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Borrower

L••• H•••••••• I••

Pharmaceuticals, Biotechnology & Life Sciencesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. 2025 Refinancing; Inc. First and; Inc.2; Verdelite JV LP
See every lender's markFind rescue capital
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Special situations PE firms

What matters now

  1. 99¢ → 99¢
    consensus mark

    Consensus mark 99¢ on cost, up from 99¢ a year ago, 95¢ last quarter.

    Q2 2026 · The lenders' own valuations moved back up.

    Derived6 of 6 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
Q2 2025: 99¢Q3 2025: 99¢Q4 2025: 99¢Q1 2026: 95¢Q2 2026: 99¢99¢ · 99¢ · 99¢ · 95¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 2 points apart
98¢Consensus: 99¢M•• I••••••••• C••••: 98¢N•• M••••••• P•••••• C••••• F•••: 99¢N•• M••••••• G••••••• I• B••• L•••••: 99¢A•••••• P•••••• C••••• F•••: 99¢A•••••• S•••••••• C••••• F•••: 99¢N•• M••••••• G••••••• I• I••••• F•••• L•••••: 100¢100¢
Principal held
at least $32.3M
sum of BDC pieces, a lower bound
Fair value
$33.0M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
20
7 on the latest quarter
Facilities
3
2 equity pieces beside them
Next maturity
Feb 23, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
7
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
M•• I••••••••• C••••$10.9M98¢+4 pts
N•• M••••••• P•••••• C••••• F•••$9.25M99¢+4 pts
N•• M••••••• G••••••• I• B••• L•••••$8.34M99¢+4 pts
A•••••• P•••••• C••••• F•••$1.48M99¢+4 pts
A•••••• S•••••••• C••••• F•••$1.48M99¢+4 pts
View all 6 lenderslargest exposure first
LenderExposureCurrent markQoQ change
N•• M••••••• G••••••• I• I••••• F•••• L•••••$807K100¢+4 pts
Every BDC piece · 8 positions across 7 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
M•• I••••••••• C••••term loan first lien
F•••• L••• D••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• F•••• 0.00% I••••••• R••
$10.9M$10.7M
98c
SOFR+450 bp
N•• M••••••• P•••••• C••••• F•••term loan first lien
F•••• L••• 1 | N••••••••• I•••••
$9.2M$9.1M
99c
S+450 bp
N•• M••••••• G••••••• I• B••• L•••••term loan first lien
F•••• L•••
$8.3M$8.2M
99c
S+450 bp
A•••••• P•••••• C••••• F•••term loan first lien
Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.25% M•
$1.5M$1.5M
99c
SOFR+450 bp
A•••••• S•••••••• C••••• F•••term loan first lien
Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.50% I••••••• R••• 8.25% M•
$1.5M$1.5M
99c
SOFR+450 bp
View all 8 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
N•• M••••••• G••••••• I• I••••• F•••• L•••••term loan first lien
F•••• L••• | N••••••••• I•••••
$807,000$794,000
100c
S+450 bp
C••••••• C•••••• B••• I•••equity equity
Investment T••• C••••• S••••
Not disclosed$733,000
77c
C••••••• C•••••• B••• I•••preferred equity equity
Investment T••• P•••••••• S••••
Not disclosed$555,000
124c
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $32.3M99cSOFR+450 bpMar 4, 203214
other lien unstated
exited Jun 30, 2025
at least $11.6M99cS+450 bpMar 4, 20325
second lien term loan second lien
exited Sep 30, 2025
at least $3.5M99cSOFR+450 bpMar 4, 20323
Equity pieces beside the debt: preferred equity ($555,000 fair value, 1 BDC), equity ($733,000 fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20267$32.3M$31.7M99c0
Mar 31, 20269$44.5M$41.9M95c0
Dec 31, 20259$54.7M$53.6M99c0
Sep 30, 202512$66.1M$65.1M99c0
All 17 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202514$85.4M$83.9M99c0
Mar 31, 202511$73.8M$73.6M100c0
Dec 31, 20247$221M$216M99c0
Sep 30, 20247$95.2M$93.1M99c0
Jun 30, 20245$93.8M$91.0M98c0
Mar 31, 20245$82.9M$76.5M93c0
Dec 31, 20235$131M$120M93c0
Sep 30, 20235$83.0M$76.8M94c0
Jun 30, 20235$83.1M$76.3M93c0
Mar 31, 20234$77.6M$72.0M94c0
Dec 31, 20225$106M$98.4M94c0
Sep 30, 20222$63.1M$58.8M94c0
Dec 31, 20212$76.5M$76.4M101c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
L••• HOLDINGderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 20 BDCsderived
Industry
Pharmaceuticals, Biotechnology & Life Sciencesreportedas one filer wrote it