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Borrower

C••••••••• A•••••••• H•••••••• I••

Softwaregroup grade Aon a schedule nowsponsor W•• M••••••••• C••••••••• inferred
Also written as: C••••••••• A••••••••, LLC; Emerald JV LP; Inc. Asset Type
Principal held
at least $1.4B
sum of BDC pieces, a lower bound
Fair value
$1.2B
100c on cost, debt pieces
Unfunded
$160M
commitments not yet drawn
BDC lenders
23
20 on the latest quarter
Facilities
6
1 equity pieces beside them
Next maturity
Jun 1, 2033
no dated debt inside 24 months
On the tape since
Mar 31, 2025
latest Jun 30, 2026
Events
4
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 $1.4B100cSOFR+450 bpJun 27, 203318
other lien unstatedat least $65.3M100cS+450 bpJun 27, 20337
first lien delayed draw term loan first lienat least $7.4Mn/aSOFR+450 bpJun 27, 20339
first lien revolver first lienat least $4.8Mn/aSOFR+450 bpJun 27, 20339
delayed draw term loan lien unstatedunknownn/aunstated3
revolver lien unstatedunknownn/aunstated3
Equity pieces beside the debt: equity ($894,000 fair value, 3 BDCs)
Lenders
every BDC piece at the latest quarter end
BDCInstrumentPrincipalFair valueRate
A•••••• P•••••• C••••• F•••delayed draw term loan first lien
Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Interest
$1.7M$0
0c
SOFR+450 bp
A•••••• P•••••• C••••• F•••revolver first lien
Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.25% Mat
$1.1M$0
0c
SOFR+450 bp
A•••••• P•••••• C••••• F•••revolver lien unstated
Commitment Type Revolver Commitment Expiration Date 6/27/2033
n/a$0
A•••••• P•••••• C••••• F•••term loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.25% Ma
$9.1M$9.1M
100c
SOFR+450 bp
A•••••• P•••••• C••••• F•••delayed draw term loan lien unstated
Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/25/2028
n/a$0
A•••••• S•••••••• C••••• F•••revolver first lien
Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.25% Mat
$3.7M$0
0c
SOFR+450 bp
A•••••• S•••••••• C••••• F•••delayed draw term loan first lien
Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Interest
$5.6M$0
0c
SOFR+450 bp
A•••••• S•••••••• C••••• F•••revolver lien unstated
Commitment Type Revolver Commitment Expiration Date 6/27/2033
n/a$0
A•••••• S•••••••• C••••• F•••delayed draw term loan lien unstated
Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/25/2028
n/a$-0
A•••••• S•••••••• C••••• F•••term loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.25% Ma
$30.4M$30.4M
100c
SOFR+450 bp
A•••••• S•••••••• C••••• F••• I• L••delayed draw term loan lien unstated
Commitment Type Delayed Draw Term Loan Commitment Expiration Date 12/25/2028
n/a$0
A•••••• S•••••••• C••••• F••• I• L••revolver first lien
Asset Type First Lien Revolver Reference Rate and Spread S + 4.50% Interest Rate 8.25% Mat
$73,000$0SOFR+450 bp
A•••••• S•••••••• C••••• F••• I• L••term loan first lien
Asset Type First Lien Term Loan Reference Rate and Spread S + 4.50% Interest Rate 8.25% Ma
$609,000$609,000
100c
SOFR+450 bp
A•••••• S•••••••• C••••• F••• I• L••revolver lien unstated
Commitment Type Revolver Commitment Expiration Date 6/27/2033
n/a$0
A•••••• S•••••••• C••••• F••• I• L••delayed draw term loan first lien
Asset Type First Lien Delayed Draw Term Loan Reference Rate and Spread S + 4.50% Interest
$113,000$0SOFR+450 bp
A••••• D••• S•••••••• B••term loan first lien
Investment Type First Lien Secured D••• - Term Loan Interest Rate S+450, 0.50% Floor Matur
$21.4M$21.3M
100c
