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A private credit borrower in interactive media & services
What matters now
- 2 of 2 lenderson 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 → - 88¢ → 72¢consensus mark
Consensus mark 72¢ on cost, down from 88¢ a year ago, 75¢ 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
- $66.7Mprincipal outstanding
$66.7M principal held by 2 lenders; matures Dec 2026.
Q2 2026 · Refinancing is due in 2 months at a 72¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
Consensus Q3 2025 81¢, Q4 2025 82¢, Q1 2026 75¢, Q2 2026 72¢. 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
| Lender | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Consensus | 81¢ | 82¢ | 75¢ | 72¢ |
| Morgan Stanley Direct Lending Fund | 80¢ | 82¢ | 75¢ | 71¢ |
| North Haven Private Income Fund LLC | 82¢ | 83¢ | 76¢ | 72¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Morgan Stanley Direct Lending Fund | $49.2M | 71¢ | -4 pts |
| North Haven Private Income Fund LLC | $17.5M | 72¢ | -4 pts |
Every BDC piece · 6 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturit | $32.1M | $22.9M 71c | SOFR+6 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturit | $13.0M | $9.2M 71c | SOFR+6 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturit | $11.5M | $8.2M 72c | SOFR+600 bp |
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturit | $4.6M | $3.3M 72c | SOFR+600 bp |
| Morgan Stanley Direct Lending Fund | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturit | $4.1M | $2.9M 71c | SOFR+6 bp |
View all 6 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| North Haven Private Income Fund LLC | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 6.00% Interest Rate 9.67% Maturit | $1.4M | $982,000 72c | SOFR+600 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 $66.7M | 72c | SOFR+600 bp | Dec 9, 2026 | 2 |
| other lien unstated exited Jun 30, 2025 | at least $17.4M | 90c | S+600 bp PIK 2.50% | unstated | 2 |
| delayed draw term loan lien unstated exited Sep 30, 2024 | at least $11.5M | 91c | S+600 bp | Dec 9, 2026 | 1 |
| first lien revolver first lien exited Sep 30, 2025 | unknown | n/a | S+600 bp | unstated | 2 |
| revolver lien unstated exited Jun 30, 2024 | unknown | n/a | unstated | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 2 | $66.7M | $47.6M | 72c | 0 |
| Mar 31, 2026 | 2 | $66.7M | $49.9M | 75c | 0 |
| Dec 31, 2025 | 2 | $66.9M | $54.5M | 82c | 0 |
| Sep 30, 2025 | 2 | $66.5M | $53.2M | 81c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $66.4M | $57.6M | 88c | 6 |
| Mar 31, 2025 | 2 | $66.0M | $59.1M | 91c | 6 |
| Dec 31, 2024 | 2 | $180M | $166M | 93c | 0 |
| Sep 30, 2024 | 3 | $77.5M | $73.5M | 96c | 0 |
| Jun 30, 2024 | 2 | $59.9M | $56.5M | 95c | 0 |
| Mar 31, 2024 | 3 | $76.6M | $71.4M | 94c | 9 |
| Dec 31, 2023 | 3 | $79.4M | $75.1M | 95c | 10 |
| Sep 30, 2023 | 3 | $76.3M | $72.8M | 96c | 0 |
| Jun 30, 2023 | 3 | $75.5M | $72.5M | 97c | 0 |
| Mar 31, 2023 | 5 | $74.7M | $72.7M | 98c | 0 |
| Dec 31, 2022 | 4 | $14.8M | $10.8M | 95c | 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
- Spread tightened6.00% to 0.06%2026-06-30
- Marked down83.2% of cost to 76.0% of cost2026-03-31
- Marked down81.7% of cost to 75.0% of cost2026-03-31
+37 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.