DFX Intelligence
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Borrower
S•••• D•••••• L••
Healthcare Providers and Servicesgroup grade Aon a schedule nowsponsor not established · possible relationship
Also written as: LLC 1 Emerald JV LP; LLC 2 Emerald JV LP; LLC Emerald JV LP
Principal held
at least $818M
sum of BDC pieces, a lower bound
Fair value
$792M
98c on cost, debt pieces
Unfunded
$57.9M
commitments not yet drawn
BDC lenders
8
7 on the latest quarter
Facilities
6
1 equity pieces beside them
Next maturity
Dec 31, 2027
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
2
dated, non-routine
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 $785M | 98c | S+590 bp | Dec 23, 2028 | 2 |
| first lien term loan first lien | at least $31.7M | 99c | SOFR+590 bp | Dec 31, 2028 | 6 |
| first lien delayed draw term loan first lien | at least $1.3M | 99c | SOFR+590 bp | Dec 31, 2028 | 2 |
| first lien revolver first lien | unknown | n/a | S+590 bp | Dec 31, 2027 | 1 |
| other lien unstated exited Jun 30, 2025 | at least $793M | 98c | S+590 bp | Dec 23, 2028 | 2 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Mar 31, 2025 | unknown | n/a | S+590 bp | unstated | 3 |
Equity pieces beside the debt: equity ($616,000 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end, largest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $510M | $495M 98c | S+590 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated | $140M | $135M 97c | S+575 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $122M | $116M 97c | S+590 bp |
| C••••••• C•••••• B••• I••• | term loan first lien Investment T••• U••••••••• F•••• L••• T••• L••• I••••••• T••• S + 590, 75 F•••• I••••••• R | $15.2M | $15.0M 99c | SOFR+590 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $10.6M | $10.3M 98c | S+590 bp |
View all 22 positions across 7 lendersShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 1 | N••••••••• I••••• | $7.7M | $7.5M 98c | S+590 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• L••• 1 | $3.7M | $3.6M 98c | S+590 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $2.6M | $2.4M 97c | S+590 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 5.90% I••••••• R••• 9.87% M• | $2.4M | $2.4M 100c | SOFR+590 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• L••• 2 | $1.1M | $1.1M 98c | S+590 bp |
| N•• M••••••• P•••••• C••••• F••• | term loan first lien F•••• L••• 2 | N••••••••• I••••• | $889,000 | $869,000 99c | S+590 bp |
| C••••••• C•••••• B••• I••• | delayed draw term loan first lien Investment T••• U••••••••• F•••• L••• D•••••• D••• T••• L••• I••••••• T••• S + 590, 75 F•• | $777,000 | $768,000 99c | SOFR+590 bp |
| N•• M••••••• G••••••• I• B••• L••••• | term loan first lien F•••• L••• 3 | $560,000 | $547,000 98c | S+590 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 5.90% I••••••• | $274,000 | $273,000 100c | SOFR+590 bp |
| A•••••• S•••••••• C••••• F••• | delayed draw term loan first lien Asset T••• F•••• L••• D•••••• D••• T••• L••• R•••••••• R••• and S••••• S + 5.90% I••••••• | $219,000 | $218,000 100c | SOFR+590 bp |
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 5.90% I••••••• R••• 9.87% M• | $98,000 | $98,000 100c | SOFR+590 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | Not disclosed | Not disclosed | S+590 bp |
| C••••••• C•••••• B••• I••• | revolver first lien Investment T••• R••••••• C••••••••• E••••••••• D••• 12/23/2027 | Not disclosed | Not disclosed | |
| C••••••• C•••••• B••• I••• | equity equity Investment T••• C••••• S•••• | Not disclosed | $616,000 86c | |
| C••••••• C•••••• B••• I••• | revolver first lien Investment T••• U••••••••• F•••• L••• R••••••• M•••••••/ D••••••••• D••• 12/2027 | Not disclosed | $-26,000 289c | S+590 bp |
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 | 7 | $818M | $791M | 98c | 0 |
| Mar 31, 2026 | 7 | $820M | $793M | 98c | 0 |
| Dec 31, 2025 | 7 | $822M | $795M | 98c | 0 |
| Sep 30, 2025 | 7 | $824M | $797M | 98c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 7 | $826M | $799M | 98c | 0 |
| Mar 31, 2025 | 7 | $793M | $770M | 99c | 0 |
| Dec 31, 2024 | 7 | $1.5B | $1.5B | 99c | 0 |
| Sep 30, 2024 | 6 | $754M | $735M | 99c | 0 |
| Jun 30, 2024 | 6 | $756M | $736M | 99c | 0 |
| Mar 31, 2024 | 6 | $736M | $716M | 99c | 0 |
| Dec 31, 2023 | 6 | $868M | $845M | 99c | 0 |
| Sep 30, 2023 | 5 | $695M | $676M | 99c | 0 |
| Jun 30, 2023 | 5 | $676M | $657M | 100c | 0 |
| Mar 31, 2023 | 5 | $565M | $552M | 100c | 0 |
| Dec 31, 2022 | 5 | $647M | $630M | 100c | 0 |
| Sep 30, 2022 | 2 | $55.1M | $52.6M | 96c | 0 |
| Dec 31, 2021 | 2 | $806M | $786M | 100c | 0 |
What changed
- Facility left every BDC scheduleJun 30, 2025
- Facility left every BDC scheduleMar 31, 2025
- Marked down (one lender)Jun 30, 2023
- New lender joined a facilityJun 30, 2023
- Spread increasedDec 31, 2022
Sponsor
Possible relationship, not established: S••••••• C•••••• P•••••••, because a company of this name is on the sponsor's portfolio page (confidence 0.7). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- T••••••• A•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedthurstongroup.com"••• Locked"
- S••••••• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedsheridancp.com"••• Locked"
- L••••• C•••••• P•••••••
- the sponsor's own portfolio page lists a company of this nameestimatedlinden.com"••• Locked"
Identity
- Group key
- S•••• D••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 8 BDCsderived
- Industry
- Healthcare Providers and Servicesreportedas one filer wrote it