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Private creditBorrowerhealth care providers & servicesaunknown

Vardiman Black Holdings, LLC

sponsor (inference, pe portfolio stem): Quilvest Capital Partners Management, LLC

Search this name across graphsid dfx:pc:40ce581b-af39-f37c-52f3-5248037c86ef

Data as of Jun 30, 2026 (this record's last observation) from The BDC tape; Adviser-reported credit funds; Deal parties; Pending. Page built Sep 21, 2026, 10:35 AM UTC and rebuilt at most every 15 minutes.

Relationships: 1
Dated events: 40
On other graphs: 1
Observed: Dec 31, 2022 to Jun 30, 2026
16 observations

Right now

6 signals name this record (all private credit signals)

#1NewSignalPrivate creditCredit deterioration

Vardiman Black Holdings, LLC: lender marks fell to 52 cents across 6 BDC lenders

State NEW at the 2026-06-30 quarter end, readable when the filing landed on 2026-08-11.

Exposure: $61.0M knownfunded debt at cost held by BDC lenders
Who this matters to: Private credit lenders, PE sponsors +3
Historical: 2.38x non accrual, 139d median

T Series BDC LLC · lender Goldman Sachs Private Credit Corp. · lender Commonwealth Credit Partners BDC I, Inc. · lender Goldman Sachs BDC, Inc. · lender

Credit Attention / portfolio monitorJun 30, 2026 · seen 4 days ago

#2IntensifiedSignalPrivate creditCredit deterioration (intensified)

Vardiman Black Holdings, LLC: lender marks fell to 81 cents across 6 BDC lenders, second consecutive quarter

State INTENSIFIED at the 2025-09-30 quarter end, readable when the filing landed on 2025-11-12.

Exposure: $53.7M knownfunded debt at cost held by BDC lenders
Who this matters to: Private credit lenders, PE sponsors +3
Historical: 2.53x non accrual, 138d median

T Series BDC LLC · lender Goldman Sachs Private Credit Corp. · lender Commonwealth Credit Partners BDC I, Inc. · lender Goldman Sachs BDC, Inc. · lender

Credit Attention / portfolio monitorSep 30, 2025 · seen 4 days ago

#3NewSignalPrivate creditCredit deterioration

Vardiman Black Holdings, LLC: lender marks fell to 86 cents across 6 BDC lenders

State NEW at the 2025-06-30 quarter end, readable when the filing landed on 2025-08-12.

Exposure: $16.2M knownfunded debt at cost held by BDC lenders
Who this matters to: Private credit lenders, PE sponsors +3
Historical: 2.38x non accrual, 139d median

T Series BDC LLC · lender Goldman Sachs Private Credit Corp. · lender Commonwealth Credit Partners BDC I, Inc. · lender Goldman Sachs BDC, Inc. · lender

Credit Attention / portfolio monitorJun 30, 2025 · seen 4 days ago

#4ScheduledFactPrivate creditCredit Attention / refinancing radar

Vardiman Black Holdings, LLC term loan (first lien) matures 2027-03-18 (inside 24 months; $74.6M held by 6 BDCs)

Scheduled for 2027-03-18 (scheduled); first seen by DFX 2026-09-15.

Exposure: $74.6M knowndisclosed amount
Who this matters to: Private credit lenders, PE sponsors +2
Historical: not a measured predictor

Quilvest Capital Partners Management, LLC · sponsor

Credit Attention / refinancing radarMar 18, 2027 · seen 5 days ago

#5ScheduledFactPrivate creditCredit Attention / refinancing radar

Vardiman Black Holdings, LLC term loan (first lien) matures 2027-03-18 (inside 18 months; $74.6M held by 6 BDCs)

Scheduled for 2027-03-18 (scheduled); first seen by DFX 2026-09-15.

Exposure: $74.6M knowndisclosed amount
Who this matters to: Private credit lenders, PE sponsors +2
Historical: not a measured predictor

Quilvest Capital Partners Management, LLC · sponsor

Credit Attention / refinancing radarMar 18, 2027 · seen 5 days ago

#6ScheduledFactPrivate creditCredit Attention / refinancing radar

Vardiman Black Holdings, LLC term loan (first lien) matures 2027-03-18 (inside 12 months; $74.6M held by 6 BDCs)

Scheduled for 2027-03-18 (scheduled); first seen by DFX 2026-09-15.

