DFX Intelligence
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Borrower
R•••• B•••• B••
Biotechnologygroup grade Bon a schedule nowsponsor unattributed
Also written as: Innovad
Principal held
at least $32.5M
sum of BDC pieces, a lower bound
Fair value
$28.9M
97c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Jan 28, 2033
no dated debt inside 24 months
On the tape since
Dec 31, 2025
latest Jun 30, 2026
Events
1
dated, non-routine
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 $32.5M | 97c | EURIBOR+475 bp | Jan 28, 2033 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry Biotechnology Reference Rate and Spread E + 4.75% Ma | $6.8M | $-78,000 51c | EURIBOR+475 bp |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st Lien/Senior Secured Debt Industry Biotechnology Interest Rate 6.91% Reference Rate and | $25.6M | $29.0M 97c | EURIBOR+475 bp |
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 | $32.5M | $28.9M | 97c | 0 |
| Mar 31, 2026 | 1 | $32.5M | $29.3M | 98c | 0 |
| Dec 31, 2025 | 1 | $69.4M | $80,000 | n/a | 0 |
What changed
- 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
- RANCH #NLderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Biotechnologyreportedas one filer wrote it