SOFR+450 bp
A••••• D••• S•••••••• B••delayed draw term loan first lien
Investment Type First Lien Secured D••• - Delayed Draw Interest Rate S+450, 0.50% Floor Ma
n/a$-10,000
100c
SOFR+450 bp
A••••• D••• S•••••••• B••revolver first lien
Investment Type First Lien Secured D••• - Revolver Interest Rate S+450, 0.50% Floor Maturi
n/a$-13,000
100c
SOFR+450 bp
A••• C•••••• C•••unstated lien unstatedn/an/a
A••• C•••••• C•••term loan first lien
First lien senior secured loan
$131M$130M
99c
S+450 bp
A••• S•••••••• I••••• F•••term loan first lien
First lien senior secured loan
$29.7M$29.6M
100c
S+450 bp
A••• S•••••••• I••••• F•••unstated lien unstatedn/an/a
B•••••••• P•••••• C••••• F•••revolver first lien
Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 4.50% Total Coupon 8.23% Mat
$0$-4,499
100c
SOFR+450 bp
B•••••••• P•••••• C••••• F•••term loan first lien
Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.50% Total Coupon 8.23% Ma
$7.5M$7.4M
100c
SOFR+450 bp
B•••••••• P•••••• C••••• F•••delayed draw term loan first lien
Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.50% Total Co
$0$-6,922
100c
SOFR+450 bp
B••• O•• C•••••• C•••delayed draw term loan first lien
First lien senior secured delayed draw term loan
n/a$-18,000
B••• O•• C•••••• C•••term loan first lien
First lien senior secured loan | Non-Affiliated
$38.4M$38.2M
100c
S+450 bp
B••• O•• C•••••• C•••revolver first lien
First lien senior secured revolving loan
n/a$-23,000
B••• O•• C••••• I••••• C••••revolver first lien
First lien senior secured revolving loan | Non-controlled/non-affiliated
n/an/a
B••• O•• C••••• I••••• C••••term loan first lien
First lien senior secured loan | Non-Affiliated Issuer
$93.6M$93.2M
100c
S+450 bp
B••• O•• C••••• I••••• C••••delayed draw term loan first lien
First lien senior secured delayed draw term loan | Non-controlled/non-affiliated
n/an/a
B••• O•• T••••••••• F•••••• C••••delayed draw term loan first lien
First lien senior secured delayed draw term loan | Non-Affiliated Issuer
n/a$-69,000
B••• O•• T••••••••• F•••••• C••••revolver first lien
First lien senior secured revolving loan | Non-Affiliated Issuer
n/a$-90,000
B••• O•• T••••••••• F•••••• C••••term loan first lien
First lien senior secured loan | Non-Affiliated Issuer
$149M$149M
100c
S+450 bp
B••• O•• T••••••••• I••••• C••••delayed draw term loan first lien
First lien senior secured delayed draw term loan
n/a$-2,000
B••• O•• T••••••••• I••••• C••••revolver first lien
First lien senior secured revolving loan
n/a$-2,000
B••• O•• T••••••••• I••••• C••••term loan first lien
First lien senior secured loan
$3.7M$3.6M
100c
S+450 bp
F• K•• C•••••• C•••unstated lien unstated
Software & Services 1
$14.3M$14.3M
100c
S+450 bp
F• K•• C•••••• C•••unstated lien unstatedn/an/a
F• K•• C•••••• C•••unstated lien unstated
Software & Services 2
$2.7M$2.6M
100c
S+450 bp
F• K•• C•••••• C•••unstated lien unstated
Software & Services 3
$1.7M$1.7M
100c
S+450 bp
F• K•• C•••••• C•••unstated lien unstatedn/an/a
G•••••• S•••• B••• I•••term loan first lien
1st Lien/Senior Secured D••• Industry Software Interest Rate 8.15% Reference Rate and Spre
$10.6M$-27,000
100c
SOFR+450 bp
G•••••• S•••• B••• I•••term loan first lien
1st Lien/Senior Secured D••• Industry Software Reference Rate and Spread S + 4.50% Maturit
$4.5M$-22,000
100c
SOFR+450 bp
G•••••• S•••• B••• I•••term loan first lien
1st Lien/Senior Secured D••• Industry Software Interest Rate 8.15% Reference Rate and Spre
