DFX Intelligence
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Borrower
R•••• N••••••• I••
group grade Aon a schedule nowsponsor unattributed
Also written as: Inc. 2; Inc. 3; Inc. 4; Inc. 5; Inc. 6; Inc.1
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules.
Q1 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 31 Mar 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 18¢ → 10¢consensus mark
Consensus mark 10¢ on cost, down from 18¢ a year ago, 10¢ last quarter.
Q1 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $2.55Mprincipal outstanding
$2.55M principal held by 1 lender.
Q1 2026 · The loss if the marks hold, spread across the holders below.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
18¢ · 19¢ · 19¢ · 10¢ · 10¢Q1 2025 to Q1 2026
Principal held
at least $2.5M
sum of BDC pieces, a lower bound
Fair value
$271,000
10c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Mar 31, 2026
Events
4
dated, non-routine
Lender marks
each lender's own fair value over cost at Mar 31, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| T••••••••• P•••••• V•••••• C••••• I••• | $2.55M | 10¢ | 0 pts |
Every BDC piece · 6 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T••••••••• P•••••• V•••••• C••••• I••• | revolver lien unstated R••••••• | N••••••••• I••••• | $2.4M | $257,000 10c | S+575 bp PIK 5.75% |
| T••••••••• P•••••• V•••••• C••••• I••• | revolver lien unstated R••••••• 2 | N••••••••• I••••• | $42,000 | $4,000 10c | S+575 bp PIK 5.75% |
| T••••••••• P•••••• V•••••• C••••• I••• | revolver lien unstated R••••••• 6 | N••••••••• I••••• | $27,000 | $3,000 11c | S+575 bp PIK 5.75% |
| T••••••••• P•••••• V•••••• C••••• I••• | revolver lien unstated R••••••• 3 | N••••••••• I••••• | $25,000 | $3,000 12c | S+575 bp PIK 5.75% |
| T••••••••• P•••••• V•••••• C••••• I••• | revolver lien unstated R••••••• 5 | N••••••••• I••••• | $25,000 | $3,000 12c | S+575 bp PIK 5.75% |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T••••••••• P•••••• V•••••• C••••• I••• | revolver lien unstated R••••••• 4 | N••••••••• I••••• | $8,000 | $1,000 13c | S+575 bp PIK 5.75% |
Capital structure as the BDCs see it
latest quarter end Mar 31, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated exited Mar 31, 2026 | at least $2.5M | 10c | S+575 bp PIK 5.75% | unstated | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $2.5M | $271,000 | 10c | 6 |
| Dec 31, 2025 | 1 | $5.1M | $542,000 | 10c | 12 |
| Sep 30, 2025 | 1 | $2.5M | $500,000 | 19c | 6 |
| Jun 30, 2025 | 1 | $2.5M | $500,000 | 19c | 6 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $2.5M | $468,000 | 18c | 5 |
| Dec 31, 2024 | 1 | $7.6M | $1.7M | 22c | 18 |
| Sep 30, 2024 | 1 | $2.5M | $550,000 | 21c | 4 |
| Jun 30, 2024 | 1 | $2.5M | $596,000 | 23c | 0 |
| Mar 31, 2024 | 1 | $2.5M | $1.0M | 41c | 0 |
| Dec 31, 2023 | 1 | $5.0M | $1.9M | 37c | 0 |
| Dec 31, 2022 | 1 | $2.4M | $1.9M | 75c | 0 |
What changed
- Facility left every BDC scheduleMar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- PIK interest appearsSep 30, 2024
- PIK interest appearsSep 30, 2024
Full timeline · 7 eventsShow fewer
- Marked down across lendersJun 30, 2024
- Marked down (one lender)Jun 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- R•••• N••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived