DFX Intelligence
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Borrower
C••• R••••••• L• C••••••• S••••••• H•••••••• I••
Health Care Providers & Servicesgroup grade Aon a schedule nowsponsor unattributed
What matters now
- 98¢ → 74¢consensus mark
Consensus mark 74¢ on cost, down from 98¢ a year ago, 76¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $18.3Mprincipal outstanding
$18.3M principal held by 1 lender; matures Jun 2029.
Q2 2026 · Refinancing is due in 33 months at a 74¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
98¢ · 94¢ · 82¢ · 76¢ · 74¢Q2 2025 to Q2 2026
Principal held
at least $18.3M
sum of BDC pieces, a lower bound
Fair value
$13.4M
74c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jun 16, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
19
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 |
|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | $18.3M | 74¢ | -2 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• F•••••••• I••••••••• C••• | term loan first lien F•••• L••• S•••••• D••• - T••• L••• S•••+925 (I•••••••• of 9.98% PIK), 1.00% F•••• M•••••• | $17.2M | $12.7M 75c | SOFR+925 bp PIK 9.98% |
| M••••• F•••••••• I••••••••• C••• | revolver first lien F•••• L••• S•••••• D••• - R••••••• S••• + 925 (I•••••••• of 9.98% PIK), 1.00% F•••• M••••• | $1.1M | $634,000 60c | SOFR+925 bp PIK 9.98% |
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 $17.2M | 75c | SOFR+925 bp PIK 9.98% | Dec 16, 2029 | 1 |
| first lien revolver first lien | at least $1.1M | 60c | SOFR+925 bp PIK 9.98% | Jun 16, 2029 | 1 |
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 | 1 | $18.3M | $13.4M | 74c | 2 |
| Mar 31, 2026 | 1 | $17.8M | $13.4M | 76c | 2 |
| Dec 31, 2025 | 1 | $18.2M | $14.7M | 82c | 2 |
| Sep 30, 2025 | 1 | $17.7M | $16.4M | 94c | 2 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $17.2M | $16.7M | 98c | 2 |
| Mar 31, 2025 | 1 | $16.8M | $16.3M | 98c | 0 |
| Dec 31, 2024 | 1 | $16.4M | $15.8M | 97c | 0 |
| Sep 30, 2024 | 1 | $16.0M | $15.4M | 97c | 0 |
| Jun 30, 2024 | 1 | $15.8M | $15.1M | 97c | 0 |
| Mar 31, 2024 | 1 | $15.6M | $13.2M | 97c | 0 |
| Dec 31, 2023 | 1 | $15.2M | $13.4M | 97c | 2 |
| Sep 30, 2023 | 1 | $14.8M | $14.0M | 96c | 0 |
| Jun 30, 2023 | 1 | $14.8M | $14.4M | 99c | 0 |
| Mar 31, 2023 | 1 | $14.8M | $14.4M | n/a | 0 |
| Dec 31, 2022 | 1 | $14.9M | $14.4M | 99c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Spread changed (observed)Jun 30, 2026
- Spread increasedJun 30, 2026
- Spread increasedJun 30, 2026
- Spread changed (observed)Mar 31, 2026
Full timeline · 30 eventsShow fewer
- Marked down across lendersMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Marked down across lendersDec 31, 2025
- Marked down across lendersDec 31, 2025
- Marked down (one lender)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- PIK interest appearsJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Mark recoveredJun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread changed (observed)Mar 31, 2024
- Marked down across lendersMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- Spread increasedMar 31, 2024
- Spread increasedMar 31, 2024
- PIK interest appearsDec 31, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- CATO RESEARCH LS CLINICAL SERVICESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Health Care Providers & Servicesreportedas one filer wrote it