DFX Intelligence
Private Credit Intelligence
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Borrower
P••••• B•••• L••
Health Care Equipment & Servicesgroup grade Aon a schedule nowsponsor P••••• C•••••• P•••••••• I••• carried
Also written as: 1; PathGroup; P••••• B•••• L•• 1; P••••• B•••• L•• 2
Principal held
at least $413M
sum of BDC pieces, a lower bound
Fair value
$211M
57c on cost, debt pieces
Unfunded
$16.2M
commitments not yet drawn
BDC lenders
13
11 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Mar 1, 2027
$54.2M inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
19
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $231M | 55c | S+625 bp PIK 9.98% | May 12, 2029 | 2 |
| first lien term loan first lien | at least $162M | 59c | S+625 bp PIK 9.48% | May 31, 2029 | 11 |
| first lien revolver first lien | at least $16.6M | 59c | PIK 5.75% | May 31, 2029 | 7 |
| first lien delayed draw term loan first lien | at least $3.4M | 105c | SOFR+625 bp PIK 6.25% | May 31, 2029 | 7 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 1 | |
| revolver lien unstated | unknown | n/a | unstated | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $3.6M | $1.9M 57c | S+575 bp PIK 9.48% |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $2.2M | $2.5M 119c | S+625 bp PIK 9.98% |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $98.2M | $51.6M 58c | S+575 bp PIK 9.48% |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $15.9M | $8.3M 58c | S+575 bp PIK 9.48% |
| B••• O•• C•••••• C••• | revolver first lien First lien senior secured revolving loan | Non-Affiliated | $163,000 | $87,000 58c | PIK 5.75% |
| B••• O•• C•••••• C••• | revolver first lien First lien senior secured revolving loan | n/a | $0 | |
| B••• O•• C•••••• C••• | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-Affiliated | $31,000 | $31,000 107c | PIK 6.25% |
| B••• O•• C•••••• C••• | term loan first lien First lien senior secured loan | Non-Affiliated | $1.5M | $809,000 60c | PIK 5.75% |
| B••• O•• C•••••• C••• | delayed draw term loan first lien First lien senior secured delayed draw term loan | n/a | $0 | |
| B••• O•• C•••••• C••• I• | revolver first lien First lien senior secured revolving loan | Non Affiliated | $81,000 | $43,000 57c | PIK 5.75% |
| B••• O•• C•••••• C••• I• | revolver first lien First lien senior secured revolving loan | Non-Affiliated | n/a | n/a | |
| B••• O•• C•••••• C••• I• | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-Affiliated | n/a | n/a | |
| B••• O•• C•••••• C••• I• | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non Affiliated | $16,000 | $16,000 114c | PIK 6.25% |
| B••• O•• C•••••• C••• I• | term loan first lien First lien senior secured loan | Non Affiliated | $756,000 | $404,000 59c | PIK 5.75% |
| B••• O•• C••••• I••••• C•••• | revolver first lien First lien senior secured revolving loan | Non-Affiliated Issuer | $13.5M | $7.2M 59c | PIK 5.75% |
| B••• O•• C••••• I••••• C•••• | revolver first lien First lien senior secured revolving loan | Non-controlled/non-affiliated | n/a | n/a | |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-Affiliated Issuer | $2.5M | $2.5M 110c | PIK 6.25% |
| B••• O•• C••••• I••••• C•••• | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-controlled/non-affiliated | n/a | n/a | |
| B••• O•• C••••• I••••• C•••• | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $122M | $65.4M 60c | PIK 5.75% |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien First lien senior secured loan | $18.9M | $10.1M 60c | PIK 5.75% |
| B••• O•• T••••••••• I••••• C•••• | delayed draw term loan first lien First lien senior secured delayed draw term loan 2 | n/a | $0 | |
| B••• O•• T••••••••• I••••• C•••• | revolver first lien First lien senior secured revolving loan 1 | $2.0M | $1.1M 58c | PIK 5.75% |
| B••• O•• T••••••••• I••••• C•••• | delayed draw term loan first lien First lien senior secured delayed draw term loan 1 | $388,000 | $388,000 107c | PIK 6.25% |
| B••• O•• T••••••••• I••••• C•••• | revolver first lien First lien senior secured revolving loan 2 | n/a | $0 | |
| C••••••• C•••••• B••• I••• | delayed draw term loan first lien Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (625 PI | $176,000 | $176,000 100c | SOFR+625 bp PIK 6.25% |
| C••••••• C•••••• B••• I••• | revolver first lien Investment Type Revolver Commitment Expiration Date 5/12/2029 | n/a | n/a | |
| C••••••• C•••••• B••• I••• | revolver first lien Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 05/2029 | $889,000 | $477,000 57c | |
