The names past the first three in each section on this page are hidden. Create a free account to reveal 5 records a month, or get Private Equity Intelligence at $199 a month for every name. Every figure, date and source on this page is public either way.
A private credit borrower
What matters now
- 4 of 4 lenderson non-accrual
Non-accrual at 4 of 4 lenders 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, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 18¢ → 7¢consensus mark
Consensus mark 7¢ on cost, down from 18¢ a year ago, 9¢ 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
- $11.1Mprincipal outstanding
$11.1M principal held by 4 lenders; matures Dec 2026.
Q2 2026 · Refinancing is due in 3 months at a 7¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
Consensus Q3 2025 15¢, Q4 2025 13¢, Q1 2026 9¢, Q2 2026 7¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 4, Q4 2025 4, Q1 2026 4, Q2 2026 4. A mark is each lender’s own fair value over cost from its schedule of investments, filed about 45 days after the quarter ends; marks outside 5¢ to 110¢ on cost are left out.
Every lender’s mark by quarter, as a table
| Lender | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Consensus | 15¢ | 13¢ | 9¢ | 7¢ |
| Barings Private Credit Corp | 12¢ | 9¢ | 8¢ | 7¢ |
| Barings BDC, Inc. | 12¢ | 9¢ | 8¢ | 7¢ |
| Barings Capital Investment Corp | 12¢ | 9¢ | 8¢ | 7¢ |
1 more lender is drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Barings Private Credit Corp | $5.59M | 7¢ | -1 pts |
| Barings BDC, Inc. | $2.17M | 7¢ | -1 pts |
| Barings Capital Investment Corp | $2.08M | 7¢ | -1 pts |
4 lenders hold this credit
Each lender named with its own mark, its exposure and every piece it holds, from its schedule of investments.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Every BDC piece · 30 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Barings Private Credit Corp | term loan first lien First Lien Senior Secured Term Loan | $5.5M | $320,000 7c | S+700 bp PIK 9.30% |
| Barings BDC, Inc. | term loan first lien First Lien Senior Secured Term Loan | $2.1M | $121,000 7c | S+700 bp PIK 9.30% |
| Barings Capital Investment Corp | term loan first lien First Lien Senior Secured Term Loan | $2.0M | $116,000 7c | S+700 bp PIK 9.30% |
| Barings BDC, Inc. | term loan first lien a lender | $79,000 | $229,000 290c | S+700 bp |
| Barings Capital Investment Corp | term loan first lien a lender | $79,000 | $229,000 290c | S+700 bp |
View all 21 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Barings Private Credit Corp | term loan first lien a lender | $79,000 | $229,000 290c | S+700 bp |
| Barings BDC, Inc. | equity equity an investment firm | Not disclosed | $0 0c | |
| Barings BDC, Inc. | warrants equity a withheld name - Warrants | Not disclosed | $0 | |
| Barings BDC, Inc. | equity equity Common Stock | Not disclosed | $0 | |
| Barings BDC, Inc. | equity equity an investment firm | Not disclosed | $0 0c | |
| Barings BDC, Inc. | delayed draw term loan lien unstated Delayed Draw Term Loan | Not disclosed | Not disclosed | |
| Barings Capital Investment Corp | equity equity an investment firm | Not disclosed | $0 0c | |
| Barings Capital Investment Corp | equity equity an investment firm | Not disclosed | $0 0c | |
| Barings Capital Investment Corp | delayed draw term loan lien unstated Delayed Draw Term Loan | Not disclosed | Not disclosed | |
| Barings Capital Investment Corp | equity equity Common Stock | Not disclosed | $0 | |
| Barings Capital Investment Corp | warrants equity a withheld name - Warrants | Not disclosed | $0 | |
| Barings Private Credit Corp | warrants equity a withheld name - Warrants | Not disclosed | $0 | |
| Barings Private Credit Corp | equity equity an investment firm | Not disclosed | $0 0c | |
| Barings Private Credit Corp | equity equity Common Stock | Not disclosed | $0 | |
| Barings Private Credit Corp | equity equity an investment firm | Not disclosed | $0 0c | |
| Barings Private Credit Corp | delayed draw term loan lien unstated Delayed Draw Term Loan | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
Capital structure as the BDCs see it
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $10.2M | 14c | S+700 bp PIK 9.30% | Dec 31, 2026 | 4 |
| first lien revolver first lien | at least $547,000 | 10c | S+900 bp PIK 9.00% | Dec 31, 2026 | 1 |
| first lien delayed draw term loan first lien | at least $435,000 | 4c | S+900 bp PIK 9.00% | Dec 31, 2026 | 1 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 3 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 4 | $11.1M | $1.3M | 14c | 5 |
| Mar 31, 2026 | 4 | $11.4M | $1.6M | 17c | 8 |
| Dec 31, 2025 | 4 | $12.4M | $2.0M | 19c | 10 |
| Sep 30, 2025 | 4 | $9.0M | $2.1M | 22c | 9 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $9.1M | $2.3M | 24c | 6 |
| Mar 31, 2025 | 4 | $8.7M | $2.5M | 26c | 6 |
| Dec 31, 2024 | 4 | $14.7M | $4.5M | 27c | 10 |
| Sep 30, 2024 | 4 | $9.0M | $2.5M | 27c | 6 |
| Jun 30, 2024 | 4 | $8.7M | $2.7M | 29c | 6 |
| Mar 31, 2024 | 4 | $8.7M | $5.6M | 61c | 3 |
| Dec 31, 2023 | 4 | $9.9M | $7.5M | 75c | 3 |
| Sep 30, 2023 | 4 | $8.6M | $7.2M | 80c | 3 |
| Jun 30, 2023 | 3 | $7.6M | $6.6M | 80c | 3 |
| Mar 31, 2023 | 4 | $8.1M | $7.1M | 82c | 3 |
| Dec 31, 2022 | 5 | $8.3M | $7.4M | 86c | 0 |
| Sep 30, 2022 | 1 | $1.5M | $1.5M | 85c | 1 |
| Dec 31, 2021 | 1 | $1.6M | $1.6M | 96c | 0 |
What changed
Owner and people
- Sheridan Capital Partners listed on its portfolio page, undated · credit outlook
The company this borrower is was matched by an identity-graded bridge; the owner is the firm its portfolio page or deal record names.
No person is named yet: no leadership page, deal announcement or filing DFX has read names this company’s chief executive, finance chief or treasurer, so no one is suggested.
Position history
- Marked down11.3% of cost to 4.3% of cost2026-06-30
- Spread tightened17.00% to 9.00%2026-06-30
- PIK increased15.00% to 17.00%2026-03-31
+106 more position changes
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.