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Private creditBorrowercontainers & packagingaunknown

BW Holding, Inc

Private Credit

Search this name across graphsid dfx:pc:fa637c3f-df08-dd43-c0f3-f20f1eaa131b

Data as of Jun 30, 2026 (this record's last observation) from The BDC tape; Adviser-reported credit funds; Deal parties; Pending. Page built Sep 19, 2026, 11:21 PM UTC and rebuilt at most every 15 minutes.

Relationships: 0
Dated events: 40
On other graphs: 0
Observed: Dec 31, 2021 to Jun 30, 2026
3 observations

Right now

3 signals name this record (all private credit signals)

#1IntensifiedSignalPrivate creditCredit deterioration (intensified)

BW Holding, Inc: lender marks fell to 60 cents across 3 BDC lenders, second consecutive quarter

State INTENSIFIED at the 2025-06-30 quarter end, readable when the filing landed on 2025-08-08.

Exposure: $35.0M knownfunded debt at cost held by BDC lenders
Who this matters to: Private credit lenders, PE sponsors +3
Historical: 2.53x non accrual, 138d median

BlackRock TCP Capital Corp. · lender BlackRock Direct Lending Corp. · lender ARES STRATEGIC INCOME FUND · lender

Credit Attention / portfolio monitorJun 30, 2025 · seen 2 days ago

#2NewSignalPrivate creditCredit deterioration

BW Holding, Inc: lender marks fell to 84 cents across 3 BDC lenders

State NEW at the 2025-03-31 quarter end, readable when the filing landed on 2025-05-14.

Exposure: $34.9M knownfunded debt at cost held by BDC lenders
Who this matters to: Private credit lenders, PE sponsors +3
Historical: 2.38x non accrual, 139d median

BlackRock TCP Capital Corp. · lender BlackRock Direct Lending Corp. · lender ARES STRATEGIC INCOME FUND · lender

Credit Attention / portfolio monitorMar 31, 2025 · seen 2 days ago

#3NewSignalPrivate creditCredit deterioration

BW Holding, Inc: lender marks fell to 33 cents across 3 BDC lenders

State NEW at the 2025-12-31 quarter end, readable when the filing landed on 2026-08-07.

Exposure: $20.7M knownfunded debt at cost held by BDC lenders
Who this matters to: Private credit lenders, PE sponsors +3
Historical: 2.38x non accrual, 139d median

BlackRock TCP Capital Corp. · lender BlackRock Direct Lending Corp. · lender ARES STRATEGIC INCOME FUND · lender

Credit Attention / portfolio monitorDec 31, 2025 · seen 2 days ago

Across DFX

This entity has not been resolved onto another DFX graph by a shared identifier. A name match elsewhere would be a candidate, never an identity, and none is recorded.

Facts

fact = as filed or announced; derived = computed by DFX; estimate = a band, never a point

Lenders: 7
BDCs: 3
Facilities: 3
Principal, latest: $38.9Mpieces as filed; a lower bound
Fair value, latest: $7.7M
Mark ratio: 22%fair value over cost, latest
Next maturity: Mar 14, 2029
First on a schedule: Dec 31, 2021
Last on a schedule: Jun 30, 2026

Facilities

one facility is one borrower, one kind and one lien; its size is the sum of the BDC pieces the tape can see, a lower bound, never the commitment

Kind	Lien	Size, lower bound	Fair value	Maturity	Maturity basis	PIK	Lenders	BDCs	Status	Last seen
Term loan	First lien	$38.9M	$7.7M	Dec 1, 2030	Xbrl fact	0	3	4	Unknown	Jun 30, 2026
Term loan	Second lien	$19.4M	$7.8M	Dec 14, 2029	Xbrl fact	n/a	2	3	Unknown	Jun 30, 2025
Delayed draw	Second lien	$1.3M	$1.1M	Dec 14, 2029	Xbrl fact	n/a	2	2	Unknown	Sep 30, 2023

Lenders holding it now

each BDC's own pieces on its latest schedule, folded to one row per lender; every amount is that BDC's piece as filed, so a sum is a lower bound

BDC	Pieces	Principal	Fair value	Unfunded	Nearest maturity	As of
BlackRock TCP Capital Corp.	1	$19.9M	$2	$0	Mar 14, 2029	Jun 30, 2026
ARES STRATEGIC INCOME FUND	1	$16.9M	$7.7M	$0	Dec 1, 2030	Jun 30, 2026
BlackRock Capital Investment Corp	1	$4.6M	$4.1M	$0	Dec 14, 2029	Dec 31, 2023
BlackRock Direct Lending Corp.	1	$2.0M	$0	$0	Mar 14, 2029	Jun 30, 2026

Relationships

No published relationship touches this entity yet.

