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A private credit borrower in commercial services & supplies
What matters now
- 3 of 3 lenderson non-accrual
Non-accrual at 3 of 3 lenders on the latest schedules, first placed in Q2 2025.
since Q2 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 → - 87¢ → 75¢consensus mark
Consensus mark 75¢ on cost, down from 87¢ a year ago, 76¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 3 lenders' own marks, weighted by principal - $404Mprincipal outstanding
$404M principal held by 3 lenders; matures Nov 2026.
Q2 2026 · Refinancing is due in 1 month at a 75¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 81¢ → 69¢-12 pts, one lender
BlackRock TCP Capital marked it 81¢ → 69¢, the largest move among 3 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Lender marks
Consensus Q3 2025 86¢, Q4 2025 84¢, Q1 2026 76¢, Q2 2026 75¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 3, Q4 2025 3, Q1 2026 3, Q2 2026 3. 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 | 86¢ | 84¢ | 76¢ | 75¢ |
| FS KKR Capital Corp | 86¢ | 84¢ | 75¢ | 74¢ |
| ARES CAPITAL CORP | 84¢ | 84¢ | 78¢ | 79¢ |
| BlackRock TCP Capital Corp. | 95¢ | 90¢ | 81¢ | 69¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| FS KKR Capital Corp | $338M | 74¢ | -1 pts |
| ARES CAPITAL CORP | $64.4M | 79¢ | +1 pts |
| BlackRock TCP Capital Corp. | $2.23M | 69¢ | -12 pts |
Every BDC piece · 16 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| FS KKR Capital Corp | term loan first lien | $230M | $226M 100c | S+530 bp |
| FS KKR Capital Corp | term loan first lien | $108M | $10.9M 12c | S+800 bp |
| ARES CAPITAL CORP | term loan first lien First lien senior secured loan | $47.8M | $47.7M 100c | S+525 bp PIK 9.06% |
| ARES CAPITAL CORP | term loan first lien First lien senior secured loan 2 | $16.6M | $800,000 6c | S+525 bp |
| BlackRock TCP Capital Corp. | term loan first lien First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% PIK Total Coupon 9.06% Maturity | $1.5M | $1.3M 87c | SOFR+540 bp PIK 5.40% |
View all 16 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| BlackRock TCP Capital Corp. | term loan first lien First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 8.15% PIK Total Coupon 11.81% Maturity | $706,975 | $32,521 7c | SOFR+815 bp PIK 8.15% |
| ARES CAPITAL CORP | equity equity Class A common units | Not disclosed | $0 | |
| ARES CAPITAL CORP | preferred equity equity a withheld name units | Not disclosed | $0 0c | |
| BlackRock TCP Capital Corp. | equity equity a withheld name | Not disclosed | $2 | |
| BlackRock TCP Capital Corp. | preferred equity equity a withheld name | Not disclosed | $2 0c | |
| FS KKR Capital Corp | preferred equity equity a withheld name | Not disclosed | $0 | |
| FS KKR Capital Corp | preferred equity equity a withheld name | Not disclosed | $0 0c | |
| FS KKR Capital Corp | equity equity a withheld name | Not disclosed | $0 | |
| FS KKR Capital Corp | unstated lien unstated | Not disclosed | $226M | |
| FS KKR Capital Corp | equity equity a withheld name | Not disclosed | $0 | |
| FS KKR Capital Corp | unstated lien unstated | Not disclosed | $10.9M |
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 $404M | 75c | SOFR+800 bp PIK 9.06% | Nov 6, 2028 | 3 |
| unsecured or subordinated term loan unsecured or subordinated exited Dec 31, 2024 | at least $588,214 | 157c | SOFR+115 bp PIK 7.00% | Nov 6, 2028 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2023 | at least $373,455 | 100c | S+600 bp | Nov 7, 2026 | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 3 | $404M | $287M | 75c | 3 |
| Mar 31, 2026 | 3 | $395M | $287M | 76c | 4 |
| Dec 31, 2025 | 3 | $386M | $312M | 84c | 2 |
| Sep 30, 2025 | 3 | $376M | $315M | 86c | 3 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $367M | $312M | 87c | 3 |
| Mar 31, 2025 | 3 | $358M | $350M | 99c | 4 |
| Dec 31, 2024 | 3 | $653M | $649M | 101c | 11 |
| Sep 30, 2024 | 3 | $345M | $345M | 102c | 7 |
| Jun 30, 2024 | 3 | $336M | $336M | 102c | 7 |
| Mar 31, 2024 | 3 | $333M | $333M | 102c | 7 |
| Dec 31, 2023 | 3 | $791M | $650M | 84c | 3 |
| Sep 30, 2023 | 3 | $425M | $396M | 95c | 0 |
| Jun 30, 2023 | 3 | $426M | $387M | 93c | 0 |
| Mar 31, 2023 | 3 | $427M | $391M | 94c | 0 |
| Dec 31, 2022 | 3 | $856M | $778M | 93c | 0 |
| Sep 30, 2022 | 2 | $452M | $432M | 98c | 0 |
| Dec 31, 2021 | 2 | $455M | $456M | 103c | 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 down81.2% of cost to 68.9% of cost2026-06-30
- PIK added7.00%2026-03-31
- Marked down84.1% of cost to 78.4% 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.