Exposure: $74.6M knowndisclosed amount
Who this matters to: Private credit lenders, PE sponsors +2
Historical: not a measured predictor

Quilvest Capital Partners Management, LLC · sponsor

Credit Attention / refinancing radarMar 18, 2027 · seen 5 days ago

Across DFX

same identity by shared identifier, citation, or a bridge measured by hand

Private Equityidentity

Specialty Dental Brands

pe portfolio stem · confidence 50% · family precision 85%

Facts

fact = as filed or announced; derived = computed by DFX; estimate = a band, never a point

Lenders: 8
BDCs: 6
Facilities: 5
Principal, latest: $99.9Mpieces as filed; a lower bound
Fair value, latest: $56.1M
Mark ratio: 61%fair value over cost, latest
Next maturity: Mar 18, 2027
Maturing inside 12 months: $99.9Mtagged maturities only
First on a schedule: Dec 31, 2022
Last on a schedule: Jun 30, 2026
Sponsor basis: pe_portfolio_steminferencedeal party is a fact; a portfolio stem or a Form D signer is an inference

Facilities

one facility is one borrower, one kind and one lien; its size is the sum of the BDC pieces the tape can see, a lower bound, never the commitment

Kind	Lien	Size, lower bound	Fair value	Maturity	Maturity basis	Spread	PIK	Lenders	BDCs	Status	Last seen
Term loan	First lien	$97.4M	$53.3M	Mar 18, 2027	Xbrl fact	0	0	6	7	Unknown	Jun 30, 2026
Delayed draw	First lien	$2.6M	$2.8M	Mar 18, 2027	Xbrl fact	0	n/a	1	4	Unknown	Jun 30, 2026
preferred	equity	n/a	$0	n/a	n/a	n/a	n/a	4	4	Unknown	Jun 30, 2026
Delayed draw	unknown	$10.6M	$10.6M	n/a	n/a	0	0	1	2	Unknown	Dec 31, 2024
other	unknown	n/a	$201,000	n/a	n/a	n/a	0	3	5	Unknown	Jun 30, 2025

Lenders holding it now

each BDC's own pieces on its latest schedule, folded to one row per lender; every amount is that BDC's piece as filed, so a sum is a lower bound; 21 rows folded into 8

BDC	Pieces	Principal	Fair value	Unfunded	Nearest maturity	As of
Goldman Sachs Private Credit Corp.	2	$36.0M	$16.2M	$0	Mar 18, 2027	Jun 30, 2026
Commonwealth Credit Partners BDC I, Inc.	3	$25.3M	$16.1M	$0	Mar 18, 2027	Jun 30, 2026
North Haven Private Income Fund LLC	3	$18.8M	$11.7M	$0	Mar 18, 2027	Jun 30, 2026
T Series BDC LLC	3	$11.8M	$7.3M	$0	Mar 18, 2027	Jun 30, 2026
Goldman Sachs Middle Market Lending Corp. II	2	$8.6M	$6.8M	$0	Mar 18, 2027	Jun 30, 2025
Morgan Stanley Direct Lending Fund	3	$7.1M	$4.4M	$0	Mar 18, 2027	Jun 30, 2026
SL Investment Corp.	3	$3.6M	$4.7M	$441,000	Mar 18, 2027	Mar 31, 2024
Goldman Sachs BDC, Inc.	2	$969,000	$435,000	$0	Mar 18, 2027	Jun 30, 2026

Relationships

Sponsors (1)

← Quilvest Capital Partners Management, LLCSponsor of borrowersPE portfolio stem
Jan 1, 2022 to presentinferenceDFX's own graph

