DFX Intelligence
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Borrower
N•••• M•••••• I•••••••••
Healthcare Security 1st Lien, Secured Loangroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
What matters now
- $33.6Mprincipal outstanding
$33.6M principal held by 2 lenders; matures Jul 2027.
Q2 2026 · Refinancing is due in 10 months at a 103¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
103¢ · 104¢ · 103¢ · 103¢ · 103¢Q2 2025 to Q2 2026
Where each lender marks it, 4 points apart
99¢103¢
Principal held
at least $33.6M
sum of BDC pieces, a lower bound
Fair value
$33.5M
103c on cost, debt pieces
Unfunded
$6.0M
commitments not yet drawn
BDC lenders
4
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Jul 21, 2027
$250,000 inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
2
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $32.6M | 103¢ | 0 pts |
| G•••• E•• C•••••• C•••• | $1M | 99¢ | 0 pts |
Every BDC piece · 5 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $29.2M | $29.2M 103c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $3.1M | $3.1M 103c | S+525 bp |
| G•••• E•• C•••••• C•••• | term loan first lien I••••••• H••••••••• S••••••• 1st L•••, S•••••• L••• I••••••• R••• 3M S••• + 5.25% (9.13%) | $1.0M | $993,000 99c | SOFR+525 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $250,000 | $195,000 89c | S+425 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $32.6M | 103c | S+525 bp | Jul 20, 2029 | 1 |
| first lien term loan first lien | at least $1.0M | 99c | SOFR+525 bp | Jul 20, 2029 | 3 |
Through time
the borrower's pieces summed across BDCs, every quarter end
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2026 | 2 | $33.6M | $33.5M | 103c | 0 |
| Mar 31, 2026 | 2 | $34.4M | $34.3M | 103c | 0 |
| Dec 31, 2025 | 2 | $47.6M | $47.6M | 103c | 0 |
| Sep 30, 2025 | 1 | $46.6M | $46.5M | 104c | 0 |
All 16 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $46.8M | $46.2M | 103c | 0 |
| Mar 31, 2025 | 1 | $46.8M | $46.2M | 103c | 0 |
| Dec 31, 2024 | 2 | $113M | $111M | 103c | 0 |
| Sep 30, 2024 | 2 | $58.3M | $56.9M | 102c | 0 |
| Jun 30, 2024 | 2 | $57.8M | $56.6M | 103c | 0 |
| Mar 31, 2024 | 2 | $57.9M | $54.5M | 99c | 0 |
| Dec 31, 2023 | 2 | $57.1M | $52.8M | 98c | 0 |
| Sep 30, 2023 | 2 | $57.3M | $53.5M | 99c | 0 |
| Jun 30, 2023 | 3 | $62.4M | $57.0M | 105c | 0 |
| Mar 31, 2023 | 2 | $53.8M | $50.2M | 99c | 0 |
| Dec 31, 2022 | 3 | $59.0M | $54.4M | 108c | 0 |
| Sep 30, 2022 | 1 | $53.5M | $49.6M | 99c | 0 |
What changed
- Lender left a facilityDec 31, 2024
- Lender left a facilityJun 30, 2023
- Spread changed (observed)Dec 31, 2022
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- N•••• M••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 4 BDCsderived
- Industry
- Healthcare Security 1st Lien, Secured Loanreportedas one filer wrote it