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A private credit borrower in health care technology
Nothing material in the last 200 days. Last change: 31 Dec 2025, New borrower on a BDC schedule.
Lender marks
Consensus Q4 2025 100¢, Q1 2026 99¢, Q2 2026 99¢. Hover a line for one lender.
Lenders with a mark per quarter end: Q4 2025 6, Q1 2026 5, Q2 2026 5. 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 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|
| Consensus | 100¢ | 99¢ | 99¢ |
| Antares Strategic Credit Fund | 100¢ | 97¢ | 98¢ |
| Stepstone Private Credit Fund LLC | 100¢ | 100¢ | 100¢ |
| Bain Capital Private Credit | 100¢ | 100¢ | 101¢ |
3 more lenders are drawn on the chart without a name; the lender list opens with the record.
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| Antares Strategic Credit Fund | $19.5M | 98¢ | +1 pts |
| Stepstone Private Credit Fund LLC | $17.8M | 100¢ | 0 pts |
| Bain Capital Private Credit | $7.55M | 101¢ | +1 pts |
6 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 6 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Stepstone Private Credit Fund LLC | term loan first lien Term Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 10/29/2032 | $17.8M | $17.8M 100c | SOFR+425 bp |
| Antares Strategic Credit Fund | term loan first lien A lender + 4.25% Interest Rate 8.00% Maturity Date 10/29/2032 | $17.8M | $17.3M 98c | SOFR+425 bp |
| Bain Capital Private Credit | term loan first lien First Lien Senior Secured Loan SOFR Floor 0.75% Spread 4.25% Interest Rate 7.98% Maturity | $7.6M | $7.6M 101c | SOFR+425 bp |
| Antares Strategic Credit Fund | revolver first lien A withheld name + 4.25% Interest Rate 8.00% Maturity Date 10/29/2032 | $1.8M | -$49,000 613c | SOFR+425 bp |
| Stepstone Private Credit Fund LLC | revolver first lien Revolving Loan | NCNA Debt Inv. | First Lien Senior Secured Loan | 10/29/2032 | $0 | $0 0c | SOFR+25 bp |
View all 7 positionsShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| Antares Strategic Credit Fund | revolver first lien a withheld name 10/29/2032 | Not disclosed | -$49,000 | |
| Bain Capital Private Credit | revolver first lien First Lien Senior Secured Loan - Revolver Maturity Date 10/29/2032 | Not disclosed | -$18,000 106c | S+425 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 |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $49.8M | 99c | SOFR+425 bp | Oct 29, 2032 | 5 |
| first lien revolver first lien | at least $2.4M | n/a | SOFR+425 bp | Oct 29, 2032 | 6 |
| revolver lien unstated exited Dec 31, 2025 | unknown | n/a | unstated | 3 |
Through time
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 6 | $52.3M | $48.9M | 99c | 0 |
| Mar 31, 2026 | 6 | $55.3M | $51.7M | 98c | 0 |
| Dec 31, 2025 | 6 | $107M | $103M | 100c | 0 |
What changed
Owner and people
- an investment firm
- graded chain currentderivedfrazierhealthcare.comconfidence 0.9
- Frazier Healthcare Partners ownership stated current · 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.
This record sits on 13 traced paths of capital across the graphs.
DFX traced 13 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
- Spread tightened4.75% to 4.25%2026-06-30
- Spread tightened4.75% to 4.25%2026-06-30
- Spread tightened4.75% to 4.25%2026-06-30
+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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