••• Locked

PIK_INCREASED measured 2.32x against non-accrual (candidate); PIK introduced 0.93x and is shown as fact, not warning. Amount $23M. Evidence class: fact; source BDC schedules of investments (Inline XBRL, InvestmentIdentifierAxis).

W•••••• H•••••••• L•• · borrower

observed in a filing or announcement; the statement is the source's

Happened 2026-06-30First seen 2026-09-19

disclosed amount: $23.2M
Confidence: 90%
Parties affected: 1, 1 who benefit

See every lender's mark Find rescue capital

Special situations PE firms Open borrower Add to portfolio monitor

DFX product: Credit Attention / amendments

What changed

W•••••• H•••••••• L•• term loan: PIK interest of 0.50% appears (was cash pay)

Why now: Dated 2026-06-30 (filing); first seen by DFX 2026-09-19.

Who this matters to: lender marks

each lender's own fair value over cost at Jun 30, 2026

Lender	Exposure	Current mark	QoQ change
F••••••• P•••••• C••••• F•••	$25.3M	91¢	-1 pts

Other parties (4)the borrower, and the classes that benefit

Primary

Private credit lenders (class)adverse
holds the facility now paying in kind. cash interest stopped · class (resolve lenders on the entity page) · Jun 30, 2026

Secondary

PE sponsors (class)adverse
owns the borrower. a PIK toggle is a negotiated concession · class (resolve sponsor on the entity page) · Jun 30, 2026

Potential beneficiaries

What would make this wrong

PIK reverts to cash pay; the mark holds

Evidence

Evidence, method and the rank's parts

Sources

BDC schedules of investments (Inline XBRL, InvestmentIdentifierAxis) · Jun 30, 2026

What would make this less concerning

PIK reverts to cash pay; the mark holds

Actionability, eleven dimensions (0 to 5)

novelty5
confidence4
timeliness4
actionability3
affected entities1
economic magnitude2
financing consequence4
portfolio consequence4
commercial consequence3
investment consequence3
fundraising consequence0

Rank 47.5: consequence 4, commercial 3, timeliness 4, novelty 5, confidence 4, magnitude 2, affected 1, actionability 3

Family: pik added or increased · public · computed today

More credit attention / amendments signals

A•••• C• A••••••••• C•••$115M knownJun 30, 2026
A•• G•••• H•••••••• I••$187M knownJun 30, 2026
R••••• T•••• P••••••••• L•$129M knownJun 30, 2026

All 192 credit attention / amendments signals

Not yet on record: historical lift, median warning.