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A private credit borrower
What matters now
- 2 of 4 lenderson non-accrual
Non-accrual at 2 of 4 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 → - 80¢ → 67¢consensus mark
Consensus mark 67¢ on cost, down from 80¢ a year ago, 68¢ 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
- $49.7Mprincipal outstanding
$49.7M principal held by 4 lenders; matures Dec 2028.
Q2 2026 · Refinancing is due in 26 months at a 67¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
Consensus Q3 2025 77¢, Q4 2025 75¢, Q1 2026 68¢, Q2 2026 67¢. 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 | 77¢ | 75¢ | 68¢ | 67¢ |
| Carlyle Secured Lending, Inc. | 78¢ | 75¢ | 69¢ | 67¢ |
| Carlyle Credit Solutions, Inc. | 72¢ | 70¢ | 65¢ | 64¢ |
| GOLUB CAPITAL BDC, Inc. | 81¢ | 81¢ | 73¢ | 73¢ |
1 more lender is drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Carlyle Secured Lending, Inc. | $18.6M | 67¢ | -2 pts |
| Carlyle Credit Solutions, Inc. | $18.6M | 64¢ | -1 pts |
| GOLUB CAPITAL BDC, Inc. | $12M | 73¢ | 0 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 · 14 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Carlyle Secured Lending, Inc. | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $18.6M | $11.8M 67c | S+625 bp PIK 100.00% |
| Carlyle Credit Solutions, Inc. | term loan first lien Investment | Non-Affiliated Issuer | First Lien Debt | $18.6M | $11.8M 64c | S+625 bp PIK 100.00% |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 2 | Non-Affiliated Issuer | $11.4M | $8.1M 73c | S+625 bp PIK 5.25% |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 3 | Non-Affiliated Issuer | $308,000 | $219,000 74c | S+625 bp PIK 5.25% |
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 1 | Non-Affiliated Issuer | $261,000 | $181,000 72c | S+625 bp PIK 5.25% |
View all 10 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| GOLUB CAPITAL BDC, Inc. | term loan first lien One stop 4 | Non-Affiliated Issuer | $0 | -$175,000 | S+625 bp |
| Carlyle Credit Solutions, Inc. | revolver second lien Investments | Non-Affiliated Issuer | First and Second Lien Debt | Revolver | Not disclosed | Not disclosed | |
| Carlyle Credit Solutions, Inc. | delayed draw term loan second lien Investments | Non-Affiliated Issuer | First and Second Lien Debt | Delayed Draw | Not disclosed | Not disclosed | |
| Carlyle Secured Lending, Inc. | delayed draw term loan second lien Investments | Non-Affiliated | First and Second Lien Debt | Delayed Draw | Not disclosed | Not disclosed | |
| Carlyle Secured Lending, Inc. | revolver second lien Investments | Non-Affiliated | First and Second Lien Debt | Revolver | 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 $49.7M | 67c | S+625 bp PIK 100.00% | Dec 29, 2028 | 4 |
| second lien revolver second lien | unknown | n/a | unstated | 2 | |
| second lien delayed draw term loan second lien | unknown | n/a | unstated | 2 | |
| other lien unstated exited Mar 31, 2024 | at least $9.8M | 95c | S+575 bp | Oct 29, 2027 | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 4 | $49.7M | $32.4M | 67c | 8 |
| Mar 31, 2026 | 4 | $48.5M | $32.1M | 68c | 8 |
| Dec 31, 2025 | 4 | $47.3M | $34.0M | 74c | 8 |
| Sep 30, 2025 | 4 | $57.7M | $42.7M | 77c | 14 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $44.8M | $34.1M | 79c | 8 |
| Mar 31, 2025 | 4 | $41.7M | $33.1M | 83c | 0 |
| Dec 31, 2024 | 4 | $84.6M | $70.4M | 84c | 0 |
| Sep 30, 2024 | 5 | $36.0M | $32.5M | 92c | 0 |
| Jun 30, 2024 | 5 | $20.4M | $18.8M | 94c | 0 |
| Mar 31, 2024 | 6 | $36.1M | $33.3M | 93c | 0 |
| Dec 31, 2023 | 6 | $57.9M | $53.8M | 94c | 0 |
| Sep 30, 2023 | 6 | $26.2M | $24.8M | 96c | 0 |
| Jun 30, 2023 | 6 | $25.5M | $24.2M | 96c | 0 |
| Mar 31, 2023 | 6 | $25.7M | $24.8M | 98c | 0 |
| Dec 31, 2022 | 4 | $50.8M | $46.3M | 94c | 0 |
| Sep 30, 2022 | 4 | $10.6M | $10.3M | 98c | 0 |
| Dec 31, 2021 | 1 | $14.5M | $14.1M | 100c | 0 |
What changed
Owner and people
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 down75.0% of cost to 68.9% of cost2026-03-31
- Marked down78.3% of cost to 69.7% of cost2026-03-31
- Marked down79.4% of cost to 71.1% of cost2026-03-31
+58 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.