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A private credit borrower in health care equipment & services
What matters now
- 11 of 11 lenderson non-accrual
Non-accrual at 11 of 11 lenders on the latest schedules, first placed in Q1 2026.
since Q1 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 → - 95¢ → 57¢consensus mark
Consensus mark 57¢ on cost, down from 95¢ a year ago, 63¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived11 of 11 lenders' own marks, weighted by principal
- $413Mprincipal outstanding
$413M principal held by 11 lenders; matures Mar 2027.
Q2 2026 · Refinancing is due in 5 months at a 57¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 66¢ → 53¢-13 pts, one lender
another lender marked it 66¢ → 53¢, the largest move among 11 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Factanother lender schedule of investments
Lender marks
Consensus Q3 2025 87¢, Q4 2025 79¢, Q1 2026 63¢, Q2 2026 57¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q3 2025 11, Q4 2025 11, Q1 2026 11, Q2 2026 11. 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 | 87¢ | 79¢ | 63¢ | 57¢ |
| Blue Owl Credit Income Corp. | 87¢ | 82¢ | 63¢ | 60¢ |
| Blackstone Private Credit Fund | 85¢ | 74¢ | 65¢ | 58¢ |
| HPS Corporate Lending Fund | 88¢ | 77¢ | 62¢ | 51¢ |
8 more lenders are drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Blue Owl Credit Income Corp. | $138M | 60¢ | -3 pts |
| Blackstone Private Credit Fund | $120M | 58¢ | -7 pts |
| HPS Corporate Lending Fund | $111M | 51¢ | -11 pts |
11 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 · 54 positions across 11 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Blue Owl Credit Income Corp. | term loan first lien First lien senior secured loan | Non-Affiliated Issuer | $122M | $65.4M 60c | PIK 5.75% |
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $98.2M | $51.6M 58c | S+575 bp PIK 9.48% |
| HPS Corporate Lending Fund | unstated lien unstated Non-Affiliated Issuer | $91.1M | $40.5M 49c | PIK 5.75% |
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $15.9M | $8.3M 58c | S+575 bp PIK 9.48% |
| Blue Owl Credit Income Corp. | revolver first lien First lien senior secured revolving loan | Non-Affiliated Issuer | $13.5M | $7.2M 59c | PIK 5.75% |
View all 17 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| HPS Corporate Lending Fund | unstated lien unstated Non-Affiliated Issuer | $10.4M | $4.6M 49c | PIK 5.75% |
| HPS Corporate Lending Fund | unstated lien unstated Non-Affiliated Issuer | $6.4M | $2.0M 110c | PIK 6.25% |
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $3.6M | $1.9M 57c | S+575 bp PIK 9.48% |
| HPS Corporate Lending Fund | unstated lien unstated Non-Affiliated Issuer | $3.5M | $1.5M 50c | PIK 5.75% |
| Blue Owl Credit Income Corp. | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-Affiliated Issuer | $2.5M | $2.5M 110c | PIK 6.25% |
| Blackstone Private Credit Fund | unstated lien unstated Non-Affiliated Issuer | $2.2M | $2.5M 119c | S+625 bp PIK 9.98% |
| Blackstone Private Credit Fund | delayed draw term loan lien unstated Delayed Draw Term Loan | Not disclosed | Not disclosed | |
| Blackstone Private Credit Fund | revolver lien unstated Revolver | Not disclosed | Not disclosed | |
| Blue Owl Credit Income Corp. | revolver first lien First lien senior secured revolving loan | Non-controlled/non-affiliated | Not disclosed | Not disclosed | |
| Blue Owl Credit Income Corp. | delayed draw term loan first lien First lien senior secured delayed draw term loan | Non-controlled/non-affiliated | Not disclosed | Not disclosed | |
| HPS Corporate Lending Fund | revolver first lien 1st Lien Senior Secured Revolving Loan | Not disclosed | Not disclosed | |
| HPS Corporate Lending Fund | delayed draw term loan first lien 1st Lien Senior Secured Delayed Draw Loan | Not disclosed | Not disclosed |
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 $231M | 55c | S+625 bp PIK 9.98% | May 12, 2029 | 2 |
| first lien term loan first lien | at least $162M | 59c | S+625 bp PIK 9.48% | May 31, 2029 | 9 |
| first lien revolver first lien | at least $16.6M | 59c | S+625 bp PIK 5.75% | May 31, 2029 | 6 |
| first lien delayed draw term loan first lien | at least $3.4M | 105c | SOFR+625 bp PIK 6.25% | May 31, 2029 | 6 |
| revolver lien unstated | unknown | n/a | unstated | 1 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated | unknown | n/a | unstated | 1 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 11 | $413M | $211M | 57c | 34 |
| Mar 31, 2026 | 11 | $295M | $174M | 64c | 36 |
| Dec 31, 2025 | 11 | $382M | $284M | 79c | 17 |
| Sep 30, 2025 | 11 | $374M | $320M | 87c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 11 | $365M | $342M | 95c | 0 |
| Mar 31, 2025 | 11 | $361M | $344M | 97c | 0 |
| Dec 31, 2024 | 11 | $685M | $651M | 98c | 0 |
| Sep 30, 2024 | 12 | $351M | $332M | 98c | 0 |
| Jun 30, 2024 | 12 | $350M | $331M | 98c | 0 |
| Mar 31, 2024 | 13 | $350M | $330M | 98c | 0 |
| Dec 31, 2023 | 13 | $360M | $317M | 98c | 0 |
| Sep 30, 2023 | 12 | $356M | $310M | 97c | 0 |
| Jun 30, 2023 | 13 | $352M | $297M | 95c | 0 |
| Mar 31, 2023 | 13 | $353M | $309M | 98c | 0 |
| Dec 31, 2022 | 9 | $349M | $304M | 98c | 0 |
| Sep 30, 2022 | 7 | $102M | $98.0M | 99c | 0 |
| Dec 31, 2021 | 1 | $0 | $0 | n/a | 0 |
What changed
Owner and people
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
- Mark recovered74.4% of cost to 114.3% of cost2026-06-30
- Principal increased$17.8M to $18.9M2026-06-30
- Marked down64.6% of cost to 57.0% of cost2026-06-30
+195 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.