The names past the first three in each section on this page are hidden. Create a free account to reveal 5 records a month, or get Private Equity Intelligence at $199 a month for every name. Every figure, date and source on this page is public either way.
A private credit borrower in commercial services & supplies
What matters now
- 2 of 3 lenderson non-accrual
Non-accrual at 2 of 3 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 → - 98¢ → 67¢consensus mark
Consensus mark 67¢ on cost, down from 98¢ a year ago, 68¢ 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 - 13 pts64¢ to 77¢
Lenders disagree by 13 points on the first lien term loan: Goldman Sachs BDC 64¢ to Crescent Capital BDC 77¢.
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 → - $18.9Mprincipal outstanding
$18.9M principal held by 3 lenders; matures Dec 2026.
Q2 2026 · Refinancing is due in 2 months at a 67¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
Consensus Q3 2025 97¢, Q4 2025 88¢, Q1 2026 68¢, Q2 2026 67¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 3, Q4 2025 3, Q1 2026 3, Q2 2026 3. 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 | 97¢ | 88¢ | 68¢ | 67¢ |
| Goldman Sachs BDC, Inc. | 96¢ | 86¢ | 65¢ | 65¢ |
| Crescent Capital BDC, Inc. | 102¢ | 99¢ | 81¢ | 77¢ |
| Goldman Sachs Private Middle Market Credit II LLC | 96¢ | 86¢ | 65¢ | 65¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Goldman Sachs BDC, Inc. | $13.7M | 65¢ | 0 pts |
| Crescent Capital BDC, Inc. | $3.32M | 77¢ | -4 pts |
| Goldman Sachs Private Middle Market Credit II LLC | $1.83M | 65¢ | 0 pts |
Every BDC piece · 5 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Goldman Sachs BDC, Inc. | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Reference Rate and Sp | $11.9M | $7.6M 64c | SOFR+650 bp |
| Crescent Capital BDC, Inc. | term loan first lien Investment Type Unitranche First Lien Term Loan Interest Term S + 600, 100 Floor Interest | $3.3M | $2.5M 77c | SOFR+600 bp |
| Goldman Sachs Private Middle Market Credit II LLC | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Reference Rate and Sp | $1.8M | $1.2M 65c | SOFR+650 bp |
| Goldman Sachs BDC, Inc. | term loan first lien 1st Lien/Senior Secured Debt Industry Commercial Services & Supplies Reference Rate and Sp | $1.8M | $1.2M 65c | SOFR+650 bp |
| Crescent Capital BDC, Inc. | term loan first lien Investment Type Term Loan Commitment Expiration Date 12/16/2026 | Not disclosed | Not disclosed |
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 $18.9M | 67c | SOFR+650 bp | Dec 31, 2026 | 3 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 3 | $18.9M | $12.4M | 67c | 0 |
| Mar 31, 2026 | 3 | $18.9M | $12.7M | 68c | 0 |
| Dec 31, 2025 | 3 | $19.1M | $16.7M | 88c | 0 |
| Sep 30, 2025 | 3 | $19.1M | $18.3M | 97c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $19.4M | $18.6M | 98c | 0 |
| Mar 31, 2025 | 3 | $19.7M | $19.0M | 98c | 0 |
| Dec 31, 2024 | 3 | $19.9M | $19.3M | 98c | 0 |
| Sep 30, 2024 | 3 | $20.2M | $19.5M | 99c | 0 |
| Jun 30, 2024 | 3 | $20.5M | $19.8M | 98c | 0 |
| Mar 31, 2024 | 3 | $20.7M | $20.0M | 98c | 0 |
| Dec 31, 2023 | 3 | $38.3M | $36.9M | 98c | 0 |
| Sep 30, 2023 | 3 | $21.0M | $20.1M | 97c | 0 |
| Jun 30, 2023 | 3 | $21.0M | $3.6M | 101c | 0 |
| Mar 31, 2023 | 3 | $19.0M | $3.6M | 99c | 0 |
| Dec 31, 2022 | 2 | $17.5M | $17.0M | 98c | 0 |
What changed
Owner and people
- LLR Management Holdco, L.P. listed on its portfolio page, undated · credit outlook
- Lincolnshire Management, Inc. recorded as exited · credit outlook
- Stirling Square Capital Partners recorded as exited · 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
- Marked down86.0% of cost to 65.0% of cost2026-03-31
- Marked down98.6% of cost to 81.2% of cost2026-03-31
- Marked down85.7% of cost to 64.7% of cost2026-03-31
+24 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.