C•••• S••••••• G••••• I••: lender marks fell to 95 cents across 15 BDC lenders

Consensus lender mark moved from 104 to 95 cents on cost at 2026-03-31

Why now: State NEW at the 2026-03-31 quarter end, readable when the filing landed on 2026-05-14.

funded debt at cost held by BDC lenders

$326M known

basis KNOWN

State

New

Historical signal

2.38x subsequent non accrual rate vs population

median 139 days of warning

Lenders

15

Confidence

0.90

15 BDC lender(s) hold $326M of funded debt at cost; no sponsor bridged. Borrowers this screen flags reached non-accrual at 2.38x the population rate within a year, median warning 139.0 days (stage-6 harness, non-accrual outcome). Non-accrual is the lender's own determination, not a court's: this is a mark signal, not a default prediction.

subsequent lender marks recover materially; the borrower refinances; the flagged facility is repaid

DFX product: Credit Attention / portfolio monitor

• F•••• R•••••••• · Chief Administrative Officer · HPS ADVISORS, LLC
• P•••••• P••• · Board Member · HPS ADVISORS, LLC
• J•••• E••••• K••••• · Chief Executive Officer · BLACKROCK CAPITAL INVESTMENT ADVISORS, LLC
• B•••• A•••• K•••• · Co-Chairman, Chief Investment Officer · OAKTREE FUND ADVISORS, LLC
• S•••••• M•••••• S•••• · Principal · OAKTREE FUND ADVISORS, LLC
• E••• R••••• H••• · Chief Executive Officer · CRESCENT CAP NT ADVISORS, LLC