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A private credit borrower in construction & building
What matters now
- 1 of 4 lenderson non-accrual
Non-accrual at 1 of 4 lenders on the latest schedules, first placed in Q1 2026.
since Q1 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 → - 91¢ → 59¢consensus mark
Consensus mark 59¢ on cost, down from 91¢ a year ago, 55¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived4 of 4 lenders' own marks, weighted by principal - $26.1Mprincipal outstanding
$26.1M principal held by 4 lenders; matures Apr 2028.
Q2 2026 · Refinancing is due in 18 months at a 59¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
Consensus Q3 2025 98¢, Q4 2025 80¢, Q1 2026 55¢, Q2 2026 59¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 5, Q4 2025 5, Q1 2026 4, Q2 2026 4. 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 | 98¢ | 80¢ | 55¢ | 59¢ |
| Carlyle Secured Lending, Inc. | 100¢ | 81¢ | 55¢ | 58¢ |
| Carlyle Credit Solutions, Inc. | 96¢ | 78¢ | 53¢ | 56¢ |
| Blackstone Private Credit Fund | 97¢ | 80¢ | 58¢ | 63¢ |
1 more lender is drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Carlyle Secured Lending, Inc. | $10.9M | 58¢ | +3 pts |
| Carlyle Credit Solutions, Inc. | $9.84M | 56¢ | +3 pts |
| Blackstone Private Credit Fund | $3.89M | 63¢ | +5 pts |
4 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 · 6 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Carlyle Secured Lending, Inc. | term loan first lien Investment | Non-Affiliated Issuer | a withheld name | $7.8M | $4.5M 59c | S+563 bp |
| Carlyle Credit Solutions, Inc. | term loan first lien Investment | Non-Affiliated Issuer | a withheld name | $7.5M | $4.3M 58c | S+563 bp |
| Blackstone Private Credit Fund | unstated lien unstated | $3.9M | $2.4M 63c | S+325 bp |
| Carlyle Secured Lending, Inc. | term loan first lien Investment | Non-Affiliated Issuer | a withheld name | $3.1M | $1.6M 55c | S+450 bp |
| Carlyle Credit Solutions, Inc. | term loan first lien Investment | Non-Affiliated Issuer | a withheld name | $2.4M | $1.2M 52c | S+450 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 $22.2M | 58c | SOFR+563 bp | May 15, 2031 | 3 |
| other lien unstated | at least $3.9M | 63c | S+325 bp | Apr 12, 2028 | 1 |
| second lien term loan second lien exited Dec 31, 2024 | at least $1.5M | 97c | SOFR+450 bp | May 15, 2031 | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 4 | $26.1M | $14.8M | 59c | 0 |
| Mar 31, 2026 | 4 | $26.2M | $13.9M | 55c | 0 |
| Dec 31, 2025 | 5 | $86.0M | $67.4M | 80c | 0 |
| Sep 30, 2025 | 5 | $86.2M | $82.2M | 98c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 5 | $89.6M | $80.2M | 91c | 0 |
| Mar 31, 2025 | 5 | $89.9M | $79.1M | 90c | 0 |
| Dec 31, 2024 | 3 | $116M | $113M | 99c | 0 |
| Sep 30, 2024 | 4 | $45.2M | $45.1M | 101c | 0 |
| Jun 30, 2024 | 4 | $42.8M | $42.8M | 101c | 0 |
| Mar 31, 2024 | 2 | $36.7M | $37.0M | 102c | 0 |
| Dec 31, 2023 | 2 | $41.4M | $41.8M | 102c | 0 |
| Sep 30, 2023 | 2 | $34.0M | $33.7M | 101c | 0 |
| Jun 30, 2023 | 2 | $78.2M | $75.2M | 97c | 0 |
| Mar 31, 2023 | 2 | $89.1M | $83.3M | 271c | 0 |
| Dec 31, 2022 | 3 | $120M | $113M | 98c | 0 |
| Sep 30, 2022 | 1 | $57.4M | $52.1M | 99c | 0 |
| Dec 31, 2021 | 1 | $2.9M | $2.9M | 100c | 0 |
What changed
Owner and people
- Clayton, Dubilier & Rice, LLC status unknown · 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
- Mark recovered57.6% of cost to 63.2% of cost2026-06-30
- Marked down77.9% of cost to 53.0% of cost2026-03-31
- Marked down84.9% of cost to 61.1% of cost2026-03-31
+48 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.