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A private credit borrower in entertainment
What matters now
- 2 of 3 lenderson non-accrual
Non-accrual at 2 of 3 lenders on the latest schedules.
since Q2 2026 · 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 → - 91¢ → 81¢consensus mark
Consensus mark 81¢ on cost, down from 91¢ a year ago, 85¢ 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
- $161Mprincipal outstanding
$161M principal held by 3 lenders; matures Jun 2029.
Q2 2026 · Refinancing is due in 32 months at a 81¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
Consensus Q3 2025 88¢, Q4 2025 87¢, Q1 2026 85¢, Q2 2026 81¢. 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 | 88¢ | 87¢ | 85¢ | 81¢ |
| Franklin BSP Capital Corp | 92¢ | 91¢ | 88¢ | 84¢ |
| ARES CAPITAL CORP | 80¢ | 79¢ | 79¢ | 76¢ |
| HPS Corporate Lending Fund | 101¢ | 98¢ | 90¢ | 89¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Franklin BSP Capital Corp | $86.1M | 84¢ | -4 pts |
| ARES CAPITAL CORP | $62.2M | 76¢ | -3 pts |
| HPS Corporate Lending Fund | $12.5M | 89¢ | -1 pts |
Every BDC piece · 7 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| ARES CAPITAL CORP | term loan second lien Second lien senior secured loan | $55.9M | $40.8M 74c | |
| Franklin BSP Capital Corp | delayed draw term loan first lien | $51.2M | $36.8M 74c | PIK 10.25% |
| Franklin BSP Capital Corp | delayed draw term loan first lien | $24.9M | $24.5M 99c | S+600 bp PIK 3.50% |
| HPS Corporate Lending Fund | unstated lien unstated Non-Affiliated Issuer | $11.8M | $10.5M 89c | S+600 bp PIK 3.50% |
| Franklin BSP Capital Corp | delayed draw term loan first lien | $10.1M | $10.0M 99c | S+600 bp PIK 3.50% |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| ARES CAPITAL CORP | term loan first lien First lien senior secured loan | $6.3M | $5.8M 92c | S+600 bp PIK 3.50% |
| HPS Corporate Lending Fund | unstated lien unstated Non-Affiliated Issuer | $691,000 | $615,000 89c | S+600 bp PIK 3.50% |
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 delayed draw term loan first lien | at least $86.1M | 84c | S+600 bp PIK 10.25% | Dec 22, 2030 | 1 |
| second lien term loan second lien | at least $55.9M | 74c | Dec 1, 2030 | 1 | |
| other lien unstated | at least $12.5M | 89c | S+600 bp PIK 3.50% | Jun 18, 2029 | 1 |
| first lien term loan first lien | at least $6.3M | 92c | S+600 bp PIK 3.50% | Jun 1, 2029 | 1 |
| unsecured or subordinated term loan unsecured or subordinated exited Jun 30, 2025 | unknown | n/a | PIK 10.25% | Dec 1, 2030 | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 3 | $161M | $129M | 81c | 6 |
| Mar 31, 2026 | 3 | $143M | $120M | 84c | 4 |
| Dec 31, 2025 | 3 | $156M | $135M | 87c | 7 |
| Sep 30, 2025 | 3 | $150M | $132M | 88c | 7 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $187M | $169M | 91c | 5 |
| Mar 31, 2025 | 3 | $182M | $161M | 89c | 7 |
| Dec 31, 2024 | 3 | $389M | $356M | 92c | 14 |
| Sep 30, 2024 | 3 | $176M | $165M | 95c | 7 |
| Jun 30, 2024 | 3 | $175M | $165M | 95c | 7 |
| Mar 31, 2024 | 3 | $170M | $159M | 95c | 7 |
| Dec 31, 2023 | 3 | $103M | $92.0M | 90c | 5 |
| Sep 30, 2023 | 4 | $164M | $154M | 95c | 10 |
| Jun 30, 2023 | 4 | $163M | $152M | 94c | 10 |
| Mar 31, 2023 | 4 | $157M | $152M | 98c | 6 |
| Dec 31, 2022 | 4 | $156M | $150M | 97c | 10 |
| Sep 30, 2022 | 1 | $46.8M | $45.6M | 97c | 2 |
| Dec 31, 2021 | 3 | $111M | $109M | 100c | 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 increased$53.1M to $55.9M2026-06-30
- New position2026-03-31
- Position exitedfrom $12.6M2026-03-31
+52 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.