DFX Intelligence
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Borrower
C••••••• O••••••••• P••••••• C•••
Also written as: Class A; Class C; Class X; Healthcare; Super
What matters now
- 4 of 4 lenderson non-accrual
Non-accrual at 4 of 4 lenders on the latest schedules, first placed in Q4 2025.
since Q4 2025 · 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 → - 18¢ → 7¢consensus mark
Consensus mark 7¢ on cost, down from 18¢ a year ago, 9¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived4 of 4 lenders' own marks, weighted by principal - $11.1Mprincipal outstanding
$11.1M principal held by 4 lenders; matures Dec 2026.
Q2 2026 · Refinancing is due in 3 months at a 7¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
18¢ · 15¢ · 13¢ · 9¢ · 7¢Q2 2025 to Q2 2026
Where each lender marks it, 4 points apart
7¢11¢
Principal held
at least $11.1M
sum of BDC pieces, a lower bound
Fair value
$1.3M
14c on cost, debt pieces
Unfunded
$183,000
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
4
3 equity pieces beside them
Next maturity
Dec 31, 2026
$1.3M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
57
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 |
|---|---|---|---|
| B•••••• P•••••• C••••• C••• | $5.59M | 7¢ | -1 pts |
| B•••••• B••• I••• | $2.17M | 7¢ | -1 pts |
| B•••••• C•••••• I••••••••• C••• | $2.08M | 7¢ | -1 pts |
| T•• T••• B•••• C•••••• I••••• F••• | $1.31M | 11¢ | -2 pts |
Every BDC piece · 30 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $5.5M | $320,000 7c | S+700 bp PIK 9.30% |
| B•••••• B••• I••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.1M | $121,000 7c | S+700 bp PIK 9.30% |
| B•••••• C•••••• I••••••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $2.0M | $116,000 7c | S+700 bp PIK 9.30% |
| T•• T••• B•••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 3 | $394,000 | $29,000 11c | S+900 bp |
| T•• T••• B•••• C•••••• I••••• F••• | term loan first lien F•••• lien senior secured term loan | $324,000 | $24,000 11c | S+900 bp |
View all 30 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| T•• T••• B•••• C•••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan 1 | $264,000 | $19,000 11c | S+900 bp |
| T•• T••• B•••• C•••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan 2 | $122,000 | $9,000 6c | S+900 bp |
| T•• T••• B•••• C•••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan 3 | $107,000 | $11,000 12c | S+900 bp |
| B•••••• B••• I••• | term loan first lien S•••• S••••• S•••••• T••• L••• | $79,000 | $229,000 290c | S+700 bp |
| B•••••• C•••••• I••••••••• C••• | term loan first lien S•••• S••••• S•••••• T••• L••• | $79,000 | $229,000 290c | S+700 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien S•••• S••••• S•••••• T••• L••• | $79,000 | $229,000 290c | S+700 bp |
| T•• T••• B•••• C•••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan 4 | $54,000 | $6,000 13c | S+900 bp PIK 9.00% |
| T•• T••• B•••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 2 | $29,000 | $-18,000 | S+900 bp PIK 9.00% |
| T•• T••• B•••• C•••••• I••••• F••• | delayed draw term loan first lien F•••• lien senior secured delayed draw term loan 1 | $12,000 | $0 0c | S+900 bp |
| B•••••• B••• I••• | equity equity C•••• X Equity | Not disclosed | $0 0c | |
| B•••••• B••• I••• | equity equity C••••• S•••• | Not disclosed | $0 | |
| B•••••• B••• I••• | warrants equity C•••• C - W••••••• | Not disclosed | $0 | |
| B•••••• B••• I••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| B•••••• B••• I••• | equity equity C•••• A Equity | Not disclosed | $0 0c | |
| B•••••• C•••••• I••••••••• C••• | equity equity C•••• X Equity | Not disclosed | $0 0c | |
| B•••••• C•••••• I••••••••• C••• | warrants equity C•••• C - W••••••• | Not disclosed | $0 | |
| B•••••• C•••••• I••••••••• C••• | equity equity C•••• A Equity | Not disclosed | $0 0c | |
| B•••••• C•••••• I••••••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| B•••••• C•••••• I••••••••• C••• | equity equity C••••• S•••• | Not disclosed | $0 | |
| B•••••• P•••••• C••••• C••• | equity equity C••••• S•••• | Not disclosed | $0 | |
| B•••••• P•••••• C••••• C••• | equity equity C•••• A Equity | Not disclosed | $0 0c | |
| B•••••• P•••••• C••••• C••• | warrants equity C•••• C - W••••••• | Not disclosed | $0 | |
| B•••••• P•••••• C••••• C••• | equity equity C•••• X Equity | Not disclosed | $0 0c | |
| B•••••• P•••••• C••••• C••• | delayed draw term loan lien unstated D•••••• D••• T••• L••• | Not disclosed | Not disclosed | |
| T•• T••• B•••• C•••••• I••••• F••• | unstated lien unstated | Not disclosed | Not disclosed |
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 $10.2M | 14c | S+700 bp PIK 9.30% | Dec 31, 2026 | 5 |
| first lien revolver first lien | at least $547,000 | 10c | S+900 bp PIK 9.00% | Dec 31, 2026 | 2 |
| first lien delayed draw term loan first lien | at least $435,000 | 4c | S+900 bp PIK 9.00% | Dec 31, 2026 | 2 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 3 |
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 | 4 | $11.1M | $1.3M | 14c | 5 |
| Mar 31, 2026 | 4 | $11.4M | $1.6M | 17c | 8 |
| Dec 31, 2025 | 4 | $12.4M | $2.0M | 19c | 10 |
| Sep 30, 2025 | 4 | $9.0M | $2.1M | 22c | 9 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $9.1M | $2.3M | 24c | 6 |
| Mar 31, 2025 | 4 | $8.7M | $2.5M | 26c | 6 |
| Dec 31, 2024 | 4 | $14.7M | $4.5M | 27c | 10 |
| Sep 30, 2024 | 4 | $9.0M | $2.5M | 27c | 6 |
| Jun 30, 2024 | 4 | $8.7M | $2.7M | 29c | 6 |
| Mar 31, 2024 | 4 | $8.7M | $5.6M | 61c | 3 |
| Dec 31, 2023 | 4 | $9.9M | $7.5M | 75c | 3 |
| Sep 30, 2023 | 4 | $8.6M | $7.2M | 80c | 3 |
| Jun 30, 2023 | 3 | $7.6M | $6.6M | 80c | 3 |
| Mar 31, 2023 | 4 | $8.1M | $7.1M | 82c | 3 |
| Dec 31, 2022 | 5 | $8.3M | $7.4M | 86c | 0 |
| Sep 30, 2022 | 1 | $1.5M | $1.5M | 85c | 1 |
| Dec 31, 2021 | 1 | $1.6M | $1.6M | 96c | 0 |
What changed
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
Full timeline · 30 eventsShow fewer
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
- Maturity approachingDec 31, 2026
- Marked down across lendersJun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- PIK interest increasedMar 31, 2026
- Marked down across lendersMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down across lendersMar 31, 2026
- PIK interest increasedMar 31, 2026
- PIK interest increasedMar 31, 2026
- PIK interest increasedMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- non accrual placedDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- PIK interest increasedDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- PIK interest increasedDec 31, 2025
- Spread increasedDec 31, 2025
- PIK interest increasedDec 31, 2025
- Spread increasedDec 31, 2025
Sponsor
Possible relationship, not established: S••••••• C•••••• P•••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- S••••••• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedsheridancp.com"••• Locked"
Identity
- Group key
- C••••••• O••••••••• P•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived