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A private credit borrower

Borrower
group grade Aon a schedule nowsponsor New State Capital Partners stated
See every lender's markSpecial situations PE firms

What matters now

  1. 2 of 2 lenders
    on non-accrual

    Non-accrual at 2 of 2 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. 92¢ → 66¢
    consensus mark

    Consensus mark 66¢ on cost, down from 92¢ a year ago, 86¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived2 of 2 lenders' own marks, weighted by principal
  1. $58.5M
    principal outstanding

    $58.5M principal held by 2 lenders.

    Q2 2026 · The loss if the marks hold, spread across the holders below.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  2. 86¢ → 66¢
    -20 pts, one lender

    Main Street Capital marked it 86¢ → 66¢, the largest move among 2 lenders this quarter.

    Q2 2026 · One holder repriced far more than the rest.

    FactMain Street Capital schedule of investmentsOpen the lender →
Mark path, consensus per quarter end
Q2 2025: 92¢Q3 2025: 92¢Q4 2025: 95¢Q1 2026: 86¢Q2 2026: 66¢92¢ · 92¢ · 95¢ · 86¢ · 66¢Q2 2025 to Q2 2026
Where each lender marks it on the term loan, 0 points apart
65¢Consensus: 66¢Main Street Capital: 65¢MSC INCOME FUND: 65¢65¢
Principal held
at least $58.5M
sum of BDC pieces, a lower bound
Fair value
$38.7M
66c on cost, debt pieces
Unfunded
$1.3M
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
Aug 6, 2026
$58.5M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
12
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 principalOne lender
70¢80¢90¢100¢Q3 2025Q4 2025Q1 2026Q2 2026Main Street Capital CORP: Q3 2025 92¢, Q4 2025 95¢, Q1 2026 86¢, Q2 2026 66¢MSC INCOME FUND, INC.: Q3 2025 92¢, Q4 2025 95¢, Q1 2026 86¢, Q2 2026 66¢66¢

Consensus Q3 2025 92¢, Q4 2025 95¢, Q1 2026 86¢, Q2 2026 66¢. Hover a line for one lender.

Lenders with a mark per quarter end: Q3 2025 2, Q4 2025 2, Q1 2026 2, Q2 2026 2. 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
Consensus92¢95¢86¢66¢
Main Street Capital CORP92¢95¢86¢66¢
MSC INCOME FUND, INC.92¢95¢86¢66¢
LenderExposureCurrent markQoQ change
Main Street Capital CORP$31.9M66¢-20 pts
MSC INCOME FUND, INC.$26.6M66¢-20 pts
Every BDC piece · 8 positions across 2 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
Main Street Capital CORPterm loan lien unstated
Secured Debt 3
$22.1M$14.4M
65c
S+1025 bp
PIK 14.05%
MSC INCOME FUND, INC.term loan lien unstated
Secured Debt 3
$18.4M$12.0M
65c
S+1025 bp
PIK 14.05%
Main Street Capital CORPterm loan lien unstated
Secured Debt 2
$9.1M$5.9M
65c
S+1025 bp
PIK 14.05%
MSC INCOME FUND, INC.term loan lien unstated
Secured Debt 2
$7.6M$4.9M
65c
S+1025 bp
PIK 14.05%
Main Street Capital CORPterm loan lien unstated
Secured Debt 1
$787,000$776,000
100c
S+1025 bp
PIK 15.00%
View all 8 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
MSC INCOME FUND, INC.term loan lien unstated
Secured Debt 1
$656,000$646,000
100c
S+1025 bp
PIK 15.00%
Main Street Capital CORPunstated lien unstatedNot disclosedNot disclosed
MSC INCOME FUND, INC.unstated lien unstatedNot disclosedNot disclosed

Capital structure as the BDCs see it

latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
term loan lien unstatedat least $58.5M66cS+1025 bp
PIK 15.00%
Aug 6, 20262
Equity pieces beside the debt: other (Not disclosed fair value, 2 BDCs)

Through time

the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20262$58.5M$38.7M66c6
Mar 31, 20262$58.4M$50.2M86c6
Dec 31, 20252$55.4M$52.7M95c4
Sep 30, 20252$54.0M$49.6M92c4
All 17 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20252$52.5M$48.0M92c2
Mar 31, 20252$50.8M$46.6M92c2
Dec 31, 20242$98.3M$91.8M94c0
Sep 30, 20242$47.0M$45.8M99c0
Jun 30, 20242$44.4M$43.5M100c0
Mar 31, 20242$42.7M$41.4M99c0
Dec 31, 20232$42.7M$41.4M98c0
Sep 30, 20232$43.0M$41.3M97c0
Jun 30, 20232$43.1M$40.4M95c0
Mar 31, 20232$43.3M$39.5M92c0
Dec 31, 20222$43.4M$40.1M94c0
Sep 30, 20221$23.7M$21.4M92c0
Dec 31, 20211$43.4M$42.5M100c0

What changed

  • Spread changed (observed)Jun 30, 2026
  • Marked down across lendersJun 30, 2026
  • Placed on non-accrualJun 30, 2026
  • Placed on non-accrualJun 30, 2026
  • Marked down (one lender)Jun 30, 2026

+22 additional dated changes on this borrower

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

Capital chain

This record sits on 4 traced paths of capital across the graphs.

Sponsor to borrower to facility to lender

DFX traced 4 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

33 field-level changes across filed schedules, latest first
  • Spread widened8.25% to 10.25%
    2026-06-30
  • Marked down86.2% of cost to 66.2% of cost
    2026-06-30
  • Marked down86.2% of cost to 66.2% of cost
    2026-06-30

+30 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.