DFX Intelligence
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Borrower
N•• H••••••• I•• C•••
Software & Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: NMN Holdings LP
Principal held
at least $109M
sum of BDC pieces, a lower bound
Fair value
$121M
99c on cost, debt pieces
Unfunded
$62.4M
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
4
2 equity pieces beside them
Next maturity
Jul 1, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
12
dated, non-routine
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 $109M | 99c | S+500 bp | Jul 1, 2031 | 2 |
| first lien revolver first lien | at least $0 | n/a | Jul 1, 2031 | 1 | |
| second lien term loan second lien exited Jun 30, 2024 | at least $7.2M | 101c | S+775 bp | Nov 1, 2026 | 1 |
| second lien delayed draw term loan second lien exited Jun 30, 2024 | at least $1.7M | 101c | S+775 bp | Nov 1, 2026 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 3 | $7.1M | $7.1M 100c | S+475 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• C•••••• C••• | equity equity P••••••••• units | n/a | $9.5M 317c | |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $0 | $0 | |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $12.9M | $12.9M 97c | S+500 bp |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $69.9M | $69.9M 100c | S+450 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 2 | $6.9M | $6.9M 101c | S+475 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan 1 | $12.6M | $12.6M 98c | S+500 bp |
| C••••••• C•••••• B••• I••• | equity equity Investment T••• C••••• S•••• | n/a | $2.3M 206c |
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 | 3 | $109M | $109M | 99c | 0 |
| Mar 31, 2026 | 3 | $110M | $110M | 100c | 0 |
| Dec 31, 2025 | 3 | $136M | $136M | 100c | 0 |
| Sep 30, 2025 | 3 | $206M | $206M | 100c | 0 |
| Jun 30, 2025 | 2 | $167M | $167M | 100c | 0 |
| Mar 31, 2025 | 2 | $253M | $253M | 100c | 0 |
| Dec 31, 2024 | 2 | $251M | $248M | 99c | 0 |
| Sep 30, 2024 | 2 | $248M | $245M | 99c | 0 |
| Jun 30, 2024 | 2 | $10.9M | $10.9M | 101c | 0 |
| Mar 31, 2024 | 2 | $10.7M | $10.7M | 101c | 0 |
| Dec 31, 2023 | 2 | $9.9M | $9.9M | 101c | 0 |
| Sep 30, 2023 | 2 | $12.7M | $11.5M | 91c | 0 |
| Jun 30, 2023 | 2 | $16.2M | $14.7M | 92c | 0 |
| Mar 31, 2023 | 2 | $14.2M | $12.5M | 89c | 0 |
| Dec 31, 2022 | 2 | $11.2M | $9.9M | 89c | 0 |
| Sep 30, 2022 | 1 | $2.0M | $1.9M | 95c | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Spread changed (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- Spread increasedSep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Sep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Spread increasedSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Facility left every BDC scheduleJun 30, 2024
- Spread increasedMar 31, 2024
- Mark recoveredDec 31, 2023
- Mark recoveredDec 31, 2023
- Spread changed (observed)Dec 31, 2023
- Mark recoveredDec 31, 2023
- Maturity extended (observed)Jun 30, 2023
- Maturity extended (observed)Jun 30, 2023
- Spread changed (observed)Dec 31, 2022
- Spread increasedDec 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
- NMN HOLDING IIIderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Software & Servicesreportedas one filer wrote it