DFX Intelligence
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Borrower
I•• B••••• I••
Healthcare Providers and Servicesgroup grade Aoff every schedule since Jun 30, 2025sponsor unattributed
Also written as: Equity Securities; Inc. (2; Inc. (3; Inc. 1; Inc. A1; Inc.Senior; Junior
Nothing material in the last 200 days. Last change: 30 Jun 2025, Non-accrual at 4 of 4 lenders on the latest schedules, first placed in Q2 2024.
Mark path, consensus per quarter end
55¢ · 53¢ · 51¢ · 38¢ · 25¢Q2 2024 to Q2 2025
Where each lender marks it, 5 points apart
23¢28¢
Principal held
at least $21.6M
sum of BDC pieces, a lower bound
Fair value
$4.8M
25c on cost, debt pieces
Unfunded
$256,000
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Oct 31, 2025
$846,283 inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2025
Events
14
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••••• T•• C•••••• C•••• | $8.58M | 28¢ | -16 pts |
| M••••• C•••••• I••••• P••• C••• | $5.34M | 23¢ | -7 pts |
| B•••••••• D••••• L•••••• C•••• | $4.43M | 25¢ | -15 pts |
| M••••• C•••••• C••• | $3.21M | 23¢ | -7 pts |
Every BDC piece · 24 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••••• T•• C•••••• C•••• | term loan first lien F•••• L••• T••• L••• Ref S•••(Q) F•••• 0.00% S••••• 7.00% T•••• C••••• 11.40% M••••••• 6/2 | $8.3M | $1.6M 25c | SOFR+700 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S•••••• L•••• | $5.0M | $1.2M 23c | S+700 bp PIK 11.40% |
| B•••••••• D••••• L•••••• C•••• | term loan first lien I••••••••• F•••• L••• T••• L••• Ref S•••(Q) F•••• 0.00% S••••• 7.00% T•••• C••••• 11.40% M | $4.2M | $823,057 23c | SOFR+700 bp |
| M••••• C•••••• C••• | term loan first lien S•••••• L•••• | $3.0M | $691,000 23c | S+700 bp PIK 11.40% |
| B•••••••• T•• C•••••• C•••• | term loan first lien F•••• L••• A•••••••• No.8 T••• L••• Ref S•••(Q) F•••• 0.00% S••••• 8.50% PIK T•••• C••••• | $269,321 | $265,281 98c | SOFR+850 bp PIK 8.50% |
View all 24 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• C•••••• I••••• P••• C••• | delayed draw term loan first lien S••••• S•••••• L•••• (D•••••• D•••) | $160,000 | $0 | S+700 bp PIK 11.40% |
| B•••••••• D••••• L•••••• C•••• | delayed draw term loan first lien I••••••••• F•••• L••• D•••••• D••• T••• L••• Ref S•••(Q) F•••• 0.00% S••••• 8.50% T•••• C• | $141,302 | $-2,120 | SOFR+850 bp |
| M••••• C•••••• I••••• P••• C••• | term loan first lien S••••• S•••••• L•••• | $141,000 | $32,000 23c | S+850 bp PIK 12.90% |
| B•••••••• D••••• L•••••• C•••• | term loan first lien I••••••••• F•••• L••• A•••••••• No. 8 T••• L••• Ref S•••(Q) F•••• 0.00% S••••• 8.50% PIK T | $134,660 | $132,640 98c | SOFR+850 bp PIK 8.50% |
| M••••• C•••••• C••• | delayed draw term loan first lien D•••••• D•••), S••••• S•••••• L•••• | $96,000 | $0 | S+700 bp PIK 11.40% |
| M••••• C•••••• C••• | term loan first lien S••••• S•••••• L•••• | $85,000 | $19,000 22c | S+850 bp PIK 12.90% |
| B•••••••• T•• C•••••• C•••• | delayed draw term loan first lien F•••• L••• D•••••• D••• T••• L••• Ref S•••(Q) F•••• 0.00% S••••• 8.50% T•••• C••••• 12.90% | $0 | $-4,239 | SOFR+850 bp |
| M••••• C•••••• I••••• P••• C••• | equity equity A-1 units | $0 | $0 | |
