DFX Intelligence
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Borrower
M••••••••• M•••••••• I••
Healthcare, Education and Childcaregroup grade Aon a schedule nowsponsor unattributed
Also written as: ModMed; ModMed Software Midco Holdings, Inc
Principal held
at least $668M
sum of BDC pieces, a lower bound
Fair value
$753M
101c on cost, debt pieces
Unfunded
$52.4M
commitments not yet drawn
BDC lenders
18
18 on the latest quarter
Facilities
6
2 equity pieces beside them
Next maturity
Apr 1, 2032
no dated debt inside 24 months
On the tape since
Jun 30, 2025
latest Jun 30, 2026
Events
5
dated, non-routine
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 $613M | 101c | S+475 bp PIK 2.25% | Apr 30, 2032 | 16 |
| revolver lien unstated | at least $55.3M | 101c | S+475 bp PIK 2.25% | Apr 30, 2032 | 4 |
| first lien revolver first lien | at least $0 | n/a | S+250 bp | Apr 1, 2032 | 6 |
| second lien revolver second lien | unknown | n/a | unstated | 2 | |
| other lien unstated | unknown | n/a | unstated | 6 | |
| delayed draw term loan lien unstated exited Mar 31, 2026 | unknown | n/a | S+475 bp | unstated | 1 |
Equity pieces beside the debt: preferred equity ($86.6M fair value, 7 BDCs), warrants ($9.6M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | preferred equity equity S••••• A preferred stock | n/a | $28.4M 100c | PIK 13.00% |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| A••• S•••••••• I••••• F••• | preferred equity equity S••••• A preferred stock | n/a | $30.1M 102c | PIK 13.00% |
| A••• S•••••••• I••••• F••• | revolver first lien F•••• lien senior secured revolving loan | $0 | $0 | S+475 bp |
| A••• S•••••••• I••••• F••• | term loan first lien F•••• lien senior secured loan | $48.4M | $48.4M 101c | S+475 bp |
| A••• S•••••••• I••••• F••• | unstated lien unstated | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $46.2M | $46.1M 101c | S+475 bp PIK 2.25% |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | n/a | n/a | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | n/a | n/a | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $9.1M | $9.1M 101c | S+475 bp PIK 2.25% |
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $781,000 | $781,000 101c | S+250 bp PIK 2.25% |
| B••• O•• C•••••• C••• | revolver first lien F•••• lien senior secured revolving loan | n/a | $0 | S+250 bp |
| B••• O•• C•••••• C••• I• | term loan first lien F•••• lien senior secured loan | Non A••••••••• | $781,000 | $781,000 101c | S+250 bp PIK 2.25% |
| B••• O•• C•••••• C••• I• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• | n/a | n/a | S+250 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $117M | $117M 101c | S+250 bp PIK 2.25% |
| B••• O•• C••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N•••••••••/non-affiliated | n/a | n/a | S+250 bp |
| B••• O•• T••••••••• F•••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | N••••••••• I••••• | n/a | $0 | S+250 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $149M | $149M 101c | S+250 bp PIK 2.25% |
| B••• O•• T••••••••• I••••• C•••• | revolver first lien F•••• lien senior secured revolving loan | n/a | $0 | S+250 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $62.4M | $62.4M 101c | S+250 bp PIK 2.25% |
| C•••••• C••••• S••••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $12.1M | $12.1M 101c | S+250 bp PIK 2.25% |
| C•••••• C••••• S••••••••• I••• | revolver second lien Investments | N••••••••• I••••• | F•••• and S••••• L••• D••• | R••••••• | n/a | n/a | |
| C•••••• S•••••• L••••••• I••• | revolver second lien Investments | N••••••••• | F•••• and S••••• L••• D••• | R••••••• | n/a | n/a | |
| C•••••• S•••••• L••••••• I••• | term loan first lien Investment | N••••••••• I••••• | F•••• L••• D••• | $12.1M | $12.1M 101c | S+250 bp PIK 2.25% |
| G•••• C•••••• B•• 4• I••• | preferred equity equity P•••••••• stock | n/a | $5.2M 101c | PIK 13.00% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $23.5M | $23.5M 101c | S+475 bp PIK 2.25% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $0 | $0 0c | S+475 bp |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | N••••••••• I••••• | $32.9M | $32.9M 101c | S+475 bp PIK 2.25% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | N••••••••• I••••• | $0 | $0 0c | S+475 bp |
| G•••• C•••••• B••• I••• | preferred equity equity P•••••••• stock | N••••••••• I••••• | n/a | $5.2M 101c | PIK 13.00% |
| G•••• C•••••• D••••• L•••••• C••• | preferred equity equity P•••••••• stock | n/a | $1.0M 101c | PIK 13.00% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $0 | $0 0c | S+475 bp |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $6.6M | $6.6M 101c | S+475 bp PIK 2.25% |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | preferred equity equity P•••••••• stock | n/a | $57,000 100c | PIK 13.00% |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $3.5M | $3.5M 101c | S+475 bp PIK 2.25% |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $0 | $0 0c | S+475 bp |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 2 | $0 | $0 0c | S+475 bp |
| G•••• C•••••• P•••••• C••••• F••• | preferred equity equity P•••••••• stock | n/a | $16.5M 101c | PIK 13.00% |
| G•••• C•••••• P•••••• C••••• F••• | term loan first lien One stop 1 | $129M | $129M 101c | S+475 bp PIK 2.25% |
| O•• S••••• P•••••• L•••••• F••• •• L•• | term loan first lien F•••• L••• D••• | $9,000 | $0 | S+475 bp PIK 2.25% |
| O•• S••••• P•••••• L•••••• F••• •• L•• | revolver lien unstated R••••••• | n/a | n/a | |
| O•• S••••• P•••••• L•••••• F••• •• L•• | term loan first lien F•••• L••• D••• | $94,000 | $94,000 100c | S+475 bp PIK 2.25% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | n/a | n/a | |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $12.8M | $12.8M 100c | S+475 bp PIK 2.25% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $1.2M | $0 0c | S+475 bp PIK 2.25% |
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 | 18 | $668M | $667M | 101c | 18 |
| Mar 31, 2026 | 18 | $664M | $659M | 100c | 18 |
| Dec 31, 2025 | 18 | $746M | $742M | 101c | 22 |
| Sep 30, 2025 | 18 | $920M | $916M | 101c | 25 |
| Jun 30, 2025 | 18 | $723M | $714M | 100c | 20 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Lender left a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- New lender joined a facilitySep 30, 2025
- New borrower on a BDC scheduleJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- M••••••••• M•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 18 BDCsderived
- Industry
- Healthcare, Education and Childcarereportedas one filer wrote it