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
What matters now
- 1 of 2 lenderson non-accrual
Non-accrual at 1 of 2 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 → - 98¢ → 82¢consensus mark
Consensus mark 82¢ on cost, down from 98¢ a year ago, 86¢ 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
- 10 pts72¢ to 82¢
Lenders disagree by 10 points on the first lien term loan: BCP Investment 72¢ to CION Investment 82¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over cost on the same facility (first lien term loan), funded pieces of $2M or moreFor secondary buyers, special situations fundsLender marks → - $84.6Mprincipal outstanding
$84.6M principal held by 2 lenders; matures Nov 2027.
Q2 2026 · Refinancing is due in 13 months at a 82¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
Consensus Q3 2025 91¢, Q4 2025 87¢, Q1 2026 86¢, Q2 2026 82¢. 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¢ | 87¢ | 86¢ | 82¢ |
| CION Investment Corp | 88¢ | 86¢ | 86¢ | 82¢ |
| BCP Investment Corp | 100¢ | 95¢ | 84¢ | 83¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| CION Investment Corp | $69M | 82¢ | -4 pts |
| BCP Investment Corp | $15.6M | 83¢ | -1 pts |
Every BDC piece · 15 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| CION Investment Corp | term loan first lien Senior Secured First Lien Debt | $29.2M | $20.6M 76c | S+550 bp |
| CION Investment Corp | term loan first lien Senior Secured First Lien Debt | $26.5M | $0 0c | S+550 bp |
| CION Investment Corp | term loan first lien Senior Secured First Lien Debt | $13.3M | $12.8M 96c | S+550 bp |
| BCP Investment Corp | term loan first lien First Lien/Senior Secured Debt Term Loan B) Media Interest Rate 10.00% PIK Maturity 11/15/ | $9.8M | $7.0M 72c | S+550 bp PIK 10.00% |
| BCP Investment Corp | delayed draw term loan first lien First Lien/Senior Secured Debt Delayed Draw Term Loan) Media Interest Rate 9.49% Reference | $4.4M | $4.4M 100c | SOFR+550 bp PIK 9.49% |
View all 15 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| BCP Investment Corp | delayed draw term loan first lien First Lien/Senior Secured Debt Delayed Draw Term Loan) Media Interest Rate 9.49% Reference | $1.4M | $1.4M 100c | SOFR+550 bp PIK 9.49% |
| BCP Investment Corp | warrants equity Common Stock Membership Units Warrant Media | Not disclosed | Not disclosed n/a | |
| BCP Investment Corp | warrants equity Common Stock Membership Units Warrant Media | Not disclosed | Not disclosed | |
| BCP Investment Corp | warrants equity Common Stock Membership Units Warrant for CS Media | Not disclosed | Not disclosed | |
| CION Investment Corp | term loan first lien Senior Secured First Lien Debt 1 | Not disclosed | Not disclosed | S+550 bp PIK 9.49% |
| CION Investment Corp | preferred equity equity A withheld name A Preferred Stock Warrants, Media: Diversified & Production | Not disclosed | $0 0c | |
| CION Investment Corp | term loan first lien Senior Secured First Lien Debt 2 | Not disclosed | Not disclosed | S+550 bp PIK 10.00% |
| CION Investment Corp | term loan first lien Senior Secured First Lien Debt 3 | Not disclosed | Not disclosed | S+550 bp PIK 1.00% |
| CION Investment Corp | warrants equity Common Stock Warrants, Media: Diversified & Production | Not disclosed | $0 | |
| CION Investment Corp | preferred equity equity A withheld name, Media: Diversified & Production | Not disclosed | $0 |
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 $78.8M | 75c | S+550 bp PIK 10.00% | Nov 15, 2027 | 2 |
| first lien delayed draw term loan first lien | at least $5.9M | 100c | SOFR+550 bp PIK 9.49% | Nov 15, 2027 | 1 |
| first lien revolver first lien exited Mar 31, 2025 | at least $1.8M | 55c | SOFR+950 bp PIK 11.09% | Nov 15, 2026 | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 2 | $84.6M | $46.4M | 77c | 6 |
| Mar 31, 2026 | 2 | $92.1M | $46.7M | 79c | 6 |
| Dec 31, 2025 | 2 | $225M | $113M | 80c | 9 |
| Sep 30, 2025 | 2 | $89.6M | $48.3M | 86c | 6 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $87.4M | $53.1M | 98c | 6 |
| Mar 31, 2025 | 2 | $71.1M | $42.4M | 60c | 5 |
| Dec 31, 2024 | 2 | $89.0M | $64.3M | 74c | 7 |
| Sep 30, 2024 | 2 | $62.7M | $54.4M | 87c | 4 |
| Jun 30, 2024 | 2 | $61.5M | $53.9M | 88c | 4 |
| Mar 31, 2024 | 1 | $44.9M | $42.1M | 94c | 1 |
| Dec 31, 2023 | 2 | $58.2M | $53.4M | 93c | 2 |
| Sep 30, 2023 | 1 | $42.5M | $39.6M | 94c | 1 |
| Jun 30, 2023 | 1 | $40.2M | $37.9M | 95c | 1 |
| Mar 31, 2023 | 1 | $40.2M | $38.4M | 96c | 1 |
| Dec 31, 2022 | 1 | $40.1M | $38.0M | 96c | 1 |
| Sep 30, 2022 | 1 | $39.9M | $38.0M | 96c | 0 |
| Dec 31, 2021 | 1 | $40.1M | $37.5M | 97c | 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
- Principal decreased$18.3M to $9.8M2026-06-30
- Spread tightened9.46% to 5.50%2026-06-30
- Spread tightened9.46% to 5.50%2026-06-30
+54 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.