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A private credit borrower in it services
What matters now
- 8 of 8 lenderson non-accrual
Non-accrual at 8 of 8 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 → - 88¢ → 51¢consensus mark
Consensus mark 51¢ on cost, down from 88¢ a year ago, 61¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived8 of 8 lenders' own marks, weighted by principal - 11 pts39¢ to 50¢
Lenders disagree by 11 points on the first lien term loan: another lender 39¢ to FS KKR Capital 50¢.
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 → - $1.97Bprincipal outstanding
$1.97B principal held by 8 lenders; matures Oct 2028.
Q2 2026 · Refinancing is due in 24 months at a 51¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 66¢ → 44¢-22 pts, one lender
another lender marked it 66¢ → 44¢, the largest move among 8 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Factanother lender schedule of investments
Lender marks
Consensus Q3 2025 84¢, Q4 2025 78¢, Q1 2026 61¢, Q2 2026 51¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 9, Q4 2025 9, Q1 2026 8, Q2 2026 8. 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
| Lender | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Consensus | 84¢ | 78¢ | 61¢ | 51¢ |
| Blackstone Private Credit Fund | 83¢ | 78¢ | 62¢ | 51¢ |
| Blackstone Secured Lending Fund | 83¢ | 78¢ | 62¢ | 51¢ |
| FS KKR Capital Corp | 92¢ | 79¢ | 54¢ | 50¢ |
5 more lenders are drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Blackstone Private Credit Fund | $1.17B | 51¢ | -11 pts |
| Blackstone Secured Lending Fund | $395M | 51¢ | -11 pts |
| FS KKR Capital Corp | $234M | 50¢ | -4 pts |
8 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 · 12 positions across 8 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $897M | $444M 51c | S+600 bp |
| Blackstone Secured Lending Fund | unstated lien unstated Non-Affiliated Issuer | $393M | $194M 51c | S+600 bp |
| FS KKR Capital Corp | term loan first lien | $234M | $117M 50c | S+600 bp |
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $221M | $110M 51c | S+600 bp |
| Blackstone Private Credit Fund | unstated lien unstated | $52.4M | $25.9M 51c | S+600 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blackstone Secured Lending Fund | unstated lien unstated Non-Affiliated Issuer | $2.3M | $1.1M 51c | S+600 bp |
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 |
|---|---|---|---|---|---|
| other lien unstated | at least $1.6B | 51c | S+600 bp | Oct 29, 2028 | 3 |
| first lien term loan first lien | at least $318M | 48c | SOFR+600 bp PIK 4.00% | Oct 29, 2028 | 5 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 8 | $2.0B | $967M | 51c | 1 |
| Mar 31, 2026 | 8 | $1.9B | $1.1B | 61c | 2 |
| Dec 31, 2025 | 9 | $2.0B | $1.5B | 78c | 6 |
| Sep 30, 2025 | 9 | $2.0B | $1.6B | 84c | 12 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 9 | $1.9B | $1.7B | 88c | 12 |
| Mar 31, 2025 | 8 | $1.9B | $1.7B | 91c | 11 |
| Dec 31, 2024 | 9 | $3.8B | $3.6B | 95c | 21 |
| Sep 30, 2024 | 8 | $1.9B | $1.8B | 97c | 10 |
| Jun 30, 2024 | 8 | $1.9B | $1.8B | 99c | 8 |
| Mar 31, 2024 | 8 | $1.8B | $1.8B | 99c | 8 |
| Dec 31, 2023 | 8 | $2.1B | $2.1B | 100c | 15 |
| Sep 30, 2023 | 8 | $1.8B | $1.8B | 100c | 8 |
| Jun 30, 2023 | 8 | $1.8B | $1.8B | 99c | 10 |
| Mar 31, 2023 | 7 | $1.7B | $1.7B | 101c | 7 |
| Dec 31, 2022 | 8 | $2.0B | $1.9B | 99c | 12 |
| Sep 30, 2022 | 4 | $1.5B | $1.5B | 100c | 5 |
| Dec 31, 2021 | 3 | $1.1B | $1.1B | 100c | 1 |
What changed
Owner and people
- Saints Capital listed on its portfolio page, undated · credit outlook
The company this borrower is was matched by an identity-graded bridge; the owner is the firm its portfolio page or deal record names.
1 person at this company is named with their role and the page that names them, for Private Credit Intelligence readers.
Position history
- Marked down62.2% of cost to 51.1% of cost2026-06-30
- Marked down61.7% of cost to 50.4% of cost2026-06-30
- Marked down62.1% of cost to 51.0% of cost2026-06-30
+96 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.