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Private-Credit Borrower

Advanced Dermatology and Cosmetic Surgery

Advanced Dermatology and Cosmetic Surgery (ADCS) is one of the largest dermatology practice groups in the United States, offering medical, surgical, and cosmetic dermatology as well as Mohs and plastic surgery through a network of clinics staffed by board-certified physicians. Founded in 1989 by Dr. Matt L. Leavitt, it is headquartered in Maitland, Florida, and operates well over 100 offices across multiple states. The practice is backed by private-equity firm Harvest Partners (with Audax retaining a minority stake), and ADCS Clinics Intermediate Holdings, LLC is the associated financing entity.

Company profile compiled from public sources (company filings, rating-agency reports, and press releases) — distinct from the SEC Schedule-of-Investments pricing data below.

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BDC Lender
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Debt Positions

Lenders

SEC filing entity: ADCS Clinics Intermediate Holdings, LLC

Advanced Dermatology and Cosmetic Surgery is held by 1 BDC lender in our parsed SEC filings: BXSL.

Cross-lender loan pricing

Each row is one debt tranche at the BDC’s most recent filing that holds this borrower, widest spread first. Mark is the position’s fair value as a percent of par (100 = par). Spread is shown in basis points over the benchmark in the Rate column, normalized from each filing’s as-reported units — rows quoting different benchmarks are still not directly comparable. Compare like-for-like: a second-lien tranche, a different vintage, or an older filing should price wider even when the credit view is identical — check the Type and Filing columns before reading a gap as disagreement. Source: SEC EDGAR (public).

BDCTypeRateCash spread (bps)Mark (% of par)Fair ValueMaturityFiling
BXSL1L Sr SecuredSOFR65085.0$6M2027-05-072026-08-06
BXSL1L Sr SecuredSOFR65085.0$1M2027-05-072026-08-06
BXSL1L Sr SecuredSOFR65077.2$660K2026-08-072026-08-06

Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.

Ownership & deal activity

No acquisition, ownership-change, or refinancing headlines for Advanced Dermatology and Cosmetic Surgery are in our verified news index yet. Most BDC borrowers are private companies, so ownership events are not always public; absence reflects our indexing coverage, not the borrower’s deal activity.

Headlines mentioning Advanced Dermatology and Cosmetic Surgery

We haven’t indexed any headlines that name Advanced Dermatology and Cosmetic Surgery. That reflects our news-indexing coverage — not the borrower’s activity — so the absence is not a signal.

Reading this table

When two business development companies lend to the same borrower, comparing how each marks the loan is a starting question, not a verdict. In plain English: a wider spread (e.g. S+575 vs S+525) or a lower mark (e.g. 96 vs 100 cents on the dollar) can mean that lender is pricing in more risk — but marks can also differ for reasons other than a credit view: a different tranche (second lien should price wider than first lien on the same company), a different vintage or entry point, an older filing date, or each manager’s own fair-value methodology. Compare like-for-like — check the Type and Filing columns before reading a gap as disagreement. Each row is one debt position at one BDC’s most recent filing. Source: SEC EDGAR Schedule of Investments (public).

Want to read these numbers like an analyst? Free Oxford Ledge lessons: reading a BDC’s Schedule of Investments, key credit metrics, and the Five Cs of credit analysis.