DFX Intelligence
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Borrower
N•••••• O•• W•••• A•
group grade Aon a schedule nowsponsor unattributed
Also written as: N•••••• O•• W•••• A• 1; N•••••• O•• W•••• A• 2; N•••••• O•• W•••• A• 3; N•••••• O•• W•••• A• 4
What matters now
- 2 of 2 lenderson non-accrual
Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q4 2024.
since Q4 2024 · 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 → - $138Kprincipal outstanding
$138K principal held by 2 lenders; matures Dec 2028.
Q2 2026 · Refinancing is due in 27 months at a 97¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
96¢ · 95¢ · 100¢ · 98¢ · 97¢Q2 2025 to Q2 2026
Where each lender marks it, 3 points apart
97¢100¢
Principal held
at least $138,000
sum of BDC pieces, a lower bound
Fair value
$17.4M
97c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
2
3 equity pieces beside them
Next maturity
Dec 31, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
4
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 |
|---|---|---|---|
| T••••••••• V•••••• G••••• B•• C•••• | $126K | 97¢ | 0 pts |
| T••••••••• P•••••• V•••••• C••••• I••• | $12K | 100¢ | 0 pts |
Every BDC piece · 6 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T••••••••• V•••••• G••••• B•• C•••• | term loan lien unstated Growth Capital L••• | $126,000 | $115,000 97c | PIK 12.00% |
| T••••••••• P•••••• V•••••• C••••• I••• | term loan lien unstated Growth Capital L••• | $12,000 | $12,000 100c | PIK 12.00% |
| T••••••••• P•••••• V•••••• C••••• I••• | equity equity C••••• S•••• | Equity Investments | Not disclosed | $94,000 98c | |
| T••••••••• P•••••• V•••••• C••••• I••• | equity equity Equity Investments | Not disclosed | $1.5M 98c | |
| T••••••••• V•••••• G••••• B•• C•••• | equity equity Equity Investments | Not disclosed | $14.7M 97c |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T••••••••• V•••••• G••••• B•• C•••• | equity equity C••••• S•••• | Equity Investments | Not disclosed | $935,000 97c |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| term loan lien unstated | at least $138,000 | 97c | PIK 12.00% | Dec 31, 2028 | 2 |
| other lien unstated exited Sep 30, 2025 | at least $10.3M | 95c | S+825 bp | Dec 31, 2026 | 2 |
Equity pieces beside the debt: equity ($17.2M fair value, 2 BDCs), warrants ($0 fair value, 2 BDCs), preferred equity ($1.5M fair value, 2 BDCs)
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 | 2 | $138,000 | $127,000 | 97c | 2 |
| Mar 31, 2026 | 2 | $134,000 | $128,000 | 98c | 2 |
| Dec 31, 2025 | 2 | $262,000 | $262,000 | 100c | 4 |
| Sep 30, 2025 | 2 | $11.3M | $9.6M | 95c | 2 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $11.3M | $9.8M | 96c | 2 |
| Mar 31, 2025 | 1 | $991,000 | $883,000 | 96c | 2 |
| Dec 31, 2024 | 2 | $23.6M | $19.5M | 92c | 6 |
| Sep 30, 2024 | 1 | $991,000 | $929,000 | 101c | 2 |
| Jun 30, 2024 | 1 | $951,000 | $828,000 | 96c | 0 |
| Mar 31, 2024 | 1 | $911,000 | $775,000 | 95c | 0 |
| Dec 31, 2023 | 1 | $874,000 | $736,000 | 96c | 0 |
| Dec 31, 2022 | 1 | $838,000 | $819,000 | 101c | 0 |
What changed
- Mark recoveredDec 31, 2025
- PIK interest increasedDec 31, 2025
- PIK interest increasedDec 31, 2025
- Facility left every BDC scheduleSep 30, 2025
- New lender joined a facilityDec 31, 2024
Full timeline · 8 eventsShow fewer
- non accrual placedDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- PIK interest appearsSep 30, 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
- NAKDCOM ONE WORLDderivedthe codename stem after legal suffixes and deal words
- Spellings
- 5 across 2 BDCsderived