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M•• A••••••••• I••
What matters now
- 1 of 4 lenderson non-accrual
Non-accrual at 1 of 4 lenders 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 → - 88¢ → 67¢consensus mark
Consensus mark 67¢ on cost, down from 88¢ a year ago, 78¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived4 of 4 lenders' own marks, weighted by principal - 19 pts56¢ to 75¢
Lenders disagree by 19 points: N••••• C•••••••• D••••• L•••••• C•••• 56¢ to B•• I••••••••• C••• 75¢.
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 → - $38.7Mprincipal outstanding
$38.7M principal held by 4 lenders; matures Dec 2026.
Q2 2026 · Refinancing is due in 3 months at a 67¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 75¢ → 56¢-19 pts, one lender
N••••• C•••••••• D••••• L•••••• C•••• marked it 75¢ → 56¢, the largest move among 4 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | $13.1M | 70¢ | -5 pts |
| N••••• C•••••••• D••••• L•••••• C•••• | $11.6M | 56¢ | -19 pts |
| B•• I••••••••• C••• | $9.98M | 75¢ | -7 pts |
| B• P••••••• L•••••• C••• | $3.99M | 75¢ | -7 pts |
Every BDC piece · 10 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•• I••••••••• C••• | term loan first lien F•••• L•••/S••••• S•••••• D••• I••••••• R••• 9.67% R•••••••• R••• and S••••• S••• + 6.00% | $10.0M | $7.4M 75c | SOFR+600 bp |
| A• P•••••• C••••• I•••••••• C••• | term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 12/9/2026 | $8.4M | $5.8M 69c | SOFR+600 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• | $8.2M | $4.6M 56c | S+600 bp |
| A• P•••••• C••••• I•••••••• C••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 12/9/2026 | $3.1M | $2.1M 69c | SOFR+600 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) 1 | $2.9M | $1.6M 56c | S+600 bp |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 9.73% R•••••••• R••• and S••••• S + 6.00% F•••• 1.00% M• | $2.8M | $2.1M 75c | SOFR+600 bp |
| A• P•••••• C••••• I•••••••• C••• | revolver first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 12/9/2026 | $1.3M | $884,831 71c | SOFR+600 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 9.73% R•••••••• R••• and S••••• S + 6.00% F•••• 1.00% M• | $1.2M | $877,000 75c | SOFR+600 bp |
| N••••• C•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien F•••• L••• D••• (D•••••• D•••) 2 | $448,000 | $248,000 56c | S+600 bp |
| A• P•••••• C••••• I•••••••• C••• | delayed draw term loan first lien US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 12/9/2026 | On | $374,890 | $258,674 69c | SOFR+600 bp |
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $30.6M | 68c | SOFR+600 bp | Dec 9, 2026 | 4 |
| first lien delayed draw term loan first lien | at least $6.8M | 63c | SOFR+600 bp | Dec 9, 2026 | 2 |
| first lien revolver first lien | at least $1.3M | 71c | SOFR+600 bp | Dec 9, 2026 | 1 |
| other lien unstated exited Sep 30, 2025 | at least $11.7M | 88c | S+600 bp | Dec 9, 2026 | 5 |
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 4 | $38.7M | $25.9M | 67c | 0 |
| Mar 31, 2026 | 4 | $38.7M | $30.0M | 78c | 0 |
| Dec 31, 2025 | 4 | $55.9M | $46.7M | 84c | 0 |
| Sep 30, 2025 | 4 | $38.7M | $33.9M | 88c | 5 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $38.6M | $34.0M | 88c | 5 |
| Mar 31, 2025 | 4 | $38.4M | $34.5M | 90c | 6 |
| Dec 31, 2024 | 4 | $93.2M | $83.4M | 90c | 0 |
| Sep 30, 2024 | 3 | $26.8M | $24.4M | 92c | 3 |
| Jun 30, 2024 | 3 | $26.7M | $24.7M | 93c | 3 |
| Mar 31, 2024 | 2 | $16.6M | $15.2M | 92c | 0 |
| Dec 31, 2023 | 3 | $29.8M | $27.8M | 94c | 5 |
| Sep 30, 2023 | 2 | $16.6M | $15.6M | 95c | 0 |
| Jun 30, 2023 | 1 | $3.9M | $3.8M | 97c | 0 |
| Mar 31, 2023 | 1 | $3,911 | $3,804 | 98c | 0 |
| Dec 31, 2022 | 6 | $90.8M | $86.4M | 97c | 0 |
- Maturity approachingDec 9, 2026
- Maturity approachingDec 9, 2026
- Maturity approachingDec 9, 2026
- Maturity approachingDec 9, 2026
- Maturity approachingDec 9, 2026
Full timeline · 30 eventsShow fewer
- Maturity approachingDec 9, 2026
- Maturity approachingDec 9, 2026
- Maturity approachingDec 9, 2026
- Maturity approachingDec 9, 2026
- Marked down across lendersJun 30, 2026
- 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
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread changed (observed)Dec 31, 2025
- Spread increasedDec 31, 2025
- Group key
- MSM ACQUISITIONderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 8 BDCsderived
- Industry
- Mediareportedas one filer wrote it