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Private creditBorrowerhigh techaunknown

Polaris Newco, LLC

sponsor (inference, pe portfolio stem): Novacap Management Inc.

Search this name across graphsid dfx:pc:19a9b343-7660-5e9f-8158-7c8c0f98d459

Data as of Jun 30, 2026 (this record's last observation) from The BDC tape; Adviser-reported credit funds; Deal parties; Pending. Page built Sep 21, 2026, 9:47 AM UTC and rebuilt at most every 15 minutes.

Relationships: 1
Dated events: 40
On other graphs: 1
Observed: Sep 30, 2022 to Jun 30, 2026
8 observations

Right now

one signal names this record (all private credit signals)

#1NewSignalPrivate creditCredit deterioration

Polaris Newco, LLC: lender marks fell to 84 cents across 7 BDC lenders

State NEW at the 2026-03-31 quarter end, readable when the filing landed on 2026-05-14.

Exposure: $135M knownfunded debt at cost held by BDC lenders
Who this matters to: Private credit lenders, PE sponsors +3
Historical: 2.38x non accrual, 139d median

APS BDC, LLC · lender PIMCO Capital Solutions BDC Corp. · lender BlackRock Private Credit Fund · lender OHA Senior Private Lending Fund (U) LLC · lender

Credit Attention / portfolio monitorMar 31, 2026 · seen 4 days ago

Across DFX

same identity by shared identifier, citation, or a bridge measured by hand

Private Equityidentity

Plusgrade

pe portfolio stem · confidence 50% · family precision 85%

Facts

fact = as filed or announced; derived = computed by DFX; estimate = a band, never a point

Lenders: 16
BDCs: 7
Facilities: 3
Principal, latest: $298Mpieces as filed; a lower bound
Fair value, latest: $253M
Mark ratio: 91%fair value over cost, latest
Next maturity: Jun 1, 2028
First on a schedule: Sep 30, 2022
Last on a schedule: Jun 30, 2026
Sponsor basis: pe_portfolio_steminferencedeal party is a fact; a portfolio stem or a Form D signer is an inference

Facilities

one facility is one borrower, one kind and one lien; its size is the sum of the BDC pieces the tape can see, a lower bound, never the commitment

Kind	Lien	Size, lower bound	Fair value	Maturity	Maturity basis	PIK	Lenders	BDCs	Status	Last seen
other	unknown	$149M	$130M	Jun 2, 2028	Html schedule	n/a	1	7	Unknown	Jun 30, 2026
Term loan	First lien	$82.5M	$71.4M	Jun 2, 2028	Html schedule	n/a	5	10	Unknown	Jun 30, 2026
Term loan	Second lien	$66.1M	$51.9M	Jun 4, 2029	Html schedule	n/a	2	2	Unknown	Jun 30, 2026

Lenders holding it now

each BDC's own pieces on its latest schedule, folded to one row per lender; every amount is that BDC's piece as filed, so a sum is a lower bound; 10 rows folded into 9

BDC	Pieces	Principal	Fair value	Unfunded	Nearest maturity	As of
APS BDC, LLC	1	$149M	$130M	$0	Jun 2, 2028	Jun 30, 2026
ARES STRATEGIC INCOME FUND	1	$66.6M	$57.6M	$0	Jun 1, 2028	Jun 30, 2026
T. Rowe Price OHA Select Private Credit Fund	2	$65.7M	$52.1M	$0	Jun 2, 2028	Jun 30, 2026
OHA Senior Private Lending Fund (U) LLC	1	$6.2M	$4.9M	$0	n/a	Jun 30, 2026
North Haven Private Income Fund LLC	1	$5.8M	$5.0M	$0	Jun 2, 2028	Jun 30, 2026
Franklin BSP Lending Corp	1	$5.0M	$4.8M	$0	Jun 2, 2028	Sep 30, 2023
Redwood Enhanced Income Fund, LP	1	$3.4M	$4.2M	$0	Jun 2, 2028	Sep 30, 2025
BlackRock Private Credit Fund	1	$2.9M	$2.5M	$0	Jun 2, 2028	Jun 30, 2026
PIMCO Capital Solutions BDC Corp.	1	$1.4M	$1.3M	$0	Jun 2, 2028	Jun 30, 2026

Relationships

Sponsors (1)

← Novacap Management Inc.Sponsor of borrowersPE portfolio stem
Sep 15, 2026 to presentinferenceDFX's own graph

