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Borrower

M•••••••• I••

IT Servicesgroup grade Aon a schedule nowsponsor not established · possible relationship
Also written as: Inc. Asset Type; Inc. Emerald JV LP; Inc. Initial USD
See every lender's markFind rescue capital
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Special situations PE firms

What matters now

  1. 8 of 8 lenders
    on non-accrual

    Non-accrual at 8 of 8 lenders on the latest schedules, first placed in Q1 2026.

    since Q1 2026 · Interest has stopped accruing; the lenders no longer expect to be paid in full.

    FactBDC schedules of investments, 30 Jun 2026For restructuring advisers, special situations funds, the lenders' LPsSee every lender →
  2. 88¢ → 51¢
    consensus mark

    Consensus mark 51¢ on cost, down from 88¢ a year ago, 61¢ last quarter.

    Q2 2026 · The lenders' own valuations, the most direct read of what they expect to recover.

    Derived8 of 8 lenders' own marks, weighted by principal
  3. 22 pts
    39¢ to 61¢

    Lenders disagree by 22 points: O••• D••••• L•••••• B•• F••• 39¢ to A•••••• P•••••• C••••• F••• 61¢.

    Q2 2026 · Holders value the same loan differently, so a position could trade between them.

    Derivedeach lender's own fair value over costFor secondary buyers, special situations fundsLender marks →
  4. $1.97B
    principal outstanding

    $1.97B principal held by 8 lenders; matures Oct 2028.

    Q2 2026 · Refinancing is due in 24 months at a 51¢ mark.

    FactBDC schedules of investments, 30 Jun 2026; a sum of the BDCs' pieces, a lower bound
  5. 66¢ → 44¢
    -22 pts, one lender

    M••••• C•••••• I••••• P••• C••• marked it 66¢ → 44¢, the largest move among 8 lenders this quarter.

    Q2 2026 · One holder repriced far more than the rest.

    FactM••••• C•••••• I••••• P••• C••• schedule of investmentsOpen the lender →
Mark path, consensus per quarter end
Q2 2025: 88¢Q3 2025: 84¢Q4 2025: 78¢Q1 2026: 61¢Q2 2026: 51¢88¢ · 84¢ · 78¢ · 61¢ · 51¢Q2 2025 to Q2 2026
Where each lender marks it, 22 points apart
39¢Consensus: 51¢B••••••••• P•••••• C••••• F•••: 51¢B••••••••• S•••••• L•••••• F•••: 51¢F• K•• C•••••• C•••: 50¢H•• C•••••••• L•••••• F•••: 50¢A••••• D••• S•••••••• B••: 42¢O••• D••••• L•••••• B•• F•••: 39¢M••••• C•••••• I••••• P••• C•••: 44¢A•••••• P•••••• C••••• F•••: 61¢61¢
Principal held
at least $2.0B
sum of BDC pieces, a lower bound
Fair value
$967M
51c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
9
8 on the latest quarter
Facilities
2
0 equity pieces beside them
Next maturity
Oct 1, 2028
no dated debt inside 24 months
On the tape since
Dec 31, 2021
latest Jun 30, 2026
Events
17
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
B••••••••• P•••••• C••••• F•••$1.17B51¢-11 pts
B••••••••• S•••••• L•••••• F•••$395M51¢-11 pts
F• K•• C•••••• C•••$234M50¢-4 pts
H•• C•••••••• L•••••• F•••$82.8M50¢-12 pts
A••••• D••• S•••••••• B••$41M42¢-18 pts
View all 8 lenderslargest exposure first
LenderExposureCurrent markQoQ change
O••• D••••• L•••••• B•• F•••$27.4M39¢-17 pts
M••••• C•••••• I••••• P••• C•••$15M44¢-22 pts
A•••••• P•••••• C••••• F•••$105K61¢-16 pts
Every BDC piece · 12 positions across 8 lenderslargest principal first, with instrument and rate
BDCInstrumentPrincipalFair valueRate
B••••••••• P•••••• C••••• F•••unstated lien unstated
N••••••••• I•••••
$897M$444M
51c
S+600 bp
B••••••••• S•••••• L•••••• F•••unstated lien unstated
N••••••••• I•••••
$393M$194M
51c
S+600 bp
F• K•• C•••••• C•••term loan first lien$234M$117M
50c
S+600 bp
B••••••••• P•••••• C••••• F•••unstated lien unstated
N••••••••• I•••••
$221M$110M
51c
S+600 bp
H•• C•••••••• L•••••• F•••unstated lien unstated
N••••••••• I•••••
$82.8M$40.7M
50c
S+600 bp
View all 12 positionslargest principal first
BDCInstrumentPrincipalFair valueRate
B••••••••• P•••••• C••••• F•••unstated lien unstated$52.4M$25.9M
51c
S+600 bp
A••••• D••• S•••••••• B••term loan first lien
Investment T••• F•••• L••• S•••••• D••• - T••• L••• I••••••• R••• 6.75% M••••••• D••• 10/2
$41.0M$16.7M
42c
O••• D••••• L•••••• B•• F•••term loan first lien
F•••• L••• T••• L••• R•••••••• R••• and S••••• 6M S••• + 6.00% F•••• 0.75% I••••••• R••• 9
$27.4M$10.7M
39c
SOFR+600 bp
PIK 4.00%
M••••• C•••••• I••••• P••• C•••term loan first lien
S••••• S•••••• L••••
$15.0M$6.2M
44c
S+610 bp
B••••••••• S•••••• L•••••• F•••unstated lien unstated
N••••••••• I•••••
$2.3M$1.1M
51c
S+600 bp
A•••••• P•••••• C••••• F•••term loan first lien
Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 6.00% I••••••• R••• 9.97% M•
$105,000$60,000
61c
SOFR+600 bp
A•••••• P•••••• C••••• F•••term loan first lien
Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 6.00% I••••••• R••• 9.79% M•
Not disclosedNot disclosedS+600 bp
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
other lien unstatedat least $1.6B51cS+600 bpOct 29, 20283
first lien term loan first lienat least $318M48cSOFR+600 bp
PIK 4.00%
Oct 29, 20286
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20268$2.0B$967M51c1
Mar 31, 20268$1.9B$1.1B61c2
Dec 31, 20259$2.0B$1.5B78c6
Sep 30, 20259$2.0B$1.6B84c12
All 17 quarters
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 20259$1.9B$1.7B88c12
Mar 31, 20258$1.9B$1.7B91c11
Dec 31, 20249$3.8B$3.6B95c21
Sep 30, 20248$1.9B$1.8B97c10
Jun 30, 20248$1.9B$1.8B99c8
Mar 31, 20248$1.8B$1.8B99c8
Dec 31, 20238$2.1B$2.1B100c15
Sep 30, 20238$1.8B$1.8B100c8
Jun 30, 20238$1.8B$1.8B99c10
Mar 31, 20237$1.7B$1.7B101c7
Dec 31, 20228$2.0B$1.9B99c12
Sep 30, 20224$1.5B$1.5B100c5
Dec 31, 20213$1.1B$1.1B100c1
What changed
Full timeline · 30 events
Every change including routine ones
Identity
Group key
MEDALLIAderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 9 BDCsderived
Industry
IT Servicesreportedas one filer wrote it