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Borrower

S•••••• R••••••• C•••••• L••

group grade Aon a schedule nowsponsor unattributed
Also written as: 10; 487.46; 502; Senior

What matters now

  1. 3 of 3 lenders
    on non-accrual

    Non-accrual at 3 of 3 lenders on the latest schedules.

    Q2 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.

    FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender →
  2. 39¢ → 30¢
    consensus mark

    Consensus mark 30¢ on cost, down from 39¢ a year ago, 37¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived3 of 3 lenders' own marks, weighted by principal
  3. 45 pts
    5¢ to 50¢

    Lenders disagree by 45 points: C•••••• S•••••••• C••• 5¢ to M••• S••••• C•••••• C••• 50¢.

    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 →
  4. $21.4M
    principal outstanding

    $21.4M principal held by 3 lenders; matures Dec 2027.

    Q2 2026 · Refinancing is due in 15 months at a 30¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  5. 24¢ → 5¢
    -19 pts, one lender

    C•••••• S•••••••• C••• marked it 24¢ → 5¢, the largest move among 3 lenders this quarter.

    Q2 2026 · One holder repriced far more than the rest.

    FactC•••••• S•••••••• C••• schedule of investmentsOpen the lender →
Mark path, consensus per quarter end
Q2 2025: 39¢Q3 2025: 40¢Q4 2025: 41¢Q1 2026: 37¢Q2 2026: 30¢39¢ · 40¢ · 41¢ · 37¢ · 30¢Q2 2025 to Q2 2026
Where each lender marks it, 45 points apart
5¢Consensus: 30¢C•••••• S•••••••• C•••: 5¢M•• I••••• F•••• I•••: 50¢M••• S••••• C•••••• C•••: 50¢50¢
Principal held
at least $21.4M
sum of BDC pieces, a lower bound
Fair value
$15.4M
29c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Dec 30, 2027
$21.4M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
20
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
C•••••• S•••••••• C•••$9.64M5¢-19 pts
M•• I••••• F•••• I•••$6.17M50¢+3 pts
M••• S••••• C•••••• C•••$5.56M50¢+3 pts
Every BDC piece · 18 positions across 3 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
C•••••• S•••••••• C•••term loan first lien
F•••• L•••
$9.6M$482,000
5c
8.50%
PIK 8.50%
M•• I••••• F•••• I•••term loan lien unstated
S•••••• D••• 2
$5.9M$1.9M
35c
8.50%
PIK 8.50%
M••• S••••• C•••••• C•••term loan lien unstated
S•••••• D••• 2
$5.3M$1.7M
35c
8.50%
PIK 8.50%
M•• I••••• F•••• I•••term loan lien unstated
S•••••• D••• 1
$256,000$955,000
373c
8.50%
PIK 8.50%
M••• S••••• C•••••• C•••term loan lien unstated
S•••••• D••• 1
$230,000$860,000
374c
8.50%
PIK 8.50%
View all 18 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
C•••••• S•••••••• C•••preferred equity equity
P•••••••• units 2
$0$0
C•••••• S•••••••• C•••preferred equity equity
P•••••••• units 1
$0$0
C•••••• S•••••••• C•••preferred equity equity
S••••• P•••••••• units
$0$1.8M
C•••••• S•••••••• C•••term loan first lien
F•••• L•••
Not disclosed$482,000
C•••••• S•••••••• C•••preferred equity equity
P•••••••• U•••• 1
Not disclosed$0
0c
C•••••• S•••••••• C•••preferred equity equity
S••••• P•••••••• U••••
Not disclosed$1.8M
499c
C•••••• S•••••••• C•••preferred equity equity
P•••••••• U•••• 2
Not disclosed$0
M••• S••••• C•••••• C•••preferred equity equity
P•••••••• Equity
Not disclosed$0
M••• S••••• C•••••• C•••term loan lien unstated
S•••••• D••• 1.2
Not disclosed$860,0008.50%
PIK 8.50%
M••• S••••• C•••••• C•••term loan lien unstated
S•••••• D••• 1.1
Not disclosed$1.7M8.50%
PIK 8.50%
M•• I••••• F•••• I•••term loan lien unstated
S•••••• D••• 2.1
Not disclosed$955,0008.50%
PIK 8.50%
M•• I••••• F•••• I•••term loan lien unstated
S•••••• D••• 1.1
Not disclosed$1.9M8.50%
PIK 8.50%
M•• I••••• F•••• I•••preferred equity equity
P•••••••• Equity
Not disclosed$0
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
term loan lien unstatedat least $11.7M50c8.50%
PIK 8.50%
Dec 31, 20272
first lien term loan first lienat least $9.6M5c8.50%
PIK 8.50%
Dec 30, 20271
revolver lien unstated
exited Mar 31, 2023
unknownn/aunstated1
Equity pieces beside the debt: preferred equity ($3.6M fair value, 3 BDCs)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20263$21.4M$11.8M58c9
Mar 31, 20263$21.4M$14.8M73c9
Dec 31, 20253$31.0M$17.8M88c6
Sep 30, 20253$31.0M$12.0M59c5
All 18 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20253$31.0M$17.7M87c11
Mar 31, 20253$31.0M$26.3M88c14
Dec 31, 20243$42.8M$23.6M76c14
Sep 30, 20243$31.0M$15.3M76c9
Jun 30, 20243$30.5M$12.0M61c4
Mar 31, 20243$20.9M$12.3M62c4
Dec 31, 20233$30.5M$43.9M222c3
Sep 30, 20233$29.0M$27.5M144c2
Jun 30, 20233$28.8M$27.5M146c2
Mar 31, 20233$19.4M$27.1M147c0
Dec 31, 20223$19.4M$28.0M152c0
Sep 30, 20222$29.4M$20.8M72c0
Mar 31, 20221$18.8M$18.6M101c0
Dec 31, 20212$21.9M$32.5M151c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
S•••••• R••••••• C•••••derivedthe codename stem after legal suffixes and deal words
Spellings
1 across 3 BDCsderived