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Borrower

M•••••• S•••••••• H•••••••• I••

Health Care Providers & Servicesgroup grade Aon a schedule nowsponsor not established · possible relationship
Also written as: M•••••• S•••••••• LLC; M•••••• S•••••••• Parent Holdings, Inc

What matters now

  1. 52¢ → 46¢
    consensus mark

    Consensus mark 46¢ on cost, down from 52¢ a year ago, 35¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived3 of 5 lenders' own marks, weighted by principal
  2. 53 pts
    39¢ to 92¢

    Lenders disagree by 53 points: P••••••• C•••••• C••• 39¢ to N•••• H•••• P•••••• I••••• F••• L•• 92¢.

    Q2 2026 · Holders value the same loan differently, so a position could trade between them.

    Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks
  3. $76.7M
    principal outstanding

    $76.7M principal held by 5 lenders; matures Dec 2028.

    Q2 2026 · Refinancing is due in 26 months at a 46¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  4. 70¢ → 92¢
    +22 pts, one lender

    N•••• H•••• P•••••• I••••• F••• L•• marked it 70¢ → 92¢, the largest move among 5 lenders this quarter.

    Q2 2026 · One holder repriced far more than the rest.

    FactN•••• H•••• P•••••• I••••• F••• L•• schedule of investmentsOpen the lender
Mark path, consensus per quarter end
Q2 2025: 52¢Q3 2025: 53¢Q4 2025: 49¢Q1 2026: 35¢Q2 2026: 46¢52¢ · 53¢ · 49¢ · 35¢ · 46¢Q2 2025 to Q2 2026
Where each lender marks it, 53 points apart
39¢Consensus: 46¢P••••••• C•••••• C•••: 39¢P••••• S••••• C•••••• B•• I•••: 58¢N•••• H•••• P•••••• I••••• F••• L••: 92¢92¢
Principal held
at least $76.7M
sum of BDC pieces, a lower bound
Fair value
$53.8M
47c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
7
5 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Dec 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
18
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
Every BDC piece · 11 positions across 5 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
P••••••• C•••••• C•••term loan second lien
S••••• L••• T••• L•••
$54.5M$21.4M
39c
S+700 bp
P••••• S••••• C•••••• B•• I•••term loan first lien
Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 8.95% (S +CSA + 5.25%) M••••••• D•
$5.2M$4.0M
76c
SOFR+525 bp
P••••• S••••• C•••••• B•• I•••term loan first lien
Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.20% (S +CSA + 3.50%) M••••••• D•
$4.1M$1.1M
25c
SOFR+350 bp
N•••• H•••• P•••••• I••••• F••• L••term loan first lien
Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 5.25% I••••••• R••• 9.05% M•••••••
$2.8M$1.9M
92c
SOFR+525 bp
N•••• H•••• P•••••• I••••• F••• L••term loan first lien
Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 3.50% I••••••• R••• 7.14% M•••••••
$2.3M$1.6M
273c
SOFR+350 bp
View all 11 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
P••••• S••••• C•••••• B•• I•••term loan first lien
Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 8.95% (S + 5.25%) M••••••• D••• 11
$2.1M$1.6M
76c
SOFR+525 bp
B•••••• B••• I•••term loan lien unstated
T•••• Out T••• L•••
$1.8M$212,000
194c
S+700 bp
B•••••• P•••••• C••••• C•••term loan lien unstated
T•••• Out T••• L•••
$1.8M$212,000
194c
S+350 bp
B•••••• B••• I•••term loan lien unstated
S••••• Out T••• L•••
$1.2M$237,000
206c
S+350 bp
B•••••• P•••••• C••••• C•••term loan lien unstated
S••••• Out T••• L•••
$1.2M$237,000
206c
S+700 bp
P••••••• C•••••• C•••unstated lien unstatedNot disclosed$21.4M
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
second lien term loan second lienat least $54.5M39cS+700 bpNov 1, 20293
first lien term loan first lienat least $16.4M72cSOFR+525 bpNov 1, 20304
term loan lien unstatedat least $5.8M200cS+700 bpunstated2
other lien unstatedunknownn/aunstated2
first lien revolver first lien
exited Jun 30, 2023
at least $10.0M97cS+335 bpNov 1, 20281
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20265$76.7M$32.4M47c0
Mar 31, 20265$78.3M$26.7M34c0
Dec 31, 20255$88.1M$41.3M48c0
Sep 30, 20255$78.4M$40.4M52c0
All 19 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20256$132M$68.7M52c0
Mar 31, 20256$77.9M$49.8M64c0
Dec 31, 20246$100M$67.7M68c0
Sep 30, 20246$78.0M$57.3M74c0
Jun 30, 20245$70.2M$56.1M80c0
Mar 31, 20245$70.2M$66.4M95c0
Dec 31, 20237$84.1M$81.4M97c0
Sep 30, 20235$28.4M$26.8M96c0
Jun 30, 20235$78.7M$76.8M98c0
Mar 31, 20235$73.7M$72.6M106c0
Dec 31, 20225$77.7M$76.1M98c0
Sep 30, 20222$58.9M$58.7M100c0
Sep 22, 20221$0$0n/a0
Jun 30, 20221$53.5M$53.5M100c0
Dec 31, 20211$4.4M$4.4M100c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
MEDICAL SOLUTIONSderivedthe codename stem after legal suffixes and deal words
Spellings
3 across 7 BDCsderived
Industry
Health Care Providers & Servicesreportedas one filer wrote it