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Borrower

U•• I••

Softwaregroup grade Aon a schedule nowsponsor S••••• L••• T••••••••• M••••••••• L•• carried
Also written as: Emerald JV LP; H & F Unite Partners, L.P; Ultimate; Ultimate Software; Verdelite JV LP
Principal held
at least $100M
sum of BDC pieces, a lower bound
Fair value
$117M
94c on cost, debt pieces
Unfunded
n/a
commitments not yet drawn
BDC lenders
27
12 on the latest quarter
Facilities
3
1 equity pieces beside them
Next maturity
Jan 30, 2031
no dated debt inside 24 months
On the tape since
Dec 31, 2022
latest Jun 30, 2026
Events
5
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
FacilityHeldOn costPricingMaturityBDCs
first lien term loan first lienat least $90.8M94cSOFR+225 bpFeb 10, 203118
other lien unstatedat least $9.6M94cS+225 bpFeb 10, 20318
first lien revolver first lien
exited Dec 31, 2023
at least $1.4M100cS+375 bpFeb 1, 20261
Equity pieces beside the debt: equity ($22.4M fair value, 1 BDC)
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
A•••••• P•••••• C••••• F•••term loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 2.25% Interest Rate 6.00% Ma
$1.8M$1.7M
94c
SOFR+225 bp
A•••••• S•••••••• C••••• F•••term loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 2.25% Interest Rate 6.00% Ma
$5.9M$5.6M
94c
SOFR+225 bp
A••• C•••••• C•••equity equity
Limited partnership interests
n/a$22.4M
178c
A••• S•••••••• I••••• F•••term loan first lien
First lien senior secured loan
$30.3M$28.5M
95c
S+225 bp
B•••••• P•••••• C••••• C•••term loan first lien
First Lien Senior Secured Term Loan
$2.5M$2.3M
94c
S+225 bp
B•••••••• P•••••• C••••• F•••term loan first lien
Instrument First Lien Term Loan Ref SOFR(Q) Spread 2.25% Total Coupon 5.91% Maturity 1/30/
$1.0M$980,690
97c
SOFR+225 bp
F••••••• B•• C•••••• C•••unstated lien unstated$9.6M$9.0M
94c
S+225 bp
G•••••• S•••• P•••••• C••••• C••••term loan first lien
1st Lien/Senior Secured D••• Industry S••••••• Interest Rate 5.91% Reference Rate and Spre
$15.7M$14.7M
94c
SOFR+225 bp
G•••• C•••••• P•••••• C••••• F•••term loan first lien
Senior secured
$25.2M$23.8M
95c
S+225 bp
N•••• H•••• P•••••• I••••• F••• A• L••term loan first lien
Investment First Lien D••• Reference Rate and Spread S + 2.25% Interest Rate 5.91% Maturit
$491,000$462,000
94c
SOFR+225 bp
N•••• H•••• P•••••• I••••• F••• L••term loan first lien
Investment First Lien D••• Reference Rate & Spread S + 2.25% Interest Rate 5.91% Maturity
$7.4M$6.9M
94c
SOFR+225 bp
S••••• C•••• C•••••• C•••term loan first lien
First Lien - Term Loan
$496,000$471,000
95c
2.25%
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202612$100M$94.5M94c0
Mar 31, 202612$95.7M$91.4M96c0
Dec 31, 202516$183M$183M100c0
Sep 30, 202513$162M$162M100c0
Jun 30, 202515$161M$162M100c0
Mar 31, 202514$159M$159M100c0
Dec 31, 202414$230M$232M100c0
Sep 30, 202414$143M$143M100c0
Jun 30, 202412$103M$104M100c0
Mar 31, 202410$96.8M$97.4M101c0
Dec 31, 20236$54.2M$54.4M102c0
Sep 30, 20235$42.8M$42.9M101c0
Jun 30, 20234$39.6M$38.7M99c0
Mar 31, 20233$47.3M$45.8M98c0
Dec 31, 20223$47.0M$44.6M96c0
What changed
Every change including routine ones
Identity
Group key
UKGderivedthe codename stem after legal suffixes and deal words
Spellings
1 across 27 BDCsderived
Industry
Softwarereportedas one filer wrote it