DFX Intelligence
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Borrower
S•••••••• I••
Also written as: Emerald JV LP; EQT IX Co-Investment SCSP; Inc-High Tech Industries; Inc. - Funded; Inc. Asset Type; S••••••• Intermediate Holdings, LLC
Principal held
at least $286M
sum of BDC pieces, a lower bound
Fair value
$262M
89c on cost, debt pieces
Unfunded
$100,000
commitments not yet drawn
BDC lenders
16
6 on the latest quarter
Facilities
5
1 equity pieces beside them
Next maturity
Apr 16, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
8
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 $280M | 89c | S+325 bp PIK 6.00% | Apr 1, 2032 | 7 |
| other lien unstated | at least $5.7M | 90c | S+325 bp | Apr 16, 2031 | 3 |
| first lien revolver first lien | at least $100,000 | n/a | SOFR+275 bp | Apr 16, 2029 | 2 |
| second lien term loan second lien exited Dec 31, 2024 | at least $53.1M | 100c | S+675 bp | Apr 1, 2029 | 1 |
| revolver lien unstated exited Dec 31, 2024 | unknown | n/a | unstated | 1 |
Equity pieces beside the debt: equity ($9.8M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 4/16/2029 | n/a | $-0 | |
| A•••••• P•••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 2.75% I••••••• R••• 6.50% M•• | $100,000 | $-0 | SOFR+275 bp |
| A••• C•••••• C••• | equity equity L•••••• partnership interests | n/a | $9.8M 172c | |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $41.7M | $37.1M 89c | S+325 bp |
| B••• O•• C••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $31.6M | $27.8M 88c | PIK 6.00% |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $9.9M | $8.8M 89c | S+325 bp |
| B••• O•• T••••••••• F•••••• C•••• | term loan first lien F•••• lien senior secured loan | N••••••••• I••••• | $114M | $101M 88c | PIK 6.00% |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $32.1M | $28.5M 89c | S+325 bp |
| B••• O•• T••••••••• I••••• C•••• | term loan first lien F•••• lien senior secured loan | $50.6M | $44.6M 88c | PIK 6.00% |
| H•• C•••••••• L•••••• F••• | unstated lien unstated N••••••••• I••••• | $5.7M | $5.1M 90c | S+325 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 | 6 | $286M | $253M | 89c | 3 |
| Mar 31, 2026 | 6 | $313M | $298M | 96c | 3 |
| Dec 31, 2025 | 10 | $446M | $447M | 101c | 4 |
| Sep 30, 2025 | 10 | $348M | $348M | 100c | 3 |
| Jun 30, 2025 | 10 | $353M | $352M | 100c | 3 |
| Mar 31, 2025 | 9 | $146M | $145M | 100c | 0 |
| Dec 31, 2024 | 6 | $291M | $293M | 101c | 0 |
| Sep 30, 2024 | 5 | $177M | $178M | 101c | 0 |
| Jun 30, 2024 | 6 | $193M | $193M | 101c | 0 |
| Mar 31, 2024 | 1 | $53.1M | $53.1M | 100c | 0 |
| Dec 31, 2023 | 1 | $53.1M | $52.6M | 99c | 0 |
| Sep 30, 2023 | 1 | $53.1M | $52.0M | 98c | 0 |
| Jun 30, 2023 | 1 | $53.1M | $51.5M | 97c | 0 |
| Mar 31, 2023 | 1 | $53.1M | $51.5M | 97c | 0 |
| Dec 31, 2022 | 1 | $95.9M | $92.1M | 96c | 0 |
| Sep 30, 2022 | 1 | $53.1M | $51.0M | 96c | 0 |
| Dec 31, 2021 | 1 | $42.8M | $42.8M | 100c | 0 |
What changed
- Marked down across lendersJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- PIK interest appearsJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- New lender joined a facilityJun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- PIK interest appearsJun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Jun 30, 2025
- Maturity extended (observed)Mar 31, 2025
- New lender joined a facilityMar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Maturity extended (observed)Mar 31, 2025
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Dec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- New lender joined a facilitySep 30, 2024
- Lender left a facilityJun 30, 2024
- Lender left a facilityJun 30, 2024
- New borrower on a BDC scheduleDec 31, 2021
Sponsor
- E•• P••••••• A•
- Form D signer consensus, grade Bestimated"••• Locked"
Identity
- Group key
- STORABLEderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 16 BDCsderived
- Industry
- IT Servicesreportedas one filer wrote it