DFX Intelligence
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Borrower
N••• M••••••••• S••••••• C•••••••••
Healthcare Providers and Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: ASP NAPA Holdings, LLC; Senior
What matters now
- 84¢ → 72¢consensus mark
Consensus mark 72¢ on cost, down from 84¢ a year ago, 65¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal - $16Mprincipal outstanding
$16M principal held by 2 lenders; matures Feb 2029.
Q2 2026 · Refinancing is due in 29 months at a 72¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
84¢ · 70¢ · 72¢ · 65¢ · 72¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 2 points apart
71¢73¢
Principal held
at least $16.0M
sum of BDC pieces, a lower bound
Fair value
$14.2M
72c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
5
3 on the latest quarter
Facilities
2
2 equity pieces beside them
Next maturity
Feb 23, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
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 |
|---|---|---|---|
| P••••• S••••• C•••••• B•• I••• | $9.61M | 71¢ | +7 pts |
| B•••••• P•••••• C••••• C••• | $6.35M | 73¢ | +6 pts |
Every BDC piece · 5 positions across 3 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 8.99% (S +CSA + 5.25%) M••••••• D• | $9.6M | $6.8M 71c | SOFR+525 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien F•••• L••• S••••• S•••••• T••• L••• | $6.4M | $4.4M 73c | S+525 bp |
| A••• C•••••• C••• | equity equity C•••• A units | Not disclosed | $2.3M 92c | |
| A••• C•••••• C••• | preferred equity equity P•••••••• units | Not disclosed | $300,000 100c | PIK 15.00% |
| A••• C•••••• C••• | preferred equity equity S••••• preferred units | Not disclosed | $400,000 100c | PIK 8.00% |
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 $16.0M | 72c | SOFR+525 bp | Feb 23, 2029 | 2 |
| second lien term loan second lien exited Dec 31, 2021 | at least $72.8M | 100c | S+1000 bp | Oct 1, 2023 | 1 |
Equity pieces beside the debt: equity ($2.3M fair value, 1 BDC), preferred equity ($700,000 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 | 3 | $16.0M | $11.2M | 72c | 0 |
| Mar 31, 2026 | 3 | $16.0M | $10.1M | 65c | 0 |
| Dec 31, 2025 | 3 | $25.7M | $17.9M | 72c | 0 |
| Sep 30, 2025 | 3 | $16.1M | $10.8M | 70c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 3 | $16.1M | $13.0M | 84c | 0 |
| Mar 31, 2025 | 3 | $16.2M | $14.9M | 96c | 0 |
| Dec 31, 2024 | 2 | $19.5M | $18.3M | 95c | 0 |
| Sep 30, 2024 | 2 | $9.8M | $9.2M | 96c | 0 |
| Jun 30, 2024 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2024 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2023 | 2 | $7.9M | $7.3M | 93c | 0 |
| Sep 30, 2023 | 1 | $0 | $0 | n/a | 0 |
| Jun 30, 2023 | 1 | $0 | $0 | n/a | 0 |
| Mar 31, 2023 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2022 | 1 | $0 | $0 | n/a | 0 |
| Sep 30, 2022 | 1 | $0 | $0 | n/a | 0 |
| Dec 31, 2021 | 2 | $78.1M | $78.1M | 100c | 0 |
What changed
- Mark recoveredJun 30, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersSep 30, 2025
Full timeline · 16 eventsShow fewer
- Marked down (one lender)Sep 30, 2025
- Marked down (one lender)Sep 30, 2025
- Marked down across lendersJun 30, 2025
- Marked down (one lender)Jun 30, 2025
- Marked down (one lender)Jun 30, 2025
- New lender joined a facilityMar 31, 2025
- Maturity extended (observed)Dec 31, 2023
- Spread changed (observed)Dec 31, 2023
- New borrower on a BDC scheduleDec 31, 2021
- Facility left every BDC scheduleDec 31, 2021
- Lender left a facilityDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- NAPA SERVICESderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 5 BDCsderived
- Industry
- Healthcare Providers and Servicesreportedas one filer wrote it