DFX Intelligence
Private Credit Intelligence
The capital structure graph behind private markets. Who lent, to whom, under which sponsor, through which facility, how large the piece was, when it matures and what changed, with a filing behind every number. A BDC piece is that BDC's piece, a sum of pieces is a lower bound, and a sponsor is named with the evidence that names it.
Borrower
NARS North American Rail Solutions LLC
Transportation Infrastructuregroup grade Aon a schedule nowsponsor unattributed
Principal held
at least $52.1M
sum of BDC pieces, a lower bound
Fair value
$38.1M
95c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Aug 29, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 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 $47.5M | 95c | //gwms.apollo.com/20260630#Canadian Overnight Repo Rate Average+475 bp | Aug 29, 2031 | 1 |
| first lien revolver first lien | at least $3.7M | 91c | SOFR+475 bp | Aug 29, 2031 | 1 |
| first lien delayed draw term loan first lien | at least $934,000 | 87c | SOFR+475 bp | Aug 29, 2031 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Apollo Debt Solutions BDC | revolver first lien Investment Type First Lien Secured Debt – Revolver Interest Rate C+475, 1.00% Floor Maturi | $3.1M | $2.0M 91c | //gwms.apollo.com/20260630#Canadian Overnight Repo Rate Average+475 bp |
| Apollo Debt Solutions BDC | term loan first lien Investment Type First Lien Secured Debt – Term Loan Interest Rate C+475, 1.00% Floor Matur | $38.8M | $26.4M 94c | //gwms.apollo.com/20260630#Canadian Overnight Repo Rate Average+475 bp |
| Apollo Debt Solutions BDC | revolver first lien Investment Type First Lien Secured Debt – Revolver Interest Rate S+475, 1.00% Floor Maturi | $587,000 | $533,000 93c | SOFR+475 bp |
| Apollo Debt Solutions BDC | delayed draw term loan first lien Investment Type First Lien Secured Debt – Delayed Draw Interest Rate C+475, 1.00% Floor Ma | n/a | $-63,000 788c | //gwms.apollo.com/20260630#Canadian Overnight Repo Rate Average+475 bp |
| Apollo Debt Solutions BDC | term loan first lien Investment Type First Lien Secured Debt – Term Loan Interest Rate S+475, 1.00% Floor Matur | $8.7M | $8.4M 97c | SOFR+475 bp |
| Apollo Debt Solutions BDC | delayed draw term loan first lien Investment Type First Lien Secured Debt – Delayed Draw Interest Rate S+475, 1.00% Floor Ma | $934,000 | $858,000 93c | SOFR+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 | $52.1M | $38.1M | 95c | 0 |
| Mar 31, 2026 | 1 | $47.7M | $36.0M | 98c | 0 |
| Dec 31, 2025 | 1 | $48.0M | $37.0M | 100c | 0 |
| Sep 30, 2025 | 1 | $49.6M | $37.8M | 99c | 0 |
What changed
- Marked down (one lender)Mar 31, 2026
- New borrower on a BDC scheduleSep 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
- NARS NORTH AMERICAN RAIL SOLUTIONSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Transportation Infrastructurereportedas one filer wrote it