Dated events

19 bookkeeping events (roster, classification and holdings changes) folded below

Scheduled
Jun 2, 2028
Facility matures inside 24 months
Polaris Newco, LLC other (unknown) matures 2028-06-02 (inside 24 months; $149.2M held by 8 BDCs)
Novacap Management Inc.BDC schedule of investments
$149M
Scheduled
Jun 2, 2028
Facility matures inside 24 months
Polaris Newco, LLC term loan (first lien) matures 2028-06-02 (inside 24 months; $76.7M held by 7 BDCs)
Novacap Management Inc.BDC schedule of investments
$76.7M
Occurred
Jun 30, 2026
Coupon changed
Polaris Newco, LLC term loan: spread moved from 6.00% to 4.00%
BDC schedule of investments
$82.5M
Occurred
Jun 30, 2026
Marked down across lenders
Polaris Newco, LLC term loan: marked from 96 to 80 cents on cost across 2 lender(s)
BDC schedule of investments
$66.1M
Occurred
Jun 30, 2026
Spread decreased
North Haven Private Income Fund LLC: spread decreased in Polaris Newco, LLC (6.00% to 4.00%)
BDC schedule of investmentsobserved 1 months ago
0.04 usd
Occurred
Jun 30, 2026
Marked down by a BDC
North Haven Private Income Fund LLC: fair value markdown in Polaris Newco, LLC (93 to 86 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.86463033668865 usd
Occurred
Mar 31, 2026
Marked down across lenders
Polaris Newco, LLC term loan: marked from 99 to 90 cents on cost across 3 lender(s)
BDC schedule of investments
$72.0M
Occurred
Mar 31, 2026
Coupon changed
Polaris Newco, LLC term loan: spread moved from 3.75% to 4.26%
BDC schedule of investments
$72.0M
Occurred
Mar 31, 2026
Marked down across lenders
Polaris Newco, LLC term loan: marked from 96 to 78 cents on cost across 1 lender(s)
BDC schedule of investments
$6.2M
Occurred
Mar 31, 2026
Marked down by a BDC
ARES STRATEGIC INCOME FUND: fair value markdown in Polaris Newco, LLC (98 to 90 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.895911286586102 usd
Occurred
Mar 31, 2026
Marked down by a BDC
PIMCO Capital Solutions BDC Corp.: fair value markdown in Polaris Newco, LLC (98 to 90 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.896103896103896 usd
Occurred
Mar 31, 2026
Marked down by a BDC
T. Rowe Price OHA Select Private Credit Fund: fair value markdown in Polaris Newco, LLC (96 to 80 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.80101905253122 usd
Occurred
Mar 31, 2026
Spread increased
BlackRock Private Credit Fund: spread increased in Polaris Newco, LLC (3.75% to 4.26%)
BDC schedule of investmentsobserved 4 months ago
0.0426 usd
Occurred
Mar 31, 2026
BDC left a facility
T. Rowe Price OHA Select Private Credit Fund no longer holds Polaris Newco, LLC other after 2026-03-31; 2 BDC(s) still hold it
BDC schedule of investments
$65.7M
Occurred
Mar 31, 2026
Marked down by a BDC
BlackRock Private Credit Fund: fair value markdown in Polaris Newco, LLC (97 to 88 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.8826446541949 usd
Occurred
Mar 31, 2026
Marked down by a BDC
OHA Senior Private Lending Fund (U) LLC: fair value markdown in Polaris Newco, LLC (95 to 78 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.782751270700115 usd
Occurred
Mar 31, 2026
Spread increased
North Haven Private Income Fund LLC: spread increased in Polaris Newco, LLC (3.75% to 6.00%)
BDC schedule of investmentsobserved 4 months ago
0.06 usd
Occurred
Dec 31, 2025
BDC joined a facility
OHA Senior Private Lending Fund (U) LLC joins Polaris Newco, LLC term loan (second lien) held by 1 other BDC
BDC schedule of investments
$6.2M
Occurred
Dec 31, 2025
BDC left a facility
OHA Senior Private Lending Fund (U) LLC no longer holds Polaris Newco, LLC other after 2025-12-31; 1 BDC(s) still hold it
BDC schedule of investments
$6.2M
Occurred
Jun 30, 2025
BDC joined a facility
Redwood Enhanced Income Fund, LP joins Polaris Newco, LLC term loan (first lien) held by 6 other BDCs
BDC schedule of investments
$3.4M
Occurred
Jun 30, 2025
BDC joined a facility
T. Rowe Price OHA Select Private Credit Fund joins Polaris Newco, LLC term loan (first lien) held by 6 other BDCs
BDC schedule of investments
$5.8M

