The names on this page are hidden. Create a free account to reveal 5 records a month, or get Private Credit Intelligence at $249 a month for every name. Every figure, date and source on this page is public either way.

Borrower

H• P••••••••• L••

group grade Aon a schedule nowsponsor unattributed
Also written as: Emerald JV LP; Help; Help/Systems Holdings, Inc; LLC2; Systems Holdings, Inc; Verdelite JV LP
See every lender's markFind rescue capital
More
Special situations PE firms

What matters now

  1. 84¢ → 84¢
    consensus mark

    Consensus mark 84¢ on cost, up from 84¢ a year ago, 91¢ last quarter.

    Q2 2026 · The lenders' own valuations moved back up.

    Derived3 of 3 lenders' own marks, weighted by principal
  2. $147M
    principal outstanding

    $147M principal held by 3 lenders; matures May 2029.

    Q2 2026 · Refinancing is due in 31 months at a 84¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
Mark path, consensus per quarter end
Q2 2025: 84¢Q3 2025: 90¢Q4 2025: 94¢Q1 2026: 91¢Q2 2026: 84¢84¢ · 90¢ · 94¢ · 91¢ · 84¢Q2 2025 to Q2 2026
Where each lender marks it on the first lien term loan, 4 points apart
88¢Consensus: 84¢A••• C•••••• C•••: 88¢A••• S•••••••• I••••• F•••: 92¢92¢
Principal held
at least $147M
sum of BDC pieces, a lower bound
Fair value
$122M
84c on cost, debt pieces
Unfunded
$15.0M
commitments not yet drawn
BDC lenders
6
3 on the latest quarter
Facilities
3
0 equity pieces beside them
Next maturity
May 1, 2029
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
11
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
LenderExposureCurrent markQoQ change
A••• C•••••• C•••$63.6M88¢-7 pts
A••• S•••••••• I••••• F•••$54.2M92¢-7 pts
N•• M••••••• F•••••• C•••$29.5M62¢-5 pts
Every BDC piece · 5 positions across 3 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
A••• C•••••• C•••term loan first lien
F•••• lien senior secured loan
$63.6M$56.0M
88c
S+650 bp
PIK 3.25%
A••• S•••••••• I••••• F•••term loan first lien
F•••• lien senior secured loan
$54.2M$47.8M
92c
S+650 bp
PIK 3.25%
N•• M••••••• F•••••• C•••term loan second lien
S••••• lien 1
$24.9M$15.3M
62c
12.74%
PIK 9.00%
N•• M••••••• F•••••• C•••term loan second lien
S••••• lien 2
$4.6M$2.9M
62c
12.74%
PIK 9.00%
A••• C•••••• C•••unstated lien unstatedNot disclosedNot disclosed
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $118M90cS+650 bp
PIK 3.25%
May 1, 20292
second lien term loan second lienat least $29.5M62c12.74%
PIK 9.00%
May 1, 20291
other lien unstatedunknownn/aunstated1
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20263$147M$122M84c4
Mar 31, 20264$148M$132M91c4
Dec 31, 20254$162M$149M94c2
Sep 30, 20253$75.5M$67.6M90c0
All 17 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20253$75.6M$63.2M84c0
Mar 31, 20253$75.7M$60.7M80c0
Dec 31, 20243$151M$112M74c0
Sep 30, 20243$88.9M$81.1M92c0
Jun 30, 20243$91.3M$80.2M88c0
Mar 31, 20243$159M$143M90c0
Dec 31, 20234$297M$263M89c0
Sep 30, 20233$168M$155M93c0
Jun 30, 20233$173M$148M86c0
Mar 31, 20233$165M$145M88c0
Dec 31, 20223$169M$148M87c0
Sep 30, 20222$150M$143M95c0
Dec 31, 20212$160M$160M100c0
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
H• P••••••••derivedthe codename stem after legal suffixes and deal words
Spellings
1 across 6 BDCsderived