DFX Intelligence
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Borrower
S••••••••• H•••••••• I••
Also written as: Emerald JV LP; Management S••••••••• H•••••••• I••; S••••••••• Corporation
Principal held
at least $94.5M
sum of BDC pieces, a lower bound
Fair value
$78.8M
88c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
6
5 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
Mar 15, 2032
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
3
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $54.5M | 88c | SOFR+400 bp | Apr 16, 2032 | 3 |
| term loan lien unstated | at least $40.0M | n/a | 9.67% | Apr 18, 2033 | 2 |
| other lien unstated exited Dec 31, 2025 | at least $10.0M | 102c | S+400 bp | Apr 16, 2032 | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| C•••••• S•••••• L••••••• I••• | term loan first lien Credit Fund | F•••• L••• D••• | $2.9M | $2.4M 87c | S+400 bp |
| L••• A••••• P•••••• C••••• F••• | term loan lien unstated T••• L•••) [M•••••] | $31.0M | $25.6M | 9.67% |
| L••• A••••• P•••••• C••••• F••• S• | term loan lien unstated T••• L•••) [M•••••] | $9.0M | $7.4M | 9.67% |
| T• R••• P•••• O•• S••••• P•••••• C••••• F••• | term loan first lien F•••• L••• D••• | $9.9M | $8.3M 85c | S+400 bp |
| V•••• C••••• S•••••••• L•••••• C•••• | term loan first lien F••••••••• D••• R•••••••• R••• and S••••• S••• + 4.00% I••••••• R••• 7.67% M••••••• D••• 4 | $41.7M | $35.0M 89c | SOFR+400 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 | 5 | $94.5M | $78.8M | 152c | 0 |
| Mar 31, 2026 | 3 | $40.2M | $34.2M | 87c | 0 |
| Dec 31, 2025 | 5 | $90.3M | $89.1M | 181c | 0 |
| Sep 30, 2025 | 3 | $30.4M | $29.9M | 101c | 0 |
| Jun 30, 2025 | 3 | $27.2M | $26.6M | 101c | 0 |
| Mar 31, 2025 | 2 | $20.5M | $20.0M | 100c | 0 |
| Dec 31, 2024 | 1 | $31.8M | $32.0M | 100c | 0 |
| Sep 30, 2024 | 1 | $5.9M | $5.9M | 100c | 0 |
| Jun 30, 2024 | 1 | $5.9M | $5.9M | 100c | 0 |
| Mar 31, 2024 | 1 | $5.9M | $5.9M | 101c | 0 |
| Dec 31, 2023 | 1 | $8.8M | $8.8M | 101c | 0 |
| Sep 30, 2023 | 1 | $5.9M | $5.9M | 101c | 0 |
| Jun 30, 2023 | 1 | $5.9M | $5.9M | 101c | 0 |
| Mar 31, 2023 | 1 | $3.0M | $3.0M | 101c | 0 |
| Dec 31, 2022 | 1 | $2.9M | $2.9M | 99c | 0 |
What changed
- Marked down across lendersMar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Marked down (one lender)Mar 31, 2026
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Maturity extended (observed)Mar 31, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
- T••••••••• M••••••••• L•••
- the sponsor's own portfolio page lists a company of this nameestimatedturnriver.com"••• Locked"
Identity
- Group key
- SOLARWINDSderivedthe codename stem after legal suffixes and deal words
- Spellings
- 3 across 6 BDCsderived
- Industry
- High Techreportedas one filer wrote it