Show 19 bookkeeping events

Occurred
Jun 30, 2026
T. Rowe Price OHA Select Private Credit Fund: new position in Polaris Newco, LLC ($5.8M principal)
Occurred
Jun 30, 2026
T. Rowe Price OHA Select Private Credit Fund: new position in Polaris Newco, LLC ($59.9M principal)
Occurred
Jun 30, 2026
T. Rowe Price OHA Select Private Credit Fund: position exited in Polaris Newco, LLC ($65.7M principal)
Occurred
Jun 30, 2026
North Haven Private Income Fund LLC: principal decreased in Polaris Newco, LLC ($5.8M principal)
Occurred
Jun 30, 2026
PIMCO Capital Solutions BDC Corp.: principal decreased in Polaris Newco, LLC ($1.4M principal)
Occurred
Mar 31, 2026
North Haven Private Income Fund LLC: principal increased in Polaris Newco, LLC ($10.0M principal)
Occurred
Mar 31, 2026
T. Rowe Price OHA Select Private Credit Fund: position exited in Polaris Newco, LLC ($5.8M principal)
Occurred
Mar 31, 2026
T. Rowe Price OHA Select Private Credit Fund: position exited in Polaris Newco, LLC ($59.9M principal)
Occurred
Mar 31, 2026
OHA Senior Private Lending Fund (U) LLC: position exited in Polaris Newco, LLC ($6.2M principal)
Occurred
Dec 31, 2025
OHA Senior Private Lending Fund (U) LLC: new position in Polaris Newco, LLC ($6.2M principal)
Occurred
Dec 31, 2025
T. Rowe Price OHA Select Private Credit Fund: new position in Polaris Newco, LLC ($65.7M principal)
Occurred
Sep 30, 2025
T. Rowe Price OHA Select Private Credit Fund: principal decreased in Polaris Newco, LLC ($5.8M principal)
Occurred
Sep 30, 2025
ARES STRATEGIC INCOME FUND: principal increased in Polaris Newco, LLC ($64.1M principal)
Occurred
Jun 30, 2025
Redwood Enhanced Income Fund, LP: new position in Polaris Newco, LLC ($3.4M principal)
Occurred
Jun 30, 2025
T. Rowe Price OHA Select Private Credit Fund: new position in Polaris Newco, LLC ($9.7M principal)
Occurred
Jun 30, 2025
T. Rowe Price OHA Select Private Credit Fund: new position in Polaris Newco, LLC ($59.9M principal)
Occurred
Jun 30, 2025
Fidelity Private Credit Fund: position exited in Polaris Newco, LLC ($4.9M principal)
Occurred
Jun 30, 2025
ARES STRATEGIC INCOME FUND: principal increased in Polaris Newco, LLC ($43.3M principal)
Occurred
Jun 30, 2025
T. Rowe Price OHA Select Private Credit Fund: position exited in Polaris Newco, LLC ($59.9M principal)

Provenance

Graph: Private Credit
Canonical id: dfx:pc:19a9b343-7660-5e9f-8158-7c8c0f98d459
First observed: Sep 30, 2022
Last observed: Jun 30, 2026 2 months ago
Resolution: Identity across graphs by shared identifier (CRD, CIK, EIN, ADV fund id, individual CRD) or citation; a name match is shown as a candidate and never merged.

Polaris Newco, LLC

sponsor (inference, pe portfolio stem): Novacap Management Inc.

Search this name across graphsid dfx:pc:19a9b343-7660-5e9f-8158-7c8c0f98d459

Kind

Lien

Size, lower bound

Fair value

Maturity

Maturity basis

Spread

PIK

Lenders

BDCs

Status

Last seen

other

unknown

$149M

$130M

Jun 2, 2028

Html schedule

n/a

Unknown

Jun 30, 2026

Term loan

First lien

$82.5M

$71.4M

Jun 2, 2028

Html schedule

n/a

Unknown

Jun 30, 2026

Term loan

Second lien

$66.1M

$51.9M

Jun 4, 2029

Html schedule

n/a

Unknown

Jun 30, 2026

BDC

Pieces

Principal

Fair value

Unfunded

Nearest maturity

As of

APS BDC, LLC

$149M

$130M

Jun 2, 2028

Jun 30, 2026

ARES STRATEGIC INCOME FUND

$66.6M

$57.6M

Jun 1, 2028

Jun 30, 2026

T. Rowe Price OHA Select Private Credit Fund

$65.7M

$52.1M

Jun 2, 2028

Jun 30, 2026

OHA Senior Private Lending Fund (U) LLC

$6.2M

$4.9M

n/a

Jun 30, 2026

North Haven Private Income Fund LLC

$5.8M

$5.0M

Jun 2, 2028

Jun 30, 2026

Franklin BSP Lending Corp

$5.0M

$4.8M

Jun 2, 2028

Sep 30, 2023

Redwood Enhanced Income Fund, LP

$3.4M

$4.2M

Jun 2, 2028

Sep 30, 2025

BlackRock Private Credit Fund

$2.9M

$2.5M

Jun 2, 2028

Jun 30, 2026

PIMCO Capital Solutions BDC Corp.

$1.4M

$1.3M

Jun 2, 2028

Jun 30, 2026