DFX Intelligence
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Borrower
S•••••••• C••• H•••••••• L••
Health C••• Providers & Servicesgroup grade Aon a schedule nowsponsor unattributed
What matters now
- 2 of 2 lenderson 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 → - 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 - $9.15Mprincipal 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
89¢ · 88¢ · 88¢ · 80¢ · 84¢Q2 2025 to Q2 2026
Where each lender marks it, 1 points apart
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
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A• P•••••• C••••• I•••••••• C••• | $6.57M | 84¢ | +4 pts |
| A• P•••••• L•••••• F••• | $2.57M | 83¢ | +3 pts |
Every BDC piece · 12 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| 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 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| 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 | $2,332 | SOFR+550 bp |
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 $7.1M | 85c | SOFR+550 bp | Jun 28, 2028 | 2 |
| first lien delayed draw term loan first lien | at least $1.2M | 81c | SOFR+550 bp | Jun 28, 2028 | 2 |
| first lien revolver first lien | at least $882,188 | 77c | SOFR+550 bp | Jun 28, 2028 | 2 |
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 | 2 | $9.1M | $7.4M | 84c | 0 |
| Mar 31, 2026 | 2 | $8.9M | $7.1M | 80c | 0 |
| Dec 31, 2025 | 2 | $15.9M | $13.9M | 88c | 0 |
| Sep 30, 2025 | 2 | $8.8M | $7.7M | 88c | 0 |
All 13 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $8.8M | $7.8M | 89c | 0 |
| Mar 31, 2025 | 2 | $8.8M | $7.9M | 91c | 0 |
| Dec 31, 2024 | 2 | $8.8M | $7.9M | 90c | 0 |
| Sep 30, 2024 | 2 | $8.8M | $8.0M | 91c | 0 |
| Jun 30, 2024 | 2 | $7.6M | $7.6M | 101c | 0 |
| Mar 31, 2024 | 1 | $5.1M | $5.1M | 102c | 0 |
| Dec 31, 2023 | 1 | $4.9M | $4.9M | 102c | 0 |
| Sep 30, 2023 | 1 | $4.9M | $4.9M | 102c | 0 |
| Dec 31, 2022 | 1 | $9.8M | $9.4M | 98c | 0 |
What changed
- Maturity approachingJun 28, 2028
- Maturity approachingJun 28, 2028
- Maturity approachingJun 28, 2028
- Mark recoveredJun 30, 2026
- non accrual placedJun 30, 2026
Full timeline · 26 eventsShow fewer
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down across lendersSep 30, 2024
- Marked down across lendersSep 30, 2024
- Marked down across lendersSep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Sep 30, 2024
- Marked down (one lender)Jun 30, 2024
- Marked down (one lender)Mar 31, 2024
- Mark recoveredSep 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
- SANDSTONE CAREderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 2 BDCsderived
- Industry
- Health C••• Providers & Servicesreportedas one filer wrote it