DFX Intelligence
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Borrower
A•••••• P••••• U•• I••
P•••••ceuticalsgroup grade Aon a schedule nowsponsor unattributed
Also written as: A•••••• P••••• Inc
What matters now
- 94¢ → 99¢consensus mark
Consensus mark 99¢ on cost, up from 94¢ a year ago, 100¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived3 of 3 lenders' own marks, weighted by principal - 23 pts77¢ to 100¢
Lenders disagree by 23 points: F•••• E•••• P•••••• C••••• F••• 77¢ to O•••••• S•••••••• L•••••• C••• 100¢.
Q2 2026 · Holders value the same loan differently, so a position could trade between them.
Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks → - 89¢ → 77¢-12 pts, one lender
F•••• E•••• P•••••• C••••• F••• marked it 89¢ → 77¢, the largest move among 3 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
94¢ · 101¢ · 100¢ · 100¢ · 99¢Q2 2025 to Q2 2026
Where each lender marks it, 23 points apart
77¢100¢
Principal held
at least $22.3M
sum of BDC pieces, a lower bound
Fair value
$21.6M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Nov 30, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
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 |
|---|---|---|---|
| H•• C•••••••• C•••••• S•••••••• F••• | $18.6M | 100¢ | 0 pts |
| O•••••• S•••••••• L•••••• C••• | $2.82M | 100¢ | 0 pts |
| F•••• E•••• P•••••• C••••• F••• | $874K | 77¢ | -12 pts |
Every BDC piece · 3 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| H•• C•••••••• C•••••• S•••••••• F••• | unstated lien unstated N••••••••• I••••• | $18.6M | $18.2M 100c | S+950 bp |
| O•••••• S•••••••• L•••••• C••• | term loan second lien S••••• L••• T••• L••• | $2.8M | $2.8M 100c | S+1050 bp PIK 8.00% |
| F•••• E•••• P•••••• C••••• F••• | term loan second lien S••••• L••• D••• R•••••••• R••• and S••••• S + 10.50% (incl. 8.00% PIK) I••••••• R••• F••• | $874,000 | $514,000 77c | SOFR+1050 bp PIK 8.00% |
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 $18.6M | 100c | S+950 bp | Nov 30, 2028 | 3 |
| second lien term loan second lien | at least $3.7M | 96c | SOFR+1050 bp PIK 8.00% | Mar 1, 2029 | 2 |
| first lien term loan first lien exited Dec 31, 2024 | at least $27.7M | 97c | SOFR+750 bp | Jun 30, 2025 | 3 |
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 | 3 | $22.3M | $21.6M | 99c | 2 |
| Mar 31, 2026 | 3 | $22.6M | $22.0M | 100c | 2 |
| Dec 31, 2025 | 3 | $22.8M | $22.2M | 100c | 2 |
| Sep 30, 2025 | 3 | $23.1M | $22.7M | 101c | 2 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $25.0M | $23.0M | 95c | 3 |
| Mar 31, 2025 | 4 | $25.2M | $23.5M | 96c | 2 |
| Dec 31, 2024 | 4 | $48.3M | $46.1M | 96c | 0 |
| Sep 30, 2024 | 3 | $31.6M | $28.6M | 91c | 0 |
| Jun 30, 2024 | 3 | $32.4M | $30.2M | 94c | 0 |
| Mar 31, 2024 | 3 | $32.8M | $30.2M | 93c | 0 |
| Dec 31, 2023 | 2 | $28.1M | $26.5M | 95c | 0 |
| Sep 30, 2023 | 2 | $28.5M | $26.3M | 93c | 0 |
| Jun 30, 2023 | 2 | $28.8M | $27.4M | 95c | 0 |
| Mar 31, 2023 | 2 | $29.2M | $28.5M | 98c | 0 |
| Dec 31, 2022 | 2 | $36.7M | $34.2M | 94c | 0 |
| Sep 30, 2022 | 1 | $26.3M | $26.1M | 102c | 0 |
| Dec 31, 2021 | 1 | $12.5M | $11.9M | 96c | 0 |
What changed
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Dec 31, 2025
- Mark recoveredSep 30, 2025
- Spread changed (observed)Jun 30, 2025
Full timeline · 27 eventsShow fewer
- Marked down across lendersJun 30, 2025
- Lender left a facilityJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Spread increasedJun 30, 2025
- PIK interest appearsJun 30, 2025
- New lender joined a facilityMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- Spread increasedMar 31, 2025
- PIK interest appearsMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Spread increasedDec 31, 2024
- Marked down (one lender)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread increasedJun 30, 2024
- Spread changed (observed)Mar 31, 2024
- New lender joined a facilityMar 31, 2024
- New lender joined a facilityDec 31, 2023
- 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
- ALVOGEN PHARMAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 6 BDCsderived
- Industry
- P•••••ceuticalsreportedas one filer wrote it