Consensus lender mark moved from 84 to 70 cents on cost at 2025-09-30, the 2th consecutive quarter the screen fired

Why now: State INTENSIFIED at the 2025-09-30 quarter end, readable when the filing landed on 2025-11-06.

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

funded debt at cost held by BDC lenders

$15.4M known

basis KNOWN

State

Intensified

Historical signal

2.53x subsequent non accrual rate vs population

median 138 days of warning

Lenders

2

Confidence

0.90

2 BDC lender(s) hold $15M of funded debt at cost; no sponsor bridged. Borrowers this screen flags reached non-accrual at 2.53x the population rate within a year, median warning 138 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.

DFX product: Credit Attention / portfolio monitor

• Christopher Dale Long · Chief Executive Officer · PALMER SQUARE BDC ADVISOR LLC