H••••• U• R•••••••• P••

group grade Aon a schedule nowsponsor unattributed

What matters now

98¢ → 94¢
consensus mark
Consensus mark 94¢ on cost, down from 98¢ in Q1 2026.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal

Mark path, consensus per quarter end

98¢ · 94¢Q1 2026 to Q2 2026

Where each lender marks it, 0 points apart

94¢94¢

Principal held

at least $14.8M

sum of BDC pieces, a lower bound

Fair value

$13.3M

94c on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

BDC lenders

2 on the latest quarter

Facilities

0 equity pieces beside them

Next maturity

Feb 16, 2032

no dated debt inside 24 months

On the tape since

Mar 31, 2026

latest Jun 30, 2026

Events

dated, non-routine

Lender marks

each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender

Lender	Exposure	Current mark	QoQ change
S•••• P•••• C••••• C•••	$8.95M	94¢	-4 pts
S•••• P•••• C••••• I••••• F•••	$5.84M	94¢	-4 pts

Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate

BDC	Instrument	Principal	Fair value	Rate
S•••• P•••• C••••• C•••	notes unsecured or subordinated U•••••••• N•••, Due 02/16/2032	$8.9M	$8.0M 94c	8.13%
S•••• P•••• C••••• I••••• F•••	notes unsecured or subordinated U•••••••• N•••	$5.8M	$5.2M 94c	8.13%

Capital structure as the BDCs see it

latest quarter end Jun 30, 2026

Facility	Held	On cost	Pricing	Maturity	BDCs
unsecured or subordinated notes unsecured or subordinated	at least $14.8M	94c	8.13%	Feb 16, 2032	2

Through time

the borrower's pieces summed across BDCs, every quarter end

Quarter end	BDCs	Principal held	Fair value	On cost	PIK pieces
Jun 30, 2026	2	$14.8M	$13.3M	94c	0
Mar 31, 2026	2	$14.1M	$13.2M	98c	0

What changed

Identity

Group key: HOWDEN REFINANCEderivedthe codename stem after legal suffixes and deal words
Spellings: 1 across 2 BDCsderived