DFX Intelligence
The names on this page are hidden. Create a free account to reveal 5 records a month, or get Private Credit Intelligence at $249 a month for every name. Every figure, date and source on this page is public either way.
Borrower
F•••• I•••••••• N•••••• L••
group grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Sep 2025, Non-accrual at 1 of 1 lender on the latest schedules.
Mark path, consensus per quarter end
100¢ · 101¢ · 81¢ · 73¢Q4 2024 to Q3 2025
Principal held
at least $9.9M
sum of BDC pieces, a lower bound
Fair value
$7.7M
82c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Aug 6, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2024
latest Sep 30, 2025
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| R•••••• E••••••• I••••• F•••• L• | $9.91M | 73¢ | -8 pts |
Every BDC piece · 4 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| R•••••• E••••••• I••••• F•••• L• | term loan first lien F•••• L••• S•••••• D••• Investment T••• F•••• L••• S•••••• D••• Ref 3M S••• F•••• 3.00% I• | $8.5M | $6.0M 73c | SOFR+450 bp PIK 6.75% |
| R•••••• E••••••• I••••• F•••• L• | term loan first lien F•••• L••• S•••••• D••• Investment T••• F•••• L••• S•••••• D••• -Ref 3M S••• F•••• 3.00% I | $702,000 | $1.0M 147c | SOFR+550 bp |
| R•••••• E••••••• I••••• F•••• L• | delayed draw term loan first lien F•••• L••• S•••••• D••• D•••••• D••• L•••) Investment T••• F•••• L••• S•••••• D••• - Ref 3 | $662,000 | $314,000 | SOFR+550 bp |
| R•••••• E••••••• I••••• F•••• L• | equity equity Investment T••• Equity - C••••• S•••• | Not disclosed | $355,000 |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Sep 30, 2025 | at least $9.2M | 79c | SOFR+550 bp PIK 6.75% | Nov 4, 2029 | 1 |
| first lien delayed draw term loan first lien exited Sep 30, 2025 | at least $662,000 | n/a | SOFR+550 bp | Aug 6, 2029 | 1 |
| first lien revolver first lien exited Jun 30, 2025 | at least $602,000 | n/a | SOFR+725 bp | Nov 4, 2029 | 1 |
Equity pieces beside the debt: equity ($355,000 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 |
|---|---|---|---|---|---|
| Sep 30, 2025 | 1 | $9.9M | $7.4M | 82c | 1 |
| Jun 30, 2025 | 1 | $8.7M | $6.2M | 80c | 0 |
| Mar 31, 2025 | 1 | $8.7M | $7.9M | 101c | 0 |
| Dec 31, 2024 | 1 | $8.8M | $7.9M | 100c | 0 |
What changed
- PIK interest appearsSep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- PIK interest appearsSep 30, 2025
Full timeline · 10 eventsShow fewer
- returned to accrualSep 30, 2025
- Marked down across lendersJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- New borrower on a BDC scheduleDec 31, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- F••• INSURANCE NORVAXderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived