DFX Intelligence
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Borrower
U••••• T•••••• H•••••• I•• G•••
group grade Aoff every schedule since Dec 31, 2025sponsor unattributed
Nothing material in the last 200 days. No dated change on record yet.
Mark path, consensus per quarter end
70¢ · 77¢ · 81¢Q4 2024 to Q2 2025
Principal held
unknown
sum of BDC pieces, a lower bound
Fair value
Not disclosed
n/a on cost, debt pieces
Unfunded
$0
commitments not yet drawn
BDC lenders
3
3 on the latest quarter
Facilities
1
1 equity pieces beside them
Next maturity
unstated
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Dec 31, 2025
Events
8
dated, non-routine
Lender marks
each lender's own fair value over cost at Dec 31, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•••••• B••• I••• | no principal filed | no cost filed | no comparable mark |
| B•••••• C•••••• I••••••••• C••• | no principal filed | no cost filed | no comparable mark |
| B•••••• P•••••• C••••• C••• | no principal filed | no cost filed | no comparable mark |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B•••••• B••• I••• | unstated lien unstated C•••• / A••••••••• F••••••• | Not disclosed | Not disclosed | |
| B•••••• C•••••• I••••••••• C••• | unstated lien unstated C•••• / A••••••••• F••••••• | Not disclosed | Not disclosed | |
| B•••••• P•••••• C••••• C••• | unstated lien unstated C•••• / A••••••••• F••••••• | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Dec 31, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien exited Jun 30, 2025 | at least $6.3M | 81c | S+675 bp | unstated | 3 |
Equity pieces beside the debt: other (Not disclosed fair value, 3 BDCs)
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2025 | 3 | $0 | $0 | n/a | 0 |
| Sep 30, 2025 | 3 | $0 | $0 | n/a | 0 |
| Jun 30, 2025 | 3 | $6.3M | $4.6M | 81c | 0 |
| Mar 31, 2025 | 3 | $5.7M | $4.3M | 77c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Dec 31, 2024 | 3 | $8.2M | $5.9M | 70c | 0 |
| Sep 30, 2024 | 3 | $5.3M | $4.1M | 82c | 0 |
| Jun 30, 2024 | 3 | $5.1M | $3.9M | 79c | 0 |
| Mar 31, 2024 | 3 | $5.2M | $3.8M | 76c | 0 |
| Dec 31, 2023 | 3 | $5.3M | $3.8M | 77c | 0 |
| Sep 30, 2023 | 3 | $5.1M | $3.8M | 77c | 0 |
| Jun 30, 2023 | 3 | $5.2M | $4.2M | 85c | 0 |
| Mar 31, 2023 | 3 | $5.2M | $4.9M | 99c | 0 |
| Dec 31, 2022 | 3 | $3.6M | $3.5M | 100c | 0 |
| Sep 30, 2022 | 1 | $716,000 | $665,000 | 91c | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Mark recoveredMar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
Full timeline · 22 eventsShow fewer
- Marked down (one lender)Dec 31, 2024
- Spread changed (observed)Jun 30, 2024
- Spread increasedJun 30, 2024
- Spread increasedJun 30, 2024
- Spread increasedJun 30, 2024
- Marked down across lendersSep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down (one lender)Sep 30, 2023
- Marked down across lendersJun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Marked down (one lender)Jun 30, 2023
- Mark recoveredDec 31, 2022
- New lender joined a facilityDec 31, 2022
- New lender joined a facilityDec 31, 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
- UNITED THERAPYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 3 BDCsderived