••• Locked

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

S•• E•••• B•••• L••• S• S•••••• · borrower

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

Happened 2026-06-30First seen 2026-09-15

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

S•• E•••• B•••• L••• S• S•••••• revolver: PIK interest of 6.75% appears (was cash pay)

Why now: Dated 2026-06-30 (filing); first seen by DFX 2026-09-15.

Who this matters to: lender marks

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

Lender	Exposure	Current mark	QoQ change
B•••••••• T•• C•••••• C••••	no principal filed	no cost filed	no comparable mark

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

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 magnitude0
financing consequence4
portfolio consequence4
commercial consequence3
investment consequence3
fundraising consequence0

Rank 43.5: consequence 4, commercial 3, timeliness 4, novelty 5, confidence 4, magnitude 0, 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: disclosed amount, historical lift, median warning.