DFX Intelligence
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Borrower
M•••••• B••••• I••
Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. Nasuni Corporation
What matters now
- $102Mprincipal outstanding
$102M principal held by 7 lenders; matures Jul 2028.
Q2 2026 · Refinancing is due in 22 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
101¢ · 101¢ · 101¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
98¢101¢
Principal held
at least $102M
sum of BDC pieces, a lower bound
Fair value
$98.1M
100c on cost, debt pieces
Unfunded
$10.4M
commitments not yet drawn
BDC lenders
8
7 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Jul 22, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
9
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 |
|---|---|---|---|
| N•••• H•••• P•••••• I••••• F••• L•• | $31.7M | 101¢ | 0 pts |
| A•••••• S•••••••• C••••• F••• | $27.3M | 98¢ | 0 pts |
| S• I••••••••• F••• I• L•• | $14M | 99¢ | -1 pts |
| O••• D••••• L•••••• B•• F••• | $8.79M | 100¢ | -1 pts |
| M••••• S•••••• D••••• L•••••• F••• | $8.38M | 100¢ | -1 pts |
View all 7 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| T• S••••• B•• L•• | $8.36M | 101¢ | 0 pts |
| A•••••• P•••••• C••••• F••• | $2.93M | 99¢ | +1 pts |
Every BDC piece · 21 positions across 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 4.75% I••••••• R••• 8.39% M••••••• | $31.7M | $31.7M 101c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.41% M• | $25.0M | $24.6M 98c | SOFR+475 bp |
| S• I••••••••• F••• I• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.00% I••••••• R••• 8.73% M•••••• | $14.0M | $13.8M 99c | SOFR+500 bp |
| O••• D••••• L•••••• B•• F••• | term loan first lien F•••• L••• T••• L••• R•••••••• R••• and S••••• 1M S••• + 4.75% F•••• 0.75% I••••••• R••• 8 | $8.8M | $8.7M 100c | SOFR+475 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.39% M•••••• | $8.4M | $8.4M 100c | SOFR+5 bp |
View all 21 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T• S••••• B•• L•• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.39% M••••••• D••• 07/2 | $8.4M | $8.4M 101c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.41% M• | $2.6M | $2.6M 99c | SOFR+475 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.41% M•• | $2.4M | $-35,000 3500c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.41% M•• | $307,000 | $-5,000 | SOFR+475 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.39% M•••••• | $0 | $0 0c | SOFR+5 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 4.75% I••••••• R••• 8.39% M••••••• | $0 | $0 0c | SOFR+475 bp |
| T• S••••• B•• L•• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.39% M••••••• D••• 07/2 | $0 | $0 0c | SOFR+475 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 7/22/2028 | Not disclosed | $-5,000 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 7/22/2028 | Not disclosed | $-35,000 | |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 07/22/2028 | Not disclosed | Not disclosed | S+5 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 07/22/2028 | Not disclosed | Not disclosed | S+475 bp |
| O••• D••••• L•••••• B•• F••• | revolver first lien R••••••• | Not disclosed | Not disclosed | |
| O••• D••••• L•••••• B•• F••• | revolver first lien F•••• L••• R••••••• R•••••••• R••• and S••••• FFR + 3.75% F•••• 0.75% I•••••• A••••••••• D | Not disclosed | $-9,152 130c | //onexdirectlending.com/20260630#Federal Funds Rate+375 bp |
| S• I••••••••• F••• I• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 7/22/2028 | Not disclosed | Not disclosed | |
| S• I••••••••• F••• I• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 4.75% I••••••• R••• 8.39% M•••••• | Not disclosed | Not disclosed | SOFR+475 bp |
| T• S••••• B•• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 07/22/2028 | Not disclosed | Not disclosed | S+475 bp |
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 $98.9M | 100c | SOFR+475 bp | Sep 10, 2030 | 7 |
| first lien revolver first lien | at least $2.7M | n/a | SOFR+475 bp | Jul 22, 2028 | 7 |
| revolver lien unstated exited Dec 31, 2024 | at least $8.7M | 102c | S+500 bp | unstated | 5 |
| other lien unstated exited Jun 30, 2025 | unknown | n/a | unstated | 5 |
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 | 7 | $102M | $98.1M | 100c | 0 |
| Mar 31, 2026 | 7 | $96.5M | $93.2M | 100c | 0 |
| Dec 31, 2025 | 7 | $96.8M | $94.1M | 101c | 0 |
| Sep 30, 2025 | 7 | $97.0M | $94.4M | 101c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $97.3M | $94.6M | 101c | 0 |
| Mar 31, 2025 | 7 | $98.8M | $96.6M | 101c | 0 |
| Dec 31, 2024 | 7 | $158M | $156M | 101c | 0 |
| Sep 30, 2024 | 5 | $87.2M | $85.2M | 101c | 0 |
| Jun 30, 2024 | 5 | $65.9M | $65.9M | 102c | 0 |
| Mar 31, 2024 | 6 | $68.0M | $67.8M | 101c | 0 |
| Dec 31, 2023 | 5 | $63.2M | $62.7M | 101c | 0 |
| Sep 30, 2023 | 5 | $62.3M | $61.5M | 100c | 0 |
| Jun 30, 2023 | 5 | $62.5M | $61.0M | 100c | 0 |
| Mar 31, 2023 | 4 | $41.0M | $39.6M | 99c | 0 |
| Dec 31, 2022 | 5 | $62.8M | $60.8M | 99c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Spread increasedJun 30, 2025
Full timeline · 28 eventsShow fewer
- Spread increasedJun 30, 2025
- Lender left a facilityJun 30, 2025
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread increasedDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- Marked down (one lender)Sep 30, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilitySep 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityJun 30, 2024
- Spread changed (observed)Dec 31, 2023
- Spread changed (observed)Dec 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- MONTANAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 8 BDCsderived
- Industry
- Softwarereportedas one filer wrote it