Dated events

9 bookkeeping events (roster, classification and holdings changes) folded below

Occurred
Mar 31, 2026
Marked down across lenders
BW Holding, Inc term loan: marked from 47 to 24 cents on cost across 3 lender(s)
BDC schedule of investments
$38.2M
Occurred
Mar 31, 2026
PIK interest added
BW Holding, Inc term loan: PIK interest of 9.25% appears (was cash pay)
BDC schedule of investments
$38.2M
Occurred
Mar 31, 2026
Coupon changed
BW Holding, Inc term loan: spread moved from 9.25% to 4.50%
BDC schedule of investments
$38.2M
Occurred
Mar 31, 2026
PIK interest added
BlackRock Direct Lending Corp.: pik added in BW Holding, Inc (0.00% to 9.25%)
BDC schedule of investmentsobserved 4 months ago
0.0925 usd
Occurred
Mar 31, 2026
PIK interest added
BlackRock TCP Capital Corp.: pik added in BW Holding, Inc (0.00% to 9.25%)
BDC schedule of investmentsobserved 4 months ago
0.0925 usd
Occurred
Mar 31, 2026
Marked down by a BDC
BlackRock TCP Capital Corp.: fair value markdown in BW Holding, Inc (15 to 0 cents on cost)
BDC schedule of investmentsobserved 4 months ago
1.18295170227046e-7 usd
Occurred
Mar 31, 2026
Spread decreased
ARES STRATEGIC INCOME FUND: spread decreased in BW Holding, Inc (6.50% to 4.50%)
BDC schedule of investmentsobserved 4 months ago
0.045 usd
Occurred
Mar 31, 2026
Marked down by a BDC
BlackRock Direct Lending Corp.: fair value markdown in BW Holding, Inc (14 to 0 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0 usd
Occurred
Mar 31, 2026
Marked down by a BDC
ARES STRATEGIC INCOME FUND: fair value markdown in BW Holding, Inc (79 to 52 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.520029026652323 usd
Occurred
Dec 31, 2025
Marked down across lenders
BW Holding, Inc term loan: marked from 66 to 47 cents on cost across 3 lender(s)
BDC schedule of investments
$41.7M
Occurred
Dec 31, 2025
Marked down by a BDC
BlackRock Direct Lending Corp.: fair value markdown in BW Holding, Inc (41 to 14 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.144147250343103 usd
Occurred
Dec 31, 2025
Marked down by a BDC
BlackRock TCP Capital Corp.: fair value markdown in BW Holding, Inc (42 to 15 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.148186703611037 usd
Occurred
Dec 31, 2025
Marked down by a BDC
ARES STRATEGIC INCOME FUND: fair value markdown in BW Holding, Inc (89 to 79 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.786640649535862 usd
Occurred
Sep 30, 2025
Marked down across lenders
BW Holding, Inc term loan: marked from 78 to 66 cents on cost across 3 lender(s)
BDC schedule of investments
$41.0M
Occurred
Sep 30, 2025
Maturity extended
BW Holding, Inc term loan: maturity moved from 2028-12-01 to 2030-12-01
BDC schedule of investments
$41.0M
Occurred
Sep 30, 2025
Coupon changed
BW Holding, Inc term loan: spread moved from 4.00% to 9.25%
BDC schedule of investments
$41.0M
Occurred
Sep 30, 2025
Mark recovered
ARES STRATEGIC INCOME FUND: fair value recovery in BW Holding, Inc (78 to 89 cents on cost)
BDC schedule of investmentsobserved 10 months ago
0.891510312157382 usd
Occurred
Sep 30, 2025
BDC joined a facility
BlackRock Direct Lending Corp. joins BW Holding, Inc term loan (first lien) held by 3 other BDCs
BDC schedule of investments
$2.0M
Occurred
Sep 30, 2025
Maturity extended
ARES STRATEGIC INCOME FUND: maturity extended in BW Holding, Inc (2028-12-01 to 2030-12-01)
BDC schedule of investmentsobserved 10 months ago
Occurred
Sep 30, 2025
Spread increased
ARES STRATEGIC INCOME FUND: spread increased in BW Holding, Inc (4.00% to 6.50%)
BDC schedule of investmentsobserved 10 months ago
0.065 usd
Occurred
Sep 30, 2025
BDC joined a facility
BlackRock TCP Capital Corp. joins BW Holding, Inc term loan (first lien) held by 3 other BDCs
BDC schedule of investments
$19.9M
Occurred
Jun 30, 2025
Marked down across lenders
BW Holding, Inc term loan: marked from 91 to 78 cents on cost across 1 lender(s)
BDC schedule of investments
$16.9M
Occurred
Jun 30, 2025
Marked down across lenders
BW Holding, Inc term loan: marked from 76 to 42 cents on cost across 2 lender(s)
BDC schedule of investments
$19.4M
Occurred
Jun 30, 2025
Borrower left every BDC schedule
BW Holding, Inc term loan (second lien) left every BDC schedule after 2025-06-30 (3 lenders, $19.4M last held)
BDC schedule of investments
$19.4M
Occurred
Jun 30, 2025
BDC left a facility
BlackRock Direct Lending Corp. no longer holds BW Holding, Inc term loan after 2025-06-30; 1 BDC(s) still hold it
BDC schedule of investments
$1.8M
Occurred
Jun 30, 2025
BDC left a facility
BlackRock TCP Capital Corp. no longer holds BW Holding, Inc term loan after 2025-06-30; 1 BDC(s) still hold it
BDC schedule of investments
$17.6M
Occurred
Jun 30, 2025
Marked down by a BDC
ARES STRATEGIC INCOME FUND: fair value markdown in BW Holding, Inc (91 to 78 cents on cost)
BDC schedule of investmentsobserved 1.1 years ago
0.775214298153392 usd
Occurred
Jun 30, 2025
Marked down by a BDC
BlackRock Direct Lending Corp.: fair value markdown in BW Holding, Inc (74 to 40 cents on cost)
BDC schedule of investmentsobserved 1.1 years ago
0.404941427384951 usd
Occurred
Jun 30, 2025
Marked down by a BDC
BlackRock TCP Capital Corp.: fair value markdown in BW Holding, Inc (76 to 42 cents on cost)
BDC schedule of investmentsobserved 1.1 years ago
0.416281794673424 usd
Occurred
Mar 31, 2025
Marked down across lenders
BW Holding, Inc term loan: marked from 89 to 76 cents on cost across 2 lender(s)
BDC schedule of investments
$19.4M
Occurred
Mar 31, 2025
Marked down by a BDC
ARES STRATEGIC INCOME FUND: fair value markdown in BW Holding, Inc (97 to 91 cents on cost)
BDC schedule of investmentsobserved 1.4 years ago
0.907167969129368 usd

