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A private credit borrower in application software
What matters now
- 14 of 14 lenderson non-accrual
Non-accrual at 14 of 14 lenders on the latest schedules, first placed in Q1 2026.
since Q1 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 → - 101¢ → 57¢consensus mark
Consensus mark 57¢ on cost, down from 101¢ a year ago, 60¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived14 of 14 lenders' own marks, weighted by principal
- 75 pts25¢ to 100¢
Lenders disagree by 75 points on the first lien term loan: another lender 25¢ to ARES CAPITAL 100¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over cost on the same facility (first lien term loan), funded pieces of $2M or moreFor secondary buyers, special situations fundsLender marks → - $351Mprincipal outstanding
$351M principal held by 14 lenders; matures Aug 2029.
Q2 2026 · Refinancing is due in 34 months at a 57¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 53¢ → 100¢+47 pts, one lender
ARES CAPITAL marked it 53¢ → 100¢, the largest move among 14 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Lender marks
Consensus Q3 2025 100¢, Q4 2025 89¢, Q1 2026 60¢, Q2 2026 57¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 14, Q4 2025 14, Q1 2026 14, Q2 2026 14. 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 | 100¢ | 89¢ | 60¢ | 57¢ |
| Blue Owl Technology Finance Corp. | 99¢ | 91¢ | 66¢ | 47¢ |
| Blue Owl Capital Corp | 99¢ | 91¢ | 66¢ | 47¢ |
| ARES CAPITAL CORP | 100¢ | 92¢ | 53¢ | 100¢ |
11 more lenders are drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Blue Owl Technology Finance Corp. | $68.7M | 47¢ | -19 pts |
| Blue Owl Capital Corp | $51.7M | 47¢ | -19 pts |
| ARES CAPITAL CORP | $45.5M | 100¢ | +47 pts |
14 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 · 82 positions across 14 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blue Owl Technology Finance Corp. | term loan first lien A withheld name lien senior secured loan 2 | a withheld name | $37.8M | $3.0M 9c | S+300 bp PIK 7.50% |
| Blue Owl Technology Finance Corp. | term loan first lien A withheld name lien senior secured loan 1 | a withheld name | $30.9M | $27.7M 89c | S+300 bp PIK 1.50% |
| Blue Owl Capital Corp | term loan first lien A withheld name lien senior secured loan 2 | a withheld name | $28.4M | $2.3M 9c | S+300 bp PIK 7.50% |
| ARES CAPITAL CORP | term loan first lien A withheld name lien senior secured loan 1 | $23.7M | $0 0c | S+300 bp |
| Blue Owl Capital Corp | term loan first lien A withheld name lien senior secured loan 1 | a withheld name | $23.3M | $20.8M 90c | S+300 bp PIK 1.50% |
View all 13 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| ARES CAPITAL CORP | term loan first lien A withheld name lien senior secured loan | $21.8M | $21.8M 100c | S+300 bp |
| ARES CAPITAL CORP | equity equity Common units | Not disclosed | $0 0c | |
| ARES CAPITAL CORP | unstated lien unstated | Not disclosed | $21.8M | |
| Blue Owl Capital Corp | delayed draw term loan first lien A withheld name lien senior secured delayed draw term loan | Not disclosed | -$1.0M | S+300 bp |
| Blue Owl Capital Corp | revolver first lien A withheld name lien senior secured revolving loan | Not disclosed | -$400,000 | S+300 bp |
| Blue Owl Technology Finance Corp. | revolver first lien A withheld name lien senior secured revolving loan | a withheld name | Not disclosed | -$531,000 | S+300 bp |
| Blue Owl Technology Finance Corp. | unstated lien unstated a withheld name | Not disclosed | $28.8M | |
| Blue Owl Technology Finance Corp. | delayed draw term loan first lien A withheld name lien senior secured delayed draw term loan | a withheld name | Not disclosed | -$1.3M | S+300 bp |
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 $351M | 48c | SOFR+750 bp PIK 11.14% | Aug 22, 2029 | 14 |
| first lien revolver first lien | at least $0 | n/a | S+300 bp | Aug 22, 2029 | 6 |
| first lien delayed draw term loan first lien | at least $0 | n/a | SOFR+300 bp PIK 1.50% | Aug 22, 2029 | 6 |
| revolver lien unstated | at least $0 | n/a | SOFR+300 bp PIK 1.50% | Aug 22, 2029 | 1 |
| other lien unstated | unknown | 0c | unstated | 10 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 14 | $351M | $147M | 46c | 40 |
| Mar 31, 2026 | 14 | $345M | $187M | 59c | 41 |
| Dec 31, 2025 | 14 | $290M | $285M | 89c | 35 |
| Sep 30, 2025 | 14 | $298M | $329M | 100c | 48 |
All 18 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 14 | $277M | $310M | 101c | 42 |
| Mar 31, 2025 | 14 | $268M | $305M | 101c | 41 |
| Dec 31, 2024 | 14 | $377M | $359M | 100c | 56 |
| Sep 30, 2024 | 15 | $312M | $308M | 105c | 40 |
| Jun 30, 2024 | 15 | $817M | $386M | 48c | 0 |
| Mar 31, 2024 | 16 | $817M | $708M | 88c | 0 |
| Dec 31, 2023 | 17 | $951M | $902M | 96c | 0 |
| Sep 30, 2023 | 17 | $701M | $670M | 97c | 0 |
| Jun 30, 2023 | 17 | $791M | $621M | 99c | 0 |
| Mar 31, 2023 | 16 | $687M | $593M | 99c | 0 |
| Dec 31, 2022 | 15 | $763M | $743M | 99c | 0 |
| Sep 30, 2022 | 6 | $336M | $332M | 100c | 0 |
| Dec 31, 2021 | 4 | $253M | $251M | 100c | 0 |
| Sep 30, 2021 | 1 | $23.7M | $23.7M | 101c | 0 |
What changed
Owner and people
- Vista Equity Partners Management, LLC recorded as exited, control · 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.
2 people at this company are named with their role and the page that names them, for Private Credit Intelligence readers.
Position history
- Marked down65.9% of cost to 47.1% of cost2026-06-30
- Marked down57.5% of cost to 39.9% of cost2026-06-30
- Marked down62.6% of cost to 47.6% of cost2026-06-30
+338 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.