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 in consumer products
What matters now
- 3 of 3 lenderson non-accrual
Non-accrual at 3 of 3 lenders on the latest schedules, first placed in Q1 2026.
since Q1 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 → - 96¢ → 31¢consensus mark
Consensus mark 31¢ on cost, down from 96¢ a year ago, 57¢ 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
- $61.7Mprincipal outstanding
$61.7M principal held by 3 lenders; matures Nov 2026.
Q2 2026 · Refinancing is due in 1 month at a 31¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 56¢ → 29¢-27 pts, one lender
Stepstone Private Credit Fund marked it 56¢ → 29¢, 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 83¢, Q1 2026 57¢, Q2 2026 31¢. 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¢ | 83¢ | 57¢ | 31¢ |
| PennantPark Floating Rate Capital Ltd. | 86¢ | 82¢ | 57¢ | 31¢ |
| PENNANTPARK INVESTMENT CORP | 86¢ | 82¢ | 57¢ | 31¢ |
| Stepstone Private Credit Fund LLC | 98¢ | 97¢ | 56¢ | 29¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| PennantPark Floating Rate Capital Ltd. | $37M | 31¢ | -26 pts |
| PENNANTPARK INVESTMENT CORP | $22.5M | 31¢ | -26 pts |
| Stepstone Private Credit Fund LLC | $2.15M | 29¢ | -27 pts |
Every BDC piece · 13 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 11/10/2027 Industry Personal Products | $19.1M | $5.6M 31c | 0.00% |
| PennantPark Floating Rate Capital Ltd. | term loan first lien A withheld name 11/10/2027 Industry Personal Products | $14.3M | $4.2M 31c | 0.00% |
| PENNANTPARK INVESTMENT CORP | term loan first lien A withheld name 07/24/23 Maturity 11/10/27 Industry Consumer Products | $14.2M | $4.1M 30c | |
| PENNANTPARK INVESTMENT CORP | term loan first lien A withheld name 7/8/2022 Maturity 11/10/2027 Industry Consumer Products | $3.3M | $964,000 32c | 0.00% |
| PENNANTPARK INVESTMENT CORP | revolver first lien A withheld name 7/8/2022 Maturity 11/10/2026 Industry Consumer Products | $3.3M | $955,000 31c | 0.00% |
View all 13 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| PennantPark Floating Rate Capital Ltd. | revolver first lien A withheld name 11/10/2026 Industry Personal Products | $2.3M | $676,000 31c | 0.00% |
| Stepstone Private Credit Fund LLC | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 11/10/2027 | $2.1M | $584,000 29c | SOFR+0 bp |
| PENNANTPARK INVESTMENT CORP | revolver first lien A withheld name 7/8/2022 Maturity 11/10/2026 Industry Consumer Products | $1.8M | -$1.3M | 0.00% |
| PennantPark Floating Rate Capital Ltd. | revolver first lien A withheld name 11/10/2026 Industry Personal Products | $1.3M | -$893,000 | 0.00% |
| PennantPark Floating Rate Capital Ltd. | equity equity Common Equity Common Equity - a withheld name | Not disclosed | $0 0c | |
| PennantPark Floating Rate Capital Ltd. | equity equity Common Equity Common Equity - a withheld name A withheld name | Not disclosed | $0 0c | |
| PENNANTPARK INVESTMENT CORP | equity equity an investment firm | Not disclosed | $0 0c | |
| PENNANTPARK INVESTMENT CORP | equity equity an investment firm | Not disclosed | $0 0c |
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 $53.1M | 31c | SOFR+0 bp | Nov 10, 2027 | 3 |
| first lien revolver first lien | at least $8.6M | n/a | 0.00% | Nov 10, 2026 | 2 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 3 | $61.7M | $14.9M | 27c | 0 |
| Mar 31, 2026 | 3 | $60.3M | $30.0M | 54c | 0 |
| Dec 31, 2025 | 3 | $60.6M | $46.7M | 82c | 0 |
| Sep 30, 2025 | 3 | $91.5M | $73.7M | 86c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $54.6M | $47.7M | 96c | 0 |
| Mar 31, 2025 | 3 | $54.6M | $47.9M | 96c | 0 |
| Dec 31, 2024 | 3 | $58.6M | $54.3M | 101c | 0 |
| Sep 30, 2024 | 3 | $139M | $118M | 101c | 0 |
| Jun 30, 2024 | 3 | $54.6M | $46.2M | 101c | 0 |
| Mar 31, 2024 | 3 | $70.5M | $62.1M | 102c | 0 |
| Dec 31, 2023 | 3 | $73.1M | $66.5M | 102c | 0 |
| Sep 30, 2023 | 2 | $133M | $118M | 100c | 0 |
| Jun 30, 2023 | 2 | $66.4M | $64.6M | 100c | 0 |
| Mar 31, 2023 | 2 | $66.6M | $63.9M | 100c | 0 |
| Sep 30, 2022 | 2 | $105M | $102M | 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
- Spread tightened6.00% to 0.00%2026-06-30
- Marked down56.1% of cost to 29.3% of cost2026-06-30
- Marked down57.1% of cost to 30.7% of cost2026-06-30
+44 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.