DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
The names on this page are hidden. Create a free account and they fill in. No card, and every figure, date and source on this page is public either way.
Borrower
N•• A••••••••• I••
Financial Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. 1; Inc. 2; Inc. May 2026; Inc. October 2021; Network Merchants
Principal held
at least $146M
sum of BDC pieces, a lower bound
Fair value
$145M
99c on cost, debt pieces
Unfunded
$1.3M
commitments not yet drawn
BDC lenders
9
8 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Sep 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
17
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 $143M | 99c | SOFR+450 bp | Sep 6, 2028 | 9 |
| first lien delayed draw term loan first lien | at least $2.4M | 101c | SOFR+450 bp | Sep 6, 2028 | 7 |
| first lien revolver first lien | at least $397,075 | 100c | SOFR+450 bp | Sep 6, 2028 | 7 |
| second lien revolver second lien | unknown | n/a | unstated | 1 | |
| other lien unstated exited Dec 31, 2024 | at least $9.8M | 100c | S+500 bp | Sep 6, 2028 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US Corporate Debt | 1st Lien/Senior S•••••• Debt | Term Loan | 8.74% (S + 5.00%; 0.75% Flo | $3.5M | $3.4M 100c | SOFR+500 bp |
| A• P•••••• L•••••• F••• | term loan first lien US Corporate Debt | 1st Lien/Senior S•••••• Debt | Term Loan | 8.24% (S + 4.50%; 0.75% Flo | $354,200 | $350,658 101c | SOFR+450 bp |
| A• P•••••• L•••••• F••• | revolver first lien US Corporate Debt | 1st Lien/Senior S•••••• Debt | Revolver | 8.24% (S + 4.50%; 0.75% Floo | $148,075 | $146,101 101c | SOFR+450 bp |
| A• P•••••• L•••••• F••• | term loan first lien US Corporate Debt | 1st Lien/Senior S•••••• Debt | Term Loan | 9/6/2028 | $2.4M | $2.3M 101c | SOFR+450 bp |
| A• P•••••• L•••••• F••• | term loan first lien US Corporate Debt | 1st Lien/Senior S•••••• Debt | Term Loan | 8.24% (S + 4.50%; 0.75% Flo | $96,206 | $95,244 101c | SOFR+450 bp |
| A• P•••••• L•••••• F••• | term loan first lien US Corporate Debt | 1st Lien/Senior S•••••• Debt | Term Loan | 8.24% (S + 4.50%; 0.75% Flo | $1.3M | $1.3M 101c | SOFR+450 bp |
| A• P•••••• L•••••• F••• | term loan first lien US Corporate Debt | 1st Lien/Senior S•••••• Debt | Term Loan | 8.74% (S + 5.00%; 0.75% Flo | $667,480 | $664,142 101c | SOFR+500 bp |
| A• P•••••• L•••••• F••• | delayed draw term loan first lien US Corporate Debt | 1st Lien/Senior S•••••• Debt | Delayed Draw | 8.24% (S + 4.50%; 0.75% | $1.3M | $1.3M 101c | SOFR+450 bp |
| B••• O•• C•••••• C••• | revolver first lien First lien senior secured revolving loan | n/a | $0 | |
| B••• O•• C•••••• C••• | term loan first lien First lien senior secured loan | Non-Affiliated | $46.4M | $45.9M 99c | S+450 bp |
| B••• O•• C•••••• C••• I• | revolver first lien First lien senior secured revolving loan | Non-Affiliated | n/a | n/a | |
| B••• O•• C•••••• C••• I• | term loan first lien First lien senior secured loan | Non Affiliated | $960,000 | $951,000 99c | S+450 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $12.4M | $12.3M 99c | S+450 bp |
| B••• O•• C••••• I••••• C•••• | revolver first lien First lien senior secured revolving loan | Non-controlled/non-affiliated | n/a | n/a | |
| B••• O•• T••••••••• F•••••• C•••• | revolver first lien First lien senior secured revolving loan | Non-Affiliated Issuer | n/a | $0 | |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $24.8M | $24.6M 99c | S+450 bp |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $47.7M | $47.5M 100c | S+450 bp |
| C•••••• S•••••• L••••••• I••• | revolver second lien Investments | Non-Affiliated | First and Second Lien Debt | Revolver | n/a | n/a | |
| S•••••••• P•••••• C••••• F••• L•• | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior S•••••• Loan | 09/06/2028 | $249,000 | $244,000 99c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior S•••••• Loan | 09/06/2028 | $1.9M | $1.8M 99c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior S•••••• Loan | 09/06/2028 | $347,000 | $341,000 99c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior S•••••• Loan | 09/06/2028 | $1.1M | $1.1M 101c | SOFR+450 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior S•••••• Loan | 09/06/2028 | $340,000 | $337,000 100c | SOFR+500 bp |
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 | 8 | $146M | $145M | 99c | 0 |
| Mar 31, 2026 | 7 | $138M | $136M | 99c | 0 |
| Dec 31, 2025 | 7 | $148M | $147M | 100c | 0 |
| Sep 30, 2025 | 7 | $145M | $145M | 100c | 0 |
| Jun 30, 2025 | 7 | $145M | $145M | 100c | 0 |
| Mar 31, 2025 | 6 | $142M | $142M | 100c | 0 |
| Dec 31, 2024 | 7 | $310M | $310M | 100c | 0 |
| Sep 30, 2024 | 8 | $146M | $146M | 100c | 0 |
| Jun 30, 2024 | 7 | $143M | $143M | 100c | 0 |
| Mar 31, 2024 | 6 | $138M | $138M | 100c | 0 |
| Dec 31, 2023 | 6 | $189M | $188M | 100c | 0 |
| Sep 30, 2023 | 5 | $102M | $102M | 100c | 0 |
| Jun 30, 2023 | 6 | $125M | $123M | 99c | 0 |
| Mar 31, 2023 | 6 | $125M | $123M | 99c | 0 |
| Dec 31, 2022 | 6 | $174M | $170M | 98c | 0 |
| Sep 30, 2022 | 2 | $78.7M | $77.0M | 98c | 0 |
| Dec 31, 2021 | 2 | $88.0M | $87.1M | 99c | 0 |
What changed
- New lender joined a facilityJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Spread changed (observed)Mar 31, 2025
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- Maturity extended (observed)Dec 31, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- New lender joined a facilitySep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Lender left a facilityJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Lender left a facilityMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 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
- NMI ACQUISITIONCOderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 9 BDCsderived
- Industry
- Financial Servicesreportedas one filer wrote it