DFX Intelligence
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Borrower
N•••• H•••• S•••• B••••• L••
group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
Not disclosed
n/a on cost, debt pieces
Unfunded
$0
commitments not yet drawn
BDC lenders
10
1 on the latest quarter
Facilities
6
2 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Sep 30, 2021
latest Dec 31, 2025
Events
13
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2025 | at least $180M | 100c | S+475 bp PIK 2.50% | Jul 1, 2031 | 9 |
| second lien term loan second lien exited Sep 30, 2025 | at least $51.7M | 100c | 9.75% PIK 2.50% | Jan 1, 2028 | 6 |
| delayed draw term loan lien unstated exited Dec 31, 2024 | at least $16.0M | 101c | S+525 bp | Jul 16, 2027 | 2 |
| first lien revolver first lien exited Sep 30, 2025 | at least $3.8M | 103c | S+475 bp | Jul 1, 2031 | 2 |
| other lien unstated exited Sep 30, 2025 | unknown | n/a | unstated | 3 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien delayed draw term loan first lien exited Dec 31, 2025 | unknown | n/a | unstated | 1 |
Equity pieces beside the debt: preferred equity ($2.5M fair value, 1 BDC), equity ($1.2M fair value, 2 BDCs)
Lenders
every BDC piece at the latest quarter end, largest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• P•••••• C•••••• I••••• F••• | delayed draw term loan first lien D•••••• D••• L••• | Not disclosed | Not disclosed |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2025 | 8 | $236M | $236M | 100c | 18 |
| Jun 30, 2025 | 4 | $83.4M | $83.3M | 100c | 4 |
| Mar 31, 2025 | 4 | $73.1M | $70.9M | 101c | 2 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 4 | $86.5M | $81.1M | 101c | 2 |
| Sep 30, 2024 | 4 | $60.1M | $60.3M | 101c | 2 |
| Jul 31, 2024 | 1 | $5.5M | $4.7M | 100c | 0 |
| Jun 30, 2024 | 4 | $58.7M | $55.4M | 101c | 1 |
| Mar 31, 2024 | 5 | $47.6M | $47.7M | 101c | 2 |
| Dec 31, 2023 | 5 | $55.5M | $55.5M | 101c | 2 |
| Sep 30, 2023 | 5 | $35.7M | $35.2M | 100c | 0 |
| Jun 30, 2023 | 4 | $34.9M | $34.1M | 98c | 0 |
| Mar 31, 2023 | 4 | $35.2M | $34.2M | 98c | 0 |
| Dec 31, 2022 | 3 | $27.7M | $26.9M | 98c | 0 |
| Sep 30, 2022 | 3 | $25.3M | $24.7M | 99c | 0 |
| Dec 31, 2021 | 1 | $11.1M | $11.0M | 102c | 0 |
| Sep 30, 2021 | 1 | $273,000 | $205,000 | 99c | 0 |
What changed
- Facility left every BDC scheduleDec 31, 2025
- Maturity extended (observed)Sep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilitySep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
Full timeline · 30 eventsShow fewer
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 2025
- Maturity extended (observed)Sep 30, 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
- NORTH HAVEN STACKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived