DFX Intelligence
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Borrower
E•••••• C•••
Health Care Equipment and Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: E•••••• C•••. Investment; Emerald JV LP
What matters now
- 100¢ → 80¢consensus mark
Consensus mark 80¢ on cost, down from 100¢ a year ago, 100¢ last quarter.
Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.
Derived2 of 2 lenders' own marks, weighted by principal - $8.08Mprincipal outstanding
$8.08M principal held by 2 lenders; matures Mar 2029.
Q2 2026 · Refinancing is due in 30 months at a 80¢ mark.
FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound - 100¢ → 80¢-20 pts, one lender
B••••••••• P•••••• C••••• F••• marked it 100¢ → 80¢, the largest move among 2 lenders this quarter.
Q2 2026 · One holder repriced far more than the rest.
Mark path, consensus per quarter end
100¢ · 100¢ · 100¢ · 100¢ · 80¢Q2 2025 to Q2 2026
Where each lender marks it, 0 points apart
80¢80¢
Principal held
at least $8.1M
sum of BDC pieces, a lower bound
Fair value
$6.4M
80c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
6
2 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Mar 30, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
3
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | $6.49M | 80¢ | -20 pts |
| C••••••• P•••••• C••••• I••••• C••• | $1.59M | 80¢ | -20 pts |
Every BDC piece · 2 positions across 2 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated | $6.5M | $5.2M 80c | S+300 bp |
| C••••••• P•••••• C••••• I••••• C••• | term loan first lien S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 300, 50 F•••• I••••••• R••• 6.73% M• | $1.6M | $1.3M 80c | SOFR+300 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| other lien unstated | at least $6.5M | 80c | S+300 bp | Mar 30, 2029 | 1 |
| first lien term loan first lien | at least $1.6M | 80c | SOFR+300 bp | Mar 31, 2029 | 3 |
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 | 2 | $8.1M | $6.4M | 80c | 0 |
| Mar 31, 2026 | 3 | $8.5M | $8.5M | 100c | 0 |
| Dec 31, 2025 | 3 | $9.7M | $9.8M | 100c | 0 |
| Sep 30, 2025 | 3 | $9.8M | $9.8M | 100c | 0 |
All 11 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $8.0M | $8.0M | 100c | 0 |
| Mar 31, 2025 | 1 | $8.5M | $8.5M | 100c | 0 |
| Dec 31, 2024 | 1 | $9.6M | $9.6M | 100c | 0 |
| Sep 30, 2023 | 1 | $7.5M | $5.9M | 85c | 0 |
| Jun 30, 2023 | 1 | $7.5M | $6.2M | 90c | 0 |
| Mar 31, 2023 | 1 | $7.5M | $6.5M | n/a | 0 |
| Dec 31, 2022 | 1 | $7.5M | $6.3M | 92c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Lender left a facilityMar 31, 2026
- Mark recoveredSep 30, 2025
Full timeline · 9 eventsShow fewer
- New lender joined a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Lender left a facilitySep 30, 2023
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- EMBECTAderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 6 BDCsderived
- Industry
- Health Care Equipment and Servicesreportedas one filer wrote it