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A private credit borrower in health care technology

Borrower · a withheld name
group grade Aon a schedule nowsponsor Silversmith Capital Partners inferred

Nothing material in the last 200 days. Last change: 30 Jun 2025, Marked down (one lender).

Mark path, consensus per quarter end
Q2 2025: 101¢Q3 2025: 100¢Q4 2025: 100¢Q1 2026: 99¢Q2 2026: 100¢101¢ · 100¢ · 100¢ · 99¢ · 100¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 1 point apart
100¢Consensus: 100¢Antares Strategic Credit Fund: 100¢Crescent Capital BDC: 101¢Crescent Private Credit Income: 101¢another lender: 100¢101¢
Principal held
at least $72.8M
sum of BDC pieces, a lower bound
Fair value
$70.1M
101c on cost, debt pieces
Unfunded
$4.9M
commitments not yet drawn
BDC lenders
8
5 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Jul 3, 2031
no dated debt inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
4
dated, non-routine

Lender marks

each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
How each lender’s mark moved, last 4 quarter ends
Consensus, weighted by principalMiddle half of lendersOne lender
95¢100¢105¢Q3 2025Q4 2025Q1 2026Q2 2026Antares Strategic Credit Fund: Q3 2025 100¢, Q4 2025 100¢, Q1 2026 98¢, Q2 2026 100¢Crescent Capital BDC, Inc.: Q3 2025 100¢, Q4 2025 101¢, Q1 2026 100¢, Q2 2026 101¢Crescent Private Credit Income Corp: Q3 2025 100¢, Q4 2025 101¢, Q1 2026 100¢, Q2 2026 101¢another lender: Q3 2025 100¢, Q4 2025 100¢, Q1 2026 98¢, Q2 2026 100¢100¢

Consensus Q3 2025 100¢, Q4 2025 100¢, Q1 2026 99¢, Q2 2026 100¢. Hover a line for one lender.

Lenders with a mark per quarter end: Q3 2025 4, Q4 2025 4, Q1 2026 4, Q2 2026 4. A mark is each lender’s own fair value over cost from its schedule of investments, filed about 45 days after the quarter ends; marks outside 5¢ to 110¢ on cost are left out.

Every lender’s mark by quarter, as a table
LenderQ3 2025Q4 2025Q1 2026Q2 2026
Consensus100¢100¢99¢100¢
Antares Strategic Credit Fund100¢100¢98¢100¢
Crescent Capital BDC, Inc.100¢101¢100¢101¢
Crescent Private Credit Income Corp100¢101¢100¢101¢

1 more lender is drawn on the chart without a name; the lender list opens with the record.

LenderExposureCurrent markQoQ change
Antares Strategic Credit Fund$38.1M100¢+2 pts
Crescent Capital BDC, Inc.$13.1M101¢+1 pts
Crescent Private Credit Income Corp$11.7M101¢+1 pts

4 lenders hold this credit

Each lender named with its own mark, its exposure and every piece it holds, from its schedule of investments.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Every BDC piece · 15 positions across 5 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
Antares Strategic Credit Fundterm loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.41% Ma
$30.1M$30.1M
100c
SOFR+475 bp
Crescent Capital BDC, Inc.term loan first lien
Investment Type Unitranche First Lien Term Loan Interest Term S + 475, 75 Floor Interest R
$13.1M$13.1M
101c
SOFR+475 bp
Crescent Private Credit Income Corpterm loan first lien
Investment Type Unitranche First Lien Term Loan Interest Term S + 475, 75 Floor Interest R
$8.7M$8.7M
101c
SOFR+475 bp
Antares Strategic Credit Fundterm loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 4.75% Interest Rate 8.41% Ma
$4.0M$4.0M
100c
SOFR+475 bp
Antares Strategic Credit Fundrevolver first lien
Asset Type First Lien Revolver Reference Rate and Spread S + 4.75% Interest Rate 8.41% Mat
$3.9M$0
0c
SOFR+475 bp
View all 11 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
Crescent Private Credit Income Corpterm loan first lien
Investment Type Unitranche First Lien Term Loan Interest Term S + 475, 75 Floor Interest R
$2.9M$2.9M
101c
SOFR+475 bp
Antares Strategic Credit Fundrevolver first lien
Commitment Type Revolver Commitment Expiration Date 7/3/2031
Not disclosed$0
Crescent Capital BDC, Inc.revolver first lien
Investment Type Revolver Commitment Expiration Date 7/5/2031
Not disclosedNot disclosed
Crescent Capital BDC, Inc.revolver first lien
Investment Type Unitranche First Lien Revolver Interest Term Interest Rate Maturity/ Disso
Not disclosedNot disclosed
n/a
S+475 bp
Crescent Private Credit Income Corprevolver first lien
Investment Type Revolver Expiration Date 7/5/2031
Not disclosedNot disclosed
Crescent Private Credit Income Corprevolver first lien
Investment Type Unitranche First Lien Revolver Maturity / Dissolution Date 07/2031
Not disclosedNot disclosed
n/a
S+475 bp

Capital structure as the BDCs see it

latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $67.9M101cSOFR+475 bpJul 31, 20314
first lien revolver first lienat least $4.9Mn/aSOFR+475 bpJul 31, 20314
revolver lien unstated
exited Dec 31, 2024
unknownn/aunstated1
Equity pieces beside the debt: equity ($2.2M fair value, 1 BDC)

Through time

the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20265$72.8M$67.9M101c0
Mar 31, 20265$73.0M$66.6M98c0
Dec 31, 20255$73.1M$67.9M100c0
Sep 30, 20255$73.3M$67.9M100c0
All 17 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20255$67.8M$67.8M101c0
Mar 31, 20255$65.4M$61.0M101c0
Dec 31, 20245$123M$116M101c0
Sep 30, 20244$56.7M$52.3M100c0
Jun 30, 20243$57.6M$57.6M100c0
Mar 31, 20244$57.8M$57.2M99c0
Dec 31, 20234$57.9M$57.2M99c0
Sep 30, 20234$57.9M$56.7M98c0
Jun 30, 20233$48.1M$47.3M99c0
Mar 31, 20233$48.1M$47.7M99c0
Dec 31, 20222$44.6M$43.8M99c0
Sep 30, 20222$37.3M$36.9M99c0
Sep 30, 20211$34.1M$34.1M100c0

What changed

  • Marked down (one lender)Jun 30, 2025
  • Marked down (one lender)Jun 30, 2025
  • Facility left every BDC scheduleDec 31, 2024
  • Maturity extended (observed)Sep 30, 2024
  • Spread changed (observed)Sep 30, 2024

+9 additional dated changes on this borrower

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Capital chain

This record sits on 25 traced paths of capital across the graphs.

Sponsor to borrower to facility to lenderPE sponsor to borrower to facility to lender

DFX traced 25 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Position history

32 field-level changes across filed schedules, latest first
  • Principal increased$7.5M to $9.0M
    2025-09-30
  • Principal increased$8.8M to $11.7M
    2025-09-30
  • Principal increased$30.5M to $34.4M
    2025-09-30

+29 more position changes

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Each line is one position compared between two consecutive BDC schedules of investments: principal, fair value mark, spread, PIK and maturity, as filed with the SEC.

›Connections

every published relationship on the graph

+1 connection on the graph

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