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N••• L••
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules.
since 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 → - 98¢ → 85¢consensus mark
Consensus mark 85¢ on cost, down from 98¢ a year ago, 99¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $12.5Mprincipal outstanding
$12.5M principal held by 1 lender.
Q2 2026 · The loss if the marks hold, spread across the holders below.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 99¢ → 85¢-14 pts, one lender
A••• C•••••• C••• marked it 99¢ → 85¢, the largest move among 1 lender this quarter.
Q2 2026 · One holder repriced far more than the rest.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• C•••••• C••• | $12.5M | 85¢ | -14 pts |
Every BDC piece · 5 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 3 | $6.0M | $5.1M 85c | |
| A••• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | $3.0M | $2.5M 83c | |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 2 | $2.2M | $1.9M 86c | |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan 1 | $1.3M | $1.1M 85c | |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed |
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $9.5M | 85c | May 1, 2026 | 1 | |
| first lien revolver first lien | at least $3.0M | 83c | May 1, 2026 | 1 |
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 1 | $12.5M | $10.6M | 85c | 0 |
| Mar 31, 2026 | 1 | $11.4M | $11.3M | 99c | 0 |
| Dec 31, 2025 | 1 | $11.5M | $11.5M | 100c | 0 |
| Sep 30, 2025 | 1 | $11.6M | $11.6M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $11.6M | $11.4M | 98c | 0 |
| Mar 31, 2025 | 1 | $9.9M | $9.8M | 99c | 0 |
| Dec 31, 2024 | 1 | $11.2M | $11.0M | 98c | 0 |
| Sep 30, 2024 | 1 | $11.2M | $11.2M | 100c | 0 |
| Jun 30, 2024 | 1 | $11.3M | $11.3M | 100c | 0 |
| Mar 31, 2024 | 1 | $10.4M | $10.4M | 100c | 0 |
| Dec 31, 2023 | 1 | $10.4M | $10.4M | 100c | 0 |
| Sep 30, 2023 | 1 | $10.4M | $10.4M | 100c | 0 |
| Jun 30, 2023 | 1 | $10.4M | $10.4M | 100c | 0 |
| Mar 31, 2023 | 1 | $10.5M | $10.5M | 100c | 0 |
| Dec 31, 2022 | 1 | $10.5M | $10.5M | 100c | 0 |
| Sep 30, 2022 | 1 | $10.5M | $10.5M | 100c | 0 |
| Dec 31, 2021 | 1 | $9.4M | $9.4M | 100c | 0 |
- non accrual placedJun 30, 2026
- Marked down across lendersJun 30, 2026
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 15 eventsShow fewer
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Spread changed (observed)Sep 30, 2022
- Spread increasedSep 30, 2022
- Group key
- NASderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived