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A private credit borrower in healthcare, education and childcare

Borrower · Healthcare, Education and Childcare
group grade Aon a schedule nowsponsor AEA Investors stated
See every lender's markSpecial situations PE firms

What matters now

  1. 2 of 7 lenders
    on non-accrual

    Non-accrual at 2 of 7 lenders on the latest schedules.

    since Q2 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¢ → 81¢
    consensus mark

    Consensus mark 81¢ on cost, down from 96¢ a year ago, 91¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived7 of 7 lenders' own marks, weighted by principal
  3. $285M
    principal outstanding

    $285M principal held by 7 lenders; matures Feb 2028.

    Q2 2026 · Refinancing is due in 16 months at a 81¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  4. 87¢ → 69¢
    -18 pts, one lender

    ARES STRATEGIC INCOME FUND marked it 87¢ → 69¢, the largest move among 7 lenders this quarter.

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

    FactARES STRATEGIC INCOME FUND schedule of investmentsOpen the lender →
Mark path, consensus per quarter end
Q2 2025: 96¢Q3 2025: 94¢Q4 2025: 94¢Q1 2026: 91¢Q2 2026: 81¢96¢ · 94¢ · 94¢ · 91¢ · 81¢Q2 2025 to Q2 2026
Where each lender marks it on the unsecured or subordinated term loan, 1 point apart
68¢Consensus: 81¢ARES CAPITAL: 68¢ARES STRATEGIC INCOME FUND: 69¢69¢
Principal held
at least $285M
sum of BDC pieces, a lower bound
Fair value
$219M
82c on cost, debt pieces
Unfunded
$12.1M
commitments not yet drawn
BDC lenders
12
7 on the latest quarter
Facilities
5
2 equity pieces beside them
Next maturity
Feb 1, 2028
$154M inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
9
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
70¢80¢90¢100¢Q3 2025Q4 2025Q1 2026Q2 2026Blackstone Private Credit Fund: Q3 2025 97¢, Q4 2025 97¢, Q1 2026 94¢, Q2 2026 91¢ARES CAPITAL CORP: Q3 2025 84¢, Q4 2025 86¢, Q1 2026 85¢, Q2 2026 68¢ARES STRATEGIC INCOME FUND: Q3 2025 86¢, Q4 2025 87¢, Q1 2026 87¢, Q2 2026 69¢another lender: Q3 2025 99¢, Q4 2025 99¢, Q1 2026 94¢, Q2 2026 95¢another lender: Q3 2025 99¢, Q4 2025 99¢, Q1 2026 94¢, Q2 2026 95¢another lender: Q3 2025 98¢, Q4 2025 97¢, Q1 2026 97¢, Q2 2026 95¢another lender: Q3 2025 97¢, Q4 2025 97¢, Q1 2026 94¢, Q2 2026 91¢81¢

Consensus Q3 2025 94¢, Q4 2025 94¢, Q1 2026 91¢, Q2 2026 81¢. Hover a line for one lender.

Lenders with a mark per quarter end: Q3 2025 10, Q4 2025 10, Q1 2026 7, Q2 2026 7. 4 lenders that held it earlier and not at the latest quarter end are not drawn. 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
Consensus94¢94¢91¢81¢
Blackstone Private Credit Fund97¢97¢94¢91¢
ARES CAPITAL CORP84¢86¢85¢68¢
ARES STRATEGIC INCOME FUND86¢87¢87¢69¢

4 more lenders are drawn on the chart without a name; the lender list opens with the record.

LenderExposureCurrent markQoQ change
Blackstone Private Credit Fund$102M91¢-3 pts
ARES CAPITAL CORP$84.6M68¢-17 pts
ARES STRATEGIC INCOME FUND$45.6M69¢-18 pts

7 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 · 22 positions across 7 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
ARES CAPITAL CORPterm loan unsecured or subordinated
Subordinated loan
$84.6M$52.4M
68c
Blackstone Private Credit Fundrevolver lien unstated$81.2M$74.3M
92c
S+550 bp
ARES STRATEGIC INCOME FUNDterm loan unsecured or subordinated
Subordinated loan
$45.6M$28.3M
69c
Blackstone Private Credit Fundrevolver lien unstated
Non-Affiliated Issuer
$17.7M$15.2M
87c
S+550 bp
Blackstone Private Credit Fundrevolver lien unstated
Non-Affiliated Issuer
$3.0M$2.7M
92c
S+550 bp
View all 10 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
ARES CAPITAL CORPequity equity
Class C units
Not disclosed$0
0c
ARES CAPITAL CORPequity equity
Class A units
Not disclosed$0
0c
ARES STRATEGIC INCOME FUNDequity equity
Class A units
Not disclosed$0
0c
ARES STRATEGIC INCOME FUNDequity equity
Class C units
Not disclosed$0
0c
Blackstone Private Credit Fundrevolver lien unstated
Revolver
Not disclosedNot disclosedS+550 bp

Capital structure as the BDCs see it

latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
unsecured or subordinated term loan unsecured or subordinatedat least $130M68cDec 1, 20302
revolver lien unstatedat least $107M91cS+550 bpFeb 25, 20282
first lien term loan first lienat least $47.2M94cS+550 bpFeb 25, 20283
other lien unstated
exited Dec 31, 2025
at least $23.1M98cS+550 bpFeb 25, 20285
delayed draw term loan lien unstated
exited Sep 30, 2023
unknownn/aS+550 bpunstated2
Equity pieces beside the debt: equity ($0 fair value, 2 BDCs), preferred equity ($12.6M fair value, 1 BDC)

Through time

the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20267$285M$219M82c0
Mar 31, 20267$280M$243M91c2
Dec 31, 202511$385M$353M95c2
Sep 30, 202511$360M$331M95c2
All 16 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202511$356M$336M98c2
Mar 31, 202511$352M$338M99c2
Dec 31, 202411$602M$590M101c1
Sep 30, 202411$345M$342M103c2
Jun 30, 202411$331M$327M103c2
Mar 31, 202410$333M$325M100c2
Dec 31, 20238$500M$487M100c3
Sep 30, 20235$322M$296M98c0
Jun 30, 20235$340M$310M98c0
Mar 31, 20235$260M$230M97c0
Dec 31, 20225$527M$485M97c0
Sep 30, 20224$223M$199M97c0

What changed

  • Maturity approachingFeb 25, 2028
  • Maturity approachingFeb 25, 2028
  • Marked down across lendersJun 30, 2026
  • Placed on non-accrualJun 30, 2026
  • Placed on non-accrualJun 30, 2026

+25 additional dated changes on this borrower

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

Capital chain

This record sits on 7 traced paths of capital across the graphs.

Sponsor to borrower to facility to lender

DFX traced 7 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

83 field-level changes across filed schedules, latest first
  • Marked down85.5% of cost to 68.1% of cost
    2026-06-30
  • Marked down86.7% of cost to 69.2% of cost
    2026-06-30
  • Principal decreased$23.1M to $11.5M
    2026-03-31

+80 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

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