DFX Intelligence
Private Credit Intelligence
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Borrower
R•••••••• P•••••••• I••
Health Care Providers & Servicesgroup grade Aon a schedule nowsponsor H• C•••••• M••••••••• L•• carried
Also written as: Emerald JV LP; Fixed Rate; Health Care; Health Care Distributors; Junior
Principal held
at least $50.6M
sum of BDC pieces, a lower bound
Fair value
$51.1M
101c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
14
7 on the latest quarter
Facilities
5
2 equity pieces beside them
Next maturity
Jun 25, 2032
no dated debt inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
16
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 $37.3M | 101c | SOFR+450 bp | Jun 30, 2032 | 10 |
| other lien unstated | at least $13.3M | 103c | S+450 bp | Jun 30, 2032 | 4 |
| unsecured or subordinated term loan unsecured or subordinated exited Mar 31, 2025 | at least $17.4M | 100c | S+526 bp PIK 1.50% | Jan 31, 2029 | 1 |
| term loan lien unstated exited Dec 31, 2024 | at least $17.3M | 103c | S+526 bp PIK 1.50% | Jan 31, 2029 | 1 |
| notes lien unstated exited Mar 31, 2023 | at least $5.1M | 56c | 9.25% | Feb 1, 2028 | 2 |
Equity pieces beside the debt: preferred equity ($92,000 fair value, 1 BDC), equity ($188,000 fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••••• D••• S•••••••• B•• | term loan first lien Investment Type First Lien S•••••• D••• - Term Loan Interest Rate S+450, 0.00% Floor Matur | $26.8M | $26.8M 101c | SOFR+450 bp |
| A•••• C••••• B•• I••• | term loan first lien Investment Type 1st Lien Term Loan Index S+ Spread 4.50% Interest Rate 8.23% Acquisition D | $992,500 | $993,532 101c | SOFR+450 bp |
| B•••••• P•••••• C••••• C••• | term loan first lien First Lien Senior S•••••• Term Loan | $1.6M | $1.6M 100c | S+450 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $5.3M | $5.3M 100c | S+450 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $463,000 | $464,000 100c | S+450 bp |
| F••••••• B•• C•••••• C••• | unstated lien unstated | $7.6M | $7.5M 101c | S+450 bp |
| G•••• C•••••• B••• I••• | preferred equity equity Preferred stock | Non-Affiliated Issuer | n/a | $92,000 135c | |
| G•••• C•••••• B••• I••• | unstated lien unstated LLC interest | Non-Affiliated Issuer | n/a | $363,000 660c | |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment First Lien Senior S•••••• Loan Interest Rate 8.23% (S + 4.50%) Maturity Date 6/ | $7.9M | $7.9M 101c | SOFR+450 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 | $50.6M | $50.6M | 101c | 0 |
| Mar 31, 2026 | 8 | $66.2M | $65.3M | 99c | 0 |
| Dec 31, 2025 | 8 | $81.8M | $81.7M | 101c | 0 |
| Sep 30, 2025 | 8 | $69.7M | $69.7M | 101c | 0 |
| Jun 30, 2025 | 8 | $69.8M | $69.3M | 101c | 1 |
| Mar 31, 2025 | 7 | $59.5M | $57.3M | 98c | 5 |
| Dec 31, 2024 | 6 | $94.9M | $93.8M | 101c | 6 |
| Sep 30, 2024 | 6 | $46.3M | $45.3M | 100c | 4 |
| Jun 30, 2024 | 5 | $41.3M | $39.2M | 97c | 4 |
| Mar 31, 2024 | 5 | $41.4M | $40.0M | 99c | 1 |
| Dec 31, 2023 | 5 | $82.4M | $66.9M | 81c | 0 |
| Sep 30, 2023 | 3 | $31.8M | $24.3M | 76c | 0 |
| Jun 30, 2023 | 4 | $36.7M | $28.0M | 88c | 0 |
| Mar 31, 2023 | 4 | $44.6M | $34.6M | 79c | 0 |
| Dec 31, 2022 | 5 | $72.5M | $60.1M | 89c | 0 |
| Sep 30, 2022 | 4 | $52.2M | $42.7M | 83c | 0 |
| Dec 31, 2021 | 2 | $60.1M | $59.2M | 107c | 0 |
| Sep 30, 2021 | 1 | $43,000 | $365,000 | 664c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Spread increasedDec 31, 2025
- Spread changed (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- New lender joined a facilityJun 30, 2025
- Spread increasedJun 30, 2025
- Spread increasedJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Lender left a facilityMar 31, 2025
- Facility left every BDC scheduleMar 31, 2025
- New lender joined a facilityMar 31, 2025
- Facility left every BDC scheduleDec 31, 2024
- Spread increasedDec 31, 2024
- PIK interest appearsDec 31, 2024
- Spread changed (observed)Sep 30, 2024
- PIK interest appearsSep 30, 2024
- Maturity extended (observed)Sep 30, 2024
- PIK interest appearsJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- PIK interest appearsJun 30, 2024
- PIK interest appearsJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Mark recoveredMar 31, 2024
- Maturity extended (observed)Mar 31, 2024
- Spread changed (observed)Mar 31, 2024
Sponsor
- W••••••• C•••••• P••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedwhistlercapital.com"portfolio card on https://www.whistlercapital.com/portfolio: R•••••••• P••••••• | Diagnostics · Clinical AI | The leading radiology practice in the United States. R•••••••• P••••••• serves 3,300+ hosp"
- F•••••• 3• C•••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedfreedom3.com"portfolio card on https://www.freedom3.com/investments: Largest physician-led and owned radiology practice group serving hospital and out-patient centers | First Lien Term Loan | Business & Consumer S"
- H• C•••••• M••••••••• L••
- the sponsor's own portfolio page lists a company of this nameestimatedheritagegroupusa.com"portfolio card on https://heritagegroupusa.com/portfolio/: R•••••••• P•••••••"
- W••••••• C•••••• P••••••• L••
- Form D signer consensus, grade Bestimated"Form D vehicle R•••••••• P••••••• Holdings, LLC (2022-06-30), signers: Geoffrey Clark"
Identity
- Group key
- R•••••••• P•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 14 BDCsderived
- Industry
- Health Care Providers & Servicesreportedas one filer wrote it