Dated events

7 bookkeeping events (roster, classification and holdings changes) folded below

Scheduled
Mar 18, 2027
Facility matures inside 24 months
Vardiman Black Holdings, LLC delayed draw (first lien) matures 2027-03-18 (inside 12 months; $2.6M held by 4 BDCs)
Quilvest Capital Partners Management, LLCBDC schedule of investments
$2.6M
Scheduled
Mar 18, 2027
Facility matures inside 24 months
Vardiman Black Holdings, LLC delayed draw (first lien) matures 2027-03-18 (inside 18 months; $2.6M held by 4 BDCs)
Quilvest Capital Partners Management, LLCBDC schedule of investments
$2.6M
Scheduled
Mar 18, 2027
Facility matures inside 24 months
Vardiman Black Holdings, LLC delayed draw (first lien) matures 2027-03-18 (inside 24 months; $2.6M held by 4 BDCs)
Quilvest Capital Partners Management, LLCBDC schedule of investments
$2.6M
Scheduled
Mar 18, 2027
Facility matures inside 24 months
Vardiman Black Holdings, LLC term loan (first lien) matures 2027-03-18 (inside 12 months; $74.6M held by 6 BDCs)
Quilvest Capital Partners Management, LLCBDC schedule of investments
$74.6M
Scheduled
Mar 18, 2027
Facility matures inside 24 months
Vardiman Black Holdings, LLC term loan (first lien) matures 2027-03-18 (inside 18 months; $74.6M held by 6 BDCs)
Quilvest Capital Partners Management, LLCBDC schedule of investments
$74.6M
Scheduled
Mar 18, 2027
Facility matures inside 24 months
Vardiman Black Holdings, LLC term loan (first lien) matures 2027-03-18 (inside 24 months; $74.6M held by 6 BDCs)
Quilvest Capital Partners Management, LLCBDC schedule of investments
$74.6M
Occurred
Jun 30, 2026
Marked down across lenders
Vardiman Black Holdings, LLC term loan: marked from 65 to 58 cents on cost across 5 lender(s)
BDC schedule of investments
$74.6M
Occurred
Jun 30, 2026
Marked down by a BDC
North Haven Private Income Fund LLC: fair value markdown in Vardiman Black Holdings, LLC (72 to 62 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.623056443024494 usd
Occurred
Jun 30, 2026
PIK interest added
Morgan Stanley Direct Lending Fund: pik added in Vardiman Black Holdings, LLC (0.00% to 7.00%)
BDC schedule of investmentsobserved 1 months ago
0.07 usd
Occurred
Jun 30, 2026
Marked down by a BDC
T Series BDC LLC: fair value markdown in Vardiman Black Holdings, LLC (83 to 62 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.623104447094905 usd
Occurred
Jun 30, 2026
Marked down by a BDC
Morgan Stanley Direct Lending Fund: fair value markdown in Vardiman Black Holdings, LLC (83 to 62 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.623029958824365 usd
Occurred
Mar 31, 2026
Marked down across lenders
Vardiman Black Holdings, LLC term loan: marked from 77 to 65 cents on cost across 5 lender(s)
BDC schedule of investments
$73.7M
Occurred
Mar 31, 2026
Marked down by a BDC
Commonwealth Credit Partners BDC I, Inc.: fair value markdown in Vardiman Black Holdings, LLC (82 to 69 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.692387471478946 usd
Occurred
Mar 31, 2026
Marked down by a BDC
Morgan Stanley Direct Lending Fund: fair value markdown in Vardiman Black Holdings, LLC (83 to 72 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.72278211497516 usd
Occurred
Mar 31, 2026
Marked down by a BDC
Goldman Sachs Private Credit Corp.: fair value markdown in Vardiman Black Holdings, LLC (73 to 57 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.567660069096897 usd
Occurred
Mar 31, 2026
Marked down by a BDC
Goldman Sachs BDC, Inc.: fair value markdown in Vardiman Black Holdings, LLC (67 to 53 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.527964205816555 usd
Occurred
Mar 31, 2026
Marked down by a BDC
North Haven Private Income Fund LLC: fair value markdown in Vardiman Black Holdings, LLC (83 to 72 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.722902470187394 usd
Occurred
Mar 31, 2026
Marked down by a BDC
T Series BDC LLC: fair value markdown in Vardiman Black Holdings, LLC (83 to 72 cents on cost)
BDC schedule of investmentsobserved 4 months ago
0.722913117546848 usd
Occurred
Mar 31, 2026
PIK interest added
T Series BDC LLC: pik added in Vardiman Black Holdings, LLC (0.00% to 7.00%)
BDC schedule of investmentsobserved 4 months ago
0.07 usd
Occurred
Dec 31, 2025
PIK interest increased
Vardiman Black Holdings, LLC delayed draw: PIK interest rose from 6.00% to 7.00%
BDC schedule of investments
$2.4M
Occurred
Dec 31, 2025
Marked down across lenders
Vardiman Black Holdings, LLC term loan: marked from 82 to 77 cents on cost across 5 lender(s)
BDC schedule of investments
$107M
Occurred
Dec 31, 2025
PIK interest increased
Goldman Sachs BDC, Inc.: pik increased in Vardiman Black Holdings, LLC (6.23% to 7.00%)
BDC schedule of investmentsobserved 1 months ago
0.07 usd
Occurred
Dec 31, 2025
BDC left a facility
T Series BDC LLC no longer holds Vardiman Black Holdings, LLC delayed draw after 2025-12-31; 1 BDC(s) still hold it
BDC schedule of investments
Occurred
Dec 31, 2025
BDC left a facility
Morgan Stanley Direct Lending Fund no longer holds Vardiman Black Holdings, LLC delayed draw after 2025-12-31; 1 BDC(s) still hold it
BDC schedule of investments
Occurred
Dec 31, 2025
Marked down by a BDC
Commonwealth Credit Partners BDC I, Inc.: fair value markdown in Vardiman Black Holdings, LLC (90 to 82 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.82176934246007 usd
Occurred
Dec 31, 2025
PIK interest increased
Commonwealth Credit Partners BDC I, Inc.: pik increased in Vardiman Black Holdings, LLC (2.00% to 7.00%)
BDC schedule of investmentsobserved 1 months ago
0.07 usd
Occurred
Dec 31, 2025
Marked down by a BDC
T Series BDC LLC: fair value markdown in Vardiman Black Holdings, LLC (89 to 83 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.833791680990031 usd
Occurred
Dec 31, 2025
Marked down by a BDC
Morgan Stanley Direct Lending Fund: fair value markdown in Vardiman Black Holdings, LLC (89 to 83 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.833715267831567 usd
Occurred
Dec 31, 2025
Marked down by a BDC
North Haven Private Income Fund LLC: fair value markdown in Vardiman Black Holdings, LLC (89 to 83 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.833754095718967 usd
Occurred
Dec 31, 2025
PIK interest increased
North Haven Private Income Fund LLC: pik increased in Vardiman Black Holdings, LLC (2.00% to 7.00%)
BDC schedule of investmentsobserved 1 months ago
0.07 usd
Occurred
Dec 31, 2025
Marked down by a BDC
Goldman Sachs BDC, Inc.: fair value markdown in Vardiman Black Holdings, LLC (73 to 67 cents on cost)
BDC schedule of investmentsobserved 1 months ago
0.674887892376682 usd
Occurred
Dec 31, 2025
PIK interest increased
Commonwealth Credit Partners BDC I, Inc.: pik increased in Vardiman Black Holdings, LLC (2.00% to 7.00%)
BDC schedule of investmentsobserved 1 months ago
0.07 usd
Occurred
Dec 31, 2025
PIK interest increased
Morgan Stanley Direct Lending Fund: pik increased in Vardiman Black Holdings, LLC (2.00% to 7.00%)
BDC schedule of investmentsobserved 1 months ago
0.07 usd

