DFX Intelligence
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Borrower
F••••••••
Healthcare & Pharmaceuticalsgroup grade Aon a schedule nowsponsor unattributed
Also written as: F•••••••• Management Holdings; LLC Emerald JV LP
What matters now
- 96¢ → 99¢consensus mark
Consensus mark 99¢ on cost, up from 96¢ a year ago, 97¢ last quarter.
Q2 2026 · The lenders' own valuations moved back up.
Derived1 of 1 lender' own marks, weighted by principal
Mark path, consensus per quarter end
96¢ · 96¢ · 100¢ · 97¢ · 99¢Q2 2025 to Q2 2026
Principal held
at least $2.4M
sum of BDC pieces, a lower bound
Fair value
$2.4M
99c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
BDC lenders
2
1 on the latest quarter
Facilities
4
0 equity pieces beside them
Next maturity
Mar 30, 2029
no dated debt inside 24 months
On the tape since
Sep 30, 2022
latest Jun 30, 2026
Events
14
dated, non-routine
Lender marks
each lender's own fair value over cost at Jun 30, 2026, folded to one row per lender
| Lender | Exposure | Current mark | QoQ change |
|---|---|---|---|
| A•••• C••••• B•• I••• | $2.43M | 99¢ | +2 pts |
Every BDC piece · 2 positions across 1 lenderlargest principal first, with instrument and rate
| BDC | Instrument | Principal | Fair value | Rate |
|---|---|---|---|---|
| A•••• C••••• B•• I••• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S+ S••••• 5.50% I••••••• R••• 9.23% A••••••••• D• | $1.5M | $1.4M 99c | SOFR+550 bp |
| A•••• C••••• B•• I••• | term loan first lien Investment T••• 1st L••• T••• L••• I•••• S+ S••••• 4.25% I••••••• R••• 7.98% A••••••••• D• | $960,292 | $938,517 99c | SOFR+425 bp |
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 $2.4M | 99c | SOFR+550 bp | Mar 30, 2029 | 1 |
| other lien unstated exited Dec 31, 2022 | at least $7.3M | 99c | S+425 bp | Apr 1, 2029 | 1 |
| first lien delayed draw term loan first lien exited Dec 31, 2023 | unknown | n/a | SOFR+425 bp | Apr 1, 2029 | 1 |
| delayed draw term loan lien unstated exited Dec 31, 2022 | unknown | n/a | S+425 bp | unstated | 1 |
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 | 1 | $2.4M | $2.4M | 99c | 0 |
| Mar 31, 2026 | 1 | $3.0M | $2.9M | 97c | 0 |
| Dec 31, 2025 | 1 | $2.4M | $2.4M | 100c | 0 |
| Sep 30, 2025 | 1 | $2.4M | $2.3M | 96c | 0 |
All 14 quartersShow fewer
| Quarter end | BDCs | Principal held | Fair value | On cost | PIK pieces |
|---|---|---|---|---|---|
| Jun 30, 2025 | 1 | $2.5M | $2.3M | 96c | 0 |
| Mar 31, 2025 | 1 | $2.5M | $2.3M | 96c | 0 |
| Dec 31, 2024 | 1 | $4.9M | $4.8M | 98c | 0 |
| Sep 30, 2024 | 1 | $2.5M | $2.4M | 97c | 0 |
| Jun 30, 2024 | 1 | $2.5M | $2.4M | 99c | 0 |
| Mar 31, 2024 | 1 | $1.5M | $1.5M | 100c | 0 |
| Dec 31, 2023 | 1 | $3.0M | $2.9M | 99c | 0 |
| Sep 30, 2023 | 1 | $987,800 | $983,232 | 101c | 0 |
| Jun 30, 2023 | 1 | $987,048 | $977,301 | 101c | 0 |
| Dec 31, 2022 | 2 | $8.3M | $8.1M | 99c | 0 |
What changed
- Spread changed (observed)Jun 30, 2026
- Maturity shortened (observed)Jun 30, 2026
- Spread changed (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
- Maturity extended (observed)Mar 31, 2026
Full timeline · 17 eventsShow fewer
- Spread changed (observed)Sep 30, 2025
- Spread changed (observed)Jun 30, 2025
- Spread changed (observed)Dec 31, 2024
- Spread changed (observed)Sep 30, 2024
- Spread changed (observed)Jun 30, 2024
- Spread changed (observed)Mar 31, 2024
- Spread changed (observed)Dec 31, 2023
- Spread increasedDec 31, 2023
- Facility left every BDC scheduleDec 31, 2023
- Facility left every BDC scheduleDec 31, 2022
- Facility left every BDC scheduleDec 31, 2022
- New borrower on a BDC scheduleSep 30, 2022
Sponsor
No sponsor attribution: no portfolio page, deal announcement or Form D signer consensus names an owner for this borrower group.
Identity
- Group key
- FOREFRONTderivedthe codename stem after legal suffixes and deal words
- Spellings
- 2 across 2 BDCsderived
- Industry
- Healthcare & Pharmaceuticalsreportedas one filer wrote it