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Borrower

S•••••••• C••• H•••••••• L••

Health C••• Providers & Servicesgroup grade Aon a schedule nowsponsor unattributed

What matters now

  1. 2 of 2 lenders
    on non-accrual

    Non-accrual at 2 of 2 lenders on the latest schedules.

    since Q2 2026 · 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
  2. 89¢ → 84¢
    consensus mark

    Consensus mark 84¢ on cost, down from 89¢ a year ago, 80¢ 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
  3. $9.15M
    principal outstanding

    $9.15M principal held by 2 lenders; matures Jun 2028.

    Q2 2026 · Refinancing is due in 21 months at a 84¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
Q2 2025: 89¢Q3 2025: 88¢Q4 2025: 88¢Q1 2026: 80¢Q2 2026: 84¢89¢ · 88¢ · 88¢ · 80¢ · 84¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
83¢Consensus: 84¢A• P•••••• C••••• I•••••••• C•••: 84¢A• P•••••• L•••••• F•••: 83¢84¢
Principal held
at least $9.1M
sum of BDC pieces, a lower bound
Fair value
$7.4M
84c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
2 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Jun 28, 2028
$9.1M inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
12
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
Every BDC piece · 12 positions across 2 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
A• P•••••• C••••• I•••••••• C•••term loan first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 6/28/2028
$3.5M$2.6M
77c
SOFR+550 bp
A• P•••••• C••••• I•••••••• C•••term loan first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 6/28/2028 One
$1.6M$1.6M
102c
SOFR+550 bp
A• P•••••• L•••••• F•••term loan first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 6/28/2028 One
$1.4M$1.0M
76c
SOFR+550 bp
A• P•••••• C••••• I•••••••• C•••delayed draw term loan first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 6/28/2028 One
$689,772$512,155
77c
SOFR+550 bp
A• P•••••• L•••••• F•••term loan first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | T••• L••• | 6/28/2028
$641,614$641,614
102c
SOFR+550 bp
View all 12 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
A• P•••••• C••••• I•••••••• C•••revolver first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 6/28/2028
$628,095$466,361
77c
SOFR+550 bp
A• P•••••• L•••••• F•••delayed draw term loan first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• | 6/28/2028 One
$269,936$200,428
76c
SOFR+550 bp
A• P•••••• L•••••• F•••revolver first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 6/28/2028 One
$245,800$182,506
76c
SOFR+550 bp
A• P•••••• C••••• I•••••••• C•••delayed draw term loan first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• T••• L••• | 6/28/2028
$157,046$157,046
102c
SOFR+550 bp
A• P•••••• L•••••• F•••delayed draw term loan first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | D•••••• D••• | 6/28/2028
$61,458$61,458
102c
SOFR+550 bp
A• P•••••• C••••• I•••••••• C•••revolver first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 6/28/2028 | One
$5,961$5,961
15285c
SOFR+550 bp
A• P•••••• L•••••• F•••revolver first lien
US C•••••••• D••• | 1st L•••/S••••• S•••••• D••• | R••••••• | 6/28/2028
$2,332$2,332SOFR+550 bp
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $7.1M85cSOFR+550 bpJun 28, 20282
first lien delayed draw term loan first lienat least $1.2M81cSOFR+550 bpJun 28, 20282
first lien revolver first lienat least $882,18877cSOFR+550 bpJun 28, 20282
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20262$9.1M$7.4M84c0
Mar 31, 20262$8.9M$7.1M80c0
Dec 31, 20252$15.9M$13.9M88c0
Sep 30, 20252$8.8M$7.7M88c0
All 13 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20252$8.8M$7.8M89c0
Mar 31, 20252$8.8M$7.9M91c0
Dec 31, 20242$8.8M$7.9M90c0
Sep 30, 20242$8.8M$8.0M91c0
Jun 30, 20242$7.6M$7.6M101c0
Mar 31, 20241$5.1M$5.1M102c0
Dec 31, 20231$4.9M$4.9M102c0
Sep 30, 20231$4.9M$4.9M102c0
Dec 31, 20221$9.8M$9.4M98c0
What changed
Full timeline · 26 events
Every change including routine ones
Identity
Group key
SANDSTONE CAREderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 2 BDCsderived
Industry
Health C••• Providers & Servicesreportedas one filer wrote it