DFX Intelligence
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Borrower
M•••• H••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: Nivel Topco, LLC
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢Q4 2025 to Q2 2026
Principal held
at least $11.7M
sum of BDC pieces, a lower bound
Fair value
$27.4M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
3 equity pieces beside them
Next maturity
Nov 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2025
latest Jun 30, 2026
Events
2
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 |
|---|---|---|---|
| A••• C•••••• C••• | $11.7M | 100¢ | 0 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $11.7M | $11.7M 100c | S+750 bp PIK 5.00% |
| A••• C•••••• C••• | preferred equity equity P•••••••• units | Not disclosed | $2.0M 74c | |
| A••• C•••••• C••• | equity equity C•••• A units | Not disclosed | $0 | |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | $13.7M |
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 $11.7M | 100c | S+750 bp PIK 5.00% | Nov 1, 2029 | 1 |
Equity pieces beside the debt: equity ($0 fair value, 1 BDC), preferred equity ($2.0M fair value, 1 BDC), other ($13.7M fair value, 1 BDC)
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 | 1 | $11.7M | $11.7M | 100c | 1 |
| Mar 31, 2026 | 1 | $10.8M | $10.8M | 100c | 1 |
| Dec 31, 2025 | 1 | $10.7M | $10.7M | 100c | 0 |
What changed
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- New borrower on a BDC scheduleDec 31, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- M•••• H••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived