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W••••• I••
What matters now
- 2 of 7 lenderson non-accrual
Non-accrual at 2 of 7 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 → - 98¢ → 85¢consensus mark
Consensus mark 85¢ on cost, down from 98¢ a year ago, 88¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived7 of 7 lenders' own marks, weighted by principal - 23 pts69¢ to 92¢
Lenders disagree by 23 points: G•••• C•••••• D••••• L•••••• C••• 69¢ to G•••••• S•••• P•••••• C••••• C•••• 92¢.
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 → - $156Mprincipal outstanding
$156M principal held by 7 lenders; matures Jan 2028.
Q2 2026 · Refinancing is due in 15 months at a 85¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 80¢ → 69¢-11 pts, one lender
G•••• C•••••• D••••• L•••••• C••• marked it 80¢ → 69¢, the largest move among 7 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A••• C•••••• C••• | $79.5M | 81¢ | -6 pts |
| G•••••• S•••• B••• I••• | $36.2M | 89¢ | 0 pts |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | $29.7M | 88¢ | 0 pts |
| M••••• C•••••• I••••• P••• C••• | $5.63M | 89¢ | -2 pts |
| G•••••• S•••• P•••••• C••••• C•••• | $3.84M | 92¢ | -1 pts |
View all 7 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| G•••• C•••••• B••• I••• | $949K | 70¢ | -9 pts |
| G•••• C•••••• D••••• L•••••• C••• | $36K | 69¢ | -11 pts |
Every BDC piece · 19 positions across 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan unsecured or subordinated S••••• subordinated loan | $79.4M | $64.3M 81c | PIK 13.25% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• T••••••••• I••••••• R••• 10.20% R••••••• | $25.7M | $22.3M 89c | SOFR+625 bp PIK 3.13% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• T••••••••• I••••••• R••• 10.20% R••••••• | $13.0M | $11.3M 88c | SOFR+625 bp PIK 3.13% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• T••••••••• I••••••• R••• 10.20% R••••••• | $12.7M | $11.1M 87c | SOFR+625 bp PIK 3.13% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• T••••••••• I••••••• R••• 10.20% R••••••• | $5.7M | $4.9M 88c | SOFR+625 bp PIK 3.13% |
View all 19 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $5.1M | $4.5M 89c | S+635 bp PIK 3.13% |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• T••••••••• I••••••• R••• 10.20% R••••••• | $3.3M | $2.9M 92c | SOFR+625 bp PIK 3.13% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• T••••••••• R•••••••• R••• and S••••• S + | $2.6M | $-340,000 1417c | SOFR+625 bp PIK 3.13% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• T••••••••• I••••••• R••• 10.20% R••••••• | $2.3M | $2.0M 88c | SOFR+625 bp PIK 3.13% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• T••••••••• R•••••••• R••• and S••••• S + | $2.1M | $-279,000 3100c | SOFR+625 bp PIK 3.13% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• T••••••••• I••••••• R••• 10.20% R••••••• | $1.8M | $1.6M 87c | SOFR+625 bp PIK 3.13% |
| G•••• C•••••• B••• I••• | term loan first lien One stop | N••••••••• I••••• | $949,000 | $646,000 70c | S+626 bp PIK 3.13% |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | S••••• S•••••• L•••• | $521,000 | $0 | S+635 bp PIK 3.13% |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• T••••••••• R•••••••• R••• and S••••• S + | $278,000 | $-36,000 225c | SOFR+625 bp PIK 3.13% |
| G•••••• S•••• P•••••• C••••• C•••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• T••••••••• I••••••• R••• 10.20% R••••••• | $239,000 | $208,000 92c | SOFR+625 bp PIK 3.13% |
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $100,000 | $100,000 100c | S+625 bp PIK 3.13% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop | $36,000 | $24,000 69c | S+626 bp PIK 3.13% |
| A••• C•••••• C••• | unstated lien unstated | Not disclosed | Not disclosed | |
| M••••• C•••••• I••••• P••• C••• | revolver first lien R•••••••) | Not disclosed | Not disclosed |
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| unsecured or subordinated term loan unsecured or subordinated | at least $79.4M | 81c | PIK 13.25% | May 1, 2029 | 1 |
| first lien term loan first lien | at least $75.9M | 87c | SOFR+625 bp PIK 3.13% | Jan 18, 2030 | 9 |
| first lien revolver first lien | at least $521,000 | n/a | S+635 bp PIK 3.13% | Jan 18, 2030 | 2 |
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 7 | $156M | $125M | 84c | 17 |
| Mar 31, 2026 | 7 | $153M | $127M | 87c | 17 |
| Dec 31, 2025 | 7 | $153M | $135M | 89c | 1 |
| Sep 30, 2025 | 6 | $144M | $133M | 93c | 1 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $145M | $140M | 98c | 1 |
| Mar 31, 2025 | 7 | $143M | $138M | 99c | 1 |
| Dec 31, 2024 | 7 | $146M | $140M | 99c | 1 |
| Sep 30, 2024 | 7 | $138M | $131M | 99c | 1 |
| Jun 30, 2024 | 7 | $136M | $128M | 99c | 1 |
| Mar 31, 2024 | 8 | $76.1M | $71.3M | 101c | 0 |
| Dec 31, 2023 | 8 | $157M | $143M | 101c | 0 |
| Sep 30, 2023 | 8 | $75.8M | $68.4M | 100c | 0 |
| Jun 30, 2023 | 8 | $75.9M | $6.4M | 100c | 0 |
| Mar 31, 2023 | 8 | $46.9M | $7.0M | 100c | 0 |
| Dec 31, 2022 | 6 | $131M | $122M | 100c | 0 |
| Sep 30, 2022 | 4 | $49.9M | $49.9M | 100c | 0 |
| Dec 31, 2021 | 1 | $48.1M | $48.1M | 100c | 0 |
- Marked down across lendersJun 30, 2026
- non accrual placedJun 30, 2026
- non accrual placedJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 30 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Maturity extended (observed)Mar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Spread increasedMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- PIK interest appearsMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Lender left a facilityDec 31, 2025
- Group key
- WEBPTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 9 BDCsderived
- Industry
- Health Care Technologyreportedas one filer wrote it