DFX Intelligence
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Borrower
G•••••••• I••
Insurancegroup grade Aon a schedule nowsponsor unattributed
Also written as: Norvax, LLC
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q1 2026.
since Q1 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 96¢ → 86¢consensus mark
Consensus mark 86¢ on cost, down from 96¢ in Q4 2025, 53¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 2 lenders' own marks, weighted by principal - $2.42Mprincipal outstanding
$2.42M principal held by 2 lenders; matures Aug 2029.
Q2 2026 · Refinancing is due in 34 months at a 86¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 53¢ → 86¢+33 pts, one lender
M••••• F•••••••• I••••••••• C••• marked it 53¢ → 86¢, the largest move among 2 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
96¢ · 53¢ · 86¢Q4 2025 to Q2 2026
Principal held
at least $2.4M
sum of BDC pieces, a lower bound
Fair value
$633,000
27c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Aug 5, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
6
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | $2.42M | 86¢ | +33 pts |
| F••••••• B•• C•••••• C••• | no principal filed | no cost filed | new this quarter |
Every BDC piece · 6 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L•••, S•••+550, 3.00% F••••, M••••••• D••• 08/05/29 | $1.3M | $1.1M 86c | SOFR+550 bp |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R•••••••, S•••+550, 3.00% F••••, M••••••• D••• 08/06/29 | $1.1M | $-506,000 -51c | S+550 bp |
| B••• O•• C•••••• C••• | equity equity C••••• stock | N••••••••• | Not disclosed | Not disclosed n/a | |
| B••• O•• C•••••• C••• I• | equity equity C••••• stock | Non A••••••••• | Not disclosed | $0 0c | |
| F••••••• B•• C•••••• C••• | unstated lien unstated | Not disclosed | $1,000 |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | equity equity C••••• Equity - C••••• S•••• | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $1.3M | 86c | SOFR+550 bp | Aug 5, 2029 | 1 |
| first lien revolver first lien | at least $1.1M | n/a | S+550 bp | Aug 6, 2029 | 1 |
| first lien delayed draw term loan first lien exited Mar 31, 2026 | at least $199,000 | 95c | SOFR+550 bp | Aug 5, 2029 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 4 | $2.4M | $632,000 | 27c | 0 |
| Mar 31, 2026 | 4 | $2.1M | $1.1M | 53c | 0 |
| Dec 31, 2025 | 4 | $2.1M | $2.0M | 98c | 1 |
| Sep 30, 2025 | 3 | $0 | $0 | n/a | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2024 | 2 | $0 | $0 | n/a | 0 |
| Sep 30, 2024 | 2 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 2 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2023 | 2 | $0 | $0 | n/a | 0 |
| Sep 30, 2023 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2023 | 2 | $0 | $0 | n/a | 0 |
| Mar 31, 2023 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2022 | 2 | $0 | $0 | n/a | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- non accrual placedMar 31, 2026
Full timeline · 11 eventsShow fewer
- Marked down across lendersMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- GOHEALTHderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Insurancereportedas one filer wrote it