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Borrower

N••••• I••

Softwaregroup grade Aon a schedule nowsponsor unattributed
Also written as: N••••• I••. (fka Newscycle Solutions, Inc; N••••• I••. 1; Undrawn Commitment
See every lender's markFind rescue capital
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Special situations PE firms

What matters now

  1. 3 of 3 lenders
    on non-accrual

    Non-accrual at 3 of 3 lenders on the latest schedules.

    Q2 2026 · 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 →
  2. 74¢ → 60¢
    consensus mark

    Consensus mark 60¢ on cost, down from 74¢ a year ago, 64¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived3 of 3 lenders' own marks, weighted by principal
  3. 20 pts
    40¢ to 60¢

    Lenders disagree by 20 points: G•••• C•••••• D••••• L•••••• C••• 40¢ to B• P••••••• L•••••• C••• 60¢.

    Q2 2026 · Holders value the same loan differently, so a position could trade between them.

    Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
  4. $4.8M
    principal outstanding

    $4.8M principal held by 3 lenders.

    Q2 2026 · The loss if the marks hold, spread across the holders below.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
Q2 2025: 74¢Q3 2025: 73¢Q4 2025: 73¢Q1 2026: 64¢Q2 2026: 60¢74¢ · 73¢ · 73¢ · 64¢ · 60¢Q2 2025 to Q2 2026
Where each lender marks it, 20 points apart
40¢Consensus: 60¢B• P••••••• L•••••• C•••: 60¢G•••• C•••••• B••• I•••: 55¢G•••• C•••••• D••••• L•••••• C•••: 40¢60¢
Principal held
at least $4.8M
sum of BDC pieces, a lower bound
Fair value
$2.8M
60c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
3 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Sep 1, 2026
$4.8M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
26
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
B• P••••••• L•••••• C•••$4.61M60¢-4 pts
G•••• C•••••• B••• I•••$183K55¢+1 pts
G•••• C•••••• D••••• L•••••• C•••$7K40¢0 pts
Every BDC piece · 5 positions across 3 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
B• P••••••• L•••••• C•••term loan first lien
S••••• S•••••• L••• I••••••• R••• 10.73% R•••••••• R••• and S••••• S + 7.00% F•••• 1.00% M
$2.3M$1.3M
60c
SOFR+700 bp
B• P••••••• L•••••• C•••term loan first lien
S••••• S•••••• L••• I••••••• R••• 10.73% R•••••••• R••• and S••••• S + 7.00% F•••• 1.00% M
$2.1M$1.3M
60c
SOFR+700 bp
B• P••••••• L•••••• C•••term loan first lien
S••••• S•••••• L••• I••••••• R••• 10.73% R•••••••• R••• and S••••• S + 7.00% F•••• 0.00% M
$235,000$139,000
60c
SOFR+700 bp
G•••• C•••••• B••• I•••term loan first lien
S••••• secured | N••••••••• I•••••
$183,000$66,000
55c
S+100 bp
G•••• C•••••• D••••• L•••••• C•••term loan first lien
S••••• secured
$7,000$2,000
40c
S+100 bp
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $4.8M60cSOFR+100 bpSep 30, 20266
first lien revolver first lien
exited Mar 31, 2025
at least $301,00053c//fasb.org/us-gaap/2023#Base Rate+684 bpJun 28, 20242
first lien delayed draw term loan first lien
exited Jun 30, 2024
at least $94,000n/aSOFR+500 bpJul 31, 20241
Equity pieces beside the debt: other ($10.8M fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20263$4.8M$2.8M60c0
Mar 31, 20263$4.8M$2.9M64c0
Dec 31, 20253$9.5M$6.5M73c0
Sep 30, 20253$5.0M$3.4M73c4
All 18 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20253$2.7M$1.8M75c2
Mar 31, 20254$7.6M$4.8M63c0
Dec 31, 20245$15.7M$10.7M68c0
Sep 30, 20244$3.6M$2.0M54c0
Jun 30, 20244$3.7M$2.4M64c0
Mar 31, 20246$7.6M$6.7M87c0
Dec 31, 20236$34.9M$35.0M101c0
Sep 30, 20236$21.3M$21.2M100c0
Jun 30, 20236$21.4M$21.2M100c0
Mar 31, 20235$17.4M$17.2M478c0
Dec 31, 20223$21.3M$34.8M164c0
Sep 30, 20221$3.5M$3.4M98c0
Mar 31, 20221$0$0n/a0
Dec 31, 20211$3.4M$3.4M101c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
NAVIGAderivedthe codename stem after legal suffixes and deal words
Spellings
2 across 6 BDCsderived
Industry
Softwarereportedas one filer wrote it