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A private credit borrower in software
What matters now
- $1.66Bprincipal outstanding
$1.66B principal held by 23 lenders; matures Jun 2028.
Q2 2026 · Refinancing is due in 20 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 25, Q4 2025 25, Q1 2026 24, Q2 2026 23. 2 lenders that held it earlier and not at the latest quarter end are 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¢ | 100¢ | 99¢ | 99¢ |
| Blackstone Private Credit Fund | 101¢ | 101¢ | 101¢ | 99¢ |
| Blue Owl Credit Income Corp. | 100¢ | 100¢ | 98¢ | 98¢ |
| Blue Owl Technology Finance Corp. | 100¢ | 100¢ | 98¢ | 98¢ |
20 more lenders are drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Blackstone Private Credit Fund | $624M | 99¢ | -2 pts |
| Blue Owl Credit Income Corp. | $261M | 98¢ | 0 pts |
| Blue Owl Technology Finance Corp. | $123M | 98¢ | 0 pts |
23 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 · 46 positions across 23 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blackstone Private Credit Fund | revolver lien unstated Non-Affiliated Issuer | $624M | $614M 99c | S+450 bp |
| Blue Owl Credit Income Corp. | term loan first lien A withheld name senior secured loan | Non-Affiliated Issuer | $261M | $256M 98c | S+450 bp |
| Blue Owl Technology Finance Corp. | term loan first lien A withheld name senior secured loan | Non-Affiliated Issuer | $123M | $121M 98c | S+450 bp |
| Blackstone Private Credit Fund | revolver lien unstated Revolver | Not disclosed | Not disclosed | S+450 bp |
| Blue Owl Credit Income Corp. | revolver first lien A withheld name senior secured revolving loan | Non-controlled/non-affiliated | Not disclosed | Not disclosed | S+450 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blue Owl Technology Finance Corp. | revolver first lien A withheld name senior secured revolving loan | Non-Affiliated Issuer | Not disclosed | -$227,000 | S+450 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 $1.0B | 99c | SOFR+450 bp | Jun 21, 2029 | 21 |
| revolver lien unstated | at least $648M | 99c | S+450 bp | Jun 21, 2029 | 2 |
| first lien revolver first lien | at least $0 | n/a | SOFR+450 bp | Jun 21, 2028 | 7 |
| other lien unstated | unknown | n/a | unstated | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 23 | $1.7B | $1.6B | 99c | 0 |
| Mar 31, 2026 | 24 | $1.9B | $1.9B | 99c | 0 |
| Dec 31, 2025 | 25 | $2.1B | $2.1B | 100c | 0 |
| Sep 30, 2025 | 25 | $2.0B | $2.0B | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 25 | $1.8B | $1.8B | 100c | 0 |
| Mar 31, 2025 | 26 | $1.8B | $1.8B | 101c | 0 |
| Dec 31, 2024 | 27 | $3.1B | $3.1B | 101c | 0 |
| Sep 30, 2024 | 27 | $1.8B | $1.8B | 101c | 0 |
| Jun 30, 2024 | 26 | $1.7B | $1.7B | 101c | 0 |
| Mar 31, 2024 | 28 | $1.7B | $1.7B | 101c | 0 |
| Dec 31, 2023 | 29 | $1.8B | $1.8B | 101c | 0 |
| Sep 30, 2023 | 26 | $1.5B | $1.5B | 101c | 0 |
| Jun 30, 2023 | 25 | $1.7B | $1.6B | 101c | 0 |
| Mar 31, 2023 | 25 | $1.7B | $1.6B | 111c | 0 |
| Dec 31, 2022 | 21 | $1.8B | $1.7B | 100c | 0 |
| Sep 30, 2022 | 9 | $820M | $805M | 100c | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
Owner and people
- Thoma Bravo
- stated in a filing or releasereportedthomabravo.comconfidence 0.95
- Coatue Management, L.L.C. listed on its portfolio page, undated · credit outlook
- Highgear Ventures Management, LLC status unknown · 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.
3 people at this company are named with their role and the page that names them, for Private Credit Intelligence readers.
This record sits on 9 traced paths of capital across the graphs.
DFX traced 9 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
- Position exitedfrom $237M2026-06-30
- Spread tightened4.50% to 0.04%2026-06-30
- Principal decreased$93.2M to $79.6M2026-06-30
+231 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.