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Model N, Inc

Borrower · Life Sciences Tools & Services
group grade Aon a schedule nowsponsor Vista Equity Partners Management, LLC inferred
No date on record · this record
See every lender's markFind rescue capital
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Special situations PE firms

Nothing material in the last 200 days. No dated change on record yet.

Mark path, consensus per quarter end
Q2 2025: 101¢Q3 2025: 101¢Q4 2025: 101¢Q1 2026: 100¢Q2 2026: 100¢101¢ · 101¢ · 101¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 1 point apart
99¢Consensus: 100¢New Mountain Finance: 100¢New Mountain Guardian IV BDC, L.L.C.: 100¢another lender: 100¢another lender: 100¢another lender: 100¢another lender: 100¢another lender: 100¢another lender: 100¢another lender: 100¢another lender: 99¢another lender: 100¢100¢
Principal held
at least $262M
sum of BDC pieces, a lower bound
Fair value
$250M
100c on cost, debt pieces
Unfunded
$12.9M
commitments not yet drawn
BDC lenders
16
14 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
May 13, 2031
no dated debt inside 24 months
On the tape since
Jun 30, 2024
latest Jun 30, 2026
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
New Mountain Finance Corp$52.9M100¢0 pts
New Mountain Guardian IV BDC, L.L.C.$38.3M100¢0 pts
FS KKR Capital Corp$35.6M99¢0 pts

14 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 $249/month unless canceled.

Every BDC piece · 49 positions across 14 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
New Mountain Finance Corpterm loan first lien
First lien 1
$43.6M$43.2M
100c
S+475 bp
FS KKR Capital Corpunstated lien unstated
Software & Services 1
$32.4M$32.1M
99c
S+480 bp
New Mountain Guardian IV BDC, L.L.C.term loan first lien
First Lien 1
$31.5M$31.3M
100c
S+475 bp
New Mountain Finance Corpterm loan first lien
First lien - Undrawn
$4.8M-$41,000
171c
S+475 bp
New Mountain Finance Corpterm loan first lien
First lien 2
$4.5M$4.5M
100c
S+475 bp
View all 9 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
New Mountain Guardian IV BDC, L.L.C.term loan first lien
First Lien - Undrawn
$3.5M-$29,000
223c
S+475 bp
New Mountain Guardian IV BDC, L.L.C.term loan first lien
First Lien 2
$3.3M$3.2M
99c
S+475 bp
FS KKR Capital Corpunstated lien unstated
Software & Services 2
$3.2M$3.2M
100c
S+480 bp
FS KKR Capital Corpunstated lien unstatedNot disclosedNot disclosed
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $196M100cSOFR+475 bpJun 27, 203111
other lien unstatedat least $65.0M99cS+480 bpJun 1, 20313
first lien delayed draw term loan first lienat least $581,000100cSOFR+475 bpJun 27, 20311
first lien revolver first lienat least $0n/aSOFR+475 bpJun 27, 20317
revolver lien unstated
exited Jun 30, 2025
unknownn/aS+475 bpunstated1
All 6 facilitiesheld first, largest first
FacilityHeldOn costPricingMaturityBDCs
delayed draw term loan lien unstated
exited Jun 30, 2025
unknownn/aS+475 bpunstated1
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202614$262M$250M100c0
Mar 31, 202614$271M$240M100c0
Dec 31, 202513$276M$244M101c0
Sep 30, 202513$269M$237M101c0
All 9 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202513$269M$237M101c0
Mar 31, 202515$316M$272M100c0
Dec 31, 202415$679M$581M100c0
Sep 30, 202414$301M$256M100c0
Jun 30, 202414$291M$248M100c0
What changed

+25 additional dated changes on this borrower

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

Every change including routine ones
Identity
Group key
MODELderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 16 BDCsderived
Industry
Life Sciences Tools & Servicesreportedas one filer wrote it

Position history

138 field-level changes across filed schedules, latest first
  • Position exited
    2026-06-30
  • New positionat $0
    2026-06-30
  • Principal decreased$16.9M to $15.6M
    2026-06-30

+135 more position changes

Includes 3 days of DFX Intelligence. Then $249/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

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