DFX Intelligence
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Borrower
U• O••• S•••••• M••••••••• H•••••• L••
group grade Aon a schedule nowsponsor unattributed
Also written as: LLC 1 Emerald JV LP; LLC 2 Emerald JV LP; LLC Asset Type Common; LLC Emerald JV LP; O••• S•••••• Holdings, LLC
Principal held
at least $392M
sum of BDC pieces, a lower bound
Fair value
$392M
101c on cost, debt pieces
Unfunded
$61.3M
commitments not yet drawn
BDC lenders
7
3 on the latest quarter
Facilities
6
2 equity pieces beside them
Next maturity
Nov 18, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
3
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 $356M | 101c | S+525 bp | Nov 20, 2028 | 4 |
| first lien term loan first lien | at least $35.8M | 100c | S+525 bp | Nov 20, 2028 | 1 |
| delayed draw term loan lien unstated | unknown | n/a | unstated | 2 | |
| revolver lien unstated | unknown | n/a | unstated | 2 | |
| first lien revolver first lien exited Dec 31, 2024 | unknown | n/a | unstated | 2 | |
| first lien delayed draw term loan first lien exited Sep 30, 2024 | unknown | n/a | unstated | 2 |
Equity pieces beside the debt: preferred equity ($1.0M fair value, 1 BDC), equity ($625,000 fair value, 3 BDCs)
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $64.8M | $64.8M 101c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $154M | $154M 100c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $107,000 | $107,000 100c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $27.4M | $27.4M 101c | S+525 bp |
| B••••••••• P•••••• C••••• F••• | unstated lien unstated Non-Affiliated Issuer | $6.2M | $6.2M 101c | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | delayed draw term loan lien unstated Delayed Draw Term Loan | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $15.6M | $15.6M 100c | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated Revolver | n/a | n/a | |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $50.7M | $50.7M 101c | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $37.0M | $37.0M 101c | S+525 bp |
| B••••••••• S•••••• L•••••• F••• | unstated lien unstated Non-Affiliated Issuer | $83,000 | $83,000 100c | S+525 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $7.0M | $7.0M 100c | S+525 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $5.0M | $5.0M 100c | S+525 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $0 | $0 0c | S+525 bp |
| F••••••• B•• C•••••• C••• | term loan first lien Senior S•••••• First Lien Debt | n/a | n/a | |
| F••••••• B•• C•••••• C••• | term loan first lien | $17.7M | $17.7M 101c | S+525 bp |
| F••••••• B•• C•••••• C••• | term loan first lien | $6.1M | $6.1M 100c | S+525 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 | 3 | $392M | $392M | 101c | 0 |
| Mar 31, 2026 | 3 | $385M | $385M | 101c | 0 |
| Dec 31, 2025 | 3 | $391M | $391M | 101c | 0 |
| Sep 30, 2025 | 3 | $366M | $366M | 101c | 0 |
| Jun 30, 2025 | 4 | $356M | $356M | 101c | 0 |
| Mar 31, 2025 | 4 | $348M | $347M | 101c | 0 |
| Dec 31, 2024 | 4 | $706M | $705M | 101c | 0 |
| Sep 30, 2024 | 4 | $332M | $332M | 101c | 0 |
| Jun 30, 2024 | 4 | $317M | $316M | 101c | 0 |
| Mar 31, 2024 | 4 | $296M | $292M | 100c | 0 |
| Dec 31, 2023 | 3 | $296M | $289M | 99c | 0 |
| Sep 30, 2023 | 4 | $284M | $277M | 99c | 0 |
| Jun 30, 2023 | 4 | $283M | $270M | 97c | 0 |
| Mar 31, 2023 | 4 | $253M | $241M | 97c | 0 |
| Dec 31, 2022 | 4 | $257M | $254M | 101c | 0 |
| Sep 30, 2022 | 4 | $187M | $186M | 101c | 0 |
| Dec 31, 2021 | 4 | $183M | $179M | 100c | 0 |
What changed
- Lender left a facilityMar 31, 2025
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Facility left every BDC scheduleSep 30, 2024
- Lender left a facilitySep 30, 2024
- Spread increasedJun 30, 2024
- Spread increasedJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Spread increasedMar 31, 2023
- Spread increasedMar 31, 2023
- Spread increasedMar 31, 2023
- Spread increasedMar 31, 2023
- Spread increasedDec 31, 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
- ORAL SURGERYderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 7 BDCsderived