DFX Intelligence
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Borrower
N•••••• B••••
group grade Bon a schedule nowsponsor unattributed
Also written as: N•••••• Parent Holding Company
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
98¢ · 100¢ · 100¢ · 100¢ · 100¢Q2 2025 to Q2 2026
Principal held
at least $22.7M
sum of BDC pieces, a lower bound
Fair value
$26.5M
100c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Dec 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
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••• | $22.7M | 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 | $22.4M | $22.4M 100c | S+825 bp PIK 1.00% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $300,000 | $300,000 100c | S+825 bp PIK 1.00% |
| A••• C•••••• C••• | equity equity C•••• C units | Not disclosed | $0 | |
| A••• C•••••• C••• | preferred equity equity C•••• A preferred units | Not disclosed | $3.8M 83c |
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 $22.7M | 100c | S+825 bp PIK 1.00% | Dec 1, 2028 | 1 |
Equity pieces beside the debt: equity ($0 fair value, 1 BDC), preferred equity ($3.8M 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 | $22.7M | $22.7M | 100c | 2 |
| Mar 31, 2026 | 1 | $22.7M | $22.7M | 100c | 2 |
| Dec 31, 2025 | 1 | $22.6M | $22.6M | 100c | 2 |
| Sep 30, 2025 | 1 | $22.6M | $22.6M | 100c | 2 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $22.5M | $22.0M | 98c | 2 |
| Mar 31, 2025 | 1 | $22.5M | $21.6M | 96c | 2 |
| Dec 31, 2024 | 1 | $22.4M | $20.5M | 92c | 2 |
| Sep 30, 2024 | 1 | $22.6M | $20.7M | 92c | 2 |
| Jun 30, 2024 | 1 | $22.5M | $20.6M | 92c | 2 |
| Mar 31, 2024 | 1 | $22.5M | $20.4M | 91c | 2 |
| Dec 31, 2023 | 1 | $23.1M | $22.2M | 96c | 0 |
| Sep 30, 2023 | 1 | $23.1M | $22.8M | 99c | 0 |
| Jun 30, 2023 | 1 | $23.1M | $23.1M | 100c | 0 |
| Mar 31, 2023 | 1 | $23.1M | $23.1M | 100c | 0 |
| Dec 31, 2022 | 1 | $53.3M | $53.3M | 100c | 0 |
| Sep 30, 2022 | 1 | $23.5M | $23.5M | 100c | 0 |
| Dec 31, 2021 | 1 | $23.9M | $23.9M | 100c | 0 |
What changed
- Maturity extended (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- PIK interest appearsMar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Marked down across lendersMar 31, 2024
Full timeline · 11 eventsShow fewer
- Marked down (one lender)Mar 31, 2024
- Spread increasedMar 31, 2024
- PIK interest appearsMar 31, 2024
- Spread changed (observed)Dec 31, 2022
- Spread increasedDec 31, 2022
- Spread changed (observed)Sep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- NOVIPAXderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived