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
- 95¢ → 73¢consensus mark
Consensus mark 73¢ on cost, down from 95¢ a year ago, 83¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived7 of 7 lenders' own marks, weighted by principal - $130Mprincipal outstanding
$130M principal held by 7 lenders; matures Oct 2028.
Q2 2026 · Refinancing is due in 24 months at a 73¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 89¢ → 77¢-12 pts, one lender
North Haven Private Income Fund marked it 89¢ → 77¢, the largest move among 7 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Lender marks
Consensus Q3 2025 97¢, Q4 2025 92¢, Q1 2026 83¢, Q2 2026 73¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 7, Q4 2025 8, Q1 2026 8, Q2 2026 7. 1 lender that held it earlier and not at the latest quarter end is not drawn. 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 | 97¢ | 92¢ | 83¢ | 73¢ |
| Blackstone Private Credit Fund | 95¢ | 90¢ | 83¢ | 73¢ |
| New Mountain Guardian IV BDC, L.L.C. | 108¢ | 104¢ | 87¢ | 77¢ |
| North Haven Private Income Fund LLC | 99¢ | 96¢ | 89¢ | 77¢ |
4 more lenders are drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Blackstone Private Credit Fund | $106M | 73¢ | -10 pts |
| New Mountain Guardian IV BDC, L.L.C. | $7.9M | 77¢ | -10 pts |
| North Haven Private Income Fund LLC | $7.32M | 77¢ | -12 pts |
7 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 · 10 positions across 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $66.7M | $46.0M 69c | S+600 bp |
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $21.4M | $16.7M 78c | S+375 bp |
| Blackstone Private Credit Fund | unstated lien unstated | $14.1M | $11.0M 79c | S+375 bp |
| New Mountain Guardian IV BDC, L.L.C. | term loan second lien a withheld name | $7.9M | $5.4M 77c | S+600 bp |
| North Haven Private Income Fund LLC | term loan first lien An investment firm + 3.75% Interest Rate 7.49% Maturity Date 10/08/2028 | $7.3M | $5.6M 77c | SOFR+375 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blackstone Private Credit Fund | unstated lien unstated | $3.5M | $2.7M 79c | S+375 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 $106M | 73c | S+600 bp | Oct 8, 2029 | 1 |
| second lien term loan second lien | at least $14.4M | 74c | S+600 bp | Oct 1, 2029 | 3 |
| first lien term loan first lien | at least $9.9M | 78c | SOFR+375 bp | Oct 8, 2028 | 3 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 7 | $130M | $93.9M | 73c | 0 |
| Mar 31, 2026 | 8 | $134M | $110M | 83c | 0 |
| Dec 31, 2025 | 8 | $221M | $200M | 92c | 0 |
| Sep 30, 2025 | 7 | $150M | $142M | 96c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 8 | $150M | $140M | 95c | 0 |
| Mar 31, 2025 | 8 | $153M | $149M | 99c | 0 |
| Dec 31, 2024 | 8 | $327M | $325M | 101c | 0 |
| Sep 30, 2024 | 8 | $145M | $139M | 98c | 0 |
| Jun 30, 2024 | 8 | $142M | $142M | 102c | 0 |
| Mar 31, 2024 | 7 | $132M | $132M | 102c | 0 |
| Dec 31, 2023 | 8 | $227M | $221M | 99c | 0 |
| Sep 30, 2023 | 7 | $132M | $127M | 99c | 0 |
| Jun 30, 2023 | 7 | $133M | $124M | 96c | 0 |
| Mar 31, 2023 | 6 | $121M | $110M | 93c | 0 |
| Dec 31, 2022 | 7 | $150M | $133M | 91c | 0 |
| Sep 30, 2022 | 1 | $60.8M | $53.7M | 90c | 0 |
| Dec 31, 2021 | 1 | $105M | $105M | 101c | 0 |
What changed
Owner and people
- Clayton, Dubilier & Rice, LLC
- stated in a filing or releasereportedcdr.comconfidence 0.8
- KKR
- stated in a filing or releasereportedcdr.comconfidence 0.8
- Glynn Capital Management, LLC listed on its portfolio page, undated · credit outlook
- Clayton, Dubilier & Rice, LLC status unknown · 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.
This record sits on 7 traced paths of capital across the graphs.
DFX traced 7 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Position history
- Marked down90.3% of cost to 78.6% of cost2026-06-30
- Marked down87.3% of cost to 76.7% of cost2026-06-30
- Principal decreased$3.4M to $2.1M2026-06-30
+71 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.
›Connections
every published relationship on the graph
+2 connections on the graph
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.