DFX Intelligence
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Borrower
N••••••• M••••• H•••••••• I••
Health Care Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Fixed Rate; Health Care Services; Inc. First and; Inc. Investment Corporate; Inc.-Healthcare &
What matters now
- 97¢ → 106¢consensus mark
Consensus mark 106¢ on cost, up from 97¢ a year ago, 104¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived4 of 4 lenders' own marks, weighted by principal
Mark path, consensus per quarter end
97¢ · 100¢ · 103¢ · 104¢ · 106¢Q2 2025 to Q2 2026
Where each lender marks it, 4 points apart
103¢107¢
Principal held
at least $36.9M
sum of BDC pieces, a lower bound
Fair value
$38.4M
106c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
10
4 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Dec 5, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
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 |
|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | $18.9M | 107¢ | +2 pts |
| P••••• S••••• C•••••• B•• I••• | $11M | 103¢ | +1 pts |
| O•••••• S•••••••• L•••••• C••• | $6.44M | 107¢ | +2 pts |
| C••••••• P•••••• C••••• I••••• C••• | $617K | 104¢ | +2 pts |
Every BDC piece · 4 positions across 4 lenderslargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| O•••••• S•••••••• C••••• F••• | notes lien unstated F•••• R••• B••• | $18.9M | $19.9M 107c | 10.50% |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 9.64% (S + 6.00%) M••••••• D••• 12 | $11.0M | $11.1M 103c | SOFR+600 bp |
| O•••••• S•••••••• L•••••• C••• | notes lien unstated B••• | $6.4M | $6.8M 107c | 10.50% |
| C••••••• P•••••• C••••• I••••• C••• | term loan first lien Investment T••• S••••• S•••••• F•••• L••• T••• L••• I••••••• T••• S + 600 I••••••• R••• 9. | $617,000 | $623,000 104c | SOFR+600 bp |
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| notes lien unstated | at least $25.3M | 107c | 10.50% | Dec 15, 2030 | 2 |
| first lien term loan first lien | at least $11.6M | 103c | SOFR+600 bp | Dec 31, 2030 | 2 |
| other lien unstated exited Dec 31, 2024 | at least $7.7M | 99c | S+375 bp | Mar 2, 2028 | 2 |
| second lien term loan second lien exited Sep 30, 2024 | at least $3.0M | 101c | S+375 bp | Mar 2, 2028 | 1 |
| first lien delayed draw term loan first lien exited Mar 31, 2026 | at least $369,000 | 100c | SOFR+600 bp | Dec 31, 2030 | 1 |
All 6 facilitiesShow fewerheld first, largest first
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| delayed draw term loan lien unstated exited Dec 31, 2025 | unknown | n/a | unstated | 1 |
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 | $36.9M | $38.4M | 106c | 0 |
| Mar 31, 2026 | 4 | $38.2M | $39.0M | 104c | 0 |
| Dec 31, 2025 | 4 | $39.5M | $39.7M | 103c | 0 |
| Sep 30, 2025 | 3 | $13.3M | $13.3M | 100c | 0 |
All 17 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 2 | $11.9M | $11.5M | 97c | 0 |
| Mar 31, 2025 | 2 | $11.9M | $11.6M | 97c | 0 |
| Dec 31, 2024 | 3 | $40.8M | $40.5M | 99c | 0 |
| Sep 30, 2024 | 4 | $19.5M | $18.7M | 97c | 0 |
| Jun 30, 2024 | 2 | $7.2M | $6.8M | 95c | 0 |
| Mar 31, 2024 | 2 | $7.2M | $6.8M | 94c | 0 |
| Dec 31, 2023 | 3 | $16.6M | $15.1M | 91c | 0 |
| Sep 30, 2023 | 3 | $22.0M | $20.5M | 94c | 0 |
| Jun 30, 2023 | 3 | $22.5M | $17.0M | 77c | 0 |
| Mar 31, 2023 | 3 | $19.4M | $14.8M | 77c | 0 |
| Dec 31, 2022 | 3 | $28.2M | $19.8M | 71c | 0 |
| Sep 30, 2022 | 1 | $11.6M | $8.4M | 72c | 0 |
| Dec 31, 2021 | 2 | $18.9M | $18.5M | 99c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- Facility left every BDC scheduleMar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- Spread changed (observed)Dec 31, 2025
- Spread increasedDec 31, 2025
Full timeline · 20 eventsShow fewer
- Spread increasedDec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Lender left a facilitySep 30, 2025
- New lender joined a facilitySep 30, 2025
- Facility left every BDC scheduleDec 31, 2024
- Lender left a facilityDec 31, 2024
- New lender joined a facilityDec 31, 2024
- Mark recoveredSep 30, 2024
- Facility left every BDC scheduleSep 30, 2024
- New lender joined a facilityDec 31, 2023
- Lender left a facilitySep 30, 2023
- Marked down (one lender)Sep 30, 2022
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- NATIONAL MENTORderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 10 BDCsderived
- Industry
- Health Care Servicesreportedas one filer wrote it