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 software & services
What matters now
- 72¢ → 97¢consensus mark
Consensus mark 97¢ on cost, up from 72¢ a year ago, 99¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived6 of 7 lenders' own marks, weighted by principal
Lender marks
Consensus Q3 2025 99¢, Q4 2025 100¢, Q1 2026 99¢, Q2 2026 97¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 6, Q4 2025 6, Q1 2026 6, Q2 2026 6. 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 | 99¢ | 100¢ | 99¢ | 97¢ |
| FS KKR Capital Corp | 100¢ | 100¢ | 100¢ | 97¢ |
| MidCap Financial Investment Corp | 100¢ | 98¢ | 96¢ | 92¢ |
| HPS Corporate Lending Fund | 100¢ | 101¢ | 101¢ | 101¢ |
4 more lenders are drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| FS KKR Capital Corp | $15.6M | 97¢ | -3 pts |
| MidCap Financial Investment Corp | $14.1M | 92¢ | -4 pts |
| HPS Corporate Lending Fund | $8.18M | 101¢ | 0 pts |
7 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 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| MidCap Financial Investment Corp | term loan first lien First Lien Secured Debt - Term Loan, SOFR+640 PIK, 1.00% Floor, Maturity Date 06/30/30 | $13.7M | $12.7M 93c | SOFR+640 bp PIK 6.40% |
| FS KKR Capital Corp | term loan first lien a withheld name 1 | $10.9M | $10.6M 97c | S+630 bp |
| HPS Corporate Lending Fund | unstated lien unstated Affiliated Issuer | $8.2M | $8.2M 101c | 10.13% PIK 6.25% |
| FS KKR Capital Corp | term loan first lien a withheld name 3 | $3.6M | $3.4M 94c | S+630 bp |
| FS KKR Capital Corp | term loan first lien a withheld name 2 | $1.1M | $1.1M 100c | S+630 bp |
View all 12 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| MidCap Financial Investment Corp | revolver first lien First Lien Secured Debt - Revolver, SOFR+640 PIK, 1.00% Floor, Maturity Date 06/30/30 | $416,000 | $297,000 71c | SOFR+640 bp PIK 6.40% |
| FS KKR Capital Corp | equity equity a withheld name | Not disclosed | $0 | |
| FS KKR Capital Corp | preferred equity equity a withheld name | Not disclosed | $0 0c | |
| FS KKR Capital Corp | unstated lien unstated | Not disclosed | Not disclosed | |
| MidCap Financial Investment Corp | preferred equity equity an investment firm - an investment firm | Not disclosed | Not disclosed | |
| MidCap Financial Investment Corp | term loan first lien First Lien Secured Debt - Term Loan, an investment firm - a withheld name | Not disclosed | Not disclosed | S+640 bp |
| MidCap Financial Investment Corp | preferred equity equity an investment firm - an investment firm | Not disclosed | $633,000 6c |
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 $34.2M | 96c | SOFR+630 bp PIK 6.40% | Jun 30, 2030 | 3 |
| other lien unstated | at least $14.8M | 101c | 10.13% PIK 6.25% | Jun 30, 2030 | 4 |
| first lien delayed draw term loan first lien | at least $5.6M | 100c | S+625 bp PIK 10.13% | Jun 30, 2030 | 1 |
| first lien revolver first lien | at least $587,000 | 80c | SOFR+640 bp PIK 6.40% | Jun 30, 2030 | 2 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 7 | $55.1M | $53.5M | 101c | 6 |
| Mar 31, 2026 | 7 | $41.5M | $41.0M | 103c | 3 |
| Dec 31, 2025 | 7 | $61.0M | $60.8M | 103c | 6 |
| Sep 30, 2025 | 7 | $47.4M | $47.4M | 104c | 3 |
All 18 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $122M | $87.3M | 75c | 0 |
| Mar 31, 2025 | 7 | $122M | $99.2M | 85c | 0 |
| Dec 31, 2024 | 7 | $207M | $200M | 100c | 0 |
| Sep 30, 2024 | 7 | $116M | $115M | 104c | 0 |
| Jun 30, 2024 | 7 | $116M | $115M | 104c | 0 |
| Mar 31, 2024 | 5 | $101M | $97.1M | 99c | 0 |
| Dec 31, 2023 | 5 | $131M | $126M | 99c | 0 |
| Sep 30, 2023 | 5 | $101M | $97.3M | 99c | 0 |
| Jun 30, 2023 | 5 | $92.9M | $88.4M | 99c | 0 |
| Mar 31, 2023 | 5 | $129M | $125M | 135c | 0 |
| Dec 31, 2022 | 5 | $219M | $212M | 118c | 0 |
| Sep 30, 2022 | 1 | $55.9M | $54.9M | 101c | 0 |
| Mar 31, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $101M | $101M | 104c | 0 |
What changed
Owner and people
- Sentinel Capital Partners, L.L.C. recorded as exited · 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.
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
- Position exited2026-06-30
- New positionat $416,0002026-06-30
- Principal increased$13.0M to $13.8M2026-03-31
+97 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.