$57.4M$57.2M
100c
SOFR+450 bp
G•••••• S•••• B••• I•••term loan first lien
1st Lien/Senior Secured D••• Industry Software Reference Rate and Spread S + 4.50% Maturit
$2.4M$-12,000
100c
SOFR+450 bp
G•••••• S•••• P•••••• C••••• C••••term loan first lien
1st Lien/Senior Secured D••• Industry Software Reference Rate and Spread S + 4.50% Maturit
$45.6M$-228,000
100c
SOFR+450 bp
G•••••• S•••• P•••••• C••••• C••••term loan first lien
1st Lien/Senior Secured D••• Industry Software Interest Rate 8.15 % Reference Rate and Spr
$584M$581M
100c
SOFR+450 bp
G•••••• S•••• P•••••• C••••• C••••term loan first lien
1st Lien/Senior Secured D••• Industry Software Reference Rate and Spread S + 4.50% Maturit
$24.7M$-124,000
101c
SOFR+450 bp
G•••••• S•••• P•••••• C••••• C••••term loan first lien
1st Lien/Senior Secured D••• Industry Software Reference Rate and Spread S + 4.50% Maturit
$108M$-271,000
100c
SOFR+450 bp
G•••• C•••••• B•• 4• I•••term loan first lien
One stop 3
$0$-12,000
200c
G•••• C•••••• B•• 4• I•••term loan first lien
One stop 2
$0$-8,000
100c
G•••• C•••••• B•• 4• I•••equity equity
LP interest
n/a$694,000
100c
G•••• C•••••• B•• 4• I•••term loan first lien
One stop 1
$13.2M$13.1M
100c
S+450 bp
G•••• C•••••• B••• I•••term loan first lien
One stop 3 | Non-Affiliated Issuer
$0$0
G•••• C•••••• B••• I•••equity equity
LP interest | Non-Affiliated Issuer
n/a$115,000
100c
G•••• C•••••• B••• I•••term loan first lien
One stop 1 | Non-Affiliated Issuer
$0$0
G•••• C•••••• B••• I•••term loan first lien
One stop 2 | Non-Affiliated Issuer
$383,000$381,000
100c
S+450 bp
G•••• C•••••• P•••••• C••••• F•••equity equity
LP interest
n/a$85,000
100c
G•••• C•••••• P•••••• C••••• F•••term loan first lien
One stop 2
$0$0
G•••• C•••••• P•••••• C••••• F•••term loan first lien
One stop 1
$383,000$381,000
100c
S+450 bp
G•••• C•••••• P•••••• C••••• F•••term loan first lien
One stop 3
$0$0
K•• E••••••• U• D••••• L•••••• F••••• I•••unstated lien unstated$1.4M$0S+450 bp
K•• E••••••• U• D••••• L•••••• F••••• I•••unstated lien unstated$2.1M$-10,000S+450 bp
K•• E••••••• U• D••••• L•••••• F••••• I•••unstated lien unstated$11.3M$11.3MS+450 bp
K•• F• I••••• T••••unstated lien unstatedn/an/a
K•• F• I••••• T••••unstated lien unstated
Software & Services 2
$2.8M$2.8M
100c
S+450 bp
K•• F• I••••• T••••unstated lien unstatedn/an/a
K•• F• I••••• T••••unstated lien unstated
Software & Services 1
$15.3M$15.2M
100c
S+450 bp
K•• F• I••••• T••••unstated lien unstated
Software & Services 3
$1.8M$1.8M
100c
S+450 bp
K•• F• I••••• T•••• S•••••unstated lien unstated
Software & Services 1
$9.2M$9.1M
100c
S+450 bp
K•• F• I••••• T•••• S•••••unstated lien unstatedn/an/a
K•• F• I••••• T•••• S•••••unstated lien unstated
Software & Services 3
$1.1M$1.1M
100c
S+450 bp
K•• F• I••••• T•••• S•••••unstated lien unstated
Software & Services 2
$1.7M$1.7M
100c
S+450 bp
K•• F• I••••• T•••• S•••••unstated lien unstatedn/an/a
Through time
the borrower's pieces summed across BDCs, every quarter end
Quarter endBDCsPrincipal heldFair valueOn costPIK pieces
Jun 30, 202620$1.4B$1.2B101c0
Mar 31, 20265$841M$3.4M100c0
Dec 31, 20255$1.6B$3.4M100c0
Sep 30, 20253$3.4M$3.4M100c0
Jun 30, 20254$9.7M$9.7M100c0
Mar 31, 20253$15.8M$15.8M100c0
What changed
Every change including routine ones
Identity
Group key
CLEARWATER ANALYTICSderivedthe codename stem after legal suffixes and deal words
Spellings
2 across 23 BDCsderived
Industry
Softwarereportedas one filer wrote it