N•••••••• T••••• L••: lender marks fell to 61 cents across 6 BDC lenders, second consecutive quarter

Consensus lender mark moved from 72 to 61 cents on cost at 2025-09-30, the 3th consecutive quarter the screen fired

Why now: State INTENSIFIED at the 2025-09-30 quarter end, readable when the filing landed on 2025-11-13.

funded debt at cost held by BDC lenders

$473M known

basis KNOWN

State

Intensified

Historical signal

2.53x subsequent non accrual rate vs population

median 138 days of warning

Lenders

6

Confidence

0.90

6 BDC lender(s) hold $473M 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.

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.
• C•••• W•••••• P••••• · Co-President · BLUE OWL CREDIT ADVISORS LLC
• D•••••• I••••• O••••••• · Co-Chief Executive Officer · BLUE OWL CREDIT ADVISORS LLC
• M••• S••••• L••••••••• · Co-Chief Executive Officer · BLUE OWL CREDIT ADVISORS LLC