DFX Intelligence
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Borrower
S• A••••••••• I••
Insurancegroup grade Aon a schedule nowsponsor unattributed
Also written as: Inc. Emerald JV LP
Principal held
at least $418M
sum of BDC pieces, a lower bound
Fair value
$418M
101c on cost, debt pieces
Unfunded
$27.7M
commitments not yet drawn
BDC lenders
7
6 on the latest quarter
Facilities
5
0 equity pieces beside them
Next maturity
Apr 1, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
2
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| revolver lien unstated | at least $321M | 101c | S+475 bp | Apr 3, 2030 | 3 |
| first lien term loan first lien | at least $96.9M | 100c | SOFR+475 bp | Apr 3, 2030 | 4 |
| first lien revolver first lien | at least $0 | n/a | SOFR+475 bp | Apr 3, 2030 | 3 |
| other lien unstated | unknown | n/a | unstated | 4 | |
| term loan lien unstated exited Mar 31, 2024 | unknown | n/a | S+550 bp | unstated | 2 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A••• C•••••• C••• | term loan first lien F•••• lien senior secured loan | $13.1M | $13.1M 100c | S+475 bp |
| A••• C•••••• C••• | unstated lien unstated | n/a | n/a | |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated R••••••• | n/a | n/a | S+475 bp |
| B••••••••• P•••••• C••••• F••• | revolver lien unstated N••••••••• I••••• | $199M | $199M 101c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated N••••••••• I••••• | $122M | $122M 101c | S+475 bp |
| B••••••••• S•••••• L•••••• F••• | revolver lien unstated R••••••• | n/a | n/a | S+475 bp |
| D••••••• C••••• C• | revolver first lien F•••• L••• D••• R•••••••• L••• of Credit R•••••••• R••• S••• S••••• 4.75% A••••••••• D••• | n/a | n/a n/a | SOFR+475 bp |
| D••••••• C••••• C• | term loan first lien F•••• L••• D••• T••• L••• I••••••• R••• 8.43% R•••••••• R••• S••• S••••• 4.75% A••••••••• | $49.7M | $49.7M 100c | SOFR+475 bp |
| D••••••• C••••• C• | revolver first lien R•••••••• L••• of Credit | n/a | n/a | |
| J•••••••• C••••• P••••••• B•• I••• | revolver first lien T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.75% M••••••• D••• 4/3/2030 | $0 | $0 0c | SOFR+475 bp |
| J•••••••• C••••• P••••••• B•• I••• | revolver first lien Investment T••• F•••• L••• R••••••• | n/a | $0 | S+475 bp |
| J•••••••• C••••• P••••••• B•• I••• | term loan first lien T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% M••••••• D••• 4/3/2030 | $23.7M | $23.7M 100c | SOFR+475 bp |
| S••••• C••••• I••••••••• L•• | revolver first lien Investment T••• F•••• L••• R••••••• | n/a | $0 | S+475 bp |
| S••••• C••••• I••••••••• L•• | term loan first lien T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 4.75% M••••••• D••• 4/3/2030 | $10.4M | $10.4M 100c | SOFR+475 bp |
| S••••• C••••• I••••••••• L•• | revolver first lien T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 4.75% M••••••• D••• 4/3/2030 One | $0 | $0 0c | 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 | 6 | $418M | $418M | 101c | 0 |
| Mar 31, 2026 | 6 | $423M | $423M | 101c | 0 |
| Dec 31, 2025 | 6 | $433M | $433M | 101c | 0 |
| Sep 30, 2025 | 6 | $464M | $465M | 101c | 0 |
| Jun 30, 2025 | 6 | $480M | $481M | 101c | 0 |
| Mar 31, 2025 | 7 | $480M | $481M | 101c | 0 |
| Dec 31, 2024 | 7 | $835M | $835M | 101c | 0 |
| Sep 30, 2024 | 7 | $487M | $486M | 101c | 0 |
| Jun 30, 2024 | 7 | $470M | $469M | 100c | 0 |
| Mar 31, 2024 | 5 | $312M | $309M | 100c | 0 |
| Dec 31, 2023 | 5 | $396M | $391M | 99c | 0 |
| Sep 30, 2023 | 3 | $310M | $303M | 98c | 0 |
| Jun 30, 2023 | 3 | $310M | $300M | 97c | 0 |
| Mar 31, 2023 | 3 | $232M | $232M | 100c | 0 |
| Dec 31, 2022 | 3 | $310M | $310M | 100c | 0 |
| Sep 30, 2022 | 3 | $243M | $243M | 101c | 0 |
| Dec 31, 2021 | 3 | $247M | $247M | 101c | 0 |
What changed
- Lender left a facilityMar 31, 2025
- Lender left a facilityJun 30, 2024
- Lender left a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- Maturity extended (observed)Jun 30, 2024
- New lender joined a facilityJun 30, 2024
- Lender left a facilityMar 31, 2024
- Lender left a facilityMar 31, 2024
- Facility left every BDC scheduleMar 31, 2024
- Spread increasedJun 30, 2023
- Spread increasedJun 30, 2023
- Spread increasedJun 30, 2023
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• A•••••••••derivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 7 BDCsderived
- Industry
- Insurancereportedas one filer wrote it