C••••• H••••• S••••••••• I••: lender marks fell to 13 cents across 3 BDC lenders, second consecutive quarter

Consensus lender mark moved from 85 to 13 cents on cost at 2026-06-30, the 2th consecutive quarter the screen fired

Why now: State INTENSIFIED at the 2026-06-30 quarter end, readable when the filing landed on 2026-08-12.

funded debt at cost held by BDC lenders

$16.1M known

basis KNOWN

State

Intensified

Historical signal

2.53x subsequent non accrual rate vs population

median 138 days of warning

Lenders

3

Sponsor

NEW M••••••• Capital, LLC

Confidence

0.90

3 BDC lender(s) hold $16M of funded debt at cost; sponsor N•• M••••••• C••••••• L•• through the 40-of-40 name bridge. 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.

the next quarter's consensus mark recovers; the facility is repaid or refinanced

DFX product: Credit Attention / portfolio monitor

• P•••• E••••• K••••• · Portfolio Manager · N•• M••••••• F•••••• ADVISERS, L.L.C.
• A••• B•••• W•••••••• · Managing Director, Executive Vice President · N•• M••••••• F•••••• ADVISERS, L.L.C.
• S••••• B•••• K•••••• · Managing Member · N•• M••••••• F•••••• ADVISERS, L.L.C.
• B•••••• R•••••••• · Vice President · A••• C•••••• MANAGEMENT LLC
• A••••• P•••• R•••••• · Limited Partner · A••• C•••••• MANAGEMENT LLC