DFX Intelligence
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Borrower
S••••••• S••••• H••••••••• S•••••••• L••
Health Care Providers & Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP
Principal held
at least $279M
sum of BDC pieces, a lower bound
Fair value
$278M
100c on cost, debt pieces
Unfunded
$94.6M
commitments not yet drawn
BDC lenders
11
10 on the latest quarter
Facilities
6
1 equity pieces beside them
Next maturity
Jan 5, 2028
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 |
|---|---|---|---|---|---|
| other lien unstated | at least $208M | 100c | S+475 bp | Jan 5, 2033 | 6 |
| first lien term loan first lien | at least $70.4M | 100c | SOFR+475 bp | Jan 31, 2033 | 8 |
| first lien revolver first lien | at least $0 | n/a | SOFR+475 bp | Jan 31, 2033 | 8 |
| first lien delayed draw term loan first lien | at least $0 | n/a | SOFR+475 bp | Jan 5, 2028 | 8 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 5 | |
| revolver lien unstated | unknown | n/a | unstated | 5 |
Equity pieces beside the debt: equity ($1.4M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $205M | $203M 100c | S+475 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $3.1M | $3.1M 100c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| C••••••• C•••••• B••• I••• | revolver first lien Investment Type Revolver Commitment Expiration Date 1/5/2033 | n/a | n/a | |
| C••••••• C•••••• B••• I••• | term loan first lien Investment Type Unitranche First Lien Term Loan Interest Term S + 450, 75 Floor Interest R | $16.6M | $16.5M 100c | SOFR+450 bp |
| C••••••• C•••••• B••• I••• | equity equity Investment Type Common Stock | n/a | $1.4M 125c | |
| C••••••• C•••••• B••• I••• | revolver first lien Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 01/2033 | n/a | $-8,000 53c | |
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 1/05 | $1.3M | $1.3M 100c | SOFR+475 bp |
| L••• P•••••• C••••• L•• | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/05/20 | n/a | n/a | |
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 12/1 | $0 | $-13,000 325c | SOFR+475 bp |
| L••• P•••••• C••••• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 12/18/2032 | n/a | n/a | |
| L••• P•••••• C••••• L•• | term loan first lien First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturity Date 12/1 | $0 | $-3,000 150c | SOFR+475 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturit | $0 | $-5,000 250c | SOFR+5 bp |
| M••••• S•••••• D••••• L•••••• F••• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturit | $5.5M | $5.5M 100c | SOFR+5 bp |
| M••••• S•••••• D••••• L•••••• F••• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 12/18/2032 | n/a | n/a | |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturit | $0 | $-13,000 325c | SOFR+475 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturit | $0 | $-3,000 150c | SOFR+475 bp |
| N•••• H•••• P•••••• I••••• F••• A• L•• | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/05/20 | n/a | $-13,000 | |
| N•••• H•••• P•••••• I••••• F••• A• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 12/18/2032 | n/a | $-3,000 | |
| N•••• H•••• P•••••• I••••• F••• A• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturit | $1.3M | $1.3M 100c | SOFR+475 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 12/18/2032 | n/a | n/a | |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 1/5/2033 | $2.0M | $2.0M 100c | SOFR+475 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity | $11.0M | $10.9M 100c | SOFR+475 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/18/2032 | $0 | $-19,000 317c | SOFR+475 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Maturity Date 12/18/2032 On | $0 | $-4,000 133c | SOFR+475 bp |
| N•••• H•••• P•••••• I••••• F••• L•• | term loan first lien Investment First Lien Debt Reference Rate & Spread S + 4.75% Interest Rate 8.48% Maturity | $0 | $-9,000 450c | SOFR+475 bp |
| S•••• P•••• C••••• C••• | term loan first lien First Lien Term Loan, Due 01/05/2033 | $16.8M | $16.7M 100c | SOFR+475 bp |
| S•••• P•••• C••••• C••• | revolver first lien First Lien Revolving Loan, Due 01/05/2033 | n/a | $-13,000 108c | SOFR+475 bp |
| S•••• P•••• C••••• C••• | delayed draw term loan first lien First Lien Delayed Draw Term Loan, Due 01/05/2028 | n/a | $-23,000 209c | SOFR+475 bp |
| S•••• P•••• C••••• I••••• F••• | delayed draw term loan first lien First Lien Delayed Draw Term Loan | $0 | $-12,264 215c | S+475 bp |
| S•••• P•••• C••••• I••••• F••• | revolver first lien First Lien Revolver | $0 | $-6,597 107c | S+475 bp |
| S•••• P•••• C••••• I••••• F••• | revolver first lien First Lien Revolving Loan | n/a | n/a | |
| S•••• P•••• C••••• I••••• F••• | term loan first lien First Lien Term Loan | $8.7M | $8.7M 100c | S+475 bp |
| T• S••••• B•• L•• | delayed draw term loan first lien First Lien Debt Commitment Type Delayed Draw Term Loan Commitment Expiration Date 01/05/20 | n/a | n/a | |
| T• S••••• B•• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturit | $7.2M | $7.1M 100c | SOFR+475 bp |
| T• S••••• B•• L•• | revolver first lien First Lien Debt Commitment Type Revolver Commitment Expiration Date 12/18/2032 | n/a | n/a | |
| T• S••••• B•• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturit | $0 | $-31,000 310c | SOFR+475 bp |
| T• S••••• B•• L•• | term loan first lien Investment First Lien Debt Reference Rate and Spread S + 4.75% Interest Rate 8.48% Maturit | $0 | $-12,000 200c | SOFR+475 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 | 10 | $279M | $276M | 100c | 0 |
| Mar 31, 2026 | 10 | $279M | $277M | 101c | 0 |
| Dec 31, 2025 | 8 | $280M | $280M | 101c | 0 |
| Sep 30, 2025 | 7 | $261M | $262M | 101c | 0 |
| Jun 30, 2025 | 7 | $262M | $262M | 101c | 0 |
| Mar 31, 2025 | 7 | $264M | $264M | 101c | 0 |
| Dec 31, 2024 | 7 | $496M | $496M | 101c | 0 |
| Sep 30, 2024 | 7 | $254M | $253M | 101c | 0 |
| Jun 30, 2024 | 7 | $243M | $242M | 101c | 0 |
| Mar 31, 2024 | 8 | $249M | $245M | 100c | 0 |
| Dec 31, 2023 | 8 | $265M | $256M | 98c | 0 |
| Sep 30, 2023 | 8 | $247M | $238M | 98c | 0 |
| Jun 30, 2023 | 8 | $246M | $235M | 97c | 0 |
| Mar 31, 2023 | 8 | $243M | $235M | 98c | 0 |
| Dec 31, 2022 | 8 | $276M | $266M | 98c | 0 |
| Sep 30, 2022 | 2 | $71.6M | $70.4M | 101c | 0 |
| Dec 31, 2021 | 2 | $135M | $131M | 100c | 0 |
What changed
- Maturity extended (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Spread changed (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Maturity shortened (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Lender left a facilityDec 31, 2025
- Spread changed (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
- Lender left a facilityJun 30, 2025
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- S••••••• S••••• H••••••••• S•••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived
- Industry
- Health Care Providers & Servicesreportedas one filer wrote it