DFX Intelligence
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Borrower
S••••••• B•••• C•••
Commercial Services & Suppliesgroup grade Aon a schedule nowsponsor not established · possible relationship
Also written as: Emerald JV LP; S••••••• B•••• C•••. Investments
Principal held
at least $74.7M
sum of BDC pieces, a lower bound
Fair value
$69.1M
93c on cost, debt pieces
Unfunded
$9.0M
commitments not yet drawn
BDC lenders
8
4 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Dec 7, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
6
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 $74.7M | 93c | SOFR+575 bp | Dec 6, 2030 | 4 |
| first lien revolver first lien | unknown | n/a | S+575 bp | unstated | 5 |
| revolver lien unstated exited Dec 31, 2024 | at least $24.2M | 101c | S+575 bp | unstated | 5 |
| first lien delayed draw term loan first lien exited Dec 31, 2023 | unknown | n/a | unstated | 2 | |
| delayed draw term loan lien unstated exited Dec 31, 2023 | unknown | n/a | S+575 bp | unstated | 4 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated exited Jun 30, 2025 | unknown | n/a | unstated | 8 |
Lenders
every BDC piece at the latest quarter end, largest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 5.75% I••••••• R••• 9.48% M••••••• | $24.7M | $22.6M 92c | SOFR+575 bp |
| T• S••••• B•• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.75% I••••••• R••• 9.48% M•••••• | $23.9M | $21.8M 92c | SOFR+575 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $15.5M | $15.5M 100c | S+575 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.75% I••••••• R••• 9.48% M•••••• | $10.7M | $9.8M 92c | SOFR+575 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $0 | $0 0c | S+575 bp |
View all 12 positions across 4 lendersShow fewerlargest principal first
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.75% I••••••• R••• 9.48% M•••••• | $0 | $-110,000 1375c | SOFR+575 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• & S••••• S + 5.75% I••••••• R••• 9.48% M••••••• | $0 | $-254,000 4233c | SOFR+575 bp |
| T• S••••• B•• L•• | term loan first lien Investment F•••• L••• D••• R•••••••• R••• and S••••• S + 5.75% I••••••• R••• 9.48% M•••••• | $0 | $-245,000 1289c | SOFR+575 bp |
| F••••••• B•• C•••••• C••• | term loan first lien S••••• S•••••• F•••• L••• D••• | Not disclosed | Not disclosed | |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 07/12/2029 | Not disclosed | Not disclosed | S+575 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 12/07/2029 | Not disclosed | Not disclosed | S+575 bp |
| T• S••••• B•• L•• | revolver first lien F•••• L••• D••• C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 12/07/2029 | Not disclosed | Not disclosed | S+575 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 | 4 | $74.7M | $69.1M | 93c | 0 |
| Mar 31, 2026 | 4 | $74.9M | $71.3M | 96c | 0 |
| Dec 31, 2025 | 4 | $75.1M | $73.0M | 98c | 0 |
| Sep 30, 2025 | 4 | $75.3M | $73.8M | 99c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 4 | $75.5M | $74.4M | 99c | 0 |
| Mar 31, 2025 | 4 | $75.7M | $75.7M | 101c | 0 |
| Dec 31, 2024 | 4 | $178M | $178M | 101c | 0 |
| Sep 30, 2024 | 4 | $76.1M | $76.1M | 101c | 0 |
| Jun 30, 2024 | 4 | $58.0M | $58.0M | 101c | 0 |
| Mar 31, 2024 | 7 | $119M | $119M | 101c | 0 |
| Dec 31, 2023 | 7 | $136M | $134M | 100c | 0 |
| Sep 30, 2023 | 8 | $119M | $118M | 101c | 0 |
| Jun 30, 2023 | 8 | $120M | $117M | 100c | 0 |
| Mar 31, 2023 | 8 | $92.3M | $89.8M | 100c | 0 |
| Dec 31, 2022 | 8 | $125M | $121M | 99c | 0 |
| Sep 30, 2022 | 2 | $21.7M | $21.3M | 101c | 0 |
| Dec 31, 2021 | 4 | $59.4M | $57.9M | 100c | 0 |
What changed
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
Full timeline · 26 eventsShow fewer
- Lender left a facilityJun 30, 2025
- Facility left every BDC scheduleJun 30, 2025
- New lender joined a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Lender left a facilityDec 31, 2024
- Lender left a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- Maturity shortened (observed)Mar 31, 2024
- Facility left every BDC scheduleDec 31, 2023
- Lender left a facilityDec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
Possible relationship, not established: D••• A••••••• L••, because a company of this name is on the sponsor's portfolio page (confidence 0.55). No deal announcement or filing names it as a party, so it is not shown as this borrower’s sponsor.
- D••• A••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedalliance.xyz"••• Locked"
Identity
- Group key
- SHERLOCKderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 8 BDCsderived
- Industry
- Commercial Services & Suppliesreportedas one filer wrote it