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A private credit borrower in beverages
What matters now
- 2 of 2 lenderson non-accrual
Non-accrual at 2 of 2 lenders on the latest schedules, first placed in Q2 2023.
since Q2 2023 · 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¢ → 53¢consensus mark
Consensus mark 53¢ on cost, down from 98¢ a year ago, 85¢ 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
- $85Mprincipal outstanding
$85M principal held by 2 lenders; matures Apr 2028.
Q2 2026 · Refinancing is due in 18 months at a 53¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 85¢ → 53¢-32 pts, one lender
Silver Capital Holdings marked it 85¢ → 53¢, the largest move among 2 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Lender marks
Consensus Q3 2025 101¢, Q4 2025 104¢, Q1 2026 85¢, Q2 2026 53¢. 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 | 101¢ | 104¢ | 85¢ | 53¢ |
| Silver Capital Holdings LLC | 101¢ | 104¢ | 85¢ | 53¢ |
| Goldman Sachs BDC, Inc. | 101¢ | 104¢ | 85¢ | 53¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Silver Capital Holdings LLC | $66.4M | 53¢ | -32 pts |
| Goldman Sachs BDC, Inc. | $18.6M | 53¢ | -32 pts |
Every BDC piece · 11 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Silver Capital Holdings LLC | subordinated debt unsecured or subordinated Unsecured Debt Reference Rate and Spread S + 15.00% PIK Maturity 04/01/28 | $28.5M | Not disclosed | SOFR+1500 bp PIK 15.00% |
| Silver Capital Holdings LLC | subordinated debt unsecured or subordinated Unsecured Debt Reference Rate and Spread S + 15.00% PIK Maturity 04/01/28 One | $16.4M | Not disclosed n/a | SOFR+1500 bp PIK 15.00% |
| Goldman Sachs BDC, Inc. | term loan second lien 2nd Lien/Senior a withheld name + 12.00% PIK Maturity 04/01/28 | $14.5M | $7.7M 53c | SOFR+1200 bp PIK 12.00% |
| Silver Capital Holdings LLC | subordinated debt unsecured or subordinated Unsecured Debt Reference Rate and Spread S + 15.00% PIK Maturity 04/01/28 Two | $10.0M | Not disclosed n/a | SOFR+1500 bp PIK 15.00% |
| Silver Capital Holdings LLC | term loan second lien 2nd Lien/Senior Secured Debt Reference Rate and Spread S + 12.00% PIK Maturity 04/01/28 | $9.1M | $4.8M 53c | SOFR+1200 bp PIK 12.00% |
View all 11 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Goldman Sachs BDC, Inc. | term loan second lien 2nd Lien/Senior a withheld name + 12.00% PIK Maturity 04/01/28 One | $4.0M | $4.8M 149c | SOFR+1200 bp PIK 12.00% |
| Silver Capital Holdings LLC | term loan second lien 2nd Lien/Senior Secured Debt Reference Rate and Spread S + 12.00% PIK Maturity 04/01/28 On | $2.5M | $3.0M 149c | SOFR+1200 bp PIK 12.00% |
| Goldman Sachs BDC, Inc. | preferred equity equity a withheld name 03/03/21 | Not disclosed | $0 0c | |
| Goldman Sachs BDC, Inc. | preferred equity equity a withheld name 11/14/18 | Not disclosed | $0 0c | |
| Silver Capital Holdings LLC | preferred equity equity Preferred Stock Acquisition Date 11/14/18 | Not disclosed | Not disclosed n/a | |
| Silver Capital Holdings LLC | preferred equity equity Preferred Stock Acquisition Date 03/03/21 | Not disclosed | Not disclosed n/a |
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 |
|---|---|---|---|---|---|
| unsecured or subordinated subordinated debt unsecured or subordinated | at least $54.9M | n/a | SOFR+1500 bp PIK 15.00% | Apr 1, 2028 | 1 |
| second lien term loan second lien | at least $30.1M | 70c | SOFR+1200 bp PIK 12.00% | Apr 1, 2028 | 2 |
| first lien term loan first lien exited Sep 30, 2023 | at least $43.0M | 97c | S+1200 bp PIK 12.00% | Nov 14, 2024 | 2 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 2 | $85.0M | $20.3M | 48c | 7 |
| Mar 31, 2026 | 2 | $81.4M | $30.0M | 72c | 7 |
| Dec 31, 2025 | 2 | $77.9M | $34.0M | 84c | 7 |
| Sep 30, 2025 | 2 | $74.4M | $32.1M | 81c | 7 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $71.1M | $30.3M | 78c | 7 |
| Mar 31, 2025 | 2 | $68.1M | $29.6M | 79c | 7 |
| Dec 31, 2024 | 2 | $65.0M | $29.0M | 79c | 7 |
| Sep 30, 2024 | 2 | $62.0M | $28.2M | 79c | 5 |
| Jun 30, 2024 | 2 | $42.8M | $26.1M | 82c | 3 |
| Mar 31, 2024 | 2 | $36.1M | $23.8M | 84c | 5 |
| Dec 31, 2023 | 2 | $68.7M | $55.6M | 101c | 8 |
| Sep 30, 2023 | 2 | $43.0M | $43.1M | 97c | 2 |
| Jun 30, 2023 | 2 | $42.8M | $0 | n/a | 4 |
| Mar 31, 2023 | 2 | $42.5M | $0 | n/a | 2 |
| Dec 31, 2022 | 2 | $61.3M | $47.1M | 113c | 4 |
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 down106.3% of cost to 70.4% of cost2026-06-30
- Marked down106.2% of cost to 70.3% of cost2026-06-30
- Maturity extended2027-04-03 to 2028-04-012026-03-31
+24 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.