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A private credit borrower
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 → - 96¢ → 60¢consensus mark
Consensus mark 60¢ on cost, down from 96¢ a year ago, 73¢ 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
- 20 pts51¢ to 71¢
Lenders disagree by 20 points on the first lien term loan: Barings Private Credit 51¢ to Nuveen Churchill Private Capital Income Fund 71¢.
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 → - $42.3Mprincipal outstanding
$42.3M principal held by 2 lenders.
Q2 2026 · The loss if the marks hold, spread across the holders below.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 71¢ → 51¢-20 pts, one lender
Barings Private Credit marked it 71¢ → 51¢, the largest move among 2 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Lender marks
Consensus Q3 2025 96¢, Q4 2025 89¢, Q1 2026 73¢, Q2 2026 60¢. 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 | 96¢ | 89¢ | 73¢ | 60¢ |
| Barings Private Credit Corp | 95¢ | 87¢ | 71¢ | 51¢ |
| Nuveen Churchill Private Capital Income Fund | 97¢ | 92¢ | 76¢ | 71¢ |
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Barings Private Credit Corp | $24.1M | 51¢ | -20 pts |
| Nuveen Churchill Private Capital Income Fund | $18.2M | 71¢ | -5 pts |
Every BDC piece · 3 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Barings Private Credit Corp | term loan first lien First Lien Senior Secured Term Loan | $24.1M | $12.4M 51c | S+550 bp PIK 8.10% |
| Nuveen Churchill Private Capital Income Fund | term loan first lien First Lien Debt 2 | $10.7M | $7.4M 70c | S+750 bp PIK 0.50% |
| Nuveen Churchill Private Capital Income Fund | term loan first lien First Lien Debt 1 | $7.5M | $5.2M 71c | S+750 bp PIK 0.50% |
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 $42.3M | 60c | S+750 bp PIK 8.10% | Sep 10, 2026 | 2 |
| other lien unstated exited Dec 31, 2024 | at least $18.2M | 98c | S+550 bp | Jul 10, 2025 | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 2 | $42.3M | $25.0M | 60c | 3 |
| Mar 31, 2026 | 2 | $42.4M | $30.9M | 73c | 3 |
| Dec 31, 2025 | 2 | $42.4M | $37.6M | 89c | 3 |
| Sep 30, 2025 | 2 | $42.4M | $40.4M | 96c | 2 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $42.4M | $40.7M | 96c | 0 |
| Mar 31, 2025 | 2 | $42.4M | $40.8M | 97c | 0 |
| Dec 31, 2024 | 2 | $85.0M | $82.0M | 97c | 0 |
| Sep 30, 2024 | 2 | $31.3M | $30.5M | 98c | 0 |
| Jul 31, 2024 | 1 | $11.3M | $11.2M | 100c | 0 |
| Jun 30, 2024 | 2 | $31.3M | $31.1M | 100c | 0 |
| Mar 31, 2024 | 2 | $31.6M | $31.4M | 100c | 0 |
| Dec 31, 2023 | 2 | $31.6M | $31.4M | 100c | 0 |
| Sep 30, 2023 | 2 | $31.7M | $31.4M | 99c | 0 |
| Jun 30, 2023 | 2 | $31.7M | $31.4M | 99c | 0 |
| Mar 31, 2023 | 2 | $31.8M | $31.4M | 99c | 0 |
| Dec 31, 2022 | 2 | $31.8M | $31.5M | 100c | 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
- Marked down70.9% of cost to 51.4% of cost2026-06-30
- PIK increased0.50% to 8.10%2026-06-30
- Spread widened5.50% to 7.50%2026-06-30
+14 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.