DFX Intelligence
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Borrower
I••••••••• P•• P••••••• I••••••••• H•••••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: 1; 2; 2018; 3; I••••••••• Pet Partners I••••••••• Holding; LLC 4; Member Units November 20
Nothing material in the last 200 days. No dated change on record yet.
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
$25.7M
n/a on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
3
2 on the latest quarter
Facilities
2
4 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
12
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 · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••• S••••• C•••••• C••• | equity equity C••••• Equity | Not disclosed | $18.9M 103c | |
| M•• I••••• F•••• I••• | equity equity C••••• Equity | Not disclosed | $6.8M 103c |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| term loan lien unstated exited Mar 31, 2023 | at least $44.4M | 57c | S+1000 bp PIK 15.25% | Nov 20, 2023 | 2 |
| first lien term loan first lien exited Mar 31, 2023 | at least $16.4M | 62c | S+1000 bp PIK 17.00% | Nov 20, 2023 | 1 |
Equity pieces beside the debt: equity ($25.7M fair value, 2 BDCs), warrants ($0 fair value, 3 BDCs), preferred equity ($117,000 fair value, 1 BDC), other ($0 fair value, 1 BDC)
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 | $0 | $0 | n/a | 0 |
| Mar 31, 2026 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2025 | 2 | $0 | $0 | n/a | 0 |
| Sep 30, 2025 | 2 | $0 | $0 | n/a | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $0 | $0 | n/a | 0 |
| Mar 31, 2025 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2024 | 3 | $0 | $0 | n/a | 0 |
| Sep 30, 2024 | 2 | $0 | $0 | n/a | 0 |
| Jun 30, 2024 | 2 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 2 | $0 | $0 | n/a | 0 |
| Dec 31, 2023 | 2 | $0 | $0 | n/a | 0 |
| Sep 30, 2023 | 2 | $0 | $0 | n/a | 0 |
| Jun 30, 2023 | 2 | $0 | $0 | n/a | 0 |
| Mar 31, 2023 | 3 | $60.8M | $34.5M | 58c | 10 |
| Dec 31, 2022 | 3 | $63.0M | $44.2M | 72c | 9 |
| Sep 30, 2022 | 2 | $38.5M | $32.7M | 87c | 2 |
| Dec 31, 2021 | 2 | $61.6M | $58.3M | 98c | 2 |
What changed
- PIK interest increasedMar 31, 2023
- Facility left every BDC scheduleMar 31, 2023
- Facility left every BDC scheduleMar 31, 2023
- Spread changed (observed)Mar 31, 2023
- PIK interest increasedMar 31, 2023
Full timeline · 21 eventsShow fewer
- Marked down across lendersMar 31, 2023
- Marked down (one lender)Mar 31, 2023
- PIK interest increasedMar 31, 2023
- PIK interest increasedMar 31, 2023
- PIK interest increasedMar 31, 2023
- PIK interest increasedDec 31, 2022
- Marked down across lendersDec 31, 2022
- Spread changed (observed)Dec 31, 2022
- PIK interest appearsDec 31, 2022
- New lender joined a facilityDec 31, 2022
- Marked down (one lender)Dec 31, 2022
- PIK interest appearsDec 31, 2022
- PIK interest increasedDec 31, 2022
- Spread increasedDec 31, 2022
- Spread changed (observed)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- INDEPENDENT PET PARTNERSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 3 BDCsderived