Norvax, LLC
How each BDC lender prices its exposure to this borrower, from the latest SEC Schedule-of-Investments filings.
Lenders
Norvax, LLC is held by 4 BDC lenders in our parsed SEC filings: GBDC, MFIC, OBDC, OBDE.
Cross-lender loan pricing
Lenders mark this name differently
OBDE carries this First Lien exposure at 18.2 while MFIC marks it at 84.8 — a 66.6-point gap on the same lien class, both marked for the quarter ended 2026-03-31. 1 other lender marks in between.
BDC marks are quarterly fair-value estimates. A gap this wide can reflect tranche mix within the same lien class, valuation timing, or genuine credit disagreement between the managers — it is a prompt to read both lenders’ filings, not a mispricing claim. Marks are fair value as a percent of par, FV-weighted where a lender holds multiple tranches.
Each row is one debt tranche at the BDC’s most recent filing that holds this borrower, widest spread first. Mark is the position’s fair value as a percent of par (100 = par). Spread is shown in basis points over the benchmark in the Rate column, normalized from each filing’s as-reported units — rows quoting different benchmarks are still not directly comparable. Compare like-for-like: a second-lien tranche, a different vintage, or an older filing should price wider even when the credit view is identical — check the Type and Filing columns before reading a gap as disagreement. Source: SEC EDGAR (public). Rows marked stale are from an earlier filing than the lender’s latest — the borrower is absent from its newest filing (exited, repaid, or reported under a different name).
| BDC | Type | Rate | Spread (bps) | Mark (% of par) | Fair Value | Maturity | Filing |
|---|---|---|---|---|---|---|---|
| MFIC | 1L Sr Secured | SOFR | 550 | 93.0 | $185K | 2029-08-05 | 2026-05-06 |
| MFIC | 1L Sr Secured | SOFR | 550 | 92.9 | $780K | 2029-08-05 | 2026-05-06 |
| OBDC | 1L Sr Secured | SOFR | 550 | 18.2 | $443K | 2029-11 | 2026-05-06 |
| OBDE | 1L Sr Secured | SOFR | 550 | 18.2 | $98K | 2029-11 | 2026-05-08 |
| OBDC | 1L Sr Secured | PIK | 450 | — | — | 2029-08 | 2026-05-06 |
| OBDE | 1L Sr Secured | PIK | 450 | — | — | 2029-08 | 2026-05-08 |
| MFIC | 1L Sr Secured | PIK | — | 10.1 | $105K | 2029-08-06 | 2026-05-06 |
| OBDC | 1L Sr Secured | — | — | — | 2029-08 | 2026-05-06 | |
| GBDC | 1L Sr Secured | SOFR | 800 | 98.0 | $39M | 2025-09 | 2024-11-19 stale |
| GBDC | 1L Sr Secured | SOFR | 800 | 98.0 | $12M | 2025-09 | 2024-11-19 stale |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Ownership & deal activity
Headlines mentioning Norvax, LLC
Reading this table
When two business development companies lend to the same borrower, comparing how each marks the loan is a starting question, not a verdict. In plain English: a wider spread (e.g. S+575 vs S+525) or a lower mark (e.g. 96 vs 100 cents on the dollar) can mean that lender is pricing in more risk — but marks can also differ for reasons other than a credit view: a different tranche (second lien should price wider than first lien on the same company), a different vintage or entry point, an older filing date, or each manager’s own fair-value methodology. Compare like-for-like — check the Type and Filing columns before reading a gap as disagreement. Each row is one debt position at one BDC’s most recent filing. Source: SEC EDGAR Schedule of Investments (public).
Want to read these numbers like an analyst? Free Oxford Ledge lessons: reading a BDC’s Schedule of Investments, key credit metrics, and the Five Cs of credit analysis.