Show 7 bookkeeping events

Occurred
Mar 31, 2026
North Haven Private Income Fund LLC: position exited in Vardiman Black Holdings, LLC
Occurred
Mar 31, 2026
Goldman Sachs Private Credit Corp.: principal decreased in Vardiman Black Holdings, LLC ($35.1M principal)
Occurred
Mar 31, 2026
Morgan Stanley Direct Lending Fund: position exited in Vardiman Black Holdings, LLC
Occurred
Mar 31, 2026
T Series BDC LLC: position exited in Vardiman Black Holdings, LLC
Occurred
Dec 31, 2025
Vardiman Black Holdings, LLC delayed draw: marked from 49 to 111 cents on cost
Occurred
Dec 31, 2025
Goldman Sachs Private Credit Corp.: principal increased in Vardiman Black Holdings, LLC ($68.6M principal)
Occurred
Dec 31, 2025
T Series BDC LLC: new position in Vardiman Black Holdings, LLC

Provenance

Graph: Private Credit
Canonical id: dfx:pc:40ce581b-af39-f37c-52f3-5248037c86ef
First observed: Dec 31, 2022
Last observed: Jun 30, 2026 2 months ago
Resolution: Identity across graphs by shared identifier (CRD, CIK, EIN, ADV fund id, individual CRD) or citation; a name match is shown as a candidate and never merged.

Vardiman Black Holdings, LLC

sponsor (inference, pe portfolio stem): Quilvest Capital Partners Management, LLC

Search this name across graphsid dfx:pc:40ce581b-af39-f37c-52f3-5248037c86ef

Kind

Lien

Size, lower bound

Fair value

Maturity

Maturity basis

Spread

PIK

Lenders

BDCs

Status

Last seen

Term loan

First lien

$97.4M

$53.3M

Mar 18, 2027

Xbrl fact

Unknown

Jun 30, 2026

Delayed draw

First lien

$2.6M

$2.8M

Mar 18, 2027

Xbrl fact

n/a

Unknown

Jun 30, 2026

preferred

equity

n/a

Unknown

Jun 30, 2026

Delayed draw

unknown

$10.6M

n/a

Unknown

Dec 31, 2024

other

unknown

n/a

$201,000

n/a

Unknown

Jun 30, 2025

BDC

Pieces

Principal

Fair value

Unfunded

Nearest maturity

As of

Goldman Sachs Private Credit Corp.

$36.0M

$16.2M

Mar 18, 2027

Jun 30, 2026

Commonwealth Credit Partners BDC I, Inc.

$25.3M

$16.1M

Mar 18, 2027

Jun 30, 2026

North Haven Private Income Fund LLC

$18.8M

$11.7M

Mar 18, 2027

Jun 30, 2026

T Series BDC LLC

$11.8M

$7.3M

Mar 18, 2027

Jun 30, 2026

Goldman Sachs Middle Market Lending Corp. II

$8.6M

$6.8M

Mar 18, 2027

Jun 30, 2025

Morgan Stanley Direct Lending Fund

$7.1M

$4.4M

Mar 18, 2027

Jun 30, 2026

SL Investment Corp.

$3.6M

$4.7M

$441,000

Mar 18, 2027

Mar 31, 2024

Goldman Sachs BDC, Inc.

$969,000

$435,000

Mar 18, 2027

Jun 30, 2026