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A private credit borrower
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender 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 → - 54¢ → 51¢consensus mark
Consensus mark 51¢ on cost, down from 54¢ a year ago, 50¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal
- $4.73Mprincipal outstanding
$4.73M principal held by 1 lender; matures Jan 2027.
Q2 2026 · Refinancing is due in 4 months at a 51¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| TPG Twin Brook Capital Income Fund | $4.73M | 51¢ | +1 pts |
Every BDC piece · 5 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| TPG Twin Brook Capital Income Fund | term loan first lien First lien senior secured term loan 1 | $2.6M | $1.1M 49c | S+700 bp |
| TPG Twin Brook Capital Income Fund | term loan first lien First lien senior secured term loan 2 | $989,000 | $419,000 74c | S+700 bp PIK 20.00% |
| TPG Twin Brook Capital Income Fund | revolver first lien First lien senior secured revolving loan | $627,000 | $233,000 46c | S+700 bp |
| TPG Twin Brook Capital Income Fund | delayed draw term loan first lien First lien senior secured delayed draw term loan | $493,000 | $138,000 36c | S+700 bp PIK 20.00% |
| TPG Twin Brook Capital Income Fund | unstated lien unstated | 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 $3.6M | 54c | S+700 bp PIK 20.00% | Jan 23, 2027 | 1 |
| first lien revolver first lien | at least $627,000 | 46c | S+700 bp | Jan 23, 2027 | 1 |
| first lien delayed draw term loan first lien | at least $493,000 | 36c | S+700 bp PIK 20.00% | Jan 23, 2027 | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 1 | $4.7M | $1.9M | 51c | 2 |
| Mar 31, 2026 | 1 | $4.7M | $1.8M | 50c | 2 |
| Dec 31, 2025 | 1 | $9.2M | $3.7M | 52c | 4 |
| Sep 30, 2025 | 1 | $4.5M | $1.7M | 48c | 2 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $4.1M | $1.8M | 54c | 1 |
| Mar 31, 2025 | 1 | $4.0M | $2.0M | 63c | 1 |
| Dec 31, 2024 | 1 | $4.0M | $2.0M | 65c | 1 |
| Sep 30, 2024 | 1 | $3.9M | $2.2M | 68c | 1 |
| Jun 30, 2024 | 1 | $3.9M | $2.5M | 77c | 1 |
| Mar 31, 2024 | 1 | $3.9M | $2.4M | 80c | 1 |
| Dec 31, 2023 | 1 | $3.6M | $2.5M | 87c | 1 |
| Sep 30, 2023 | 1 | $3.6M | $2.4M | 91c | 0 |
| Mar 31, 2023 | 1 | $3.6M | $2.3M | 69c | 0 |
| Dec 31, 2022 | 2 | $3.2M | $2.3M | 76c | 0 |
What changed
Owner and people
- Southfield Capital LP 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
- Mark recovered26.6% of cost to 36.1% of cost2026-06-30
- Principal decreased$7.0M to $3.6M2026-03-31
- Principal decreased$1.3M to $627,0002026-03-31
+29 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.