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A private credit borrower in consumer products
What matters now
- 2 of 2 lenderson non-accrual
Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q4 2025.
since Q4 2025 · 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 → - 92¢ → 66¢consensus mark
Consensus mark 66¢ on cost, down from 92¢ a year ago, 67¢ 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 - $16.2Mprincipal outstanding
$16.2M principal held by 2 lenders; matures Oct 2026.
Q2 2026 · Refinancing is due in 0 months at a 66¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
Consensus Q3 2025 89¢, Q4 2025 82¢, Q1 2026 67¢, Q2 2026 66¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 3, Q4 2025 3, Q1 2026 2, Q2 2026 2. 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 | 89¢ | 82¢ | 67¢ | 66¢ |
| WhiteHorse Finance, Inc. | 89¢ | 86¢ | 69¢ | 67¢ |
| Monroe Capital Income Plus Corp | 89¢ | 74¢ | 60¢ | 65¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| WhiteHorse Finance, Inc. | $11.8M | 67¢ | -2 pts |
| Monroe Capital Income Plus Corp | $4.38M | 65¢ | +5 pts |
Every BDC piece · 7 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| WhiteHorse Finance, Inc. | term loan first lien First Lien Secured Term Loan | $11.4M | $7.7M 68c | SOFR+750 bp PIK 1.00% |
| Monroe Capital Income Plus Corp | term loan first lien Senior Secured Loans | $4.0M | $2.2M 65c | S+760 bp PIK 1.00% |
| Monroe Capital Income Plus Corp | revolver first lien Revolver) | Senior Secured Loans | $420,000 | $0 | S+760 bp PIK 1.00% |
| WhiteHorse Finance, Inc. | revolver first lien First Lien Secured Revolving Loan | $375,000 | $78,000 20c | Prime+650 bp PIK 2.50% |
| Monroe Capital Income Plus Corp | term loan first lien Senior Secured Loans | $7,000 | $3,000 50c | S+750 bp PIK 1.00% |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Monroe Capital Income Plus Corp | revolver first lien 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 $15.4M | 67c | SOFR+750 bp PIK 1.00% | Jul 8, 2031 | 2 |
| first lien revolver first lien | at least $795,000 | 20c | Prime+760 bp PIK 2.50% | Jul 8, 2031 | 2 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 3 | $16.2M | $10.0M | 66c | 5 |
| Mar 31, 2026 | 3 | $14.7M | $9.2M | 65c | 5 |
| Dec 31, 2025 | 4 | $15.8M | $12.5M | 82c | 8 |
| Sep 30, 2025 | 4 | $15.8M | $13.5M | 88c | 8 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $15.8M | $14.1M | 92c | 6 |
| Mar 31, 2025 | 4 | $16.0M | $14.9M | 94c | 6 |
| Dec 31, 2024 | 4 | $21.8M | $21.2M | 97c | 17 |
| Sep 30, 2024 | 4 | $15.7M | $14.8M | 97c | 8 |
| Jun 30, 2024 | 4 | $15.7M | $14.8M | 97c | 8 |
| Mar 31, 2024 | 4 | $15.7M | $14.8M | 97c | 8 |
| Dec 31, 2023 | 4 | $19.4M | $17.7M | 98c | 13 |
| Sep 30, 2023 | 4 | $15.7M | $14.6M | 96c | 8 |
| Jun 30, 2023 | 4 | $15.7M | $14.4M | 95c | 8 |
| Mar 31, 2023 | 4 | $16.5M | $15.4M | 94c | 8 |
| Dec 31, 2022 | 4 | $20.9M | $19.7M | 96c | 14 |
| Sep 30, 2022 | 2 | $13.1M | $12.5M | 96c | 3 |
| Dec 31, 2021 | 2 | $12.9M | $12.8M | 101c | 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
- Maturity extended2026-04-06 to 2031-07-082026-06-30
- PIK increased1.00% to 2.50%2026-06-30
- Spread tightened7.50% to 6.50%2026-06-30
+56 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.