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A private credit borrower in professional services
What matters now
- 101¢ → 98¢consensus mark
Consensus mark 98¢ on cost, down from 101¢ a year ago, 100¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived5 of 5 lenders' own marks, weighted by principal
Lender marks
Consensus Q3 2025 101¢, Q4 2025 101¢, Q1 2026 100¢, Q2 2026 98¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 5, Q4 2025 5, Q1 2026 5, Q2 2026 5. 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¢ | 101¢ | 100¢ | 98¢ |
| North Haven Private Income Fund LLC | 101¢ | 101¢ | 100¢ | 98¢ |
| Morgan Stanley Direct Lending Fund | 101¢ | 101¢ | 100¢ | 98¢ |
| T Series BDC LLC | 101¢ | 101¢ | 100¢ | 99¢ |
2 more lenders are drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| North Haven Private Income Fund LLC | $33.3M | 98¢ | -2 pts |
| Morgan Stanley Direct Lending Fund | $21.5M | 98¢ | -2 pts |
| T Series BDC LLC | $17.3M | 99¢ | -1 pts |
5 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 · 37 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $28.6M | $27.9M 99c | SOFR+525 bp |
| T Series BDC LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $16.2M | $15.8M 99c | SOFR+525 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturit | $12.3M | $12.0M 99c | SOFR+525 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $3.6M | $3.5M 98c | SOFR+5 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $3.5M | $3.4M 99c | SOFR+525 bp |
View all 25 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $3.1M | $3.0M 98c | SOFR+5 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturit | $2.0M | $2.0M 99c | SOFR+525 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $894,000 | $817,000 94c | SOFR+525 bp |
| T Series BDC LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $683,000 | $666,000 99c | SOFR+525 bp |
| T Series BDC LLC | term loan first lien First Lien Debt Reference Rate and Spread S + 5.25% Interest Rate 8.98% Maturity Date 05/0 | $505,000 | $461,000 94c | SOFR+525 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Interest rate 8.98% Maturit | $386,000 | $352,000 94c | SOFR+525 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 05/06/2030 | $122,000 | $106,000 91c | SOFR+525 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 5.25% Maturity Date 5/6/2031 | $114,000 | $35,000 35c | SOFR+525 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 5.25% Interest Rate 8.98% Maturity | $88,000 | $79,000 93c | SOFR+5 bp |
| Morgan Stanley Direct Lending Fund | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20 | Not disclosed | Not disclosed | |
| Morgan Stanley Direct Lending Fund | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 05/06/2030 | Not disclosed | Not disclosed | |
| Morgan Stanley Direct Lending Fund | equity equity Investment Common Equity Acquisition Date 05/03/2024 | Not disclosed | $7,000 140c | |
| Morgan Stanley Direct Lending Fund | preferred equity equity Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/20 | Not disclosed | $664,000 114c | S+1000 bp |
| North Haven Private Income Fund LLC | equity equity Investment Common Equity Acquisition Date 05/03/2024 | Not disclosed | $12,000 133c | |
| North Haven Private Income Fund LLC | preferred equity equity Investment Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/20 | Not disclosed | $1.2M 113c | S+1000 bp |
| North Haven Private Income Fund LLC | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 11/08/20 | Not disclosed | Not disclosed | S+525 bp |
| North Haven Private Income Fund LLC | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 05/06/2030 | Not disclosed | Not disclosed | S+525 bp |
| T Series BDC LLC | equity equity Common Equity Acquisition Date 05/03/2024 | Not disclosed | $6,000 150c | |
| T Series BDC LLC | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 05/06/2030 | Not disclosed | Not disclosed | S+525 bp |
| T Series BDC LLC | preferred equity equity Preferred Equity Reference Rate and Spread 10.00% PIK Acquisition Date 05/03/2024 | Not disclosed | $553,000 113c | S+1000 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 |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $81.8M | 98c | SOFR+525 bp | May 6, 2031 | 5 |
| first lien revolver first lien | unknown | n/a | S+525 bp | unstated | 5 |
| first lien delayed draw term loan first lien | unknown | n/a | S+525 bp | unstated | 2 |
| other lien unstated exited Jun 30, 2025 | at least $41.7M | 102c | S+1000 bp | unstated | 5 |
| delayed draw term loan lien unstated exited Jun 30, 2024 | unknown | n/a | S+525 bp | unstated | 2 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated exited Jun 30, 2025 | unknown | n/a | unstated | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 5 | $81.8M | $79.5M | 98c | 0 |
| Mar 31, 2026 | 5 | $90.1M | $89.2M | 100c | 0 |
| Dec 31, 2025 | 5 | $84.3M | $84.3M | 101c | 0 |
| Sep 30, 2025 | 5 | $82.1M | $82.0M | 101c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $82.0M | $81.8M | 101c | 0 |
| Mar 31, 2025 | 5 | $78.1M | $78.0M | 101c | 0 |
| Dec 31, 2024 | 5 | $149M | $147M | 100c | 0 |
| Sep 30, 2024 | 5 | $74.6M | $73.5M | 100c | 0 |
| Jun 30, 2024 | 5 | $71.7M | $70.2M | 100c | 0 |
| Mar 31, 2024 | 4 | $39.3M | $19.8M | 101c | 0 |
| Dec 31, 2023 | 1 | $17.9M | $11.9M | 102c | 0 |
| Sep 30, 2023 | 1 | $6.0M | $4.0M | 102c | 0 |
| Jun 30, 2023 | 1 | $6.0M | $4.0M | 102c | 0 |
| Mar 31, 2023 | 1 | $6.0M | $3.9M | 100c | 0 |
What changed
Owner and people
- Sterling Investment Partners Advisers, LLC
- graded chain currentderivedsterlinglp.comconfidence 0.9
- Sterling Investment Partners Advisers, LLC ownership stated current · credit outlook
- RTC Partners listed on its portfolio page, undated · credit outlook
- Southfield Capital LP listed on its portfolio page, undated · credit outlook
1 more owner is named with Private Credit Intelligence.
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.
This record sits on 31 traced paths of capital across the graphs.
DFX traced 31 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Position history
- Spread widened4.75% to 5.25%2026-06-30
- Spread widened4.75% to 5.25%2026-06-30
- Spread widened4.75% to 5.25%2026-06-30
+125 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.
›Connections
every published relationship on the graph
+1 connection on the graph
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.