DFX Intelligence
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Borrower
E••••• R••••••• C••••• E•• T•••• H•••••••• L••
Health Care Providers & Servicesgroup grade Aon a schedule nowsponsor unattributed
What matters now
- 1 of 1 lenderon non-accrual
Non-accrual at 1 of 1 lender on the latest schedules, first placed in Q3 2024.
since Q3 2024 · Interest has stopped accruing; the lenders no longer expect to be paid in full.
FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender → - 20¢ → 10¢consensus mark
Consensus mark 10¢ on cost, down from 20¢ a year ago, 10¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived1 of 1 lender' own marks, weighted by principal - $13.6Mprincipal outstanding
$13.6M principal held by 1 lender; matures Mar 2030.
Q2 2026 · Refinancing is due in 42 months at a 10¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
20¢ · 20¢ · 16¢ · 10¢ · 10¢Q2 2025 to Q2 2026
Principal held
at least $13.6M
sum of BDC pieces, a lower bound
Fair value
$3.4M
10c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
1
1 on the latest quarter
Facilities
2
1 equity pieces beside them
Next maturity
Mar 29, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
28
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••••• D••• S•••••••• B•• | $13.6M | 10¢ | 0 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• 7.50% M••••••• D••• 03/2 | $11.6M | $1.5M 5c | 7.50% |
| A••••• D••• S•••••••• B•• | revolver first lien Investment T••• F•••• L••• S•••••• D••• - R••••••• I••••••• R••• 6.50% | $2.0M | $1.9M 50c | 6.50% |
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 $11.6M | 5c | 7.50% | Mar 29, 2030 | 1 |
| first lien revolver first lien | at least $2.0M | 50c | 6.50% | Mar 29, 2030 | 1 |
Equity pieces beside the debt: other ($11.7M 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 | 1 | $13.6M | $3.4M | 10c | 0 |
| Mar 31, 2026 | 1 | $13.4M | $3.6M | 10c | 0 |
| Dec 31, 2025 | 1 | $13.0M | $5.8M | 16c | 0 |
| Sep 30, 2025 | 1 | $12.4M | $7.2M | 20c | 0 |
All 15 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $12.0M | $7.4M | 20c | 3 |
| Mar 31, 2025 | 1 | $11.7M | $11.7M | 29c | 2 |
| Dec 31, 2024 | 1 | $38.6M | $14.3M | 37c | 4 |
| Sep 30, 2024 | 1 | $38.6M | $22.7M | 59c | 4 |
| Jun 30, 2024 | 1 | $37.7M | $23.5M | 62c | 3 |
| Mar 31, 2024 | 1 | $38.5M | $30.3M | 80c | 2 |
| Dec 31, 2023 | 1 | $41.7M | $34.7M | 91c | 0 |
| Sep 30, 2023 | 1 | $38.2M | $35.6M | 98c | 0 |
| Jun 30, 2023 | 1 | $38.3M | $35.6M | 99c | 0 |
| Mar 31, 2023 | 1 | $38.4M | $35.9M | n/a | 0 |
| Dec 31, 2022 | 1 | $43.4M | $35.9M | 96c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Mark recoveredDec 31, 2025
- Marked down across lendersJun 30, 2025
- PIK interest increasedJun 30, 2025
Full timeline · 30 eventsShow fewer
- PIK interest increasedJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- PIK interest increasedJun 30, 2025
- PIK interest increasedJun 30, 2025
- Marked down across lendersMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- PIK interest increasedMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Mark recoveredMar 31, 2025
- Marked down (one lender)Mar 31, 2025
- PIK interest increasedMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Spread changed (observed)Dec 31, 2024
- Marked down across lendersDec 31, 2024
- Marked down across lendersDec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Marked down (one lender)Dec 31, 2024
- Spread increasedDec 31, 2024
- non accrual placedSep 30, 2024
- Spread changed (observed)Sep 30, 2024
- Spread increasedSep 30, 2024
- PIK interest increasedJun 30, 2024
- Spread changed (observed)Jun 30, 2024
- Marked down across lendersJun 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- EATING RECOVERY CENTER ERCderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 1 BDCderived
- Industry
- Health Care Providers & Servicesreportedas one filer wrote it