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 in software
What matters now
- 1 of 2 lenderson non-accrual
Non-accrual at 1 of 2 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 → - 88¢ → 69¢consensus mark
Consensus mark 69¢ on cost, down from 88¢ a year ago, 75¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal - $50.4Mprincipal outstanding
$50.4M principal held by 2 lenders; matures Jul 2029.
Q2 2026 · Refinancing is due in 33 months at a 69¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 72¢ → 52¢-20 pts, one lender
a fund marked it 72¢ → 52¢, the largest move among 2 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Lender marks
Consensus Q3 2025 91¢, Q4 2025 89¢, Q1 2026 75¢, Q2 2026 69¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 2, Q4 2025 2, Q1 2026 2, Q2 2026 2. 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 | 91¢ | 89¢ | 75¢ | 69¢ |
| Blackstone Private Credit Fund | 91¢ | 89¢ | 75¢ | 69¢ |
| a fund | 87¢ | 85¢ | 72¢ | 52¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Blackstone Private Credit Fund | $49.4M | 69¢ | -6 pts |
| a fund | $992K | 52¢ | -20 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blackstone Private Credit Fund | unstated lien unstated | $49.4M | $32.6M 69c | S+325 bp |
| a fund | term loan first lien A withheld name + 3.25% Interest Rate Floor 0.00% Interest Rate 6.98% Maturity Date 7/6/20 | $992,000 | $515,000 52c | SOFR+325 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 |
|---|---|---|---|---|---|
| other lien unstated | at least $49.4M | 69c | S+325 bp | Jul 6, 2029 | 1 |
| first lien term loan first lien | at least $992,000 | 52c | SOFR+325 bp | Jul 6, 2029 | 1 |
| second lien term loan second lien exited Sep 30, 2023 | at least $1.5M | 100c | S+425 bp | Jul 6, 2029 | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 2 | $50.4M | $33.1M | 69c | 0 |
| Mar 31, 2026 | 2 | $53.5M | $38.3M | 75c | 0 |
| Dec 31, 2025 | 2 | $55.6M | $47.3M | 89c | 0 |
| Sep 30, 2025 | 2 | $56.7M | $49.2M | 91c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $56.9M | $47.6M | 88c | 0 |
| Mar 31, 2025 | 2 | $42.0M | $36.2M | 89c | 0 |
| Dec 31, 2024 | 2 | $48.2M | $47.7M | 99c | 0 |
| Sep 30, 2024 | 2 | $9.0M | $8.9M | 100c | 0 |
| Jun 30, 2024 | 1 | $5.0M | $4.9M | 99c | 0 |
| Mar 31, 2024 | 1 | $7.0M | $7.0M | 100c | 0 |
| Dec 31, 2023 | 2 | $11.0M | $11.0M | 102c | 0 |
| Sep 30, 2023 | 4 | $64.0M | $64.0M | 102c | 0 |
| Jun 30, 2023 | 5 | $72.7M | $72.4M | 102c | 0 |
| Mar 31, 2023 | 4 | $64.7M | $64.5M | 102c | 0 |
| Dec 31, 2022 | 4 | $67.0M | $66.4M | 102c | 0 |
| Sep 30, 2022 | 1 | $0 | $0 | n/a | 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 69.0% of cost2026-06-30
- Marked down71.9% of cost to 52.1% of cost2026-06-30
- Principal decreased$52.5M to $49.4M2026-06-30
+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.