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Borrower

P••••••• L••

group grade Aon a schedule nowsponsor unattributed
Also written as: P•••••• Holdings

What matters now

  1. 5 of 6 lenders
    on non-accrual

    Non-accrual at 5 of 6 lenders on the latest schedules, first placed in Q1 2026.

    since Q1 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. 100¢ → 93¢
    consensus mark

    Consensus mark 93¢ on cost, down from 100¢ a year ago, 93¢ last quarter.

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

    Derived6 of 6 lenders' own marks, weighted by principal
  3. $9.49M
    principal outstanding

    $9.49M principal held by 6 lenders; matures Aug 2027.

    Q2 2026 · Refinancing is due in 10 months at a 93¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  4. 88¢ → 98¢
    +10 pts, one lender

    G•••• C•••••• B••• I••• marked it 88¢ → 98¢, the largest move among 6 lenders this quarter.

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

    FactG•••• C•••••• B••• I••• schedule of investmentsOpen the lender →
Mark path, consensus per quarter end
Q2 2025: 100¢Q3 2025: 99¢Q4 2025: 98¢Q1 2026: 93¢Q2 2026: 93¢100¢ · 99¢ · 98¢ · 93¢ · 93¢Q2 2025 to Q2 2026
Where each lender marks it, 5 points apart
93¢Consensus: 93¢N•• M••••••• G••••••• I• B••• L•••••: 93¢G•••• C•••••• B••• I•••: 98¢G•••• C•••••• B•• 4• I•••: 93¢G•••• C•••••• D••••• L•••••• C•••: 93¢G•••• C•••••• D••••• L•••••• U•••••••• C•••: 93¢G•••• C•••••• P•••••• C••••• F•••: 93¢98¢
Principal held
at least $9.5M
sum of BDC pieces, a lower bound
Fair value
$8.6M
93c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
7
6 on the latest quarter
Facilities
1
2 equity pieces beside them
Next maturity
Aug 1, 2027
$9.4M inside 24 months
On the tape since
Sep 30, 2023
latest Jun 30, 2026
Events
14
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
N•• M••••••• G••••••• I• B••• L•••••$9.04M93¢-1 pts
G•••• C•••••• B••• I•••$150K98¢+10 pts
G•••• C•••••• B•• 4• I•••$75K93¢+10 pts
G•••• C•••••• D••••• L•••••• C•••$75K93¢+10 pts
G•••• C•••••• D••••• L•••••• U•••••••• C•••$75K93¢+9 pts
View all 6 lenderslargest exposure first
LenderExposureCurrent markQoQ change
G•••• C•••••• P•••••• C••••• F•••$75K93¢+9 pts
Every BDC piece · 12 positions across 6 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
N•• M••••••• G••••••• I• B••• L•••••term loan first lien
F•••• L•••
$9.0M$8.2M
93c
17.00%
PIK 17.00%
G•••• C•••••• B••• I•••term loan first lien
One stop | N••••••••• I•••••
$150,000$126,000
102c
9.00%
PIK 8.00%
G•••• C•••••• B•• 4• I•••term loan first lien
One stop
$75,000$63,000
98c
9.00%
PIK 8.00%
G•••• C•••••• D••••• L•••••• C•••term loan first lien
One stop
$75,000$63,000
98c
9.00%
PIK 8.00%
G•••• C•••••• D••••• L•••••• U•••••••• C•••term loan first lien
One stop
$75,000$63,000
98c
9.00%
PIK 8.00%
View all 12 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
G•••• C•••••• P•••••• C••••• F•••term loan first lien
One stop
$75,000$63,000
98c
9.00%
PIK 8.00%
G•••• C•••••• B•• 4• I•••unstated lien unstated
LLC interest
Not disclosed$0
0c
G•••• C•••••• B••• I•••unstated lien unstated
LLC interest | N••••••••• I•••••
Not disclosed$0
0c
G•••• C•••••• D••••• L•••••• C•••unstated lien unstated
LLC interest
Not disclosed$0
0c
G•••• C•••••• D••••• L•••••• U•••••••• C•••unstated lien unstated
LLC interest
Not disclosed$0
0c
G•••• C•••••• P•••••• C••••• F•••unstated lien unstated
LLC interest
Not disclosed$0
0c
N•• M••••••• G••••••• I• B••• L•••••equity equity
C•••• N-3 common units
Not disclosed$0
0c
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $9.5M93c9.00%
PIK 17.00%
Aug 1, 20277
Equity pieces beside the debt: equity ($0 fair value, 7 BDCs), other ($0 fair value, 5 BDCs)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20266$9.5M$8.6M93c6
Mar 31, 20266$8.7M$7.8M94c6
Dec 31, 20256$8.5M$8.0M98c6
Sep 30, 20256$8.7M$8.2M99c11
All 12 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20256$8.1M$7.7M100c6
Mar 31, 20256$7.9M$7.4M100c6
Dec 31, 20246$15.0M$14.2M101c8
Sep 30, 20246$7.4M$6.6M96c6
Jun 30, 20246$7.1M$6.4M97c6
Mar 31, 20247$6.9M$6.2M98c7
Dec 31, 20237$12.9M$11.6M99c8
Sep 30, 20237$6.4M$5.8M100c9
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
PANZURAderivedthe codename stem after legal suffixes and deal words
Spellings
2 across 7 BDCsderived