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M•••• C••••••• G•••• B•••• G•••
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q3 2025.
since Q3 2025 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 31 Mar 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 81¢ → 5¢consensus mark
Consensus mark 5¢ on cost, down from 81¢ a year ago, 33¢ last quarter.
Q1 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $4.21Mprincipal outstanding
$4.21M principal held by 1 lender; matures Mar 2028.
Q1 2026 · Refinancing is due in 17 months at a 5¢ mark.
FactBDC schedules of investments, 31 Mar 2026; a sum of the BDCs' pieces, a lower bound - 33¢ → 5¢-28 pts, one lender
B••• C•••••• S•••••••• F••••••• I••• marked it 33¢ → 5¢, the largest move among 1 lender this quarter.
Q1 2026 · One holder repriced far more than the rest.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | $4.21M | 5¢ | -28 pts |
Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• S••••• 7.15% PIK I••••••• R••• 10.89% M••••••• D••• 3/ | $4.2M | $210,000 5c | SOFR+715 bp PIK 7.15% |
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Mar 31, 2026 | at least $4.2M | 5c | SOFR+715 bp PIK 7.15% | Mar 3, 2028 | 1 |
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2026 | 1 | $4.2M | $210,000 | 5c | 1 |
| Dec 31, 2025 | 1 | $4.5M | $1.3M | 33c | 1 |
| Sep 30, 2025 | 1 | $4.3M | $1.7M | 42c | 1 |
| Jun 30, 2025 | 1 | $4.2M | $3.2M | 76c | 1 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Mar 31, 2025 | 1 | $4.2M | $3.3M | 81c | 1 |
| Dec 31, 2024 | 1 | $4.1M | $3.5M | 86c | 1 |
| Sep 30, 2024 | 1 | $4.1M | $3.7M | 91c | 1 |
| Jun 30, 2024 | 1 | $4.1M | $3.8M | 94c | 1 |
| Mar 31, 2024 | 1 | $4.1M | $3.9M | 98c | 0 |
| Dec 31, 2023 | 1 | $4.1M | $3.9M | 99c | 0 |
| Sep 30, 2023 | 1 | $4.1M | $4.0M | 100c | 0 |
| Jun 30, 2023 | 1 | $4.1M | $4.0M | 100c | 0 |
| Mar 31, 2023 | 1 | $4.1M | $4.0M | 101c | 0 |
| Dec 31, 2022 | 1 | $8.1M | $8.0M | 101c | 0 |
| Sep 30, 2022 | 1 | $4.1M | $4.0M | 101c | 0 |
- Marked down across lendersMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
Full timeline · 22 eventsShow fewer
- Marked down across lendersSep 30, 2025
- PIK interest increasedSep 30, 2025
- Placed on non-accrualSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- PIK interest increasedSep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Marked down across lendersMar 31, 2025
- PIK interest increasedMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- PIK interest increasedMar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsJun 30, 2024
- New borrower on a BDC scheduleSep 30, 2022
- Group key
- MUSIC CREATIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Media: Diversified & Productionreportedas one filer wrote it