A••• C•••••• I••••••••• H•••••••• L••: lender marks fell to 90 cents across 3 BDC lenders

Consensus lender mark moved from 100 to 90 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

$16.9M known

basis KNOWN

State

New

Historical signal

2.38x subsequent non accrual rate vs population

median 139 days of warning

Lenders

3

Confidence

0.90

3 BDC lender(s) hold $17M 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

• T••••• J•••• G•••• · Chairman, Chief Investment Officer · F••••••• B•• C•••••• ADVISER LLC