Show 9 bookkeeping events

Occurred
Mar 31, 2026
ARES STRATEGIC INCOME FUND: principal decreased in BW Holding, Inc ($16.9M principal)
Occurred
Sep 30, 2025
BlackRock TCP Capital Corp.: new position in BW Holding, Inc ($18.1M principal)
Occurred
Sep 30, 2025
BlackRock Direct Lending Corp.: new position in BW Holding, Inc ($1.9M principal)
Occurred
Sep 30, 2025
BlackRock Direct Lending Corp.: position exited in BW Holding, Inc ($1.8M principal)
Occurred
Sep 30, 2025
ARES STRATEGIC INCOME FUND: principal increased in BW Holding, Inc ($21.1M principal)
Occurred
Sep 30, 2025
BlackRock TCP Capital Corp.: position exited in BW Holding, Inc ($17.6M principal)
Occurred
Mar 31, 2025
ARES STRATEGIC INCOME FUND: principal increased in BW Holding, Inc ($16.9M principal)
Occurred
Mar 31, 2025
Blue Owl Credit Income Corp.: position exited in BW Holding, Inc ($43.0M principal)
Occurred
Mar 31, 2025
BlackRock Direct Lending Corp.: principal decreased in BW Holding, Inc ($1.8M principal)

Provenance

Graph: Private Credit
Canonical id: dfx:pc:fa637c3f-df08-dd43-c0f3-f20f1eaa131b
First observed: Dec 31, 2021
Last observed: Jun 30, 2026 2 months ago
Resolution: Identity across graphs by shared identifier (CRD, CIK, EIN, ADV fund id, individual CRD) or citation; a name match is shown as a candidate and never merged.

BW Holding, Inc

Private Credit

Search this name across graphsid dfx:pc:fa637c3f-df08-dd43-c0f3-f20f1eaa131b

Kind

Lien

Size, lower bound

Fair value

Maturity

Maturity basis

Spread

PIK

Lenders

BDCs

Status

Last seen

Term loan

First lien

$38.9M

$7.7M

Dec 1, 2030

Xbrl fact

Unknown

Jun 30, 2026

Term loan

Second lien

$19.4M

$7.8M

Dec 14, 2029

Xbrl fact

n/a

Unknown

Jun 30, 2025

Delayed draw

Second lien

$1.3M

$1.1M

Dec 14, 2029

Xbrl fact

n/a

Unknown

Sep 30, 2023

BDC

Pieces

Principal

Fair value

Unfunded

Nearest maturity

As of

BlackRock TCP Capital Corp.

$19.9M

Mar 14, 2029

Jun 30, 2026

ARES STRATEGIC INCOME FUND

$16.9M

$7.7M

Dec 1, 2030

Jun 30, 2026

BlackRock Capital Investment Corp

$4.6M

$4.1M

Dec 14, 2029

Dec 31, 2023

BlackRock Direct Lending Corp.

$2.0M

Mar 14, 2029

Jun 30, 2026