DFX Intelligence
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Borrower
D••••••••• I••••••••• H••••••• I••• I••
Health Care Providers & Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc Region United StatesReference Rate and
What matters now
- 93¢ → 98¢consensus mark
Consensus mark 98¢ on cost, up from 93¢ a year ago, 96¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived2 of 2 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
93¢ · 96¢ · 98¢ · 96¢ · 98¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
98¢99¢
Principal held
at least $5.7M
sum of BDC pieces, a lower bound
Fair value
$5.5M
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 30, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| N••••• C•••••••• D••••• L•••••• C•••• | $3.23M | 99¢ | +4 pts |
| F•••• E•••• P•••••• C••••• F••• | $2.43M | 98¢ | +2 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N••••• C•••••••• D••••• L•••••• C•••• | term loan first lien F•••• L••• D••• | $3.2M | $3.2M 99c | S+425 bp |
| F•••• E•••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• R•••••••• R••• and S••••• S + 5.50% I••••••• R••• F•••• 0.50% I••••••• R•• | $2.4M | $2.4M 98c | SOFR+550 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $5.7M | 98c | SOFR+425 bp | Mar 30, 2029 | 3 |
| other lien unstated exited Dec 31, 2024 | at least $3.3M | 98c | S+425 bp | Mar 30, 2029 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2023 | unknown | n/a | S+425 bp | unstated | 1 |
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, 2026 | 2 | $5.7M | $5.5M | 98c | 0 |
| Mar 31, 2026 | 2 | $5.7M | $5.4M | 96c | 0 |
| Dec 31, 2025 | 2 | $5.7M | $5.5M | 98c | 0 |
| Sep 30, 2025 | 2 | $11.6M | $11.0M | 96c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $11.7M | $10.7M | 93c | 0 |
| Mar 31, 2025 | 2 | $11.7M | $11.0M | 96c | 0 |
| Dec 31, 2024 | 2 | $23.4M | $22.8M | 99c | 0 |
| Sep 30, 2024 | 1 | $8.5M | $8.2M | 98c | 0 |
| Jun 30, 2024 | 2 | $23.8M | $23.2M | 99c | 0 |
| Mar 31, 2024 | 1 | $15.4M | $15.0M | 99c | 0 |
| Dec 31, 2023 | 1 | $15.4M | $14.9M | 98c | 0 |
| Sep 30, 2023 | 1 | $15.5M | $15.4M | 101c | 0 |
| Jun 30, 2023 | 1 | $15.5M | $15.3M | 101c | 0 |
| Mar 31, 2023 | 1 | $15.5M | $15.1M | 100c | 0 |
| Dec 31, 2022 | 1 | $15.3M | $15.0M | 100c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Lender left a facilityDec 31, 2024
Full timeline · 14 eventsShow fewer
- New lender joined a facilityDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread increasedSep 30, 2024
- Lender left a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Facility left every BDC scheduleDec 31, 2023
- Maturity extended (observed)Sep 30, 2023
- Maturity extended (observed)Sep 30, 2023
- New borrower on a BDC scheduleDec 31, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- DERMATOLOGYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived
- Industry
- Health Care Providers & Servicesreportedas one filer wrote it