| C••••••• C•••••• B••• I••• | delayed draw term loan first lien Investment Type Delayed Draw Term Loan Commitment Expiration Date 3/31/2027 | n/a | n/a | |
| C••••••• C•••••• B••• I••• | term loan first lien Investment Type Unitranche First Lien Term Loan Maturity/ Dissolution Date 05/2029 | $7.8M | $4.2M 57c | |
| C••••••• C•••••• B••• I••• | delayed draw term loan first lien Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/ Dissolution Date 05 | $295,000 | $159,000 57c | |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 3 | $60,000 | $28,000 52c | S+575 bp PIK 9.48% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 2 | $525,000 | $247,000 52c | S+575 bp PIK 9.48% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 1 | $12,000 | $12,000 100c | S+625 bp PIK 0.50% |
| G•••• C•••••• B•• 4• I••• | term loan first lien One stop 4 | $20,000 | $9,000 50c | S+575 bp PIK 9.48% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 3 | Non-Affiliated Issuer | $175,000 | $175,000 100c | S+625 bp PIK 0.50% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 4 | Non-Affiliated Issuer | $122,000 | $56,000 52c | S+575 bp PIK 9.48% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 2 | Non-Affiliated Issuer | $331,000 | $156,000 53c | S+575 bp PIK 9.48% |
| G•••• C•••••• B••• I••• | term loan first lien One stop 1 | Non-Affiliated Issuer | $8.8M | $4.1M 53c | S+575 bp PIK 9.48% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 3 | $12,000 | $6,000 55c | S+575 bp PIK 9.48% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 2 | $38,000 | $18,000 53c | S+575 bp PIK 9.48% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 1 | $330,000 | $155,000 52c | S+575 bp PIK 9.48% |
| G•••• C•••••• D••••• L•••••• C••• | term loan first lien One stop 4 | $7,000 | $7,000 100c | S+625 bp PIK 0.50% |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 3 | $11,000 | $5,000 50c | S+575 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 1 | $284,000 | $133,000 52c | S+575 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 2 | $32,000 | $15,000 52c | S+575 bp |
| G•••• C•••••• D••••• L•••••• U•••••••• C••• | term loan first lien One stop 4 | $6,000 | $6,000 100c | S+625 bp PIK 0.50% |
| H•• C•••••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $10.4M | $4.6M 49c | PIK 5.75% |
| H•• C•••••••• L•••••• F••• | delayed draw term loan first lien 1st Lien Senior Secured Delayed Draw Loan | n/a | n/a | |
| H•• C•••••••• L•••••• F••• | revolver first lien 1st Lien Senior Secured Revolving Loan | n/a | n/a | |
| H•• C•••••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $91.1M | $40.5M 49c | PIK 5.75% |
| H•• C•••••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $6.4M | $2.0M 110c | PIK 6.25% |
| H•• C•••••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $3.5M | $1.5M 50c | PIK 5.75% |
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 | 11 | $413M | $211M | 57c | 34 |
| Mar 31, 2026 | 11 | $295M | $174M | 64c | 36 |
| Dec 31, 2025 | 11 | $382M | $284M | 79c | 17 |
| Sep 30, 2025 | 11 | $374M | $320M | 87c | 0 |
| Jun 30, 2025 | 11 | $365M | $342M | 95c | 0 |
| Mar 31, 2025 | 11 | $361M | $344M | 97c | 0 |
| Dec 31, 2024 | 11 | $685M | $651M | 98c | 0 |
| Sep 30, 2024 | 12 | $351M | $332M | 98c | 0 |
| Jun 30, 2024 | 12 | $350M | $331M | 98c | 0 |
| Mar 31, 2024 | 13 | $350M | $330M | 98c | 0 |
| Dec 31, 2023 | 13 | $360M | $317M | 98c | 0 |
| Sep 30, 2023 | 12 | $356M | $310M | 97c | 0 |
| Jun 30, 2023 | 13 | $352M | $297M | 95c | 0 |
| Mar 31, 2023 | 7 | $227M | $219M | 99c | 0 |
What changed
- Mark recoveredJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- PIK interest increasedMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
Sponsor
- V•••• S••••• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedvscpllc.com"portfolio card on https://vscpllc.com/portfolio: P••••••••"
- C••••••• C•••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedcurewellcapital.com"portfolio card on https://www.curewellcapital.com/portfolio/: Representative Past Investments of C••••••• Team | P•••••••• | P•••••••• is a leading provider of pathology services and clinical diagnost"
- P••••• C•••••• P•••••••• I•••
- the sponsor's own portfolio page lists a company of this nameestimatedprimuscapital.com"portfolio card on https://primuscapital.com/portfolio/: P••••••••"
Identity
- Group key
- PLASMAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 13 BDCsderived
- Industry
- Health Care Equipment & Servicesreportedas one filer wrote it