DFX Intelligence
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Borrower
P••••••• P•••••• L••
Also written as: Health Care Equipment & Services; LLC Initial; P••••••• Acquisition Corp
What matters now
- 100¢ → 95¢consensus mark
Consensus mark 95¢ on cost, down from 100¢ in Q3 2025, 91¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived5 of 5 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
100¢ · 98¢ · 91¢ · 95¢Q3 2025 to Q2 2026
Where each lender marks it, 1 points apart
94¢95¢
Principal held
at least $61.9M
sum of BDC pieces, a lower bound
Fair value
$53.2M
95c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Apr 16, 2032
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
2
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 |
|---|---|---|---|
| A•• P•••••• C••••• I••••• F••• | $41.2M | 95¢ | +4 pts |
| C•••••••• L•••••• S••••••••• L•• | $14.2M | 95¢ | +3 pts |
| O••• D••••• L•••••• B•• F••• | $2.98M | 95¢ | +4 pts |
| P•••• C•••••• S•••••••• B•• C•••• | $2M | 95¢ | +4 pts |
| B•••••• P•••••• C••••• C••• | $1.56M | 94¢ | +3 pts |
Every BDC piece · 5 positions across 5 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•• P•••••• C••••• I••••• F••• | term loan first lien F•••• L••• T••• L••• R•••••••• R••• and S••••• S••• + 4.50% All In R••• 8.23% A••••••••• D | $41.2M | $35.3M 95c | SOFR+450 bp |
| C•••••••• L•••••• S••••••••• L•• | term loan first lien F••••••••• loan | $14.2M | $12.3M 95c | S+450 bp |
| O••• D••••• L•••••• B•• F••• | term loan first lien F•••• L••• T••• L••• R•••••••• R••• and S••••• 3M S••• + 4.50% I••••••• R••• 8.23% I•••••• | $3.0M | $2.6M 95c | SOFR+450 bp |
| P•••• C•••••• S•••••••• B•• C•••• | term loan first lien T••• L••• | D••• Investments | F•••• L••• S••••• S•••••• | S••• + 4.500% | 8.200% | 04/16/ | $2.0M | $1.7M 95c | SOFR+450 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $1.6M | $1.3M 94c | S+450 bp |
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 $61.9M | 95c | SOFR+450 bp | Apr 16, 2032 | 5 |
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 | 5 | $61.9M | $53.2M | 95c | 0 |
| Mar 31, 2026 | 5 | $62.6M | $51.5M | 91c | 0 |
| Dec 31, 2025 | 4 | $67.2M | $59.0M | 98c | 0 |
| Sep 30, 2025 | 4 | $67.0M | $60.1M | 100c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
Full timeline · 7 eventsShow fewer
- Marked down (one lender)Mar 31, 2026
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
- F•••••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedfranciscopartners.com"••• Locked"
- P••• T••• E••••• M••••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedpinetreeequity.com"••• Locked"
- P•••••• S••••• C••••••• L•
- the sponsor's own portfolio page lists a company of this nameestimatedpatientsquarecapital.com"••• Locked"
- P• C•••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedpaloalto.capital"••• Locked"
- I••••••• C•••••• P•••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedintandemcapital.com"••• Locked"
Identity
- Group key
- PARADIGMderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 6 BDCsderived
- Industry
- Healthcarereportedas one filer wrote it