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M•••••• S•••••••• H•••••••• I••
What matters now
- 52¢ → 46¢consensus mark
Consensus mark 46¢ on cost, down from 52¢ a year ago, 35¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 5 lenders' own marks, weighted by principal - 53 pts39¢ to 92¢
Lenders disagree by 53 points: P••••••• C•••••• C••• 39¢ to N•••• H•••• P•••••• I••••• F••• L•• 92¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks → - $76.7Mprincipal outstanding
$76.7M principal held by 5 lenders; matures Dec 2028.
Q2 2026 · Refinancing is due in 26 months at a 46¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 70¢ → 92¢+22 pts, one lender
N•••• H•••• P•••••• I••••• F••• L•• marked it 70¢ → 92¢, the largest move among 5 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| P••••••• C•••••• C••• | $54.5M | 39¢ | +11 pts |
| P••••• S••••• C•••••• B•• I••• | $11.4M | 58¢ | -21 pts |
| N•••• H•••• P•••••• I••••• F••• L•• | $5.01M | 92¢ | +22 pts |
| B•••••• B••• I••• | $2.92M | no cost filed | new this quarter |
| B•••••• P•••••• C••••• C••• | $2.92M | no cost filed | new this quarter |
Every BDC piece · 11 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••••• C•••••• C••• | term loan second lien S••••• L••• T••• L••• | $54.5M | $21.4M 39c | S+700 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 8.95% (S +CSA + 5.25%) M••••••• D• | $5.2M | $4.0M 76c | SOFR+525 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.20% (S +CSA + 3.50%) M••••••• D• | $4.1M | $1.1M 25c | SOFR+350 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 5.25% I••••••• R••• 9.05% M••••••• | $2.8M | $1.9M 92c | SOFR+525 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 3.50% I••••••• R••• 7.14% M••••••• | $2.3M | $1.6M 273c | SOFR+350 bp |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 8.95% (S + 5.25%) M••••••• D••• 11 | $2.1M | $1.6M 76c | SOFR+525 bp |
| B•••••• B••• I••• | term loan lien unstated T•••• Out T••• L••• | $1.8M | $212,000 194c | S+700 bp |
| B•••••• P•••••• C••••• C••• | term loan lien unstated T•••• Out T••• L••• | $1.8M | $212,000 194c | S+350 bp |
| B•••••• B••• I••• | term loan lien unstated S••••• Out T••• L••• | $1.2M | $237,000 206c | S+350 bp |
| B•••••• P•••••• C••••• C••• | term loan lien unstated S••••• Out T••• L••• | $1.2M | $237,000 206c | S+700 bp |
| P••••••• C•••••• C••• | unstated lien unstated | Not disclosed | $21.4M |
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien | at least $54.5M | 39c | S+700 bp | Nov 1, 2029 | 3 |
| first lien term loan first lien | at least $16.4M | 72c | SOFR+525 bp | Nov 1, 2030 | 4 |
| term loan lien unstated | at least $5.8M | 200c | S+700 bp | unstated | 2 |
| other lien unstated | unknown | n/a | unstated | 2 | |
| first lien revolver first lien exited Jun 30, 2023 | at least $10.0M | 97c | S+335 bp | Nov 1, 2028 | 1 |
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 5 | $76.7M | $32.4M | 47c | 0 |
| Mar 31, 2026 | 5 | $78.3M | $26.7M | 34c | 0 |
| Dec 31, 2025 | 5 | $88.1M | $41.3M | 48c | 0 |
| Sep 30, 2025 | 5 | $78.4M | $40.4M | 52c | 0 |
All 19 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 6 | $132M | $68.7M | 52c | 0 |
| Mar 31, 2025 | 6 | $77.9M | $49.8M | 64c | 0 |
| Dec 31, 2024 | 6 | $100M | $67.7M | 68c | 0 |
| Sep 30, 2024 | 6 | $78.0M | $57.3M | 74c | 0 |
| Jun 30, 2024 | 5 | $70.2M | $56.1M | 80c | 0 |
| Mar 31, 2024 | 5 | $70.2M | $66.4M | 95c | 0 |
| Dec 31, 2023 | 7 | $84.1M | $81.4M | 97c | 0 |
| Sep 30, 2023 | 5 | $28.4M | $26.8M | 96c | 0 |
| Jun 30, 2023 | 5 | $78.7M | $76.8M | 98c | 0 |
| Mar 31, 2023 | 5 | $73.7M | $72.6M | 106c | 0 |
| Dec 31, 2022 | 5 | $77.7M | $76.1M | 98c | 0 |
| Sep 30, 2022 | 2 | $58.9M | $58.7M | 100c | 0 |
| Sep 22, 2022 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2022 | 1 | $53.5M | $53.5M | 100c | 0 |
| Dec 31, 2021 | 1 | $4.4M | $4.4M | 100c | 0 |
- Mark recoveredJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Spread increasedJun 30, 2026
Full timeline · 30 eventsShow fewer
- Spread increasedJun 30, 2026
- Maturity extended (observed)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down across lendersSep 30, 2025
- Mark recoveredSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down across lendersJun 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
Possible relationship, not established: H• C•••••• M••••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- H• C•••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedheritagegroupusa.com"••• Locked"
- M••••••• C••••••
- the sponsor's own portfolio page lists a company of this nameestimatedm-onecapital.com"••• Locked"
- T•••• C•••••• M••••••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedtenexcm.com"••• Locked"
- C••••••••• P•••••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedprnewswire.com"••• Locked"
- Group key
- MEDICAL SOLUTIONSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 7 BDCsderived
- Industry
- Health Care Providers & Servicesreportedas one filer wrote it