DFX Intelligence
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Borrower
P•••••••• P••••••• L•• F•••• a••
group grade Aoff every schedule since Sep 30, 2025sponsor unattributed
Nothing material in the last 200 days. Last change: 30 Sep 2025, Consensus mark 47¢ on cost, down from 66¢ a year ago, 52¢ last quarter.
Mark path, consensus per quarter end
66¢ · 42¢ · 53¢ · 52¢ · 47¢Q3 2024 to Q3 2025
Principal held
at least $1.0M
sum of BDC pieces, a lower bound
Fair value
$463,021
47c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
1
0 equity pieces beside them
Next maturity
Dec 31, 2029
no dated debt inside 24 months
On the tape since
Jun 30, 2023
latest Sep 30, 2025
Events
12
dated, non-routine
Lender marks
each lender's own fair value over cost at Sep 30, 2025, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| K•••••• L•••• C•••••• C• | $1.03M | 47¢ | -5 pts |
Every BDC piece · 3 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| K•••••• L•••• C•••••• C• | term loan second lien S••••• L••• D••• O••••••• P••••••• D••• 4/4/2023 S+1.50%/2.50%PIK I••••••• R••• 8.15% Due | $714,971 | $310,119 45c | SOFR+150 bp PIK 2.50% |
| K•••••• L•••• C•••••• C• | term loan second lien S••••• L••• D••• O••••••• P••••••• D••• 4/4/2023 S+1.50%/4.00%PIK I••••••• R••• 9.65% Due | $161,703 | $31,532 20c | SOFR+400 bp PIK 1.50% |
| K•••••• L•••• C•••••• C• | term loan second lien S••••• L••• D••• O••••••• P••••••• D••• 4/4/2023 S+6.00% I••••••• R••• 10.00% Due 12/31/20 | $149,840 | $121,370 81c | SOFR+600 bp |
Capital structure as the BDCs see it
latest quarter end Sep 30, 2025
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| second lien term loan second lien exited Sep 30, 2025 | at least $1.0M | 47c | SOFR+600 bp PIK 2.50% | Dec 31, 2030 | 1 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2025 | 1 | $1.0M | $463,021 | 47c | 2 |
| Jun 30, 2025 | 1 | $1.0M | $514,399 | 52c | 2 |
| Mar 31, 2025 | 1 | $1.0M | $524,263 | 53c | 0 |
| Dec 31, 2024 | 1 | $982,323 | $396,200 | 42c | 0 |
All 10 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Sep 30, 2024 | 1 | $984,848 | $625,999 | 66c | 0 |
| Jun 30, 2024 | 1 | $987,374 | $706,249 | 75c | 0 |
| Mar 31, 2024 | 1 | $989,899 | $733,763 | 78c | 0 |
| Dec 31, 2023 | 1 | $2.0M | $1.9M | 99c | 0 |
| Sep 30, 2023 | 1 | $994,950 | $943,958 | 100c | 0 |
| Jun 30, 2023 | 1 | $997,475 | $935,133 | 99c | 0 |
What changed
- Marked down across lendersSep 30, 2025
- Spread changed (observed)Sep 30, 2025
- Facility left every BDC scheduleSep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Spread changed (observed)Jun 30, 2025
Full timeline · 19 eventsShow fewer
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- Spread changed (observed)Mar 31, 2025
- Mark recoveredMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Spread increasedMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down across lendersMar 31, 2024
- Marked down (one lender)Mar 31, 2024
- New borrower on a BDC scheduleJun 30, 2023
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- PHYSICIAN PARTNERS FIRST ANDderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived