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A private credit borrower in professional services
What matters now
- 7¢ → 17¢consensus mark
Consensus mark 17¢ on cost, up from 7¢ in Q4 2024, 46¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal - $16Mprincipal outstanding
$16M principal held by 1 lender; matures Mar 2027.
Q2 2026 · Refinancing is due in 6 months at a 17¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 46¢ → 17¢-29 pts, one lender
Audax Private Credit Fund marked it 46¢ → 17¢, the largest move among 1 lender this quarter.
Q2 2026 · One holder repriced far more than the rest.
Lender marks
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Audax Private Credit Fund, LLC | $16M | 17¢ | -29 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Audax Private Credit Fund, LLC | term loan first lien Investment Type 1st Lien Term Loan Index S+ Spread 8.50% PIK Interest Rate 12.23% Acquisit | $10.4M | $1.3M 17c | SOFR+850 bp PIK 8.50% |
| Audax Private Credit Fund, LLC | term loan first lien Investment Type 1st Lien Term Loan Index Fixed Spread 18.00% PIK Interest Rate 20.00% Acqu | $5.6M | $0 0c | //www.audaxprivateequity.com/20260630#Fixed Rate+1800 bp PIK 18.00% |
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 $16.0M | 11c | //www.audaxprivateequity.com/20260630#Fixed Rate+1800 bp PIK 18.00% | Mar 31, 2027 | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 1 | $16.0M | $1.3M | 11c | 2 |
| Mar 31, 2026 | 1 | $16.0M | $3.4M | 30c | 2 |
| Dec 31, 2025 | 1 | $32.0M | $18.8M | 83c | 4 |
| Dec 31, 2024 | 1 | $16.0M | $10.7M | 94c | 1 |
What changed
Owner and people
- TZP Management Associates, LLC listed on its portfolio page, undated · credit outlook
- Graycliff Partners LP 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
- Marked down30.1% of cost to 11.2% of cost2026-06-30
- Marked down82.7% of cost to 30.1% of cost2026-03-31
- Principal decreased$32.0M to $16.0M2026-03-31
+2 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.