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A private credit borrower in hotels, restaurants & leisure

Borrower · Hotels, Restaurants & Leisure
group grade Aon a schedule nowsponsor not yet identified
See every lender's markSpecial situations PE firms

What matters now

  1. 2 of 10 lenders
    on non-accrual

    Non-accrual at 2 of 10 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 →
  2. $68.4M
    principal outstanding

    $68.4M principal held by 10 lenders; matures Feb 2028.

    Q2 2026 · Refinancing is due in 17 months at a 98¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
Q2 2025: 98¢Q3 2025: 99¢Q4 2025: 98¢Q1 2026: 98¢Q2 2026: 98¢98¢ · 99¢ · 98¢ · 98¢ · 98¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 5 points apart
93¢Consensus: 98¢another lender: 98¢another lender: 93¢another lender: 93¢98¢
Principal held
at least $68.4M
sum of BDC pieces, a lower bound
Fair value
$66.6M
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
12
10 on the latest quarter
Facilities
7
2 equity pieces beside them
Next maturity
Feb 23, 2028
$37.0M inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
29
dated, non-routine

Lender marks

each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
How each lender’s mark moved, last 4 quarter ends
Consensus, weighted by principalMiddle half of lendersOne lender
90¢95¢100¢105¢Q3 2025Q4 2025Q1 2026Q2 2026Barings BDC, Inc.: Q3 2025 101¢, Q4 2025 101¢, Q1 2026 101¢, Q2 2026 101¢TCW SPECIALTY LENDING LLC: Q3 2025 no mark, Q4 2025 no mark, Q1 2026 no mark, Q2 2026 99¢TCW Direct Lending VIII LLC: Q3 2025 95¢, Q4 2025 95¢, Q1 2026 95¢, Q2 2026 95¢another lender: Q3 2025 101¢, Q4 2025 101¢, Q1 2026 100¢, Q2 2026 100¢another lender: Q3 2025 101¢, Q4 2025 101¢, Q1 2026 101¢, Q2 2026 101¢another lender: Q3 2025 95¢, Q4 2025 95¢, Q1 2026 95¢, Q2 2026 95¢another lender: Q3 2025 99¢, Q4 2025 98¢, Q1 2026 99¢, Q2 2026 93¢another lender: Q3 2025 99¢, Q4 2025 98¢, Q1 2026 99¢, Q2 2026 93¢another lender: Q3 2025 no mark, Q4 2025 100¢, Q1 2026 99¢, Q2 2026 99¢another lender: Q3 2025 98¢, Q4 2025 95¢, Q1 2026 93¢, Q2 2026 91¢98¢

Consensus Q3 2025 99¢, Q4 2025 98¢, Q1 2026 98¢, Q2 2026 98¢. Hover a line for one lender.

Lenders with a mark per quarter end: Q3 2025 9, Q4 2025 10, Q1 2026 10, Q2 2026 10. 1 lender that held it earlier and not at the latest quarter end is not drawn. 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
LenderQ3 2025Q4 2025Q1 2026Q2 2026
Consensus99¢98¢98¢98¢
Barings BDC, Inc.101¢101¢101¢101¢
TCW SPECIALTY LENDING LLCno markno markno mark99¢
TCW Direct Lending VIII LLC95¢95¢95¢95¢

7 more lenders are drawn on the chart without a name; the lender list opens with the record.

LenderExposureCurrent markQoQ change
Barings BDC, Inc.$13.7M101¢0 pts
TCW SPECIALTY LENDING LLC$10.3M99¢new this quarter
TCW Direct Lending VIII LLC$10.2M95¢0 pts

10 lenders hold this credit

Each lender named with its own mark, its exposure and every piece it holds, from its schedule of investments.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Every BDC piece · 24 positions across 10 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
Barings BDC, Inc.term loan second lien
Second Lien Senior Secured Term Loan
$13.7M$13.7M
101c
S+725 bp
TCW SPECIALTY LENDING LLCterm loan lien unstated
A withheld name 05/11/23 Term Loan - 12.82% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK)
$10.0M$9.4M
99c
SOFR+900 bp
PIK 2.00%
TCW Direct Lending VIII LLCterm loan lien unstated
A withheld name 05/11/23 Term Loan - 12.82% inc PIK (SOFR + 9.00%, 1.50% Floor, 2.00% PIK)
$9.8M$9.2M
95c
SOFR+900 bp
PIK 2.00%
TCW SPECIALTY LENDING LLCdelayed draw term loan lien unstated
A withheld name 05/11/23 Delayed Draw Term Loan - 12.88% inc PIK (SOFR + 9.00%, 1.50% Floo
$357,106$334,251
99c
SOFR+900 bp
PIK 2.00%
TCW Direct Lending VIII LLCdelayed draw term loan lien unstated
A withheld name 05/11/23 Delayed Draw Term Loan - 12.88% inc PIK (SOFR + 9.00%, 1.50% Floo
$352,979$352,273
100c
SOFR+900 bp
PIK 2.00%
View all 6 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
Barings BDC, Inc.equity equity
LLC Units
Not disclosed$720,000
74c

Capital structure as the BDCs see it

latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
second lien term loan second lienat least $28.0M101cS+725 bpunstated3
term loan lien unstatedat least $25.7M97cSOFR+900 bp
PIK 2.00%
Feb 23, 20283
first lien term loan first lienat least $13.0M94cSOFR+425 bpMay 5, 20294
delayed draw term loan lien unstatedat least $922,11198cSOFR+900 bp
PIK 2.00%
Feb 23, 20283
first lien revolver first lienat least $740,000n/a0.00%Feb 23, 20282
All 7 facilitiesheld first, largest first
FacilityHeldOn costPricingMaturityBDCs
first lien delayed draw term loan first lienat least $55,000n/aSOFR+900 bpFeb 23, 20281
other lien unstated
exited Sep 30, 2024
at least $7.5M99cS+425 bpMay 5, 20291
Equity pieces beside the debt: equity ($1.5M fair value, 5 BDCs), preferred equity ($64,000 fair value, 2 BDCs)

Through time

the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202610$68.4M$65.1M98c6
Mar 31, 202610$70.4M$67.7M98c7
Dec 31, 202510$73.6M$70.8M98c8
Sep 30, 20259$72.8M$69.6M99c5
All 16 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202510$67.5M$64.6M98c7
Mar 31, 202510$67.6M$64.8M99c4
Dec 31, 20249$107M$103M99c5
Sep 30, 202410$88.7M$82.9M99c0
Jun 30, 20249$66.7M$61.5M96c0
Mar 31, 20249$68.6M$64.1M100c0
Dec 31, 20239$69.4M$64.4M100c0
Sep 30, 20239$86.7M$77.9M100c0
Jun 30, 20238$6.7B$6.5B101c0
Mar 31, 20235$41.8M$37.7M100c0
Dec 31, 20224$28.5M$27.7M99c0
Sep 30, 20221$13.7M$13.3M99c0

What changed

  • Maturity approachingFeb 23, 2028
  • Maturity approachingFeb 23, 2028
  • Maturity approachingFeb 23, 2028
  • Maturity approachingFeb 23, 2028
  • New lender joined a facilityJun 30, 2026

+25 additional dated changes on this borrower

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Position history

101 field-level changes across filed schedules, latest first
  • Mark recovered93.8% of cost to 99.8% of cost
    2026-06-30
  • Marked down98.6% of cost to 92.7% of cost
    2026-06-30
  • Marked down98.5% of cost to 92.6% of cost
    2026-06-30

+98 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.