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A private credit borrower in health care equipment & services

Borrower · Health Care Equipment & Services
group grade Aon a schedule nowsponsor Linden Capital Partners stated

What matters now

  1. 2 of 2 lenders
    on non-accrual

    Non-accrual at 2 of 2 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 →
  2. 96¢ → 59¢
    consensus mark

    Consensus mark 59¢ on cost, down from 96¢ a year ago, 76¢ 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
  3. $22.9M
    principal outstanding

    $22.9M principal held by 2 lenders; matures Dec 2028.

    Q2 2026 · Refinancing is due in 27 months at a 59¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  4. 76¢ → 59¢
    -17 pts, one lender

    Crescent Capital BDC marked it 76¢ → 59¢, the largest move among 2 lenders this quarter.

    Q2 2026 · One holder repriced far more than the rest.

    FactCrescent Capital BDC schedule of investmentsOpen the lender →
Mark path, consensus per quarter end
Q2 2025: 96¢Q3 2025: 92¢Q4 2025: 92¢Q1 2026: 76¢Q2 2026: 59¢96¢ · 92¢ · 92¢ · 76¢ · 59¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 0 points apart
60¢Consensus: 59¢Crescent Capital BDC: 60¢Crescent Private Credit Income: 60¢60¢
Principal held
at least $22.9M
sum of BDC pieces, a lower bound
Fair value
$12.9M
59c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
2 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Dec 31, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
24
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 principalOne lender
60¢70¢80¢90¢Q3 2025Q4 2025Q1 2026Q2 2026Crescent Capital BDC, Inc.: Q3 2025 92¢, Q4 2025 92¢, Q1 2026 76¢, Q2 2026 59¢Crescent Private Credit Income Corp: Q3 2025 92¢, Q4 2025 92¢, Q1 2026 76¢, Q2 2026 59¢59¢

Consensus Q3 2025 92¢, Q4 2025 92¢, Q1 2026 76¢, Q2 2026 59¢. Hover a line for one lender.

Lenders with a mark per quarter end: Q3 2025 2, Q4 2025 2, Q1 2026 2, Q2 2026 2. 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
Consensus92¢92¢76¢59¢
Crescent Capital BDC, Inc.92¢92¢76¢59¢
Crescent Private Credit Income Corp92¢92¢76¢59¢
LenderExposureCurrent markQoQ change
Crescent Capital BDC, Inc.$14.7M59¢-17 pts
Crescent Private Credit Income Corp$8.14M59¢-17 pts
Every BDC piece · 6 positions across 2 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
Crescent Capital BDC, Inc.term loan first lien
Investment Type Unitranche First Lien Term Loan Maturity/ Dissolution Date 12/2028
$13.6M$7.9M
60c
Crescent Private Credit Income Corpterm loan first lien
Investment Type Unitranche First Lien Term Loan
$7.5M$4.3M
60c
Crescent Capital BDC, Inc.revolver first lien
Investment Type Unitranche First Lien Revolver Maturity/ Dissolution Date 12/2028
$1.1M$435,000
40c
Crescent Private Credit Income Corprevolver first lien
Investment Type Unitranche First Lien Revolver
$629,000$240,000
40c
Crescent Capital BDC, Inc.revolver first lien
Investment Type Revolver Commitment Expiration Date 12/20/2028
Not disclosedNot disclosed
View all 6 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
Crescent Private Credit Income Corprevolver first lien
Investment Type Revolver Expiration Date 12/20/2028
Not disclosedNot disclosed

Capital structure as the BDCs see it

latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $21.1M60cJul 31, 20322
first lien revolver first lienat least $1.8M40cJul 31, 20322
revolver lien unstated
exited Dec 31, 2024
unknownn/aunstated1
other lien unstated
exited Mar 31, 2024
unknownn/aunstated1

Through time

the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20262$22.9M$12.9M59c0
Mar 31, 20262$22.7M$16.7M76c0
Dec 31, 20252$22.1M$20.0M92c2
Sep 30, 20252$21.4M$19.4M92c2
All 17 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20252$21.3M$20.0M96c2
Mar 31, 20252$21.1M$19.5M94c2
Dec 31, 20242$34.6M$33.7M101c3
Sep 30, 20241$13.0M$12.9M102c1
Jun 30, 20241$12.9M$12.9M103c0
Mar 31, 20242$12.9M$12.6M100c0
Dec 31, 20234$87.6M$81.9M95c0
Sep 30, 20234$42.3M$39.6M95c0
Jun 30, 20233$32.5M$30.1M93c0
Mar 31, 20232$30.7M$28.0M91c0
Dec 31, 20223$47.0M$43.7M93c0
Sep 30, 20221$14.3M$14.0M98c0
Dec 31, 20211$28.9M$28.6M100c0

What changed

  • Maturity extended (observed)Jun 30, 2026
  • Marked down across lendersJun 30, 2026
  • Marked down across lendersJun 30, 2026
  • Maturity extended (observed)Jun 30, 2026
  • Marked down (one lender)Jun 30, 2026

+25 additional dated changes on this borrower

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Capital chain

This record sits on 9 traced paths of capital across the graphs.

PE sponsor to borrower to facility to lenderSponsor to borrower to facility to lender

DFX traced 9 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

56 field-level changes across filed schedules, latest first
  • Marked down65.4% of cost to 40.1% of cost
    2026-06-30
  • Marked down65.4% of cost to 40.1% of cost
    2026-06-30
  • Marked down76.9% of cost to 60.2% of cost
    2026-06-30

+53 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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