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A private credit borrower in health care technology
Nothing material in the last 200 days. Last change: 31 Dec 2025, Spread changed (observed).
Lender marks
Consensus Q3 2025 101¢, Q4 2025 101¢, Q1 2026 100¢, Q2 2026 99¢. 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
| Lender | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Consensus | 101¢ | 101¢ | 100¢ | 99¢ |
| Blackstone Private Credit Fund | 101¢ | 101¢ | 100¢ | 99¢ |
| Goldman Sachs Private Middle Market Credit II LLC | 99¢ | 100¢ | 99¢ | 99¢ |
| Blackstone Secured Lending Fund | 101¢ | 101¢ | 100¢ | 99¢ |
1 more lender is drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Blackstone Private Credit Fund | $155M | 99¢ | -1 pts |
| Goldman Sachs Private Middle Market Credit II LLC | $25.7M | 99¢ | 0 pts |
| Blackstone Secured Lending Fund | $17.2M | 99¢ | -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 · 14 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $111M | $110M 99c | S+500 bp PIK 2.25% |
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $35.9M | $35.1M 99c | S+500 bp PIK 2.25% |
| Goldman Sachs Private Middle Market Credit II LLC | term loan first lien 1st Lien/Senior Secured Debt Industry Health Care Technology Interest Rate 8.73% Reference | $22.7M | $22.3M 99c | SOFR+500 bp PIK 2.25% |
| Blackstone Secured Lending Fund | unstated lien unstated Non-Affiliated Issuer | $12.4M | $12.2M 99c | S+500 bp PIK 2.25% |
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $7.7M | $7.1M 94c | S+500 bp PIK 2.25% |
View all 12 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blackstone Secured Lending Fund | unstated lien unstated Non-Affiliated Issuer | $4.0M | $3.9M 99c | S+500 bp PIK 2.25% |
| Goldman Sachs Private Middle Market Credit II LLC | term loan first lien 1st Lien/Senior Secured Debt Industry Health Care Technology Reference Rate and Spread S + | $3.0M | -$45,000 265c | SOFR+500 bp PIK 2.25% |
| Blackstone Secured Lending Fund | unstated lien unstated Non-Affiliated Issuer | $856,000 | $789,000 95c | S+500 bp PIK 2.25% |
| Blackstone Private Credit Fund | delayed draw term loan lien unstated Delayed Draw Term Loan | Not disclosed | Not disclosed | S+500 bp |
| Blackstone Private Credit Fund | revolver lien unstated Revolver | Not disclosed | Not disclosed | S+500 bp |
| Blackstone Secured Lending Fund | revolver lien unstated Revolver | Not disclosed | Not disclosed | S+500 bp |
| Blackstone Secured Lending Fund | delayed draw term loan lien unstated Delayed Draw Term Loan | Not disclosed | Not disclosed | S+500 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
Capital structure as the BDCs see it
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $172M | 99c | S+500 bp PIK 2.25% | Feb 22, 2030 | 2 |
| first lien term loan first lien | at least $27.6M | 99c | SOFR+500 bp PIK 2.25% | Feb 22, 2030 | 2 |
| revolver lien unstated | unknown | n/a | S+500 bp | unstated | 2 |
| delayed draw term loan lien unstated | unknown | n/a | S+500 bp | unstated | 2 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 4 | $200M | $192M | 99c | 10 |
| Mar 31, 2026 | 4 | $190M | $183M | 100c | 8 |
| Dec 31, 2025 | 4 | $189M | $184M | 101c | 8 |
| Sep 30, 2025 | 4 | $187M | $183M | 101c | 8 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $185M | $181M | 101c | 8 |
| Mar 31, 2025 | 4 | $184M | $180M | 101c | 8 |
| Dec 31, 2024 | 4 | $344M | $340M | 101c | 13 |
| Sep 30, 2024 | 4 | $181M | $177M | 101c | 8 |
| Jun 30, 2024 | 4 | $185M | $181M | 101c | 0 |
| Mar 31, 2024 | 4 | $186M | $180M | 100c | 0 |
| Dec 31, 2023 | 4 | $224M | $214M | 99c | 0 |
| Sep 30, 2023 | 4 | $187M | $179M | 99c | 0 |
| Jun 30, 2023 | 4 | $190M | $148M | 98c | 0 |
| Mar 31, 2023 | 4 | $150M | $144M | 98c | 0 |
| Dec 31, 2022 | 4 | $185M | $181M | 99c | 0 |
| Sep 30, 2022 | 2 | $150M | $147M | 100c | 0 |
| Dec 31, 2021 | 2 | $85.3M | $83.4M | 100c | 0 |
What changed
- Spread changed (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
+13 additional dated changes on this borrower
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Owner and people
- Warburg Pincus LLC listed on its portfolio page, undated · credit outlook
The company this borrower is was matched by an identity-graded bridge; the owner is the firm its portfolio page or deal record names.
No person is named yet: no leadership page, deal announcement or filing DFX has read names this company’s chief executive, finance chief or treasurer, so no one is suggested.
Position history
- Principal increased$146M to $155M2026-06-30
- Principal increased$16.3M to $17.2M2026-06-30
- Spread tightened6.00% to 5.00%2025-12-31
+43 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.