| M••••• C•••••• I••••• P••• C••• | preferred equity equity P•••••••• stock | $0 | $0 | |
| B•••••••• D••••• L•••••• C•••• | preferred equity equity I••••••••• A1 P•••••••• S•••• | Not disclosed | $0 | |
| B•••••••• D••••• L•••••• C•••• | preferred equity equity I••••••••• P•••••••• S•••• | Not disclosed | $0 | |
| B•••••••• D••••• L•••••• C•••• | preferred equity equity P•••••••• S•••• A••••••••• D••• 12/16/2024 | Not disclosed | Not disclosed | |
| B•••••••• D••••• L•••••• C•••• | preferred equity equity P•••••••• S•••• A••••••••• D••• 12/16/2024 | Not disclosed | Not disclosed | |
| B•••••••• T•• C•••••• C•••• | preferred equity equity P•••••••• S•••• | Not disclosed | $0 | |
| B•••••••• T•• C•••••• C•••• | preferred equity equity P•••••••• S•••• | Not disclosed | $0 | |
| M••••• C•••••• C••• | delayed draw term loan lien unstated D•••••• D•••) | Not disclosed | Not disclosed | S+700 bp |
| M••••• C•••••• C••• | preferred equity equity P•••••••• S•••• | Not disclosed | $0 | |
| M••••• C•••••• C••• | equity equity C•••• A-1 units | Not disclosed | $0 | |
| M••••• C•••••• I••••• P••• C••• | delayed draw term loan lien unstated D•••••• D•••) | Not disclosed | Not disclosed | S+700 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2025 | at least $21.2M | 25c | SOFR+850 bp PIK 12.90% | Jun 28, 2028 | 5 |
| first lien delayed draw term loan first lien exited Jun 30, 2025 | at least $397,302 | n/a | SOFR+850 bp PIK 11.40% | Mar 2, 2026 | 4 |
| delayed draw term loan lien unstated exited Jun 30, 2025 | unknown | n/a | S+700 bp | unstated | 2 |
Equity pieces beside the debt: preferred equity ($0 fair value, 4 BDCs), equity ($0 fair value, 2 BDCs)
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $21.6M | $4.8M | 25c | 8 |
| Mar 31, 2025 | 4 | $20.5M | $6.8M | 37c | 2 |
| Dec 31, 2024 | 4 | $35.8M | $16.8M | 51c | 5 |
| Sep 30, 2024 | 4 | $19.2M | $9.6M | 53c | 2 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2024 | 4 | $19.2M | $10.1M | 55c | 2 |
| Mar 31, 2024 | 4 | $15.5M | $11.7M | 80c | 2 |
| Dec 31, 2023 | 5 | $29.2M | $26.8M | 93c | 7 |
| Sep 30, 2023 | 4 | $16.0M | $14.0M | 88c | 4 |
| Jun 30, 2023 | 4 | $15.9M | $13.9M | 114c | 4 |
| Mar 31, 2023 | 4 | $15.8M | $13.3M | 110c | 4 |
| Dec 31, 2022 | 5 | $29.0M | $25.0M | 87c | 8 |
What changed
- Marked down across lendersJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- PIK interest increasedJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
Full timeline · 30 eventsShow fewer
- nport default reportedJun 30, 2025••• Locked
- Facility left every BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest increasedJun 30, 2025
- PIK interest increasedJun 30, 2025
- Spread increasedJun 30, 2025
- Spread increasedJun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- Marked down across lendersMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Marked down (one lender)Mar 31, 2025
- PIK interest increasedDec 31, 2024
- PIK interest increasedDec 31, 2024
- PIK interest increasedDec 31, 2024
- Marked down across lendersJun 30, 2024
- non accrual placedJun 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- I•• B••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Healthcare Providers and Servicesreportedas one filer wrote it