S•••• S•••••• I••••••••• L••

group grade Aoff every schedule since Sep 30, 2023sponsor B•••• C•••••• inferred

Nothing material in the last 200 days. No dated change on record yet.

Mark path, consensus per quarter end

101¢ · 102¢ · 101¢Q3 2022 to Q1 2023

Principal held

unknown

sum of BDC pieces, a lower bound

Fair value

Not disclosed

n/a on cost, debt pieces

Unfunded

Not disclosed

commitments not yet drawn

BDC lenders

1 on the latest quarter

Facilities

1 equity pieces beside them

Next maturity

unstated

no dated debt inside 24 months

On the tape since

Dec 31, 2020

latest Sep 30, 2023

Events

dated, non-routine

Lender marks

each lender's own fair value over cost at Sep 30, 2023, folded to one row per lender

Lender	Exposure	Current mark	QoQ change
M•• I••••• F•••• I•••	no principal filed	no cost filed	no comparable mark

Every BDC piece · 1 position across 1 lenderlargest principal first, with instrument and rate

BDC	Instrument	Principal	Fair value	Rate
M•• I••••• F•••• I•••	term loan lien unstated S•••••• D•••	Not disclosed	Not disclosed	S+750 bp

Capital structure as the BDCs see it

latest quarter end Sep 30, 2023

Facility	Held	On cost	Pricing	Maturity	BDCs
term loan lien unstated exited Sep 30, 2023	unknown	n/a	S+750 bp	unstated	1

Equity pieces beside the debt: equity ($2.7M fair value, 2 BDCs)

Through time

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

Quarter end	BDCs	Principal held	Fair value	On cost
Sep 30, 2023	1	$0	$0	n/a
Mar 31, 2023	2	$34.2M	$34.2M	101c
Dec 31, 2022	2	$34.2M	$34.2M	102c
Sep 30, 2022	2	$15.8M	$49.5M	319c

All 7 quarters

Quarter end	BDCs	Principal held	Fair value	On cost
Jun 30, 2022	2	$0	$33.1M	n/a
Mar 31, 2022	2	$0	$0	n/a
Dec 31, 2021	2	$24.0M	$37.3M	158c

What changed

Identity

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