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Borrower

A••• C•••••• I••••••••• H•••••••• L••

Health Care Providers & Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; LLC 1; LLC 1 Emerald JV LP; LLC 2; LLC 2 Emerald JV LP; LLC 3
See every lender's markFind rescue capital
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Special situations PE firms

What matters now

  1. 100¢ → 87¢
    consensus mark

    Consensus mark 87¢ on cost, down from 100¢ a year ago, 92¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived3 of 3 lenders' own marks, weighted by principal
  2. $84.9M
    principal outstanding

    $84.9M principal held by 3 lenders.

    Q2 2026 · The loss if the marks hold, spread across the holders below.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
Q2 2025: 100¢Q3 2025: 100¢Q4 2025: 100¢Q1 2026: 92¢Q2 2026: 87¢100¢ · 100¢ · 100¢ · 92¢ · 87¢Q2 2025 to Q2 2026
Where each lender marks it, 8 points apart
84¢Consensus: 87¢B••••••••• P•••••• C••••• F•••: 85¢F••••••• B•• C•••••• C•••: 92¢B••••••••• S•••••• L•••••• F•••: 84¢92¢
Principal held
at least $84.9M
sum of BDC pieces, a lower bound
Fair value
$74.5M
87c on cost, debt pieces
Unfunded
$2.7M
commitments not yet drawn
BDC lenders
5
4 on the latest quarter
Facilities
6
2 equity pieces beside them
Next maturity
Jul 10, 2026
$84.9M inside 24 months
On the tape since
Sep 30, 2021
latest Jun 30, 2026
Events
12
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
B••••••••• P•••••• C••••• F•••$51.9M85¢-5 pts
F••••••• B•• C•••••• C•••$23.8M92¢-4 pts
B••••••••• S•••••• L•••••• F•••$9.13M84¢-5 pts
Every BDC piece · 20 positions across 4 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
B••••••••• P•••••• C••••• F•••revolver lien unstated$28.3M$24.0M
85c
S+650 bp
F••••••• B•• C•••••• C•••term loan first lien$18.7M$17.2M
92c
S+650 bp
B••••••••• P•••••• C••••• F•••revolver lien unstated
N••••••••• I•••••
$10.2M$8.7M
85c
S+650 bp
B••••••••• P•••••• C••••• F•••revolver lien unstated
N••••••••• I•••••
$8.4M$7.2M
85c
S+650 bp
B••••••••• S•••••• L•••••• F•••revolver lien unstated
N••••••••• I•••••
$6.7M$5.7M
85c
S+650 bp
View all 20 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
F••••••• B•• C•••••• C•••term loan first lien$3.8M$3.5M
92c
S+650 bp
B••••••••• P•••••• C••••• F•••revolver lien unstated
N••••••••• I•••••
$2.6M$2.0M
77c
S+650 bp
B••••••••• P•••••• C••••• F•••revolver lien unstated$1.7M$1.4M
85c
S+650 bp
B••••••••• S•••••• L•••••• F•••revolver lien unstated
N••••••••• I•••••
$1.6M$1.4M
85c
S+650 bp
F••••••• B•• C•••••• C•••term loan first lien$1.2M$1.0M
88c
S+650 bp
B••••••••• S•••••• L•••••• F•••revolver lien unstated
N••••••••• I•••••
$855,000$660,000
77c
S+650 bp
B••••••••• P•••••• C••••• F•••revolver lien unstated$514,000$396,000
77c
S+650 bp
B••••••••• P•••••• C••••• F•••revolver lien unstated
N••••••••• I•••••
$246,000$209,000
85c
S+650 bp
F••••••• B•• C•••••• C•••term loan first lien$123,000$113,000
92c
S+650 bp
B••••••••• P•••••• C••••• F•••revolver lien unstated
R•••••••
Not disclosedNot disclosedS+650 bp
B••••••••• P•••••• C••••• F•••revolver lien unstated
R•••••••
Not disclosedNot disclosedS+650 bp
B••••••••• S•••••• L•••••• F•••revolver lien unstated
R•••••••
Not disclosedNot disclosedS+650 bp
F••••••• B•• C•••••• C•••term loan first lien
S••••• S•••••• F•••• L••• D•••
Not disclosedNot disclosed
G•••• C•••••• B••• I•••preferred equity equity
P•••••••• stock | N••••••••• I•••••
Not disclosed$984,000
88c
G•••• C•••••• B••• I•••equity equity
C••••• stock | N••••••••• I•••••
Not disclosed$0
0c
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
revolver lien unstatedat least $61.0M85cS+650 bpMay 7, 20272
first lien term loan first lienat least $23.8M92cS+650 bpMay 7, 20271
first lien revolver first lien
exited Dec 31, 2024
at least $46.3M100cS+625 bpMay 7, 20272
other lien unstated
exited Mar 31, 2025
at least $23.4M100cS+625 bpMay 7, 20274
first lien delayed draw term loan first lien
exited Sep 30, 2023
unknownn/aunstated2
All 6 facilitiesheld first, largest first
FacilityHeldOn costPricingMaturityBDCs
delayed draw term loan lien unstated
exited Sep 30, 2023
unknownn/aS+650 bpunstated2
Equity pieces beside the debt: preferred equity ($984,000 fair value, 1 BDC), equity ($0 fair value, 1 BDC)
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20264$84.9M$73.5M87c0
Mar 31, 20264$83.1M$75.8M92c0
Dec 31, 20254$81.3M$81.1M100c0
Sep 30, 20254$81.5M$81.3M100c0
All 18 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20254$81.3M$81.1M100c0
Mar 31, 20254$82.6M$82.4M100c0
Dec 31, 20244$163M$163M101c0
Sep 30, 20244$81.9M$81.7M101c0
Jun 30, 20244$82.8M$82.6M101c0
Mar 31, 20244$83.8M$83.4M101c0
Dec 31, 20234$105M$105M101c0
Sep 30, 20235$88.0M$86.9M100c0
Jun 30, 20235$86.8M$85.4M100c0
Mar 31, 20235$52.5M$51.5M100c0
Dec 31, 20225$93.1M$91.4M100c0
Sep 30, 20223$35.2M$34.4M100c0
Dec 31, 20214$74.4M$73.3M100c0
Sep 30, 20211$0$0n/a0
What changed
Full timeline · 16 events
Every change including routine ones
Identity
Group key
A••• CLINICSderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 5 BDCsderived
Industry
Health Care Providers & Servicesreportedas one filer wrote it