DFX Intelligence
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Borrower
P•••••• I••••••• L••
Health Care Providers & Servicesgroup grade Aon a schedule nowsponsor not established · possible relationship
Also written as: LLC 1; LLC 2; LLC 3; LLC 4; LLC Five; LLC Four; LLC One; LLC Three
What matters now
- 84¢ → 78¢consensus mark
Consensus mark 78¢ on cost, down from 84¢ a year ago, 81¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived7 of 7 lenders' own marks, weighted by principal - 17 pts74¢ to 91¢
Lenders disagree by 17 points: G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• 74¢ to B•• I••••••••• C••• 91¢.
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 → - $160Mprincipal outstanding
$160M principal held by 7 lenders; matures Oct 2027.
Q2 2026 · Refinancing is due in 12 months at a 78¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
84¢ · 84¢ · 82¢ · 81¢ · 78¢Q2 2025 to Q2 2026
Where each lender marks it, 17 points apart
74¢91¢
Principal held
at least $160M
sum of BDC pieces, a lower bound
Fair value
$124M
78c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
9
7 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Oct 1, 2027
$160M inside 24 months
On the tape since
Dec 31, 2021
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 |
|---|---|---|---|
| B••• O•• C•••••• C••• | $46.9M | 81¢ | -9 pts |
| G•••••• S•••• B••• I••• | $46.7M | 74¢ | 0 pts |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | $38M | 74¢ | 0 pts |
| B••• C•••••• S•••••••• F••••••• I••• | $9.89M | 82¢ | 0 pts |
| B••• O•• C•••••• C••• I• | $8.27M | 81¢ | -9 pts |
View all 7 lendersShow fewerlargest exposure first
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B•• I••••••••• C••• | $5.64M | 91¢ | +1 pts |
| B• P••••••• L•••••• C••• | $4.15M | 89¢ | +2 pts |
Every BDC piece · 18 positions across 7 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C•••••• C••• | term loan first lien F•••• lien senior secured loan | N••••••••• | $46.9M | $38.0M 81c | S+600 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• P•••••••• & Services I••••••• R••• 9.99% | $30.0M | $22.2M 74c | SOFR+600 bp PIK 3.27% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• P•••••••• & Services I••••••• R••• 9.99% | $18.0M | $13.4M 74c | SOFR+600 bp PIK 3.27% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• P•••••••• & Services I••••••• R••• 9.99% | $11.8M | $8.7M 74c | SOFR+600 bp PIK 3.27% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• P•••••••• & Services I••••••• R••• 9.99% | $8.3M | $6.1M 74c | SOFR+600 bp PIK 3.27% |
View all 18 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••• O•• C•••••• C••• I• | term loan first lien F•••• lien senior secured loan | Non A••••••••• | $8.3M | $6.7M 81c | S+600 bp |
| B••• C•••••• S•••••••• F••••••• I••• | term loan first lien F•••• L••• S••••• S•••••• L••• S••• F•••• 1.00% S••••• 4.50% (1.76% PIK) I••••••• R••• 9.9 | $7.8M | $6.4M 82c | SOFR+450 bp PIK 1.76% |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• P•••••••• & Services I••••••• R••• 9.99% | $6.6M | $4.9M 74c | SOFR+600 bp PIK 3.27% |
| B•• I••••••••• C••• | term loan first lien F•••• L•••/S••••• S•••••• D••• I••••••• R••• 9.99% R•••••••• R••• and S••••• S••• + 6.00% | $5.6M | $5.0M 91c | SOFR+600 bp |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• P•••••••• & Services I••••••• R••• 9.99% | $5.0M | $3.7M 74c | SOFR+600 bp PIK 3.27% |
