 | 9 | $157M | $104M | 100c | 8 |
| Dec 31, 2022 | 7 | $188M | $139M | 77c | 6 |
| Sep 30, 2022 | 4 | $35.6M | $34.9M | 100c | 2 |
| Dec 31, 2021 | 1 | $19.5M | $19.2M | 100c | 1 |
| Sep 30, 2021 | 1 | $7.2M | $7.0M | 100c | 0 |
What changed
Owner and people
- Vista Equity Partners
- stated in a filing or releasereportedsource on recordconfidence 0.8
- Bain Capital Ventures, LP listed on its portfolio page, undated · credit outlook
- Battery Management Corp. listed on its portfolio page, undated · credit outlook
- Bessemer Venture Partners listed on its portfolio page, undated · credit outlook
3 more owners are 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.
2 people at this company are named with their role and the page that names them, for Private Credit Intelligence readers.
This record sits on 2 traced paths of capital across the graphs.
DFX traced 2 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Position history
- Principal decreased$6.8M to $2.7M2026-03-31
- Principal decreased$32.9M to $30.1M2026-03-31
- Spread tightened6.25% to 5.75%2025-12-31
+82 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
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.