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Polaris Newco, LLC: lender marks fell to 84 cents across 7 BDC lenders | DFX Data Factory

NewSignalPrivate creditCredit deteriorationMar 31, 2026 · first seen 4 days ago

Polaris Newco, LLC: lender marks fell to 84 cents across 7 BDC lenders

Polaris Newco, LLC · borrower

a detector's reading of facts over time and relationships; a reading, not a fact

What changed

Consensus lender mark moved from 97 to 84 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.

Who this matters to

only relationships the graph supports

Primary

APS BDC, LLC$134Madverse
holds funded debt of the borrower. the mark is this lender's own · pc_position latest as_of
PIMCO Capital Solutions BDC Corp.$1.4Madverse
holds funded debt of the borrower. the mark is this lender's own · pc_position latest as_of
BlackRock Private Credit Fund$2.9Madverse
holds funded debt of the borrower. the mark is this lender's own · pc_position latest as_of
OHA Senior Private Lending Fund (U) LLC$6.1Madverse
holds funded debt of the borrower. the mark is this lender's own · pc_position latest as_of
North Haven Private Income Fund LLC$5.8Madverse
holds funded debt of the borrower. the mark is this lender's own · pc_position latest as_of
T. Rowe Price OHA Select Private Credit Fund$64.1Madverse
holds funded debt of the borrower. the mark is this lender's own · pc_position latest as_of
ARES STRATEGIC INCOME FUND$65.4Madverse
holds funded debt of the borrower. the mark is this lender's own · pc_position latest as_of

Potential beneficiaries

Special situations funds (class)favourable
buys or refinances stressed credit. a consensus markdown is where rescue capital prices · class
Restructuring advisers (class)favourable
advises on amendments and workouts. the amendment families fire on the same tape · class

Counterparties

Polaris Newco, LLCadverse
the marked company. the company whose lenders moved · df_signal_state

Buyer classes for this family: Private credit lenders, PE sponsors, Special situations funds, Restructuring advisers, LPs and allocators.

Economic footprint

probability and consequence kept apart

funded debt at cost held by BDC lenders: $135M known
State: New
Historical signal: 2.38x subsequent non accrual rate vs population
Lenders: 7
Confidence: 0.90

Why it matters

7 BDC lender(s) hold $135M 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.

What to do next

workflow actions, never advice

Open borrower View lenders View amendment history Add to portfolio monitor Monitor every borrower of this sponsorView sponsor

DFX product: Credit Attention / portfolio monitor

Who would own this decision

public roster names; business contact details are an account feature

Alan Marc Schrager · Portfolio Manager/Senior Partner · OHA PRIVATE CREDIT ADVISORS II, L.P.
Adam Bradley Kertzner · Portfolio Manager/Senior Partner · OHA PRIVATE CREDIT ADVISORS II, L.P.
William Hartwig Bohnsack · President/Senior Partner · OHA PRIVATE CREDIT ADVISORS II, L.P.
James Edward Keenan · Chief Executive Officer · BLACKROCK CAPITAL INVESTMENT ADVISORS, LLC
Alan Marc Schrager · Portfolio Manager/Senior Partner · OHA PRIVATE CREDIT ADVISORS LLC
Adam Bradley Kertzner · Portfolio Manager/Senior Partner · OHA PRIVATE CREDIT ADVISORS LLC

Evidence

Evidence, method and the rank's parts

Sources

BDC schedules of investments (Inline XBRL) · Mar 31, 2026 · consensus of lender marks; df_signal_state and df_signal_consequence

What would make this less concerning

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

Actionability, eleven dimensions (0 to 5)

novelty5
confidence4
timeliness3
actionability4
historical lift2.38
affected entities5
economic magnitude3
financing consequence5
portfolio consequence5
commercial consequence4
investment consequence4
fundraising consequence1

More credit deterioration signals

IntensifiedSignalPrivate creditCredit deterioration (intensified)

Medallia, Inc: lender marks fell to 51 cents across 7 BDC lenders, second consecutive quarter

State INTENSIFIED at the 2026-06-30 quarter end, readable when the filing landed on 2026-08-13.

Exposure: $1.4B 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

HPS Corporate Lending Fund · lender Blackstone Private Credit Fund · lender Blackstone Secured Lending Fund · lender Onex Direct Lending BDC Fund

Data Factory

Polaris Newco, LLC: lender marks fell to 84 cents across 7 BDC lenders

Medallia, Inc: lender marks fell to 51 cents across 7 BDC lenders, second consecutive quarter

Kaseya Inc: lender marks fell to 69 cents across 20 BDC lenders, second consecutive quarter

Cornerstone OnDemand, Inc: lender marks fell to 63 cents across 10 BDC lenders, second consecutive quarter

KnowBe4, Inc: lender marks fell to 78 cents across 8 BDC lenders, second consecutive quarter

Pluralsight, LLC: lender marks fell to 41 cents across 14 BDC lenders, second consecutive quarter

Continental Buyer, Inc: lender marks fell to 86 cents across 12 BDC lenders, second consecutive quarter