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A private credit borrower
What matters now
- 103¢ → 99¢consensus mark
Consensus mark 99¢ on cost, down from 103¢ a year ago, 101¢ 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 - $31.6Mprincipal outstanding
$31.6M principal held by 3 lenders; matures Dec 2026.
Q2 2026 · Refinancing is due in 3 months at a 99¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
Consensus Q3 2025 104¢, Q4 2025 99¢, Q1 2026 101¢, Q2 2026 99¢. 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 | 104¢ | 99¢ | 101¢ | 99¢ |
| CAPITAL SOUTHWEST CORP | 100¢ | 95¢ | 95¢ | 95¢ |
| Main Street Capital CORP | 107¢ | 106¢ | 106¢ | 105¢ |
| MSC INCOME FUND, INC. | 107¢ | 107¢ | 106¢ | 105¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| CAPITAL SOUTHWEST CORP | $21M | 95¢ | 0 pts |
| Main Street Capital CORP | $5.26M | 105¢ | -1 pts |
| MSC INCOME FUND, INC. | $5.26M | 105¢ | -1 pts |
Every BDC piece · 22 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| CAPITAL SOUTHWEST CORP | term loan first lien First Lien - Term Loan A | $5.5M | $5.3M 95c | S+800 bp PIK 11.74% |
| CAPITAL SOUTHWEST CORP | term loan first lien First Lien - Term Loan A | $5.5M | $5.3M | |
| CAPITAL SOUTHWEST CORP | term loan first lien First Lien - Term Loan B | $5.0M | $4.7M | |
| CAPITAL SOUTHWEST CORP | term loan first lien First Lien - Term Loan B | $5.0M | $4.7M 95c | S+900 bp |
| Main Street Capital CORP | term loan lien unstated Secured Debt 1 | $2.8M | $2.8M 102c | S+800 bp PIK 11.74% |
View all 22 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| MSC INCOME FUND, INC. | term loan lien unstated Secured Debt 1 | $2.8M | $2.8M 102c | S+800 bp PIK 11.74% |
| Main Street Capital CORP | term loan lien unstated Secured Debt 2 | $2.5M | $2.5M 109c | S+900 bp |
| MSC INCOME FUND, INC. | term loan lien unstated Secured Debt 2 | $2.5M | $2.5M 109c | S+900 bp |
| CAPITAL SOUTHWEST CORP | preferred equity equity Class A Preferred units | $0 | $166,000 | |
| CAPITAL SOUTHWEST CORP | preferred equity equity Class B Preferred units | $0 | $0 | |
| CAPITAL SOUTHWEST CORP | preferred equity equity Class C Preferred units | $0 | $0 | |
| CAPITAL SOUTHWEST CORP | equity equity Common units | $0 | $0 | |
| CAPITAL SOUTHWEST CORP | preferred equity equity Class C Preferred Units | Not disclosed | $0 | |
| CAPITAL SOUTHWEST CORP | preferred equity equity Class B Preferred Units | Not disclosed | $0 0c | |
| CAPITAL SOUTHWEST CORP | preferred equity equity Class A Preferred Units | Not disclosed | $166,000 66c | |
| CAPITAL SOUTHWEST CORP | equity equity Common Units | Not disclosed | $0 | |
| Main Street Capital CORP | preferred equity equity Preferred Equity 1 | Not disclosed | $110,000 86c | |
| Main Street Capital CORP | equity equity Common Equity | Not disclosed | $0 | |
| Main Street Capital CORP | preferred equity equity Preferred Equity 2 | Not disclosed | $0 | |
| MSC INCOME FUND, INC. | preferred equity equity Preferred Equity 2 | Not disclosed | $0 | |
| MSC INCOME FUND, INC. | equity equity Common Equity | Not disclosed | $0 | |
| MSC INCOME FUND, INC. | preferred equity equity Preferred Equity 1 | Not disclosed | $110,000 86c |
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 $21.0M | 95c | S+900 bp PIK 11.74% | Dec 31, 2026 | 1 |
| term loan lien unstated | at least $10.5M | 105c | S+900 bp PIK 11.74% | Dec 31, 2026 | 2 |
| unsecured or subordinated subordinated debt unsecured or subordinated exited Mar 31, 2023 | unknown | n/a | unstated | 1 | |
| revolver lien unstated exited Mar 31, 2023 | unknown | n/a | unstated | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 3 | $31.6M | $30.5M | 149c | 3 |
| Mar 31, 2026 | 3 | $20.7M | $30.0M | 149c | 3 |
| Dec 31, 2025 | 3 | $30.6M | $29.5M | 150c | 3 |
| Sep 30, 2025 | 3 | $20.1M | $20.0M | 104c | 3 |
All 18 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $19.8M | $19.5M | 103c | 3 |
| Mar 31, 2025 | 3 | $29.3M | $38.4M | 135c | 8 |
| Dec 31, 2024 | 3 | $33.0M | $31.8M | 119c | 10 |
| Sep 30, 2024 | 3 | $22.8M | $22.3M | 127c | 6 |
| Jun 30, 2024 | 3 | $22.1M | $21.3M | 126c | 6 |
| Mar 31, 2024 | 3 | $17.2M | $25.0M | 152c | 6 |
| Dec 31, 2023 | 3 | $16.7M | $15.9M | 100c | 6 |
| Sep 30, 2023 | 3 | $16.2M | $14.9M | 97c | 4 |
| Jun 30, 2023 | 3 | $15.8M | $14.9M | 100c | 4 |
| Mar 31, 2023 | 3 | $15.2M | $14.4M | 100c | 4 |
| Dec 31, 2022 | 3 | $15.0M | $14.2M | 100c | 4 |
| Sep 30, 2022 | 2 | $17.5M | $14.2M | 81c | 1 |
| Mar 31, 2022 | 1 | $11.9M | $11.0M | 93c | 1 |
| Dec 31, 2021 | 1 | $11.4M | $11.1M | 99c | 0 |
What changed
Owner and people
- TZP Management Associates, LLC listed on its portfolio page, undated · 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.
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
- Principal increased$10.4M to $21.0M2026-06-30
- Principal decreased$20.4M to $10.4M2026-03-31
- Marked down100.3% of cost to 95.3% of cost2025-12-31
+62 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.