| G•••••• S•••• P•••••• M••••• M••••• C••••• I• L•• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• P•••••••• & Services I••••••• R••• 9.99% | $3.2M | $2.3M 74c | SOFR+600 bp PIK 3.27% |
| B••• C•••••• S•••••••• F••••••• I••• | delayed draw term loan first lien F•••• L••• S••••• S•••••• L••• - D•••••• D••• S••• F•••• 1.00% S••••• 4.50% (1.76% PIK) I• | $2.1M | $1.7M 82c | SOFR+450 bp PIK 1.76% |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 9.65% R•••••••• R••• and S••••• S + 6.00% F•••• 1.00% M• | $1.9M | $1.7M 89c | SOFR+600 bp |
| G•••••• S•••• B••• I••• | term loan first lien 1st L•••/S••••• S•••••• D••• I••••••• H••••• C••• P•••••••• & Services I••••••• R••• 9.99% | $1.8M | $1.3M 74c | SOFR+600 bp PIK 3.27% |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 9.65% R•••••••• R••• and S••••• S + 6.00% F•••• 1.00% M• | $1.1M | $934,000 89c | SOFR+600 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 9.65% R•••••••• R••• and S••••• S + 6.00% F•••• 1.00% M• | $1.0M | $914,000 89c | SOFR+600 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 9.65% R•••••••• R••• and S••••• S + 6.00% F•••• 0.00% M• | $104,000 | $92,000 88c | SOFR+600 bp |
| B• P••••••• L•••••• C••• | term loan first lien S••••• S•••••• L••• I••••••• R••• 9.65% R•••••••• R••• and S••••• S + 6.00% F•••• 0.00% M• | $28,000 | $25,000 89c | SOFR+600 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 $157M | 78c | SOFR+600 bp PIK 3.27% | Oct 31, 2027 | 8 |
| first lien delayed draw term loan first lien | at least $2.1M | 82c | SOFR+450 bp PIK 1.76% | Oct 31, 2027 | 1 |
Equity pieces beside the debt: other (Not disclosed fair value, 1 BDC)
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 | 7 | $160M | $124M | 78c | 10 |
| Mar 31, 2026 | 7 | $159M | $128M | 81c | 10 |
| Dec 31, 2025 | 7 | $174M | $141M | 82c | 12 |
| Sep 30, 2025 | 7 | $168M | $139M | 83c | 4 |
All 18 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $163M | $137M | 84c | 4 |
| Mar 31, 2025 | 8 | $165M | $138M | 84c | 2 |
| Dec 31, 2024 | 8 | $232M | $200M | 86c | 7 |
| Sep 30, 2024 | 8 | $153M | $127M | 83c | 0 |
| Jun 30, 2024 | 8 | $148M | $126M | 85c | 0 |
| Mar 31, 2024 | 7 | $144M | $132M | 92c | 0 |
| Dec 31, 2023 | 8 | $234M | $225M | 97c | 1 |
| Sep 30, 2023 | 6 | $100M | $98.0M | 99c | 0 |
| Jun 30, 2023 | 8 | $154M | $65.1M | 100c | 0 |
| Mar 31, 2023 | 8 | $109M | $61.6M | 100c | 0 |
| Dec 31, 2022 | 8 | $167M | $152M | 99c | 0 |
| Sep 30, 2022 | 2 | $52.1M | $51.3M | 100c | 0 |
| Mar 31, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 1 | $43.0M | $42.7M | 100c | 0 |
What changed
- Maturity approachingOct 31, 2027
- Maturity approachingOct 31, 2027
- Maturity approachingOct 31, 2027
- Maturity approachingOct 31, 2027
- Marked down (one lender)Jun 30, 2026
Full timeline · 30 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down across lendersMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Marked down (one lender)Dec 31, 2025
- PIK interest appearsDec 31, 2025
- PIK interest appearsDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Spread increasedSep 30, 2025
- Spread changed (observed)Jun 30, 2025
Sponsor
Possible relationship, not established: E•••••••• P•••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.55). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- E•••••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedexcellere.com"••• Locked"
Identity
- Group key
- P•••••• I••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 9 BDCsderived
- Industry
- Health Care Providers & Servicesreportedas one filer wrote it