DFX Intelligence
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Borrower
R•••• L••
Financial Servicesgroup grade Aon a schedule nowsponsor unattributed
Also written as: Commercial &; Commerical &; Commerical & Professional Services1; Commerical & Professional Services2; Emerald JV LP; LLC Asset Type; LLC Commercial & Professional Services1; LLC First and
Principal held
at least $45.8M
sum of BDC pieces, a lower bound
Fair value
$43.0M
100c on cost, debt pieces
Unfunded
$2.5M
commitments not yet drawn
BDC lenders
11
6 on the latest quarter
Facilities
6
0 equity pieces beside them
Next maturity
Nov 7, 2030
no dated debt inside 24 months
On the tape since
Dec 31, 2023
latest Jun 30, 2026
Events
12
dated, non-routine
Capital structure as the BDCs see it
latest quarter end Jun 30, 2026
| Facility | Held | On cost | Pricing | Maturity | BDCs |
|---|---|---|---|---|---|
| first lien term loan first lien | at least $28.3M | 100c | SOFR+350 bp | Nov 5, 2032 | 8 |
| delayed draw term loan lien unstated | at least $15.1M | 100c | S+350 bp | Nov 5, 2032 | 1 |
| first lien revolver first lien | at least $2.5M | n/a | SOFR+350 bp | Nov 7, 2030 | 3 |
| other lien unstated exited Dec 31, 2024 | at least $8.8M | 100c | S+350 bp | Nov 14, 2030 | 2 |
| second lien term loan second lien exited Jun 30, 2024 | unknown | n/a | S+450 bp | Nov 14, 2030 | 1 |
| revolver lien unstated exited Dec 31, 2025 | unknown | n/a | unstated | 3 |
Lenders
every BDC piece at the latest quarter end
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••••• P•••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.50% I••••••• R••• 7.16% M• | $5.0M | $5.0M 100c | SOFR+350 bp |
| A•••••• P•••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 11/7/2030 | n/a | $-6,000 | |
| A•••••• P•••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 3.50% I••••••• R••• 7.16% M•• | $751,000 | $-6,000 600c | SOFR+350 bp |
| A•••••• S•••••••• C••••• F••• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.50% I••••••• R••• 7.16% M• | $10.0M | $9.9M 100c | SOFR+350 bp |
| A•••••• S•••••••• C••••• F••• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 11/7/2030 | n/a | $-12,000 | |
| A•••••• S•••••••• C••••• F••• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 3.50% I••••••• R••• 7.16% M•• | $1.7M | $-12,000 | SOFR+350 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | revolver first lien Asset T••• F•••• L••• R••••••• R•••••••• R••• and S••••• S + 3.50% I••••••• R••• 7.16% M•• | $54,000 | $-0 | SOFR+350 bp |
| A•••••• S•••••••• C••••• F••• I• L•• | revolver first lien C••••••••• T••• R••••••• C••••••••• E••••••••• D••• 11/7/2030 | n/a | $0 | |
| A•••••• S•••••••• C••••• F••• I• L•• | term loan first lien Asset T••• F•••• L••• T••• L••• R•••••••• R••• and S••••• S + 3.50% I••••••• R••• 7.16% M• | $997,000 | $991,000 100c | SOFR+350 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $648,000 | $644,000 100c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated | $7.4M | $7.4M 100c | S+350 bp |
| B••••••••• P•••••• C••••• F••• | delayed draw term loan lien unstated N••••••••• I••••• | $7.0M | $6.9M 100c | S+350 bp |
| G•••• E•• C•••••• C•••• | term loan first lien I••••••• B••••••• Services S••••••• 1st L•••, S•••••• L••• I••••••• R••• 1M S••• + 3.50% ( | $4.0M | $4.0M 99c | SOFR+350 bp |
| P••••• S••••• C•••••• B•• I••• | term loan first lien Investment F•••• L••• S••••• S•••••• L••• I••••••• R••• 7.14% (S + 3.50%) M••••••• D••• 11 | $8.3M | $8.2M 100c | SOFR+350 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 | $45.8M | $43.0M | 100c | 0 |
| Mar 31, 2026 | 8 | $52.1M | $48.0M | 97c | 0 |
| Dec 31, 2025 | 7 | $39.4M | $36.4M | 99c | 0 |
| Sep 30, 2025 | 3 | $21.7M | $21.7M | 100c | 0 |
| Jun 30, 2025 | 3 | $21.7M | $21.7M | 100c | 0 |
| Mar 31, 2025 | 3 | $21.8M | $21.7M | 100c | 0 |
| Dec 31, 2024 | 4 | $39.0M | $39.0M | 100c | 0 |
| Sep 30, 2024 | 3 | $17.9M | $17.7M | 100c | 0 |
| Jun 30, 2024 | 3 | $13.1M | $13.2M | 101c | 0 |
| Mar 31, 2024 | 3 | $14.2M | $14.3M | 101c | 0 |
| Dec 31, 2023 | 4 | $44.4M | $44.4M | 101c | 0 |
What changed
- Lender left a facilityMar 31, 2026
- New lender joined a facilityMar 31, 2026
- Spread changed (observed)Mar 31, 2026
- New lender joined a facilityMar 31, 2026
- Lender left a facilityMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Spread increasedMar 31, 2026
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Lender left a facilityDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- New lender joined a facilityDec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Maturity extended (observed)Dec 31, 2025
- Facility left every BDC scheduleDec 31, 2025
- New lender joined a facilityDec 31, 2025
- Spread changed (observed)Sep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Lender left a facilityDec 31, 2024
- Facility left every BDC scheduleDec 31, 2024
- Spread changed (observed)Sep 30, 2024
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- RYANderivedthe codename stem after legal suffixes and deal words
- Spellings
- 1 across 11 BDCsderived
- Industry
- Financial Servicesreportedas one filer wrote it