DFX Intelligence

A•••••• H•••••: lender marks fell to 38 cents across 2 BDC lenders | DFX Data Factory

NewSignalCredit deteriorationDec 31, 2024 · first seen 5 days ago

A•••••• H•••••: lender marks fell to 38 cents across 2 BDC lenders

A•••••• H••••• · borrower

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

Happened 2024-12-31First seen 2026-09-17

funded debt at cost held by BDC lenders: $16.0M
Confidence: 90%
Historical lift: 2.38x
Median warning: 139 days
Parties affected: 3, 2 who benefit

What changed

Consensus lender mark moved from 92 to 38 cents on cost at 2024-12-31

Why now: State NEW at the 2024-12-31 quarter end, readable when the filing landed on 2026-03-06.

Who this matters to

only relationships the graph supports

Primary

Redwood Enhanced I••••• Fund, LP$5.3Madverse
holds funded debt of the borrower. the mark is this lender's own · pc_position latest as_of
WhiteHorse Finance, Inc.$13.9Madverse
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

Economic footprint

probability and consequence kept apart

funded debt at cost held by BDC lenders: $16.0M known
State: New
Historical signal: 2.38x subsequent non accrual rate vs population
Lenders: 2
Confidence: 0.90

Why it matters

2 BDC lender(s) hold $16M 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 would make this wrong

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

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

Evidence

Evidence, method and the rank's parts

Sources

BDC schedules of investments (Inline XBRL) · Dec 31, 2024 · 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
timeliness2
actionability4
historical lift2.38
affected entities3
economic magnitude2
financing consequence5
portfolio consequence5
commercial consequence4
investment consequence4
fundraising consequence1

More credit deterioration signals

IntensifiedSignalCredit deterioration (intensified)

M•••••••• I••: lender marks fell to 51 cents across 8 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

H•• C•••••••• L•••••• F••• · lender B••••••••• P•••••• C••••• F••• · lender A••••• D••• S•••••••• B•• · lender B••••••••• S•••••• L•••••• F••• · lender

Credit Attention / portfolio monitorJun 30, 2026 · seen 5 days ago

A•••••• H•••••: lender marks fell to 38 cents across 2 BDC lenders

M•••••••• I••: lender marks fell to 51 cents across 8 BDC lenders, second consecutive quarter

K••••• I••: lender marks fell to 69 cents across 20 BDC lenders, second consecutive quarter

C••••••••• O•••••••• I••: lender marks fell to 63 cents across 10 BDC lenders, second consecutive quarter

K••••••• I••: lender marks fell to 78 cents across 8 BDC lenders, second consecutive quarter

C••••••••• B••••• I••: lender marks fell to 86 cents across 12 BDC lenders, second consecutive quarter

P••••••••• L••: lender marks fell to 41 cents across 14 BDC lenders, second consecutive quarter