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A private credit borrower in containers & packaging
What matters now
- 2 of 3 lenderson non-accrual
Non-accrual at 2 of 3 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 → - 102¢ → 36¢consensus mark
Consensus mark 36¢ on cost, down from 102¢ a year ago, 92¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived3 of 3 lenders' own marks, weighted by principal
- 23 pts30¢ to 53¢
Lenders disagree by 23 points on the first lien term loan: BlackRock TCP Capital 30¢ to BCP Investment 53¢.
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 → - $9.47Mprincipal outstanding
$9.47M principal held by 3 lenders; matures Feb 2027.
Q2 2026 · Refinancing is due in 5 months at a 36¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 89¢ → 30¢-59 pts, one lender
BlackRock TCP Capital marked it 89¢ → 30¢, the largest move among 3 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Lender marks
Consensus Q3 2025 102¢, Q4 2025 95¢, Q1 2026 92¢, Q2 2026 36¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 2, Q4 2025 3, Q1 2026 2, Q2 2026 3. 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 | 102¢ | 95¢ | 92¢ | 36¢ |
| BlackRock TCP Capital Corp. | 103¢ | 96¢ | 89¢ | 30¢ |
| BCP Investment Corp | 99¢ | 94¢ | 96¢ | 53¢ |
| Monroe Capital Income Plus Corp | no mark | no mark | no mark | 19¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| BlackRock TCP Capital Corp. | $5.47M | 30¢ | -59 pts |
| BCP Investment Corp | $2.97M | 53¢ | -43 pts |
| Monroe Capital Income Plus Corp | $1.03M | 19¢ | new this quarter |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| BlackRock TCP Capital Corp. | term loan first lien First Lien Term Loan Ref SOFR(Q) Floor 2.50% Spread 6.65% Cash + 2.75% PIK Total Coupon 13 | $5.5M | $1.5M 30c | SOFR+665 bp PIK 2.75% |
| BCP Investment Corp | term loan first lien First Lien/Senior Secured Debt Interest Rate 13.13% Reference Rate and Spread SOFR + 9.25% | $3.0M | $1.6M 53c | SOFR+925 bp PIK 2.75% |
| Monroe Capital Income Plus Corp | term loan first lien Senior Secured Loans | $1.0M | $169,000 19c | S+940 bp PIK 2.75% |
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 $9.5M | 36c | SOFR+940 bp PIK 2.75% | Feb 17, 2027 | 3 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 3 | $9.5M | $3.3M | 36c | 3 |
| Mar 31, 2026 | 2 | $8.4M | $7.6M | 92c | 2 |
| Dec 31, 2025 | 3 | $8.7M | $8.2M | 95c | 2 |
| Sep 30, 2025 | 2 | $7.8M | $7.8M | 102c | 2 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $7.8M | $7.8M | 102c | 2 |
| Mar 31, 2025 | 2 | $7.8M | $7.8M | 102c | 2 |
| Dec 31, 2024 | 2 | $10.5M | $10.5M | 101c | 3 |
| Sep 30, 2024 | 2 | $7.8M | $7.7M | 101c | 2 |
| Jun 30, 2024 | 2 | $7.8M | $7.7M | 101c | 2 |
| Mar 31, 2024 | 1 | $5.0M | $5.1M | 104c | 1 |
| Dec 31, 2023 | 2 | $10.5M | $10.4M | 102c | 3 |
| Sep 30, 2023 | 1 | $5.1M | $5.1M | 106c | 1 |
| Jun 30, 2023 | 1 | $10.1M | $10.0M | 105c | 0 |
| Mar 31, 2023 | 1 | $10.2M | $9.8M | 104c | 0 |
| Dec 31, 2022 | 1 | $20.4M | $19.5M | 105c | 0 |
What changed
Owner and people
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
- New positionat $1.0M2026-06-30
- Spread widened2.00% to 6.65%2026-06-30
- Marked down96.3% of cost to 53.3% of cost2026-06-30
+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.