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Private-Credit Borrower

People, Pets & Vets

People, Pets & Vets (PPV) is a veterinarian-led group of general and surgical animal hospitals founded in 1992, operating locations across the western and southern United States. The platform provides business support to its hospitals while letting each maintain local identity and medical autonomy. In September 2022, PPV was acquired by VetCor, a portfolio company of Harvest Partners and Cressey & Company, in a transaction valued at over $1.1 billion; at that time PPV operated more than 150 animal hospitals.

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

6
BDC Lenders
22
Debt Positions

Lenders

SEC filing entity: PPV Intermediate Holdings, LLC

People, Pets & Vets is held by 6 BDC lenders in our parsed SEC filings: BXSL, CGBD, GBDC, MSDL, NMFC, OBDC.

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). Rows marked stale are from an earlier filing than the lender’s latest — the borrower is absent from its newest filing (exited, repaid, or reported under a different name).

BDCTypeRateSpread (bps)Mark (% of par)Fair ValueMaturityFiling
BXSL1L Sr SecuredSOFR60098.8$254K2029-08-312026-05-07
OBDC1L Sr SecuredSOFR60098.2$2M2029-082026-05-06
BXSL1L Sr SecuredSOFR575100.0$2M2029-08-312026-05-07
GBDC1L Sr SecuredSOFR57595.2$276K2029-082026-05-04
GBDC1L Sr SecuredSOFR57598.0$14M2029-082026-05-04
MSDL1L Sr SecuredSOFR57598.2$15M2029-08-312026-05-07
MSDL1L Sr SecuredSOFR57598.2$4M2029-08-312026-05-07
NMFC1L Sr SecuredSOFR57598.3$179K2029-082026-05-04
NMFC1L Sr SecuredSOFR57598.2$22M2029-082026-05-04
NMFC1L Sr SecuredSOFR57598.2$8M2029-082026-05-04
OBDC1L Sr SecuredSOFR57597.4$28M2029-082026-05-06
GBDC1L Sr SecuredSOFR52596.8$5M2029-082026-05-04
GBDC1L Sr SecuredPIK—96.0$2M2030-082026-05-04
GBDC1L Sr SecuredPIK—96.1$490K2030-082026-05-04
GBDC1L Sr SecuredPIK—96.7$89K2030-082026-05-04
GBDC1L Sr SecuredPIK—96.8$90K2030-082026-05-04
GBDC1L Sr SecuredPIK—99.2$11M2030-082026-05-04
NMFC1L Sr Secured——-$6K2029-082026-05-04
OBDC1L Sr Secured———2029-082026-05-06
CGBD1L Sr SecuredSOFR60099.5$206K2029-08-312026-02-24 stale
CGBD1L Sr SecuredSOFR57599.7$16M2029-08-312026-02-24 stale
CGBD1L Sr SecuredSOFR525100.0$5M2029-08-312026-02-24 stale

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 People, Pets & Vets 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 People, Pets & Vets

We haven’t indexed any headlines that name People, Pets & Vets. 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.