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A private credit borrower in office services & supplies
What matters now
- $13.2Mprincipal outstanding
$13.2M principal held by 2 lenders; matures Dec 2026.
Q2 2026 · Refinancing is due in 2 months at a 100¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Lender marks
Consensus Q3 2025 100¢, Q4 2025 100¢, Q1 2026 100¢, Q2 2026 100¢. 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 | 100¢ | 100¢ | 100¢ | 100¢ |
| WhiteHorse Finance, Inc. | 100¢ | 100¢ | 100¢ | 100¢ |
| Stepstone Private Credit Fund LLC | 99¢ | 100¢ | 100¢ | 100¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| WhiteHorse Finance, Inc. | $12M | 100¢ | 0 pts |
| Stepstone Private Credit Fund LLC | $1.19M | 100¢ | 0 pts |
Every BDC piece · 5 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| WhiteHorse Finance, Inc. | term loan first lien First Lien Secured Term Loan | $8.9M | $8.9M 100c | SOFR+675 bp |
| WhiteHorse Finance, Inc. | delayed draw term loan first lien First Lien Secured Delayed Draw Loan | $3.0M | $3.0M 100c | SOFR+675 bp |
| Stepstone Private Credit Fund LLC | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 12/15/2026 | $647,000 | $644,000 100c | SOFR+600 bp |
| Stepstone Private Credit Fund LLC | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 12/15/2026 | $544,000 | $541,000 100c | SOFR+600 bp |
| WhiteHorse Finance, Inc. | revolver first lien First Lien Secured Revolving Loan | $173,000 | $174,000 101c | SOFR+675 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 $9.5M | 100c | SOFR+600 bp | Dec 15, 2026 | 2 |
| first lien delayed draw term loan first lien | at least $3.5M | 100c | SOFR+675 bp | Dec 15, 2026 | 2 |
| first lien revolver first lien | at least $173,000 | 101c | SOFR+675 bp | Dec 15, 2026 | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 2 | $13.2M | $13.2M | 100c | 0 |
| Mar 31, 2026 | 2 | $13.7M | $13.7M | 100c | 0 |
| Dec 31, 2025 | 2 | $14.9M | $14.9M | 100c | 0 |
| Sep 30, 2025 | 2 | $13.1M | $13.1M | 100c | 0 |
All 12 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $13.2M | $13.1M | 101c | 0 |
| Mar 31, 2025 | 2 | $13.2M | $13.2M | 101c | 0 |
| Dec 31, 2024 | 2 | $16.9M | $17.9M | 101c | 0 |
| Sep 30, 2024 | 2 | $13.3M | $13.2M | 101c | 0 |
| Jun 30, 2024 | 1 | $12.1M | $12.1M | 101c | 0 |
| Mar 31, 2024 | 1 | $12.1M | $12.1M | 101c | 0 |
| Dec 31, 2023 | 1 | $12.2M | $12.0M | 100c | 0 |
| Sep 30, 2023 | 1 | $12.2M | $11.9M | 99c | 0 |
What changed
Owner and people
- Osceola Capital Management listed on its portfolio page, undated · credit outlook
- Tree Line Capital Partners, 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
- Principal decreased$619,000 to $173,0002026-06-30
- Principal decreased$1.3M to $649,0002026-03-31
- Principal decreased$1.1M to $545,0002026-03-31
+20 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.