DFX Intelligence
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Borrower
M••••••••• G••••• L••
Education Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: LLC Fifth Amendment; Med Learning Group
Principal held
at least $55.3M
sum of BDC pieces, a lower bound
Fair value
$55.1M
100c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
4
4 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Dec 30, 2027
$55.3M inside 24 months
On the tape since
Mar 31, 2024
latest Jun 30, 2026
Events
9
dated, non-routine
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 $35.2M | 100c | SOFR+575 bp | Dec 30, 2027 | 2 |
| term loan lien unstated | at least $16.7M | 100c | SOFR+550 bp | Dec 30, 2027 | 2 |
| delayed draw term loan lien unstated | at least $3.4M | 100c | SOFR+550 bp | Dec 30, 2027 | 2 |
| first lien delayed draw term loan first lien | at least $0 | n/a | SOFR+100 bp | Dec 30, 2027 | 1 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| L•••••••• S••••• U••• I••• | term loan first lien First lien senior secured loan 1 | $19.2M | $19.2M 100c | S+575 bp |
| L•••••••• S••••• U••• I••• | term loan first lien First lien senior secured loan 3 | $5.3M | $5.3M 100c | S+575 bp |
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated Term Loan, Three | $2.0M | $2.0M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp |
| S•••••• C•••••• I••••••••• C••• | delayed draw term loan lien unstated Delayed Draw Term Loan | $2.4M | $2.4M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp |
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated Term Loan, Four | $990,000 | $985,050 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp |
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated Term Loan, Two | $2.5M | $2.5M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp |
| S•••••• C•••••• I••••••••• C••• | term loan lien unstated Term Loan, One | $4.2M | $4.2M 100c | //stelluscapital.com/20260630#Three Month Term Secured Overnight Financing Rate+550 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated Term Loan (PBDC SPV) | $669,986 | $666,636 100c | SOFR+550 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated Term Loan One | $614,163 | $611,092 100c | SOFR+550 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated Term Loan (PBDC SPV) Three | $2.3M | $2.3M 100c | SOFR+550 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated Term Loan | $1.0M | $1.0M 100c | SOFR+550 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated Term Loan (PBDC SPV) One | $392,662 | $390,699 100c | SOFR+550 bp |
| S•••••• P•••••• C••••• B•• | delayed draw term loan lien unstated Delayed Draw Term Loan | $979,463 | $974,566 100c | SOFR+550 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated Term Loan Three | $1.0M | $1.0M 100c | SOFR+550 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated Term Loan (PBDC SPV) Two | $320,681 | $319,078 100c | SOFR+550 bp |
| S•••••• P•••••• C••••• B•• | term loan lien unstated Term Loan Two | $501,578 | $499,070 100c | SOFR+550 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | Reference Rate Spread / Floo | $5.4M | $5.3M 100c | SOFR+575 bp |
| S•••••••• P•••••• C••••• F••• L•• | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | Reference Rate Spread / Floo | $5.4M | $5.3M 100c | SOFR+575 bp |
| S•••••••• P•••••• C••••• F••• L•• | delayed draw term loan first lien Delayed Draw Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | Reference Rate | $0 | $-1,000 13c | SOFR+100 bp |
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 | 4 | $55.3M | $55.1M | 100c | 0 |
| Mar 31, 2026 | 4 | $48.1M | $50.3M | 100c | 0 |
| Dec 31, 2025 | 4 | $78.6M | $84.7M | 100c | 0 |
| Sep 30, 2025 | 4 | $50.7M | $50.3M | 100c | 3 |
| Jun 30, 2025 | 3 | $12.6M | $29.3M | 100c | 0 |
| Mar 31, 2025 | 3 | $13.1M | $29.3M | 100c | 0 |
| Dec 31, 2024 | 3 | $64.3M | $63.8M | 101c | 0 |
| Sep 30, 2024 | 3 | $12.5M | $27.9M | 100c | 0 |
| Jun 30, 2024 | 3 | $5.7M | $28.0M | 101c | 0 |
| Mar 31, 2024 | 3 | $12.6M | $27.9M | 100c | 0 |
What changed
- Maturity approachingDec 30, 2027
- Maturity approachingDec 30, 2027
- Maturity approachingDec 30, 2027
- Maturity approachingDec 30, 2027
- Maturity approachingDec 30, 2027
- Maturity approachingDec 30, 2027
- Maturity shortened (observed)Mar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilitySep 30, 2025
- New borrower on a BDC scheduleMar 31, 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
- MED LEARNINGderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 4 BDCsderived
- Industry
- Education Servicesreportedas one filer wrote it